Zhongyin International: Reiterates "Buy" Rating on Z.AI (02513) with a Target Price of HKD 1503.9.

China Merchants Bank International released a research report stating that Z.AI (02513) has recently launched GLM-5.3. The bank believes that the programming and agent capabilities of GLM-5.3 have significantly improved, achieving a better balance between model performance and token efficiency. The model also demonstrates preliminary cybersecurity capabilities, particularly excelling in earlier stages of the cybersecurity task chain, though there is still room for improvement in its performance on complete vulnerability exploitation chains. The bank anticipates that the release of GLM-5.3 will act as a positive catalyst for the stock price and maintains a positive outlook on Z.AI's long-term growth prospects, reiterating its "Buy" rating with a target price of HKD 1503.9.