CMB Securities: Zhipu (02513) Logic Efficiency Breakthrough, Further Improving Commercialization Prospects, Rated "Hold"

According to the Wisdom Financial APP, CMB International Securities issued a research report stating that Zhifu (02513) has further improved its reasoning efficiency and commercial prospects, giving it a "hold" rating and currently reviewing the target price. Last Friday (22nd), it released the GLM-5.1 high-speed version API, with an output speed of up to 400 tokens/s, significantly improving model output speed, setting a new limit for global large model vendors' API speed, and for the first time, bringing flagship capabilities and extreme low latency into production environments in domestic large models.