智通财经APP获悉，美国非农就业数据大幅下修，降息预期持续发酵。港股今日再度走高，恒指成功突 破两万六大关创近四年新高，三大指数均实现四连涨行情。截止收盘，恒生指数涨1.01%或262.13点， 报26200.26点，全日成交额为2882.09亿港元；恒生国企指数涨0.93%，报9328.16点；恒生科技指数涨 1.27%，报5902.69点。 中金指出，港股市场今年的突出特点是结构胜于指数、主线不断轮动。在基本面和指数大幅上行动力不 足的情况下，投资者应该把握港股的结构性优势，以盈利趋势主导的景气方向为主，同时辅以一定的中 美映射主题作辅助。花旗表示，上调年底恒生指数目标7%至26800点，并预期明年上半年及年底进一步 升至27500点及28800点。 蓝筹股表现 香港特区政府将于下周三(17日)发表2025年施政报告。瑞银发布研报称，市场憧憬政府将进一步削减价 值400万至600万元的住宅物业印花税、设立"购房资金通"计划、进一步放宽资本投资者入境计划下住宅 物业投资资格、吸引更多内地访港、加快北部都会区发展，以及就房地产投资信托基金(REITs)纳入互 联互通提出时间表。摩根大通则表示，发表施政报告翌日 ...

港股云计算板块走高，金山云涨超10%，汇量科技涨超7%，金蝶国际、阿里巴巴-W涨超3%。 ...

格隆汇9月10日｜港股市场AI云概念股走强，其中，金山云(3896.HK)跳空高开高走，盘初拉升涨超 13%，报8.5港元。隔夜美股市场金山云收涨14.59%报16.18美元，折算成港股市场价格为8.3港元/股。 消息面上，随着Nebius与微软签署大额协议，AI云概念股备受市场关注。此外，甲骨文盘后发布业绩， 预计2026财年云基础设施营收将大增77%至180亿美元，超华尔街预期，在接下来的4年将攀升至320亿 美元、730亿美元、1140亿美元及1440亿美元。甲骨文还宣布未实现履约义务(尚未确认的已签约收入) 已达4550亿美元，同比大增359%。 ...

金山云(03896)早盘涨超13%，截至发稿，涨12.65%，报8.46港元，成交额16.87亿港元。 消息面上，美银证券上调金山云目标价至20.4美元，给予 "买入" 评级。此外申万宏源发布研报称，根 据公司财报，25年Q2来自金山+小米的收入为6.3亿元，同比增长69.5%，收入占比已提升至27%；25上 半年已完成本年关联交易金额上限的40%。该行指出，小米AI投入明确，金山云将直接受益于基座模 型、智驾等训推需求增长。该行仍看好金山云作为金山+小米生态核心云厂价值，维持"买入"评级。 ...

消息面上，美银证券上调金山云目标价至20.4美元，给予 "买入" 评级。此外申万宏源发布研报称，根 据公司财报，25年Q2来自金山+小米的收入为6.3亿元，同比增长69.5%，收入占比已提升至27%；25上 半年已完成本年关联交易金额上限的40%。该行指出，小米AI投入明确，金山云将直接受益于基座模 型、智驾等训推需求增长。该行仍看好金山云作为金山+小米生态核心云厂价值，维持"买入"评级。 智通财经APP获悉，金山云(03896)早盘涨超13%，截至发稿，涨12.65%，报8.46港元，成交额16.87亿港 元。 ...

| KC 金山云 | | 0 | | --- | --- | --- | | 14.120 + +0.300 +2.17% | | 收盘价 09/08 16:00 美东 | | 14.310 t 0.190 +1.35% | | 盘前价 09/09 04:39 美东 | | ■0000000 | | ● 関西交易 | | 最高价 14.140 | 开盘价 13.970 | 成交量 79.83万 | | 最低价 13.837 | 昨收价 13.820 | 成交额 1121.46万 | | 平均价 14.048 | 市盈率IIM 亏损 | 总市值 38.59亿(m) | | 振 幅 2.19% | 市盈率(静) 亏损 | 总股本 2.73亿 | | 换手率 0.56% | 市净率 4.091 | 流通值 20亿 | | 52周最高 22.260 | 委 比 73.91% | 流通股 1.42亿 | | 52周最低 2.160 | 量 比 0.51 | 每 手 1股 | | 历史最高 74.670 | 股息TIM -- | 换股比率 15.00 | | 历史最低 1.770 | 股息室 IIM -- | | 昨日收 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2025年9月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | 本月底法定/註冊股本總額： USD 40,000,0 ...

