Group 1 - The Nasdaq China Golden Dragon Index rose over 3%, indicating a positive trend for Chinese concept stocks [1] - NIO saw a significant increase of 18.32%, leading the gains among the component stocks [2] - Other notable performers included VNET with a rise of 16.97% and MNSO with an increase of 16.44% [2] Group 2 - Tiger Securities (TIGR) increased by 13.49%, while Kingsoft Cloud (KC) rose by 8.99% [2] - Smaller gains were observed in companies like Xiaoying Technology (XYF) at 8.55% and RLX Technology at 7.14% [2] - Other companies such as Lufax (LU) and Zhongjin Ke Industrial (ZJK) also experienced gains of 6.72% and 6.44% respectively [2]

资料显示，金山云控股有限公司创立于2012年,作为中国知名的独立云服务商,业务范围遍及全球多个国 家和地区。2020年5月金山云在美国纳斯达克上市(股票代码:KC.NASDAQ);2022年12月,以介绍形式于香 港交易所主板完成双重主要上市(股票代码:3896.HK)。依托金山集团36年企业级服务经验,金山云坚持技 术立业,逐步构建了完备的云计算基础架构和运营体系,并通过与大数据、人工智能与边缘计算等先进技 术有机结合,深耕行业,提供超过150种适用于互联网、公共服务、数字健康、金融等领域解决方案,为 500+优质客户提供高品质云服务。 本文源自：金融界 作者：行情君 8月22日，金山云(KC)盘中上涨10.02%，截至22:36，报14.93美元/股，成交2345.29万美元，总市值40.80 亿美元。 大事提醒： 8月20日，金山云将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 财务数据显示，截至2025年03月31日，金山云收入总额19.7亿人民币，同比增长10.94%；归母净利 润-3.14亿人民币，同比增长12.66%。 ...

（文章来源：新华财经） 美股中概股集体大涨，蔚来涨超10%，亿航智能涨超8%，金山云涨6%，小鹏汽车涨4%，阿里巴巴涨超 3.8%。 ...

8月22日，金山云(KC)开盘上涨2.51%，截至21:30，报13.91美元/股，成交106.38万美元，总市值38.01亿 美元。 财务数据显示，截至2025年03月31日，金山云收入总额19.7亿人民币，同比增长10.94%；归母净利 润-3.14亿人民币，同比增长12.66%。 大事提醒： 8月20日，金山云将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 资料显示，金山云控股有限公司创立于2012年,作为中国知名的独立云服务商,业务范围遍及全球多个国 家和地区。2020年5月金山云在美国纳斯达克上市(股票代码:KC.NASDAQ);2022年12月,以介绍形式于香 港交易所主板完成双重主要上市(股票代码:3896.HK)。依托金山集团36年企业级服务经验,金山云坚持技 术立业,逐步构建了完备的云计算基础架构和运营体系,并通过与大数据、人工智能与边缘计算等先进技 术有机结合,深耕行业,提供超过150种适用于互联网、公共服务、数字健康、金融等领域解决方案,为 500+优质客户提供高品质云服务。 本文源自：金融界 作者：行情君 ...

