Core Viewpoint - The stock of Zhiyuan surged over 14% in early trading on February 13, reaching a new high since its listing, following the release of its new generation base model GLM-5 on February 12, which is considered the strongest open-source model in the era of intelligent engineering [1][7]. Group 1 - Zhiyuan officially launched the GLM-5 model, marking a transition from the "Vibe Coding" era of writing code snippets to the "intelligent engineering" era of completing system engineering [3][9]. - The GLM-5 model's programming capabilities align with Claude Opus 4.5 and outperform Gemini3 Pro, indicating significant advancements in AI programming technology [3][9]. - The official GLM Coding Plan sold out immediately, marking a historic first for a domestic AI programming model's paid package [3][9].

2月12日，"全球大模型第一股"智谱高开高走，盘中一度涨超40%，股价再创历史新高，市值突破1700亿港元。A股方面，智谱AI概念股首都在线、优刻得 均收获20CM涨停。（点此领取概念股名单） 消息面上，智谱于同日正式开源发布其新一代旗舰模型GLM-5，标志着大模型编程从"Vibe Coding"迈入"Agentic Engineering"时代。 其中，Vibe Coding指开发者向AI提需求，AI来生成代码，但需要人为检查结果、给出反馈，本质上是人驱动、AI执行。Agentic Engineering则是给出目 标，AI自己拆任务、写代码、测试、改bug，开发者只看验收结果，意味着AI从一个命令工具，变成一个能独立干活的工程团队。 根据The Information报道，此前在全球模型服务平台OpenRouter登顶热度榜首的神秘模型"Pony Alpha"，正是智谱本次开源的GLM-5。GLM-5主打编程与 智能体能力跃升，技术规格全面升级：参数量从GLM-4.7的355B（激活32B）扩展至744B（激活40B），预训练数据从23T token提升至28.5T token，更大 规模的算力投入带来更 ...

Core Viewpoint - The article highlights the significant market performance and technological advancements of Zhipu AI, particularly with the launch of its new flagship model GLM-5, which marks a shift in AI programming capabilities from "Vibe Coding" to "Agentic Engineering" [2][6]. Group 1: Market Performance - On February 12, Zhipu AI's stock surged over 40%, reaching a market capitalization of over HKD 170 billion [2]. - A-share companies related to Zhipu AI, such as Shoudu Online and Youkede, also experienced a 20% limit-up [2]. Group 2: Technological Advancements - The GLM-5 model features a substantial upgrade in parameters from 355 billion in GLM-4.7 to 744 billion, and pre-training data increased from 23 trillion tokens to 28.5 trillion tokens [3]. - The new "Slime" framework allows for larger models and complex reinforcement learning tasks, while the integration of the DeepSeek sparse attention mechanism reduces deployment costs without compromising long text performance [3]. Group 3: Competitive Positioning - GLM-5 achieved a state-of-the-art (SOTA) performance in programming and agent tasks, ranking fourth globally and first among open-source models according to the Artificial Analysis Intelligence Index v4.0 [4]. - The model's capabilities are approaching those of Claude Opus 4.5, particularly in complex systems engineering and long-range agent tasks [4]. Group 4: Pricing Strategy - Zhipu AI announced a price increase of at least 30% for its GLM Coding Plan, indicating a shift in pricing logic influenced by overseas models like OpenAI [7]. - The change reflects a transition from a "subsidy for market" approach to a "value for premium" strategy, emphasizing the intrinsic value of foundational models [7].

尊敬的客户: 您好! 感谢您长期以来对智谱的支持。 2月12日，智谱开盘股价大涨，一度涨超12%，周内涨幅已超70%。截至发稿，日内涨超10%，报345港元/股，市值突破1500亿港元。 消息面上，12日，智谱发布GLM Coding Plan价格调整函。智谱表示，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速提升。为保 障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持不变。 生效时间：2026年2月12日。 我们将持续投入，保障产品能力与服务稳定性。 北京智谱华章科技股份有限公司 2026 年 2 月 12 日 Z.ai · 取消首购优惠,保留按季按年订阅优惠 · 套餐价格进行结构性调整，整体涨幅自 30% 起 • 已订阅用户价格保持不变 此外，2月12日凌晨，智谱正式开源发布其新一代基座模型GLM-5。这宣告大模型编程从"写代码片段 ...

