HK Stock Market Move | Z.AI (02513) surged over 12% in the afternoon; institutions are bullish on the capability iteration of its GLM series models and ARR growth.

Z.AI (02513) rose over 12% in the afternoon; as of press time, it was up 9.41% at HK$744, with a turnover of HK$10.564 billion. On the news front, as of the end of August this year, Z.AI's ARR calculated on an annualized monthly revenue basis reached US$1.6 billion, up 60% from US$1 billion in early July; on a weekly basis it has exceeded US$2 billion, and management's ARR target for the end of 2026 is US$2.4 billion. Guosheng pointed out that it continues to be bullish on the capability iteration of Z.AI's GLM series models and the growth of ARR. Wu Hequan, an academician of the Chinese Academy of Engineering, pointed out at the China Computing Conference that the widespread adoption of AI agents directly drives a surge in Token consumption, and the scale of token consumption is directly proportional to computing power consumption. According to forecasts by the China Telecom Corporation Research Institute, China's annual token consumption will reach 1 billion trillion in 2026 and exceed 350 billion trillion by 2030, with a compound annual growth rate of nearly 12x.