Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Group 1: Company Listings - Zhipu and MiniMax are set to list in Hong Kong, enhancing the investment interest in AI internet in the short term [1] - The listings are expected to create a competitive landscape between pure large model companies and comprehensive cloud firms [1] Group 2: Market Outlook - The firm maintains a positive outlook on the Chinese internet industry, emphasizing the importance of continuous iteration and commercialization of new models and applications [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]