Changes in Hong Kong stocks | Zhi Spectrum (02513) rose more than 9% intraday and announced that it will soon launch a next-generation model, the GLM-5

The Zhitong Finance App learned that the “world's largest model stock” Zhi Spectrum (02513) officially entered the Hong Kong stock market today, with an intraday increase of more than 9%. As of press release, it had risen 8.43% to HK$126, with a turnover of HK$1,503 billion.

According to the news, according to an exclusive report later, on January 8, Tang Jie, professor of computer science at Tsinghua University, founder and chief scientist of Smart Spectrum, released an internal letter announcing that the next-generation model GLM-5 will soon be launched. The internal letter also introduced the three technical directions that Smart Spectrum will focus on in 2026, including a new model architecture design, a more general RL (reinforcement learning) paradigm, and exploration of continuous model learning and autonomous evolution. They all revolve around improving the capabilities of the basic model.

On December 23, 2025, the intelligent spectrum base model GLM-4.7 was launched and open source. Artificial Analysis (AA Intelligence Index) showed that GLM-4.7 ranked first in domestic production and tied with Claude 4.5 Sonnet for sixth in the world. The Dongwu Securities Research Report points out that it is optimistic about the advantages of Zhipu AI in terms of the technical strength of local large-scale models, open source ecological layout, and the ability of government and enterprises to implement localization, and believes that the company is expected to benefit from the long-term trend of China's large-scale model industry's transformation from localized deployment to cloud services.