JPMorgan Chase noted in its research report on August 16 that the release of Zhipu GLM-5.3 and DeepSeek's API price increase effective August 17 are changing the competitive landscape of China's AI model layer. The bank favors internally driven capabilities over models that solely rely on low prices.

Based on this, JPMorgan Chase significantly raised Zhipu's target price from HKD 1,600 to HKD 1,800, maintaining an "Overweight" rating. The reason given is Zhipu's capability leap with GLM-5.3, driven by internal technology, which has solidified its moat. At the same time, MiniMax's target price was raised from HKD 160 to HKD 260, maintaining a "Neutral" rating, mainly because DeepSeek's price increase provides it with breathing room, and the multi-modal option value brought by H3, but its core large model capabilities still need to be verified by the upcoming M3.1.