Macquarie says Zhipu (02513.HK) has released GLM-5.2 and rolled it out first to
all GLM Coding Plan subscribers (Lite/Pro/Max/Team). The model is positioned as
the firm's most powerful open-source model, focused on long-horizon code
generation, agent engineering and complex system tasks; independent API access
and pricing and MIT-licensed open-source weights are scheduled for next week. No
benchmark figures were published at launch, but early social-media and
developer-forum feedback is very positive, with reports GLM-5.2's coding and
long-horizon agent performance comparable to Claude Opus 4.7. Macquarie says the
launch is positive, could strengthen Zhipu's pricing power in later subscription
tiers and support strong ARR growth; maintains OUTPERFORM and 12-month PT
HK$1,221.4.