Core Viewpoint - The article highlights the significant stock price increase of Zhipu, which surged over 70% within a week, driven by strong market demand for its GLM Coding Plan and the announcement of a price adjustment for its services [1][3]. Group 1: Stock Performance - On February 12, Zhipu's stock price rose by over 12%, reaching 345 HKD per share, with a market capitalization exceeding 150 billion HKD [1]. - The stock has shown a weekly increase of over 70%, indicating strong investor interest and confidence in the company's growth prospects [1]. Group 2: Price Adjustment Announcement - Zhipu announced a structural adjustment to the pricing of its GLM Coding Plan, effective February 12, 2026, due to strong market demand and increased user engagement [3][6]. - The adjustments include the cancellation of the first purchase discount while retaining quarterly and annual subscription discounts, with an overall price increase starting from 30% [6]. - Existing subscribers will not see a change in their pricing, ensuring customer retention amidst the adjustments [6]. Group 3: Product Development and IPO Progress - Zhipu officially released its new generation base model, GLM-5, marking a transition in programming capabilities from "writing code snippets" to "completing system engineering" [7]. - The company is progressing with its IPO plans, having submitted the third phase of its IPO guidance report to the China Securities Regulatory Commission, indicating ongoing efforts to list on the A-share market after its successful Hong Kong listing [7].

三，重塑开发工作流：随模型同步推出的ZCode工具，允许开发者用自然语言描述需求，模型即可自动 拆解任务，指挥多智能体并发完成编码、调试、预览等全流程，甚至支持用手机远程指挥桌面端 Agent，将生产力无限延伸。 新浪科技讯 2月12日上午消息，今日凌晨，智谱开源发布新一代基座模型GLM-5，宣告大模型编程 从"写代码片段"的Vibe Coding时代，迈入"完成系统工程"的智能体工程时代。 据悉，GLM-5主要有三大突破性创新，有望成为真正对齐Anthropic Opus系列的国产模型。 一，性能对标顶级闭源模型：在权威编程基准测试中取得开源模型最高分，在真实编程场景中的体验已 逼近当前顶尖的Claude Opus 4.5，尤其在处理复杂系统工程与长周期项目上表现出色。 二，核心技术全面升级：模型底座参数规模达744B，并创新性地采用异步强化学习框架"Slime"和稀疏 注意力机制，在提升智能的同时大幅降低了部署成本。 一，性能对标顶级闭源模型：在权威编程基准测试中取得开源模型最高分，在真实编程场景中的体验已 逼近当前顶尖的Claude Opus 4.5，尤其在处理复杂系统工程与长周期项目上表现出色。 二， ...

2月12日凌晨，智谱正式开源发布新一代基座模型GLM-5，被誉为智能体工程时代最强开源模型。它宣 告大模型编程从"写代码片段"的Vibe Coding时代，正式迈入"完成系统工程"的智能体工程时代。 此前，学界与业界已达成共识，Agentic Engineering（智能体工程）时代已经到来。 智谱GLM-5有望成 为国内第一个真正对齐Anthropic Opus系列的模型厂商。 GLM-5的突破性体现在三大维度： 1. 性能对标顶级闭源模型：在权威编程基准测试中取得开源模型最高分，在真实编程场景中的体验已逼 近当前顶尖的Claude Opus 4.5，尤其在处理复杂系统工程与长周期项目上表现出色。 2. 核心技术全面升级：模型底座参数规模达744B，并创新性地采用异步强化学习框架"Slime"和稀疏注 意力机制，在提升智能的同时大幅降低了部署成本。 3. 重塑开发工作流：随模型同步推出的ZCode工具，允许开发者用自然语言描述需求，模型即可自动拆 解任务，指挥多智能体并发完成编码、调试、预览等全流程，甚至支持用手机远程指挥桌面端Agent， 将生产力无限延伸。 ...