B[Xiaomi: Zhipu’s API business grew rapidly in the first half of the year and raised the target price to HK$2,000] On September 2, JP Morgan Chase issued a research report stating that Zhipu’s revenue in the first half of the year was 954 million yuan, a year-on-year increase of 400%, and its cloud/API business revenue was 825 million yuan, a year-on-year increase of 2,736%, which was generally in line with expectations and now accounts for 86.5% of total revenue. The bank raised its revenue forecasts for 2026 and 2027 by 14% and 18% respectively, raised its target price from HK$1,800 to HK$2,000, and reiterated its "overweight" rating. B[Zhipu responds to the question of "knowledge only after training": The next generation base model is already advancing GLM-6.0, aiming at "self-evolution"] September 1st, at the 2026 semi-annual performance communication meeting held on the evening of August 31, an analyst raised the market's doubts about Zhipu's "knowledge only after training" and asked why the company has been relatively restrained in parameter scale recently. Tang Jie, founder of Zhipu, said that the next generation model will still expand the base size, and at the same time control the activation parameters to avoid the decline in inference speed and increase in costs. In terms of computing power, Zhipu revealed that it has achieved large-scale inference with 100,000-level domestic chips, and the cost of inference per Token has dropped by 80% from the beginning of the year. GLM‑5.3‑Flash is Zhipu’s first model that fully relies on domestic chip clusters to provide services under ultra-large-scale real traffic. The company said that compared with the initial baseline of the same hardware, the end-to-end service performance of this model has been improved by 3 times. Tang Jie summarized one of the future directions of GLM-6.0 as self-evolution, "This is a big challenge. The biggest problem is that the model can judge by itself when to stop and when to correct itself. This is the biggest problem, rather than simply training the model to a larger size. In future models, this is a key research focus." (every sutra) A[MSCI China Index adjustment takes effect today, 33 stocks are included] After the market close on August 31, the MSCI China Index quarterly adjustment will officially take effect. 33 stocks were included and 32 stocks were removed. Previously, on August 12, local time, MSCI announced the results of the August 2026 index review of the MSCI stock index. The adjustment will take effect after the close of trading on August 31.
In this adjustment, the MSCI China Index newly included 33 stocks including Zhipu and Dingtai High-Tech, while excluding 32 stocks including Vanke A and Yonghui Supermarket. The 33 newly included targets cover multiple cutting-edge fields such as semiconductors, AI, medicine, new materials, and precision manufacturing. It is worth noting that 10 companies on the Science and Technology Innovation Board have been newly added to the MSCI China Index this time, 7 of which are from the semiconductor industry chain, covering all aspects of chip design, manufacturing, packaging and testing, equipment, materials, etc., highlighting the continued increase in the attractiveness of China's hard technology sector in the global capital market. (CCTV Finance)
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