Core Viewpoint - The stock of Zhiyu, known as the "first stock of large models," surged over 40% amid significant positive developments and a collective explosion in China's AI industry before the Spring Festival [1] Company Developments - Zhiyu's stock price reached a high of 443 HKD, with a market capitalization of 192.4 billion HKD, reflecting a 38.16% increase [1] - The company announced a structural price increase of at least 30% for its core GLM Coding Plan service, effective immediately, while maintaining prices for existing subscribers [2][3] - The price adjustment is attributed to strong market demand and increased operational costs due to high concurrency requirements, indicating strong user retention and pricing power [2][3] Product Launch - Zhiyu launched its new flagship model, GLM-5, featuring significant architectural innovations and a total parameter count of 745 billion, double that of its predecessor GLM-4.7 [3] - GLM-5 boasts a 96.2% pass rate on HumanEval coding tests and supports advanced programming capabilities, including cross-file code refactoring and rapid full-stack application generation [3] - The model has shown exceptional performance in high-precision scenarios and has gained significant market recognition, with user traffic increasing tenfold shortly after its launch [3] Industry Context - Zhiyu's performance reflects a broader trend in the Chinese AI industry, which is experiencing rapid updates and breakthroughs as major tech companies ramp up their AI initiatives ahead of the Spring Festival [4] - Competitors like ByteDance and Alibaba are also launching new AI models, contributing to a competitive landscape with diverse applications and commercial opportunities [4] - The AI sector is witnessing an acceleration from research to practical applications, with various products entering the market, indicating a robust growth trajectory [4]

Core Viewpoint - The company experienced a significant stock price increase of nearly 40%, reaching a peak of 437.4 HKD, with a total market capitalization approaching 200 billion HKD, indicating strong market confidence in its future prospects [1] Group 1: Company Developments - The company has recently raised the price of its artificial intelligence programming subscription plan, GLM Coding Plan, by at least 30%, reflecting a strategic shift towards enhancing product value in the AI sector [1]

Core Viewpoint - The company, Zhipu, experienced a significant stock price increase, reaching a new high since its listing, driven by the announcement of a price hike for its AI coding subscription plan and the launch of a new AI model [1] Group 1: Stock Performance - On February 12, Zhipu's stock rose nearly 34% at its peak during the morning session, setting a new intraday high since its listing [1] - By midday, the stock was priced at 390 HKD, reflecting a 24.8% increase [1] - The cumulative increase for the week has exceeded 90% [1] Group 2: Product and Pricing Strategy - The company announced a 30% price increase for its AI coding subscription plan, GLM Coding Plan, effective February 12, while existing subscribers will not see a price change [1] - On the same day, Zhipu launched its next-generation AI model, GLM-5, designed to handle complex programming and intelligent agent tasks, and it has been tested against Anthropic's Claude Opus series [1]

Group 1 - The Hong Kong stock market's AI sector showed strong performance on February 12, with notable gains in various companies [1] - Zhihui Technology (智谱) surged over 32%, indicating significant investor interest and confidence in its growth potential [1] - MINIMAX-WP experienced an increase of over 14%, reflecting positive market sentiment towards AI-related stocks [1] Group 2 - Other companies such as Meitu (美图公司), Baidu Group-SW (百度集团-SW), and Xinhua Wenxuan (新华文轩) also saw upward movement, suggesting a broader trend in the AI sector [1]

Core Viewpoint - The recent launch of GLM-5 by Zhiyu has significantly boosted its stock price, with a 24.84% increase on February 12 and an overall rise of over 70% for the week, driven by its advanced capabilities in coding and agent tasks [2]. Group 1: Product Features and Performance - GLM-5 has achieved state-of-the-art (SOTA) performance in coding and agent capabilities, aligning closely with Claude Opus 4.5 in real programming scenarios [2]. - The model ranks fourth globally and first among open-source models on the authoritative Artificial Analysis leaderboard [2]. - GLM-5's parameter scale has expanded from 355 billion (with 32 billion activated) to 744 billion (with 40 billion activated), and pre-training data has increased from 23 terabytes to 28.5 terabytes, enhancing its general intelligence level [5]. - The introduction of asynchronous reinforcement learning and the "Slime" framework allows for larger model scales and more complex tasks, improving training efficiency [5]. - The integration of DeepSeek Sparse Attention significantly reduces deployment costs while maintaining long text performance, enhancing token efficiency [5]. Group 2: Application and Integration - GLM-5 supports end-to-end application development, with developers creating various applications such as puzzle games and interactive agent worlds, which are now available for download or under review [5]. - The model can convert text or materials directly into .docx, .pdf, and .xlsx files, facilitating the generation of various documents like product requirement documents and financial reports [6]. - GLM-5 has been deeply optimized for major domestic chip platforms, ensuring high throughput and low latency on domestic computing clusters [4]. - The model is now open-sourced on platforms like Hugging Face and ModelScope, increasing accessibility for developers [7].

