Existing studies on Long-Context Continual Pre-training (LCCP) mainly focus on small-scale models and limited data regimes (tens of billions of tokens). We argue that directly migrating these small-scale settings to industrial-grade models risks insufficient adaptation and premature training termination. Furthermore, current evaluation methods rely heavily on downstream benchmarks (e.g., Needle-in-a-Haystack), which often fail to reflect the intrinsic convergence state and can lead to "deceptive saturation". In this paper, we present the first systematic investigation of LCCP learning dynamics using the industrial-grade Hunyuan-A13B (80B total parameters), tracking its evolution across a 200B-token training trajectory. Specifically, we propose a hierarchical framework to analyze LCCP dynamics across behavioral (supervised fine-tuning probing), probabilistic (perplexity), and mechanistic (attention patterns) levels. Our findings reveal: (1) Necessity of Massive Data Scaling: Training regimes of dozens of billions of tokens are insufficient for industrial-grade LLMs' LCCP (e.g., Hunyuan-A13B reaches saturation after training over 150B tokens). (2) Deceptive Saturation vs. Intrinsic Saturation: Traditional NIAH scores report "fake saturation" early, while our PPL-based analysis reveals continuous intrinsic improvements and correlates more strongly with downstream performance. (3) Mechanistic Monitoring for Training Stability: Retrieval heads act as efficient, low-resource training monitors, as their evolving attention scores reliably track LCCP progress and exhibit high correlation with SFT results. This work provides a comprehensive monitoring framework, evaluation system, and mechanistic interpretation for the LCCP of industrial-grade LLM.