HK Stock AI Investment Pays Off as US-China Large Model Gap Narrows, JD and Bilibili Detail Commercialization Paths

China and U.S. Narrow AI Gap as Domestic Large Models Enter the "Commercial Deployment Race"

A new research report from Puyin International indicates the overall capability gap between Chinese and U.S. large models has significantly shrunk to approximately three to six months. Domestic firms are now decisively shifting away from pure "parameter competition" toward intense efficiency optimization and multimodal integration.

A clear strategic divergence is emerging in the industry:

Zhipu AI: Concentrates on providing full-stack ToB services domestically, aiming to establish itself as an industrial-grade AI foundation.

MiniMax: Capitalizing on robust revenue growth, it is making substantial investments to target global ToC markets via AI-native content platforms.

While frontrunners remain in an early phase characterized by "high R&D and high losses," with market valuations rivaling giants like JD.com and Kuaishou, the large model sector has entered an era of intense capital competition.

JD.com: In-House "Cloud Sea" Storage System Ranks Among World's Top Four, Launching a Trillion-Dollar Ecosystem

JD.com's Q4 financial report on March 5 highlighted its formidable AI capabilities in infrastructure and supply chain. Its self-developed "JD Cloud Sea" AI storage system secured a top-four position on the global IO500 list, providing elite-level support for large-scale computing clusters.

On the application front, JD.com's JoyAI large model is now deeply embedded within its core "hyper-supply chain," spanning over 2,000 internal business scenarios. The company has explicitly committed to increasing AI investments over the next three years, aiming to catalyze a trillion-dollar AI ecosystem and transition from cost-efficiency gains to broader industrial empowerment.

Bilibili: AI Reshapes Content Community, Fuels New Advertising Growth

Bilibili's financial report released the same day delivered encouraging news. Chairman and CEO Chen Rui stated that AI is profoundly transforming content creation, community experience, and commercial efficiency.

The report noted Bilibili's advertising business is focusing on verticals like technology and gaming. It is projected that by 2026, gaming and AI applications will become primary growth engines for the platform. As AI-assisted creation tools proliferate, lower barriers to content production are expected to further energize the community, ushering in a new phase of sustainable expansion.

Capital Markets Spotlight: Hong Kong Internet ETF Emerges as a Key Play for AI Adoption

As AI application accelerates among Hong Kong-listed tech leaders, capital market focus is shifting. The Hong Kong Internet ETF (520910), which provides deep exposure to top internet firms like Alibaba, Tencent, Meituan, and Kuaishou, has become a pivotal instrument for capturing the dividends of AI commercialization.