Zhaoyin International: Reiterates the "Buy" rating for Zhiyu (02513.HK) with a target price of HKD 1503.9.

According to the Zhito Finance APP, China Merchants International has released a research report stating that Zhiyuan (02513.HK) has recently launched GLM-5.3. The firm 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 capabilities in cybersecurity, particularly excelling in tasks related to early-stage cybersecurity processes, but still has room for improvement in complete vulnerability exploitation chain tasks. The firm believes that the release of GLM-5.3 will act as a positive catalyst for the stock price and maintains an optimistic view on Zhiyuan's long-term growth prospects, reiterating its "buy" rating with a target price of HKD 1503.9.