Tencent Hun Yuan 3D Open Source Released, Focus on Low-Fee Hong Kong Stock Connect Internet ETF Fund (520910) Investment Opportunities

On March 11, the three major Hong Kong stock indices continued to open higher, with the Hang Seng Index rising 0.59% to surpass 26,000 points, the Hang Seng China Enterprises Index up 0.64%, and the Hang Seng Tech Index up 0.87%. Large tech stocks continued their rebound from yesterday, especially Tencent, which surged another 4.4%, Baidu rose nearly 2%, and “Lobster Farming” remained popular. AI application concept stocks stayed active. Spot gold broke through $5,210 per ounce, gold stocks generally rose, and biopharmaceutical stocks, brain-computer interface concept stocks, and heavy machinery stocks all increased. Additionally, oil and gas stocks, shipping stocks, and Macau gambling stocks saw some declines. Regarding popular ETFs, the Hong Kong Stock Connect Internet ETF (520910) opened high and then fluctuated slightly, currently showing a small increase.

On March 10, Tencent’s Mix Yuan 3D team open-sourced the first reinforcement learning post-training framework for world models, WorldCompass. This is a reinforcement learning (RL) post-training framework designed specifically for long-term, interactive world models. If the world model is the engine, then WorldCompass is the precise “compass,” introducing reinforcement learning mechanisms to directly “guide” the model on how to more accurately follow user instructions to explore the world and maintain visual consistency over long sequences.

Tianfeng Securities believes that the iteration speed of large models is accelerating, and AI hardware and content deployment are speeding up. On the model front, Deepseek-v4 is expected to go live soon, with significant upgrades to native multimodal and agent capabilities, and deep optimization for domestic chips, improving software-hardware synergy efficiency. On the application side, Tomato has launched a grayscale test of AI real-person interactive dramas, accelerating multimodal interaction capabilities for content scenarios; the Qianwen project plans to release its first AI glasses at MWC 2026, with major companies extending from model competition to AI entry points and hardware ecosystems. The firm emphasizes that technological advances in large models and the competition for AI application entry points will be the main themes for the year, with agent and multimodal directions expected to lead breakthroughs.

Public information shows that the Hong Kong Stock Connect Internet ETF (520910) tracks the CSI Hong Kong Stock Connect Internet Index, accurately covering core internet sectors such as e-commerce platforms, content ecosystems, social media, and software services. With a high proportion of AI applications, it aligns with the industry’s deepening path of AI-driven internet business model upgrades. The constituent stocks include Alibaba, Tencent Holdings, Xiaomi Group, Meituan, and Kuaishou, which are expected to continue benefiting from accelerated AI penetration.

Daily Economic News