8月22日，金山云(03896)盘中上涨2.43%，截至13:15，报7.58元/股，成交3.01亿元。 8月20日，2025财年中报归属股东应占溢利-7.714亿人民币，同比下降8.25%，基本每股收益-0.2人民 币。 本文源自：金融界 作者：行情君 金山云控股有限公司以提供全球范围内的云服务为主营业务，构建了一整套的云计算基础架构和运营体 系，服务领域涉及互联网、公共服务、数字健康、金融等多个领域。公司运用大数据、人工智能和边缘 计算等高新技术，为500余家优质客户提供超过150种解决方案，并于2020年和2022年分别在美股和港股 完成上市。 截至2025年中报，金山云营业总收入43.19亿元、净利润-7.71亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $16.80, indicating a potential upside of 21.6% from the current price of $13.80 [1][5][10]. Core Insights - The company's revenue for the second quarter reached 2.35 billion yuan, representing a year-on-year growth of 24.2% and a quarter-on-quarter growth of 19.3%. The public cloud segment generated 1.63 billion yuan, up 31.7% year-on-year, primarily driven by AI-related services [3][7]. - AI-related revenue amounted to 730 million yuan, accounting for approximately 31.1% of total revenue, marking a significant increase from 17% in the previous quarter. This growth highlights the company's successful transition from AI concepts to scalable commercial applications [4][8][9]. - The company is expected to benefit from the synergistic effects of its ecosystem with Kingsoft and Xiaomi, which is seen as a unique competitive advantage. The report anticipates stable revenue contributions from this ecosystem, projected to remain above 25% of total revenue [5][10]. Summary by Sections Financial Performance - For the second quarter, the company reported a net loss of 457 million yuan, compared to a net loss of 354 million yuan in the same period last year. However, adjusted EBITDA surged by 570.1% to 410 million yuan, with an adjusted EBITDA margin of 17.3%, up 14.1 percentage points year-on-year [3][7]. - Revenue projections for the upcoming years are as follows: 2025E at 9.425 billion yuan, 2026E at 11.288 billion yuan, and 2027E at 13.195 billion yuan, with expected growth rates of 21.07%, 19.76%, and 16.89% respectively [6][13]. Market Position and Strategy - The company has completed adaptations for domestic chips, enhancing the performance of domestic AI models. This positions the company favorably in a market with increasing demand for high-quality AI computing power [4][8]. - The report emphasizes the company's strong growth trajectory driven by AI, with expectations for continued expansion into model inference and AI-native application development [9]. Valuation - The target price of $16.80 corresponds to a price-to-sales (PS) ratio of approximately 3.5 times for the fiscal year 2025, indicating a favorable valuation compared to industry peers [5][10].

金山云2025年上半年实现营收增长17.8%，但盈利能力仍面临挑战。公司总收入达到43.19亿元，其中AI相关业务成为主要增长动力，但毛利率却从去年同期 的16.7%下降至15.2%。尽管经调整EBITDA大幅提升672.6%，达到7.25亿元，这一看似亮眼的数据背后仍存在结构性问题需要关注。 AI业务驱动增长但成本压力凸显 金山云本期收入增长主要得益于AI相关客户收入的强劲增长。公司在报告期内正式发布第九代云服务器C9a及X9a，并上线星流训练与推理平台，集成了小 米MIMO、Kimi、Deepseek、Qwen3等优质开源大型语言模型。这些技术升级为公司在AI时代的竞争提供了基础支撑。 然而，AI业务快速扩张的同时也带来了成本压力。公司毛利率的下滑反映出AI相关业务的成本结构仍需优化。相比传统云服务，AI训练和推理业务对计算 资源的消耗更大，对基础设施的要求更高，这直接影响了公司的盈利水平。 值得注意的是，公司研发费用达到4.21亿元，研发人员规模达到1094人。在AI技术快速迭代的背景下，持续的技术投入虽然必要，但如何平衡研发投入与盈 利能力之间的关系，将是公司面临的长期挑战。 CDN业务虽然利润率相对 ...

