CLSA has released a research report indicating that recent share price weakness may reflect an overreaction to the slowdown in Anthropic's annualized recurring revenue, leading the firm to maintain its "Outperform" rating on Z.AI (02513) with a target price of HK$2,061.

Starting today, Z.AI's GLM-5.3 API is now available for public access, demonstrating leading performance among domestic peers in complex coding and long-horizon agentic tasks. Despite its relatively smaller parameter scale, the model achieves state-of-the-art open-weight results across a range of benchmarks and scores 60 points on the Artificial Analysis Intelligence Index.

CLSA notes that the performance gains of GLM 5.3 stem from post-training phases that incorporate broader environments and more diverse tasks, extending into production workflows. Since mid-2025, post-training expansion has increasingly relied on executable and verifiable settings, which the firm believes validates Z.AI's strength in building end-to-end synthetic environment pipelines.

The brokerage estimates that GLM models' revenue share on OpenRouter has climbed from 1% in January to 7% in July this year. CLSA views DeepSeek's recent price increase as a sign of healthy industry competition, adding that GLM 5.3 has regained its position on the Pareto Frontier.