每经AI快讯，金山云(03896.HK)早盘涨超9%，截至发稿，涨9.13%，报7.05港元，成交额5.09亿港元。 每经AI快讯，金山云(03896.HK)早盘涨超9%，截至发稿，涨9.13%，报7.05港元，成交额5.09亿港元。 ...

金山云(3896.HK)大涨超9%，最高触及7.05港元。 本文源自：金融界AI电报 ...

刘涛披露，公司智算云业务Q3账单收入达7.8亿元，同比增速近120%，主要受益于行业内具身智能场景 及AI推理场景爆发。其中，小米金山生态的贡献显著，2025年上半年相关收入占年度关联交易总额的 40%。除了小米金山生态这个基本盘，金山云的外部客户用量也在齐增。 1月26日，金山云早盘大涨超9%，最高触及7.05港元。消息面上，在上周举办的金山云年度Tech Talk 上，金山云高级副总裁刘涛宣布，智算平台金山云星流已完成从资源管理平台向一站式AI训推全流程 平台的战略升级。据悉，金山云星流训推平台提供从模型开发、训练到推理的完整生命周期管理，具备 开发、训练、推理和数据处理四大模块能力，通过降低多模块协同复杂度，能实现"开箱即用"的AI开发 体验。 ...

麦肯锡报告预测，2028年全球AI推理市场规模将达1500亿美元，2025-2028年复合年增长率超40%。智 算作为承接推理爆发的核心基础设施，将迎来前所未有的市场增量空间。金山云星流平台此次通过提升 平台效率、突破行业边界、加速推理布局的三维进阶，为迎接AI应用爆发做好了充分准备。申万宏源 指出，AI 拉动与生态协同效应将在未来持续释放。 fund （原标题：港股异动 | 金山云(03896)早盘涨超9% 星流平台完成战略升级 已进化为一站式AI训推全流程 平台） 智通财经APP获悉，金山云(03896)早盘涨超9%，截至发稿，涨9.13%，报7.05港元，成交额5.09亿港 元。 消息面上，金山云高级副总裁刘涛在1月21日举办的金山云年度Tech Talk上表示，智算平台金山云星流 已完成从资源管理平台向一站式AI训推全流程平台的战略升级。从训推平台、机器人平台到模型API服 务，升级后的金山云星流平台构建了从异构资源调度、训练任务故障自愈到机器人行业应用支撑、模型 API服务商业化落地的全链路闭环。 ...

刘涛披露，公司智算云业务Q3账单收入达7.8亿元，同比增速近120%，主要受益于行业内具身智能场景 及AI推理场景爆发。其中，小米金山生态的贡献显著，2025年上半年相关收入占年度关联交易总额的 40%。除了小米金山生态这个基本盘，金山云的外部客户用量也在齐增。(格隆汇) 金山云(3896.HK)大涨超9%，最高触及7.05港元。消息面上，在上周举办的金山云年度Tech Talk上，金 山云高级副总裁刘涛宣布，智算平台金山云星流已完成从资源管理平台向一站式AI训推全流程平台的 战略升级。据悉，金山云星流训推平台提供从模型开发、训练到推理的完整生命周期管理，具备开发、 训练、推理和数据处理四大模块能力，通过降低多模块协同复杂度，能实现"开箱即用"的AI开发体验。 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.44 HKD and a target value of 50.25 HKD [4]. Core Insights - The report anticipates a stabilization in gaming revenue, steady performance in office software, and a rebound in profits for Q4. The company is expected to see a 10% quarter-on-quarter revenue increase in Q4 2025, despite a year-on-year decline of 5% [8][10]. - The gaming segment is projected to experience a year-on-year revenue decline of 32% and a quarter-on-quarter decline of 2% in Q4 2025, with new game "Goose Duck" exceeding expectations [8][10]. - The office software segment is expected to grow by 19% year-on-year in Q4 2025, driven by government projects and the enhancement of WPS 365 as a global AI collaboration platform [8][10]. - The cloud segment is forecasted to grow by 20% year-on-year in Q4 2025, with continued high capital expenditures expected in 2026 [8][10]. Financial Forecasts - Revenue projections for the company are as follows (in million RMB): - 2023A: 8,534 - 2024A: 10,318 - 2025E: 9,730 - 2026E: 11,571 - 2027E: 13,416 - The growth rates are expected to be 11.7% for 2023, 20.9% for 2024, -5.7% for 2025, 18.9% for 2026, and 15.9% for 2027 [3][10]. - The EBITDA is projected to be 1,268 million RMB in 2023, increasing to 3,511 million RMB by 2027 [3][10]. - The net profit attributable to shareholders is expected to rise from 483 million RMB in 2023 to 2,081 million RMB in 2027, with significant growth in 2024 [3][10]. Business Segment Analysis - Gaming revenue is expected to be 3,977 million RMB in 2023, with a decline to 3,768 million RMB in 2025, followed by a recovery to 4,239 million RMB in 2026 [9][10]. - Office revenue is projected to grow from 4,557 million RMB in 2023 to 5,962 million RMB in 2025, and further to 7,332 million RMB in 2026 [9][10]. - The cloud segment is anticipated to generate significant growth, with revenue expected to reach 12,215 million RMB by 2026 [9][10]. Valuation and Investment Recommendation - The report suggests a valuation of 50.25 HKD per share based on a combination of gaming, office, and cloud business valuations, applying a PE ratio of 13x for gaming, 35x for office, and 3x PS for cloud [12][16]. - The overall recommendation remains "Buy" based on the expected performance and growth potential of the company [12].

