Upon Zhipu’s launch of the GLM-5.1 model, the model aggregation platform OpenRouter indicated that Zhipu had once again raised the prices of its GLM model by 10%. In coding scenarios, the cache hit token price for GLM-5.1 has now reached a level comparable to that of overseas competitors. This marks the first instance where a domestic large-scale model has achieved price parity with leading overseas models in a key scenario. It signals a shift: domestic large-scale models are no longer competing solely on price reductions but are now setting international benchmarks through performance enhancements. GLM-5.1 has set a new global record in the SWE-bench Pro benchmark test, securing the top spot among domestic models and ranking first among open-source models in mainstream benchmark evaluations. Furthermore, the model is capable of sustained autonomous operation for up to 8 hours on a single task, delivering results that meet engineering standards. As of the time of reporting, Zhipu’s stock price stood at 890 yuan per share, marking a 14.12% increase, with the company’s market capitalization reaching 396.4 billion yuan.