On August 19, Lyons released a research report stating that Zhipu’s (02513.HK) GLM-5.3 API is now available for open access. The model demonstrates leading performance in the domestic industry for complex coding and long-cycle agent tasks. Despite its smaller parameter size, it has achieved open-weight SOTA results in multiple benchmark tests and scored 60 points in the Artificial Analysis intelligence index, on par with Kimi 3 and surpassing Tongyi Qianwen 3.8 Max. Lyons estimates that the OpenRouter revenue share of the GLM model has increased from 1% in January this year to 7% in July, outpacing DeepSeek's 6% and Yuezhi Anmian's 3%. The report suggests that DeepSeek's recent price increase reflects a healthy competitive landscape in the industry, while GLM 5.3 has regained its position at the Pareto frontier. The recent weakness in Zhipu's stock price may be due to an overreaction to the slowdown in Anthropic's annualized recurring revenue. Lyons maintains an 'Outperform' rating for Zhipu with a target price of HK$2,061.