Three brokerages initiate coverage, three indices all include: Capital markets revalue SenseTime (00020)

Recently, SenseTime (00020) officially released the official version of SenseNova 6.8 Flash. The most closely watched upgrade of this model is not the parameter scale, but the dual upgrade in intelligence and aesthetics, with both office and design capabilities online. Through multiple benchmark evaluations, the model's performance in scenarios such as agent collaboration, data analysis, and presentation generation exceeds that of some international frontier models, placing it in a leading position among domestic industry models. Since the beginning of this year, the capital market's attitude toward SenseTime has also been changing in tandem. SenseTime has successively been included in three new indices, and multiple brokerages have published initiation reports one after another. Signals from both the product side and the capital side are pointing to the same judgment: SenseTime is moving from technological leadership toward value realization. Multiple index providers include SENSETIME-W, liquidity continues to climb Since 2026, SenseTime has repeatedly gained authoritative recognition in international capital markets, with market liquidity and global allocation value continuing to rise. In February, SenseTime was officially included in the MSCI China Index, a core global investment benchmark, further broadening the allocation channels for international long-only and passive funds. As is well known, the MSCI index is a "wind vane" for global capital allocation, and every index adjustment may trigger large-scale reallocation of funds. For a long time, SenseTime has consistently been a core weighted constituent of the Hang Seng AI Theme Index, firmly ranking among the core weighted stocks of the Hang Seng AI Theme Index. After the major revision of the Hang Seng AI Theme Index in June, SenseTime remained among the top five constituents, with a weight of 7.8%. On October 23, HKEX officially launched its first AI-themed index, the HKEX AI Index. SenseTime ranked fourth across the entire market with a weight of 6.46% and first among AI model constituents, fully confirming SenseTime's core benchmark position in the full-stack AI ecosystem. HKEX also announced at the same time that it had signed an authorization agreement with Southern Fund and planned to launch an ETF product tracking the index in the mainland. Multiple international major banks initiate coverage, SenseTime moves toward "value verification" At the same time, SenseTime's commercialization results and long-term growth potential have also attracted increasing close attention from top international investment banks. This year, multiple international major banks, including J.P. Morgan and UBS, have strengthened in-depth research and real-time coverage of SenseTime. J.P. Morgan initiated coverage of SenseTime in September with an "Overweight" rating and noted that SenseTime's infrastructure and multimodal deployment will become the core drivers of future growth. J.P. Morgan believes that SenseTime's most prominent scarcity lies in its "ability to convert large-scale, heterogeneous computing power into reliable production-grade intelligence." The bank forecasts that the company's revenue will achieve a compound annual growth rate of 28% from 2026 to 2028, and that adjusted profit will turn from loss to profit of RMB179 million in fiscal 2027, with its 2028 revenue and profit forecasts 3% and 148% above market consensus, respectively. In November, UBS also officially initiated coverage of SenseTime, recognizing its transformation direction, customer base, and full-stack technical capabilities. During the same period, East Money Information Securities also initiated coverage with an "Overweight" rating based on SenseTime's steady revenue and gross profit growth and the significant narrowing of its adjusted net loss. Dense inclusion in authoritative indices and coverage by foreign major banks are continuously strengthening the long-term consensus in global capital markets on SenseTime's AI commercial value. Whether it is the iterative upgrade of SenseNova 6.8 Flash, or the constituent lists of the three indices and the three initiation reports, what they jointly point to is that SenseTime is transforming from a company that "proves technology" into a company that "proves delivery." As for the speed of delivery, the adjusted EBITDA and cash flow statements in the coming quarters will provide the answer.