On October 5, Zhipu Hong Kong stocks strengthened in early trading and continued to rise in the afternoon. As of the press release, HK$666/share was up 6.3%. According to the news, Goldman Sachs recently upgraded the smart spectrum rating from “neutral” to “buy” and adjusted the 12-month target price based on DCF's valuation to HK$1,560. According to the Goldman Sachs Research Report, the current rating increase is mainly based on several factors: First, the commercialization path of intelligent spectrum has been further clarified. Goldman Sachs raised the company's annual recurring revenue forecast for the end of 2026 to $3.2 billion, mainly considering the increase in token demand and the company's implementation of new commercial cooperation terms with major cloud vendors in China and the world starting in October; second, the expansion of computing power infrastructure and balance sheet improvements are expected to support the continued expansion of the business scale; third, improvements in cost efficiency are expected to drive an increase in the gross margin of the reasoning business. In addition, subsequent developments in products such as Harness and Co-Work have also been taken into consideration.

On October 5, Zhipu Hong Kong stocks strengthened in early trading and continued to rise in the afternoon. As of the press release, HK$666/share was up 6.3%. According to the news, Goldman Sachs recently upgraded the smart spectrum rating from “neutral” to “buy” and adjusted the 12-month target price based on DCF's valuation to HK$1,560. According to the Goldman Sachs Research Report, the current rating increase is mainly based on several factors: First, the commercialization path of intelligent spectrum has been further clarified. Goldman Sachs raised the company's annual recurring revenue forecast for the end of 2026 to $3.2 billion, mainly considering the increase in token demand and the company's implementation of new commercial cooperation terms with major cloud vendors in China and the world starting in October; second, the expansion of computing power infrastructure and balance sheet improvements are expected to support the continued expansion of the business scale; third, improvements in cost efficiency are expected to drive an increase in the gross margin of the reasoning business. In addition, subsequent developments in products such as Harness and Co-Work have also been taken into consideration.