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.

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