Core Viewpoint - Beijing Zhiyuan Huazhang Technology Co., Ltd. (referred to as "Zhiyuan", stock code "HK2513") experienced a significant stock price increase, reaching a peak of over 22% and hitting HKD 492 per share, with a total market capitalization exceeding HKD 210 billion, marking a new historical high [2] Group 1: Company Performance - Zhiyuan's stock price surged due to the launch of GLM-5, which achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely approaching the performance of Claude Opus 4.5 in real programming scenarios [2] - The GLM-5 model ranked fourth globally and first among open-source models in the global Artificial Analysis leaderboard [2] Group 2: Industry Impact - The launch of GLM-5 led to explosive growth in traffic for Zhiyuan's developer community, resulting in significant pressure on foundational resources [2] - With support from domestic chip manufacturers, Zhiyuan is rapidly expanding its resources to ensure stable usage for GLM Coding pro users [2] - The industry is entering a dual-driven era of domestic models and domestic computing power, with Zhiyuan's advancements facilitating the commercialization of domestic computing power [2]

Core Viewpoint - The stock of Zhiyuan (2513.HK), referred to as the "first global large model stock," surged over 22%, reaching a peak of 492 HKD, marking a historical high and bringing its market capitalization close to 220 billion HKD, making it the largest in the large model sector [1] Group 1: Company Performance - Zhiyuan's stock performance reflects a significant increase in market interest, driven by the launch of GLM5, which has led to explosive growth in user traffic [1] - The company has achieved a market capitalization of nearly 220 billion HKD, positioning itself as the leader in the large model market [1] Group 2: Industry Dynamics - The launch of Zhiyuan's GLM5 has resulted in substantial pressure on foundational resources, necessitating urgent expansion supported by domestic chip manufacturers [1] - The industry is entering a dual-driven era with domestic models and computing power, indicating a shift towards commercial applications of domestic computing capabilities [1]