Core Insights - The company Zhipu (02513), known as the "first global large model stock," officially listed on the Hong Kong stock market, experiencing a price increase of over 9% during trading, with a current price of 126 HKD and a trading volume of 1.503 billion HKD [1] Group 1: Company Developments - On the day of its listing, Zhipu's founder and chief scientist, Professor Tang Jie from Tsinghua University, announced the upcoming launch of the next-generation model GLM-5 [1] - The internal communication highlighted three technical directions for Zhipu to focus on by 2026: new model architecture design, a more general reinforcement learning (RL) paradigm, and exploration of continuous learning and autonomous evolution of models, all aimed at enhancing foundational model capabilities [1] Group 2: Market Position and Future Outlook - The GLM-4.7 base model was launched and open-sourced on December 23, 2025, ranking first among domestic models and tied for sixth globally with Claude 4.5 Sonnet according to the Artificial Analysis (AA Intelligence Index [1] - Dongwu Securities' research report expresses optimism about Zhipu's strengths in domestic large model technology, open-source ecosystem layout, and local implementation capabilities for government and enterprise, suggesting the company is well-positioned to benefit from the long-term trend of transitioning from localized deployment to cloud services in China's large model industry [1]
智谱盘中拉升逾9% 宣布很快将推出新一代模型 GLM-5