Key Takeaways from Kingsoft Cloud (KC) at Asia Leaders Conference 2025 Company Overview - **Company**: Kingsoft Cloud (KC) - **Event**: GS Asia Leaders Conference 2025 - **Date**: September 3, 2025 - **Location**: Hong Kong Industry Insights - **Industry**: Cloud Services, specifically focusing on AI-related services Core Points and Arguments 1. **AI Revenue Growth**: Kingsoft Cloud reported robust growth in AI-related revenue, driven by strong demand for AI training services. AI contributed 45% of public cloud revenue in 2Q25, with expectations to exceed 50% in the second half of 2025 [6][9][10] 2. **Xiaomi and Kingsoft Ecosystem**: Revenue contribution from Xiaomi and Kingsoft Group reached approximately 26.8% in 2Q25, marking a 70% year-over-year increase. Both companies accounted for around 40% of AI revenue in the same quarter [6][9] 3. **Gross Profit Margin (GPM) Trends**: The GPM for AI training has declined to approximately 20% from a previous range of 25-30%, influenced by larger projects from Xiaomi at lower wholesale prices. However, the inference GPM remains profitable due to optimized engineering capabilities [8][10] 4. **Operational Margin (OPM) and EBITDA Outlook**: Management expects higher EBITDA margins in the second half of 2025, despite a lower EBITDA margin reported in 2Q25 due to one-off bad debt provisions. The company aims for full-year OPM break-even by 2026 [11][12] 5. **Investment Thesis**: Kingsoft Cloud is positioned as a leading cloud service provider in China, with a significant AI revenue contribution and strong growth visibility from related parties. However, there are concerns regarding rising reliance on these parties for revenue growth and funding support [9][10] 6. **Price Target and Risks**: The company is rated Neutral with a 12-month target price of US$13.5. Key risks include slower third-party AI demand growth and heightened competitive pressure from peers [10][12] Additional Important Insights - **Chips Supply Chain**: Kingsoft Cloud maintains a mix of self-procured and leased GPUs, with foreign chips being preferred by most customers. The company is monitoring pricing and efficiency comparisons among different chip suppliers [11] - **Future Demand**: Management remains optimistic about future AI inference demand, particularly from Xiaomi's investments in LLM training and assisted driving [6][7][9] Financial Metrics - **Market Capitalization**: Approximately $3.7 billion - **Enterprise Value**: Approximately $4.6 billion - **Revenue Forecasts**: Expected revenue growth from RMB 7,785.2 million in 2024 to RMB 12,923.2 million by 2027 [13] This summary encapsulates the key insights and financial outlook for Kingsoft Cloud as discussed during the conference, highlighting both opportunities and risks within the cloud services industry.

在上海宝格丽酒店的大堂，天际资本创始合伙人张倩刚刚结束一场与创业者的深度对话，而当晚，她便要马不停 蹄奔赴苏州，继续下一场行程。 此次跨国出差，张倩当天凌晨才抵达上海，一天时间，辗转香港、上海、苏州三地--这三个地方是没时差的，前 面是在美国和日本，连倒时差的间隙都没有，紧凑的行程恰似当下AI创投领域的快节奏——争分夺秒。 但即便行程匆忙，张倩依旧展现出了一贯的精致与专业：身着红色衬衫搭配版型笔挺的西装，妆容精致，睫毛刷 得整齐分明，每一处细节都透露着严谨与考究。 在我们对话之时，全球VC正在发生深刻变化，AI的发展极大缩短了传统VC的决策流程，原本的"广撒网"式投 资，变为更为快速出手的专业和垂直的小团队突破。 内容传播最著名的就是硅谷风投机构a16z，其甚至收购了一家科技播客品牌Turpentine，播客甚至为这家VC带来 了15%的项目源。 面对"做网红"的质疑，张倩很坦然，她点赞了每一条评论，包括那些负面的留言评论。她说其实自己的粉丝数远 达不到"网红"的地步，但粉丝质量却很高。 这些内容帮她减少了很多内部沟通成本，让刚入职的新人很快了解天际资本的投资逻辑和文化。更重要的是，后 来她发现，这些视频还能 ...

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]