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| HSCEI1 | 8,471.21 | 0.00 | -- |
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2026-08-19 14:54:51 CLSA released a research report stating that the GLM-5.3 API of Z.AI (02513.HK) is now open for access, demonstrating leading performance among domestic peers in complex coding and long-cycle agent tasks. Although the parameter scale is relatively small, it achieved state-of-the-art (SOTA) open-weight performance across multiple benchmark tests and scored 60 points in the Artificial Analysis intelligence index, on par with Kimi 3 and ahead of Qwen 3.8 Max. CLSA noted that the performance improvement of GLM 5.3 stemmed from the adoption of broader environments and more diversified tasks during the post-training stage, extending into production workflows. Since mid-2025, post-training scaling has increasingly relied on executable and verifiable settings, which the broker believes validates Z.AI's strengths in building end-to-end synthetic environment construction pipelines. The broker estimated that the OpenRouter revenue share of GLM models rose from 1% in Jan this year to 7% in Jul, ahead of DeepSeek's 6% and Moonshot AI's 3%. It believes DeepSeek's recent price increases reflect healthy industry competition, while GLM 5.3 has regained its Pareto Frontier position. Recent share price weakness may reflect market overreaction to the slowdown in Anthropic's annual recurring revenue growth. CLSA maintained its Outperform rating on Z.AI with a TP of RMB2,061. (gc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |