Lyon: Smart Spectrum's training ability improved significantly after GLM-5.3, maintaining an outperforming market rating

Comparative news, according to a report by Jin Shi, Lyon published a research report stating that the Intelligent Spectrum (02513.HK) GLM-5.3 API will now be open for use, showing leading performance in the domestic industry in terms of complex coding and long-term proxy tasks. Although the parameter scale is small, it has achieved open-weighted SOTA performance in many benchmark tests, and scored 60 points in the Artificial Analysis Intelligence Index, which is on par with Kimi 3, surpassing Tongyi Qianwen 3.8 Max.

The bank estimates that the GLM model's OpenRouter revenue share has risen from 1% in January to 7% in July, leading DeepSeek's 6% and Dark Side of the Moon's 3%. It is believed that DeepSeek's recent price increase reflects healthy competition in the industry, and GLM 5.3 has regained Pareto's leading position.

The recent weak stock price may reflect the market's overreaction to Anthropic's annualized recurring revenue deceleration, maintaining a smart score that outperforms the market rating. The target price is HK$2,061.