The Zhitong Finance App learned that Goldman Sachs released a research report stating that it had raised the smart spectrum rating from “neutral” to “buy” and revised the 12-month target price based on DCF to HK$1,560. Reasons for the increase include a clearer monetization path — the bank raised its ARR forecast for the end of 2026E to $3.2 billion (previously estimated at $2.7 billion), driven by strong token demand and new commercial terms reached with Chinese and global hyperscalers (hyperscalers) starting in October; expansion of computing power infrastructure/balance sheet enhancements to drive scale expansion; better inferred gross margin achieved through cost efficiency; and continued progress in harness/co-work products.

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