Jeffray's GLM-5.2: Ranked among the top tier globally, but difficult to replace Anthropic According to BlockBeats, on June 22nd, Jeffray stated that the inclusion of the GLM-5.2 in the top three global big model rankings is an important milestone in China's AI development. However, the US restrictions on accessing the top Anthropic models are unlikely to bring significant revenue growth to Jeffray. In a report on the Chinese technology industry released on June 17th, Jeffery stated that GLM-5.2 ranks third in the Global Model Intelligence Index, only behind Anthropic and OpenAI. This is the first time that Chinese models have entered the top three globally. The report states that GLM-5.2 has outstanding performance in programming and long-term intelligent agent workflow, and has become one of the top ranked large models in China. Zhipu released GLM-5.2 through Coding Plan on June 13th and opened its API on June 17th. The model adopts a 744 billion parameter MoE architecture with approximately 40 billion active parameters, supports a 1 million token context window, and opens weights under the MIT license. Jeffrey stated that in the Artificial Analysis Model Intelligence Index, GLM-5.2 ranks third globally and first in China; Ranked fourth and second globally in coding and agentic metrics, respectively, and first in China. In the Arena.ai frontend programming ranking, GLM-5.2 Max ranks second, only behind Fable 5 High, and higher than Claude Opus 4.7 and 4.8. The report also points out that the restrictions on access to Anthropic Claude Mythos 5 and Fable 5 by the United States may be difficult to maintain in the long term. After Anthropic released the relevant model on June 9th, the US government requested restrictions on foreign visitors, including non-U.S. employees within the country, due to national security concerns. Due to the difficulty in distinguishing user identities in the short term, Anthropic temporarily suspended global access and strengthened identity verification. Jeffrey believes that this arrangement of "limiting access to cutting-edge models only to Americans" is difficult to implement and may harm the AI ecosystem in the United States. A large number of AI researchers and engineers in the United States are foreign born or non US citizens. If they are excluded from cutting-edge models, it may slow down research progress and even drive some talent and usage needs to shift overseas. But the report suggests that Fable 5 restrictions will not significantly translate into revenue for Chinese model companies. According to channel research by Jeffray, most users will not directly switch from Claude to GLM-5.2. The programming ability of GLM-5.2 is considered close to Claude Opus 4.7, but still lags behind Opus 4.8. Even if developers adopt Chinese open-source models, they may still use them through local deployment, cloud vendors, or inference platforms such as OpenRouter, without necessarily contributing revenue to the model developers. The report also said that developers often mix models according to different tasks, including code generation, debugging and long context tasks, rather than fully migrating to a single model. This limits the commercialization capability of GLM-5.2 for potential Anthropic traffic overflow. Jeffrey pointed out that Zhipu still faces the problem of insufficient high-end inference computing power, especially long context and intelligent agent workflow, which will consume more computing power and may affect the delivery of enterprise level requirements. The report also mentioned that the price competition in the Chinese large model market is fierce, and the performance of GLM-5.2 has improved by about 26% compared to GLM-5.1, but the API price remains unchanged, indicating that model manufacturers lack obvious pricing power. In addition, the reverse distillation technology and export controls of American model manufacturers also pose long-term risks. Jeffrey stated that these measures may limit the ability of Chinese models to catch up with the forefront and lead to a widening performance gap between Chinese and American models. The core conclusion of the report is that GLM-5.2 proves that the Chinese model has entered the global top tier, but it has not yet truly 'put on Anthropic shoes'. Under the constraints of factors such as income conversion, computing power supply, price competition, and technological limitations in the United States, Zhipu is unable to obtain substantial business growth from Anthropic access restrictions in the short term.