0834 GMT - Z.AI's outlook remains positive, according to Daiwa analysts in a research note. Analysts note July's sell-off reflected the central risk in owning a frontier-model developer, as investors were reminded by Kimi K3 that model leadership could change within weeks. That said, Daiwa points out that Z.AI still maintains significant advantages, including a Tsinghua-rooted research base, frequent model iterations, coding and agent feedback from real workloads, alongside domestic chip compatibility. Daiwa keeps a buy rating, with a target price of HK$1,500.00. Shares last traded at HK$1,208.00.