Zhipu Launches GLM-5.2 Model Next Week, Macquarie Eyes Stronger Pricing Power

ZHIPU7.71%
According to Macquarie research, Zhipu recently launched GLM-5.2, its most powerful open-source model to date, first rolled out to all GLM Coding Plan subscribers (Lite/Pro/Max/Team). The model focuses on long-context code generation, agentic engineering, and complex system tasks. Independent API access and pricing, along with MIT-licensed open weights, are scheduled to launch next week. While benchmark data was not disclosed at launch, early community feedback from social media and developer forums indicates GLM-5.2's coding and agentic capabilities are comparable to Claude Opus 4.7. Macquarie views the launch positively and expects it may strengthen Zhipu's pricing power in future subscription plans, supporting continued strong recurring revenue growth. The firm maintains an "outperform" rating with a 12-month target price of HK$1,221.4 unchanged.
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