$ZHIPU 🟢 Long Position Logic

Model capabilities in the top tier globally (GLM-5.1 Coding surpasses GPT-5.4)

2026 revenue expected to grow by 316% to ¥3 billion

Inclusion of Hengke+Hong Kong Stock Connect, southbound funds net buy ¥920 million on 6/8

Planning to list on the STAR Market with ¥15 billion fundraising, the first "A+H" large model enterprise

API price increase by 83% but call volume increased by 400%, with pricing power

🔴 Short Position Logic

PS 773 times — one of the most expensive AI stocks globally

MiniMax revenue ¥570 million but market cap less than 1/10 of Zhipu

¥4.7 billion annual loss, burning 6.5 yuan for every 1 yuan earned

After ATH, a 35% correction, positive news landing caused a 13% drop (buy the rumor, sell the fact)

Dalio explicitly mentions AI bubble

🎯 Strategy

Direction Advice

Go long now ❌ Too expensive, 773x PS has no safety margin

Go short now ❌ A-share listing catalyst ahead, southbound buying ongoing, don’t go against the trend

Wait and watch ✅ Wait for HK$1,000-1,100 deep correction to go long, or wait for a breakout above HK$1,500 to confirm direction

If you must participate: go long at HK$1,050-1,150, stop loss at HK$950, position ≤3%. Only worth acting if odds are 3:1.