The Zhitong Finance App learned that recently, Shangtang Technology (00020) officially released the official version of SenseNova 6.8 Flash. The most popular upgrade of this model is not the scale of the parameters, but rather the IQ and aesthetic upgrades, and the office design is all online. Through multiple benchmark evaluations, the model's performance in scenarios such as agent collaboration, data analysis, and demonstration generation surpasses some international cutting-edge models, and is in a leading position among domestic industry models.
Since this year, the capital market's attitude towards Shang Tang has also changed at the same time. Shang Tang has been selected for three new indices one after another, and several brokerage firms have successively released their first coverage reports. The signals from the product side and the capital side are pointing to the same judgment. Shangtang Technology is moving from leading technology to realizing value.
A number of index institutions have been included in Shangtang-W, and liquidity continues to rise
Since 2026, Shangtang Technology has been repeatedly recognized by authorities in the international capital market, and market liquidity and global allocation value have continued to rise.
In February, Shangtang was officially included in the MSCI China Index, the global core investment benchmark, further broadening the allocation channels for international long-term and passive capital. As we all know, the MSCI index is a “weather vane” for global capital allocation, and every index adjustment may trigger a large amount of capital reallocation.
For a long time, Shangtang Technology has always been the core weight of the Hang Seng Artificial Intelligence Themed Index, ranking among the core weighted stocks in the Hang Seng Artificial Intelligence Themed Index. After the major revision of the Hang Seng Artificial Intelligence Themed Index in June, Shangtang continued to rank among the top five constituent stocks, with a weight of 7.8%.
On October 23, the Hong Kong Stock Exchange officially launched the first artificial intelligence-themed index, the Hong Kong Stock Exchange Artificial Intelligence Index. With a weight of 6.46%, Shang Tang ranked fourth in the market and number one among AI model constituents, fully confirming Shangtang's core benchmark position in the full-stack AI ecosystem. At the same time, the Hong Kong Stock Exchange also announced that it has signed an licensing agreement with China Southern Fund to launch ETF products to track the index in the mainland.
A number of major international banks covered Shangtang for the first time and moved towards “value verification”
At the same time, Shangtang's commercialization results and long-term growth potential have also attracted close attention from more and more top international investment banks. This year, many major international banks, including J.P. Morgan (J.P. Morgan) and UBS (UBS), have stepped up in-depth research and real-time coverage of Shangtang.
When J.P. Morgan first covered Shangtang in September, it gave it an “increase” rating, and indicated that Shangtang's infrastructure and multi-modal deployment will be the core driving force for future growth. J.P. Morgan believes that the most prominent scarcity of Shangtang is “the ability to transform large-scale, heterogeneous computing power into reliable production-level intelligence.” The bank predicts that the company's compound annual revenue growth from 2026 to 2028 will reach 28%, and the 2027 fiscal year adjustments will shift from loss to profit of RMB 179 million. The forecast for 2028 revenue and profit is higher than the market consensus of 3% and 148%, respectively. In November, UBS also officially launched its first coverage of Shangtang, recognising Shangtang's transformation direction, customer base and full-stack technical capabilities. In the same period, Dongfang Wealth Securities was also based on the steady growth of Shangtang's revenue and gross profit. After adjustment, net loss was drastically narrowed, and for the first time, coverage was given an “increase in holdings” rating.
Intensive authoritative indices are covered by major foreign investors and are continuously strengthening the global capital market's long-term consensus on the commercial value of Shangtang AI. Whether it's the iterative upgrade of Nisshin SenseNova 6.8 Flash, the list of constituent stocks in the three indices, and the three first coverage reports, they all point to Shang Tang's transformation from a company that “proves technology” to a company that “proves delivery.” As for the speed of cashing out, adjusted EBITDA and cash flow statements for the next few quarters will provide an answer.