Core Viewpoint - The article highlights the significant advancements in China's AI landscape, particularly focusing on the launch of GLM-5 by Zhiyu, which is positioned as a leading model capable of handling complex system engineering tasks, marking a transition from "Vibe Coding" to "Agentic Engineering" [3][36]. Group 1: AI Developments - The 2026 Spring Festival period is expected to be pivotal in the history of AI development in China, driven by the release of Seedance 2.0 and GLM-5 [3][4]. - Seedance 2.0 showcases China's creative capabilities in AI, while GLM-5 demonstrates its execution strength, establishing a "twin star" dynamic in the AI sector [4][6]. - The market response to GLM-5 has been described as "frenzied," with high demand leading to rapid sellouts of its coding plans despite price increases [6][9]. Group 2: Technical Capabilities of GLM-5 - GLM-5 is characterized as the first "system architect" level model in the open-source community, capable of addressing complex system-level problems [13][14]. - The model's performance in coding tasks has been validated through rigorous testing, achieving a 100% pass rate in core algorithm performance metrics [26]. - GLM-5's architecture allows it to autonomously handle tasks such as building a high-concurrency distributed scheduling system, showcasing its advanced understanding of system architecture and engineering [19][24]. Group 3: Market Position and Performance - GLM-5 ranks fourth globally and first among open-source models in the Artificial Analysis intelligence ranking, indicating its competitive edge [39]. - In the Agentic ranking, GLM-5 is positioned third, surpassing other models like GPT-5.2 and Claude Opus 4.5, demonstrating its advanced capabilities [40]. - The model has achieved significant scores in various benchmarks, including SWE-bench-Verified and Terminal Bench 2.0, outperforming competitors like Gemini 3.0 Pro [42]. Group 4: Ecosystem and Future Prospects - The launch of GLM-5 is accompanied by the introduction of Z Code, a new development environment that enhances the coding process through natural language task breakdown and multi-agent collaboration [53]. - GLM-5's capabilities extend beyond coding to include document generation and other productivity tools, indicating a comprehensive approach to AI application [55]. - The integration with domestic computing platforms ensures that GLM-5 operates efficiently, paving the way for broader AI applications in 2026 and beyond [58][60].

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].