Summary of Kingsoft Cloud (KC) 2Q25 Review Company Overview - **Company**: Kingsoft Cloud (KC) - **Market Cap**: $3.7 billion - **Enterprise Value**: $4.5 billion - **Industry**: China Internet Verticals Key Financial Results - **2Q25 Revenue**: Rmb 2,349 million, up 24% YoY, exceeding estimates by 7% and 3% compared to consensus [15] - **Non-GAAP Net Loss**: Rmb (300) million, significantly worse than expectations due to higher depreciation and interest expenses [15] - **Adjusted EBITDA**: Rmb 406 million, up 570% YoY, beating estimates by 3% and 18% [15] - **Adjusted EBITDA Margin**: Increased by 1.1 percentage points QoQ to 17.3% [15] Revenue Growth Drivers - **AI Cloud Revenue**: Grew 39% QoQ and 124% YoY in 2Q25, contributing 31% of total revenue [15] - **Xiaomi/Kingsoft Ecosystem**: Revenue growth accelerated to 24% QoQ and 70% YoY, accounting for 27% of total revenue [15] - **Forecast for 2H25E and 2026E**: Expected revenue growth of +28% and +19% YoY, respectively, driven by AI cloud and Xiaomi partnerships [15] Financial Forecasts - **Revenue Projections**: - 2025E: Rmb 9,581.3 million (up from previous estimate of Rmb 9,225.2 million) - 2026E: Rmb 11,354.6 million (up from previous estimate of Rmb 10,682.6 million) [3] - **EBITDA Projections**: - 2025E: Rmb 2,060.0 million (up 15% from previous) - 2026E: Rmb 3,131.8 million (up 9% from previous) [3] Margin and Profitability Insights - **Gross Profit Margin (GPM)**: Declined to 14.9% YoY due to high depreciation and data center costs [15] - **Adjusted EBITDA Margin**: Expected to improve to 24.2%+ by 4Q25E [29] Investment Thesis - **Strengths**: - High AI revenue contribution (31% in 2Q25) - Strong growth visibility from Xiaomi/Kingsoft ecosystem (45% CAGR from 2024-2027E) [32] - **Risks**: - Rising reliance on related parties for revenue growth - Competitive pressure in the cloud market - Potential funding challenges for capital expenditures [31] Valuation and Price Target - **Target Price**: Increased to US$13.5 based on DCF analysis, implying 3.4x/2.8x 2025/2026E EV/Sales and 16.2x/10.3x 2025/2026E EV/EBITDA [14] - **Current Rating**: Neutral, with a 2% implied downside [14] Conclusion - Kingsoft Cloud shows strong revenue growth driven by AI and partnerships, but faces challenges with rising costs and competitive pressures. The company is positioned for future growth, but investors should be cautious of its reliance on related parties and the overall market environment.

【今日头条】 港交所陈翊庭：港交所将研究 24 小时交易机制 标普500指数连跌四日 大型科技股多数下跌 隔夜美股截至收盘， 道琼斯工业平均指数比前一交易日上涨16.04点，收于44938.31点，涨幅为0.04%; 标准普尔500种股票指数下跌15.59点，收于6395.78点，跌幅为0.24%;纳斯达克综合指数下跌142.09点， 收于21172.86点，跌幅为0.67%。大型科技股多数下跌，英特尔跌约7%。热门中概股涨跌不一，纳斯达 克中国金龙指数收涨0.33%。老虎证券涨逾4%，晶科能源、贝壳涨超2%。恒生指数ADR下跌，按比例 计算，收报25135.31点，较香港收市跌30.63点或0.12%。 【热点前瞻】 国家金融监督管理总局就关于《商业银行并购贷款管理办法 (征求意见稿)》公开征求意见 美联储会议纪要 ：关税对商品价格通胀构成上行压力 美联储发布7月会议纪要，其中提到，年上半年实际GDP增速温和。会议纪要显示，联储货币政策制定 者在7月会议上再次维持利率不变，但美联储理事克里斯托弗·沃勒和米歇尔·鲍曼持反对意见，这标志着 自1993年以来首次出现两位具有投票权的美联储官员投出反对票。在7月货币 ...

本文源自：金融界 8月20日，金山云发布2025年第二季度财报。财报显示，金山云Q2营收23.5亿元，同比增长24.2%，环 比增长19.3%；其中，公有云实现收入16.3亿元，同比增长31.7%，行业云实现收入7.2亿元，同比增长 10.1%。调整后EBITDA同比增长570.1%，达4.1亿元；调整后EBITDA率达17.3%，同比提升14.1个百分 点；AI账单收入达7.3亿元，同比增长超120%，在公有云收入占比攀升至45%。 本季度，小米和金山生态收入达6.3亿元，同比增长69.5%，占收入比例进一步提升至26.8%。今年上半 年，来自小米金山生态的收入达11.3亿元，达2025年年度关连交易总额度的40%。2025年上半年，金山 云实现收入约43.19亿元，同比增长17.8%;毛利约6.57亿元，同比增长7.4%;经调整EBITDA约7.25亿元， 同比增长672.62%;经调整EBITDA利润率为16.8%，较2024年同期的2.6%增加14.2 个百分点。 ...