Group 1 - The core point of the news is the announcement of the new flagship model GLM-5 by Zhiyu, which features significant enhancements in parameters and pre-training data, indicating a strong focus on AI programming and advanced capabilities in the field [1][2] - GLM-5's parameter scale has increased from 355 billion (activated 32 billion) to 744 billion (activated 40 billion), and pre-training data has risen from 23 terabytes to 28.5 terabytes, enhancing the model's general intelligence level [1] - The model introduces a new "Slime" framework that supports larger model scales and more complex reinforcement learning tasks, improving the efficiency of post-training processes [1] Group 2 - Zhiyu has observed a strong growth in market demand for its GLM Coding Plan, leading to an increase in user scale and call volume, prompting the company to invest more in computing power and model optimization [2] - The company has decided to adjust the pricing structure of the GLM Coding Plan, with an overall increase starting from 30%, while maintaining prices for existing subscribers [2] - The industry is witnessing a shift from "Vibe Coding" to "Agentic Engineering," with GLM-5 being a product of this transformation, achieving technical leadership in programming and agent capabilities [2]

Market Overview - The Hong Kong stock market experienced a downward trend in the morning session, with the Hang Seng Index falling by 0.89% and the Hang Seng Tech Index declining by 1.68% [1] Sector Performance - The AI application sector showed strong performance, with notable gains: Zhiyun surged nearly 25%, MINIMAX-WP increased over 14%, and Kingsoft Cloud rose more than 4% [1] - The electric equipment sector continued its upward momentum, highlighted by Dongfang Electric rising over 11%, Harbin Electric increasing more than 7%, and Flat Glass Group gaining over 2% [1] - The optical communication sector was active, with Yangtze Optical Fiber and Cable rising over 11%, Huiju Technology increasing more than 7%, and Cambridge Technology gaining over 2% [1] - The pharmaceutical sector exhibited mixed results, with Reborn Bio rising by 13.65%, WuXi Biologics increasing by 4.83%, and Baidu's biotech unit rising by 3.88%, while three other companies saw declines [1] Capital Flow - Southbound capital saw a net inflow of nearly 2.8 billion HKD in the morning session [1]

Group 1 - The core viewpoint of the article is that the company, Zhipu, is adjusting the pricing structure of its GLM Coding Plan due to strong market demand and increased user engagement [1] - The company has experienced a significant growth in user scale and usage volume, prompting the need for enhanced stability and service quality under high load conditions [1] - To support this growth, Zhipu is increasing its investment in computing power and model optimization, leading to continuous upgrades in product capabilities [1] Group 2 - The pricing adjustment includes the cancellation of the initial purchase discount while retaining seasonal and annual subscription discounts [1] - The overall price increase for the packages will start from 30%, but existing subscribers will not see a change in their pricing [1] - The new pricing structure will take effect on February 12, 2026 [1]

Core Insights - The anonymous model "Pony Alpha" has been revealed to be the test version of Zhipu's flagship model GLM-5 [1] - GLM-5 has achieved the highest scores among current open-source models in several authoritative programming and agent benchmark tests [1] - The model has gained significant attention from global developers, being rated as one of the "strongest anonymous models" during its anonymous testing phase [1] Performance Metrics - GLM-5 scored 77.8 in SWE-bench-Verified and 56.2 in Terminal Bench2.0, marking the highest scores for open-source models [1] - Its performance surpasses that of Gemini 3.0 Pro and is approaching the capabilities of the top proprietary model Claude Opus 4.5 in real programming scenarios [1] - This marks the first time the open-source community has a model that can directly compete with leading players in high-end coding scenarios [1] Technical Features - GLM-5 utilizes a sparse attention mechanism derived from DeepSeek, allowing for low deployment and invocation costs [1] - It offers near-equivalent system engineering capabilities, catering to developers and enterprises that require high-performance AI development assistants while prioritizing data privacy and cost control [1]

责任编辑：王永生 智谱在香港早盘最大上涨近34%，股价创上市以来盘中新高。此前公司上调人工智能编码订阅计划 GLM Coding Plan的套餐价格，整体涨幅30%起。截至午盘，智谱涨24.8%，报390港元；本周迄今该股 涨逾90%。另一大模型公司稀宇科技（100 HK）上涨14%。智谱周三表示，周四将正式推出新一代AI模 型GLM-5，旨在处理复杂的编程和智能体任务，并已与Anthropic的Claude Opus系列进行直接对标测 试。 智谱在香港早盘最大上涨近34%，股价创上市以来盘中新高。此前公司上调人工智能编码订阅计划 GLM Coding Plan的套餐价格，整体涨幅30%起。截至午盘，智谱涨24.8%，报390港元；本周迄今该股 涨逾90%。另一大模型公司稀宇科技（100 HK）上涨14%。智谱周三表示，周四将正式推出新一代AI模 型GLM-5，旨在处理复杂的编程和智能体任务，并已与Anthropic的Claude Opus系列进行直接对标测 试。 责任编辑：王永生 ...