Core Insights - The AI sector is experiencing a significant transition from hardware to software, with companies like Zhipu and MiniMax leading the charge in the Hong Kong stock market [1] - The successful IPOs of Zhipu and MiniMax are expected to shift the industry from a technology validation phase to a commercial value realization phase, enhancing the focus on AI applications [1][2] - By 2026, AI applications are projected to evolve from being merely usable to being highly effective, marking a new mainline in the AI industry following computing power [1] Company Performance - On January 12, Zhipu's stock price surged over 60% at its peak, reaching a market capitalization of over 110 billion HKD, before closing with a 31% increase at 208.40 HKD per share [2] - Zhipu announced a strategic partnership with Didi to explore the application of general artificial intelligence (AGI) in the transportation sector, focusing on collaborative development and talent cultivation [2] - MiniMax's stock also saw significant gains, with a peak increase of nearly 40%, closing at 398 HKD per share, reflecting a 109% rise from its IPO price [2][3] Market Trends - The recent surge in AI application stocks is closely tied to the concept of Generative Engine Optimization (GEO), which reflects a shift in how users seek information, moving from traditional search engines to large models like ChatGPT [4] - Analysts believe that the entry of Zhipu and MiniMax into the Hong Kong market will drive digital marketing strategies that leverage AI capabilities, particularly in the context of GEO [4] - The commercialization of AI is expected to accelerate across various sectors, including digital marketing, e-commerce, and content creation, as the capabilities of AI models improve [4][5] Future Directions - The focus of the large model industry is shifting towards programming and Agent technologies, with significant developments anticipated in these areas by 2026 [6][7] - Zhipu's founder emphasized the importance of strategic focus on coding capabilities, which are expected to enhance the performance of AI models in various applications [7] - The growth of Agent technologies is seen as crucial for interacting with the physical world, which could unlock substantial operational capabilities [7][8]