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.
