Lyon: AlphaMind GLM-5.3's Post-Training Capability Significantly Enhanced, Maintains "Outperform" Rating

BlockBeats News, August 19th. Lyon published a research report stating that ZhiPU (02513.HK) GLM-5.3 API is now open for calls. It has demonstrated leading performance in the domestic industry in complex encoding and long-term proxy tasks. Although the parameter scale is small, it has achieved the state-of-the-art performance in various benchmark tests and scored 60 points in the Artificial Analysis Intelligence Index, on par with Kimi 3, surpassing Tongyi Qianwen 3.8 Max.

The bank estimates that the OpenRouter revenue share of the GLM model has increased from 1% in January of this year to 7% in July, surpassing DeepSeek's 6% and Month's Dark Side's 3%. It is believed that DeepSeek's recent price increase reflects a healthy industry competition, while GLM 5.3 has regained its Pareto frontier position.

The recent weakness in the stock price may reflect the market's excessive reaction to the deceleration of Anthropic's annual recurring revenue. It maintains ZhiPU's "Outperform the Market" rating with a target price of HK$2061. (Jinshi)