Shares of Knowledge Atlas (02513) opened sharply higher, gaining nearly 15% in early trading. At the time of reporting, the stock was up 14.95% to HK$126.1, with a turnover of approximately HK$61.16 million.

The company announced on June 13th that its most capable open-source large model to date, GLM-5.2, has been fully released. The API for this model is scheduled to launch next week, accompanied by its official open-sourcing. The model supports a genuinely usable 1 million token context window and continues to demonstrate leading performance in long-range tasks.

Analysis suggests that the delisting of a leading model from Anthropic could benefit domestic front-running model companies by creating a substitution effect. It has been noted that the Knowledge Atlas GLM series of large models is evolving along a path focused on "enhanced coding capabilities—Agent functionality—long-duration tasks—autonomous operating systems." Starting from GLM5, the company has established a leading position in the programming domain, with a strong emphasis on improving the model's coding abilities. The company is gradually building a robust data flywheel effect in the programming field, and its leading advantage is expected to be sustained.