How to generate and manually insert a uniqueidentifier in SQL Server?

ApplicationId must be of type UniqueIdentifier. Your code works fine if you do:

DECLARE @TTEST TABLE
(
  TEST UNIQUEIDENTIFIER
)

DECLARE @UNIQUEX UNIQUEIDENTIFIER
SET @UNIQUEX = NEWID();

INSERT INTO @TTEST
(TEST)
VALUES
(@UNIQUEX);

SELECT * FROM @TTEST

Therefore I would say it is safe to assume that ApplicationId is not the correct data type.