On August 10, Z.AI rose 3.77% in regular trading, trading at HK$1317.0/share, with turnover of HK$879 million. The rally was driven by Morgan Stanley issuing a research note significantly raising the company's target price by nearly 72% to HK$1700.

According to the report by analyst Gary Yu, the core thesis centers on Z.AI's continuously improving computing power acquisition capabilities and new financing supporting stronger growth momentum. The note further highlighted that China's large language model industry is establishing a healthier commercialization environment, contrary to market concerns that open-weight models would lead to product homogenization and price wars. The industry is shifting from price competition toward monetization driven by model intelligence.

The upgrade follows a strong run for Z.AI shares, which gained over 14% on August 7 amid multiple catalysts including DeepSeek's announced API price hike and the suspected early leak of Z.AI's next-generation GLM-5.3 model. Within the Systems Software sector, MINIMAX-W rose 5.33% and HAIZHI TECH GP gained 2.91%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)