Lyon: Maintaining the Smart Spectrum (02513) “Outperform the Market” rating, target price of HK$2,061

The Zhitong Finance App learned that Lyon released a research report saying that the recent weak stock price may reflect the market's excessive response to Anthropic's annualized recurring revenue deceleration, maintaining Zhi Spectrum's (02513) “outperforming the market” rating. The target price is HK$2,061. The Smart Spectrum GLM-5.3 API is now open for use, showing leading performance in the domestic industry in terms of complex coding and long-term proxy tasks. Although the parameters are small, it has achieved open-weighted SOTA performance in many benchmark tests, and scored 60 points in the Artificial Analysis Intelligence Index.

Lyon pointed out that the performance improvement of GLM 5.3 comes from the use of a wider range of environments and more diverse tasks in the post-training phase to expand to production workflows. Since mid-2025, post-training extensions have increasingly relied on executable and verifiable settings. It is believed that this validates the strength of intelligent spectrum in building an end-to-end synthesis environment pipeline. The bank estimates that OpenRouter's revenue share of the GLM model has risen from 1% in January this year to 7% in July. It is believed that DeepSeek's recent price increase reflects healthy competition in the industry, and GLM 5.3 has regained Pareto Frontier (Pareto Frontier) status.