CLSA says Zhipu AI (02513.HK) has opened API access to GLM‑5.3, which leads domestic peers on complex coding and long‑horizon agent tasks. Despite a smaller parameter count, GLM‑5.3 posts open‑weight SOTA across benchmarks and scores 60 on the Artificial Analysis AI Index—level with Kimi 3 and above Alibaba’s Tongyi Qianwen 3.8 Max. CLSA estimates GLM models’ OpenRouter revenue share rose to 7% in July from 1% in January, ahead of DeepSeek at 6% and Moonshot AI at 3%; it views DeepSeek’s recent

CLSA says Zhipu AI (02513.HK) has opened API access to GLM‑5.3, which leads domestic peers on complex coding and long‑horizon agent tasks. Despite a smaller parameter count, GLM‑5.3 posts open‑weight SOTA across benchmarks and scores 60 on the Artificial Analysis AI Index—level with Kimi 3 and above Alibaba’s Tongyi Qianwen 3.8 Max. CLSA estimates GLM models’ OpenRouter revenue share rose to 7% in July from 1% in January, ahead of DeepSeek at 6% and Moonshot AI at 3%; it views DeepSeek’s recent price increases as a sign of healthy competition and says GLM‑5.3 has reclaimed the Pareto frontier. CLSA flags that recent stock weakness may reflect an overreaction to slower annualized recurring revenue at Anthropic, and maintains an Outperform rating with a HK$2,061 target price.