Core Insights - The Hong Kong stock market continues to adjust, with mixed performance in technology stocks, as Meituan-W and Baidu-SW rise over 1%, while JD Health and Xpeng Motors see significant declines [1] - The Hang Seng Technology Index decreased by 0.4%, and the China Securities Hong Kong Stock Connect Internet Index fell by 0.5%, with related ETFs attracting capital inflows of 9.6 billion and 4.5 billion respectively this month [1] - The ongoing upgrade trend in large models is highlighted, with DeepSeek V3.2 series improving tool invocation and inference efficiency, Huawei establishing a foundational large model department, Alibaba integrating its Qianwen C-end business group to create a super AI entry point, and Baidu setting up separate departments for foundational and application model R&D [1] Industry Analysis - Analysts suggest that the commercialization path for large models in the Hong Kong technology sector is clear, with significant ecological expansion potential, which may enhance visibility of profitability and valuation recovery slope [1] - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, focusing on high-growth sectors such as the AI industry chain and the internet, achieving "soft and hard synergy" in AI [1] - The China Securities Hong Kong Stock Connect Internet Index includes 30 stocks involved in internet-related businesses within the Hong Kong Stock Connect scope, covering several core leading enterprises in AI application fields [1][2]