Citi Maintains Zhizhu GLM-5.3 'Outperform' Rating with Target Price of HKD 2061

Citi has released a research report stating that Zhizhu (02513.HK) GLM-5.3 API is now open for calls, showcasing its leading performance in complex coding and long-cycle agency tasks. Despite a smaller parameter scale, the model achieved state-of-the-art performance in benchmark tests with open weights and scored 60 points in the Artificial Analysis Intelligence Index, matching Kimi 3 and surpassing Tongyi Qianwen 3.8 Max.

The bank estimates that the revenue share of the GLM model's OpenRouter has increased from 1% in January this year to 7% in July, leading DeepSeek's 6% and Moonscape's 3%. It believes that DeepSeek's recent price increase reflects healthy competition in the industry, while GLM 5.3 has regained its position on the Pareto frontier.

The recent weakness in stock prices may reflect an overreaction from the market to Anthropic's deceleration in annual recurring revenue. Citi maintains its 'Outperform' rating for Zhizhu with a target price of HKD 2061.

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