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Z.AI (02513) surged over 10% during intraday trading, with its share price up 6.74% as of press time, currently trading at 1,250 Hong Kong dollars, with a turnover of 46.33 billion Hong Kong dollars.

Recently, JP Morgan released a research report stating that after Moonshot AI launched Kimi K3, it has maintained an "Overweight" rating on Z.AI (02513), shifting the company's narrative from a "sustained domestic model leader" to "one of China's frontier AI laboratories." However, the bank's adjustments to its ARR forecast are limited: Z.AI's GLM-5.2 is still among the top-tier frontier models in China, while GLM-5.3 and a new 2T+ flagship model are expected to be released in the coming months. Therefore, the bank still expects Z.AI to maintain its domestic leading position in the next model cycle, which is sufficient to support continued ARR expansion in the current computationally constrained market. After the recent valuation adjustments, the bank believes the market has largely priced in lower valuation multiples, being overly pessimistic about Z.AI's commercialization trajectory.

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Editor: Lu Yujun