KNOWLEDGE ATLAS (02513) rose more than 10% again, bringing its cumulative gain for the week to over 70%. At the time of writing, the stock was up 6.99%, trading at HK$340, with a turnover of HK$292 million.

Market attention has been drawn to a recently launched anonymous model, codenamed "Pony Alpha," on the global model service platform OpenRouter. According to a report, sources familiar with the matter indicate that KNOWLEDGE ATLAS is currently advancing a related confidential project, and this mysterious model is the upcoming new-generation GLM-5 model. It is reported that the company's Chief Scientist, Tang Jie, stated clearly in early February that KNOWLEDGE ATLAS would soon release GLM-5.

GF Securities previously issued a research note stating that as a leading large model service provider in China, KNOWLEDGE ATLAS has built its offerings around the self-developed GLM foundation model, forming a comprehensive model matrix that includes multimodal, Agent, and Coding capabilities, providing enterprise clients with API services, localized deployment, and industry solutions. The brokerage expects the company's revenue to maintain rapid growth from 2025 to 2027, with economies of scale gradually emerging, underpinning strong long-term profitability certainty.