[Table_Page] 跟踪研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 前瞻：预计25Q4 AI云高增长，26年延续高资本开支 [Table_Summary] 核心观点： 盈利预测：备注：报告中汇率为 1 港元=0.893 人民币；货币若无特别说明均为人民币。 | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,047 | 7,785 | 9,481 | 12,215 | 14,687 | | 增长率 （ % ） | -13.8% | 10.5% | 21.8% | 28.8% | 20.2% | | 经调整EBITDA（百万元） | -265 | 639 | 2,292 | 4,072 | 5,657 | | 经调整净利润（百万元） | -1,291 | -825 | -567 | -519 | -387 | | EPS（元/股） | -0.61 ...

Core Insights - The rapid development of AI technologies, including large models and embodied intelligence, is driving cloud service providers to continuously iterate and capture revenue across various segments [2] - Kingsoft Cloud has upgraded its AI training and deployment platform, StarFlow, to a comprehensive solution that supports various AI applications [3] - The company reported a significant revenue increase and a return to profitability in Q3 2025, indicating a positive trend in its financial performance [5] Group 1: Company Developments - Kingsoft Cloud's StarFlow platform has evolved into a one-stop AI training and deployment solution, providing a full lifecycle management system for model development, training, and inference [3] - The platform integrates various core processes, including data collection, storage, annotation, model development, training, deployment, and simulation, to enhance the efficiency of AI application development [3] - The strategic shift towards tailored industry solutions is expected to improve resource utilization, delivery efficiency, and customer loyalty, establishing a competitive edge in the market [4] Group 2: Financial Performance - In Q3 2025, Kingsoft Cloud reported total revenue of 2.478 billion yuan, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [5] - The gross profit reached approximately 381 million yuan, reflecting a year-on-year increase of 25.6%, while the net loss narrowed significantly to 7.847 million yuan, down 99.26% [5] - The public cloud business, a key revenue driver, generated 1.752 billion yuan in Q3 2025, marking a substantial year-on-year growth of 49.1% [6] Group 3: Market Trends - The overall computing power in China is projected to grow rapidly, with a compound annual growth rate of 45.9% from 2020 to 2024, driven by the widespread application of AI and big data technologies [6] - The intelligent computing segment is expected to lead this growth, with a forecasted compound annual growth rate of 64.9% from 2020 to 2024 [6] - Industry experts predict that the current computing power market boom could last for another 5 to 8 years, primarily due to the ongoing demand for AI technologies [7]

11月22日，金山云早盘股价一度涨近3%触及6.26港元，截止发稿，金山云上涨0.65%报6.15港元，市值 278.7亿港元，成交额1.32亿港元；隔夜美股市场，金山云上涨4.67%报11.87美元。 此前，金山云宣布公司在智算云领域的新突破，其智算平台金山云星流已完成从资源管理平台向一站式 AI训推全流程平台的战略升级。金山云星流训推平台提供从模型开发、训练到推理的完整生命周期管 理，具备开发、训练、推理和数据处理四大模块能力，通过降低多模块协同复杂度，能实现"开箱即 用"的AI开发体验。 此前财报数据显示，得益于在智算云领域的前瞻性布局和技术能力建设，智算云已 经成为金山云业务的"新底色"，金山云2025年Q3营收同比增长31%，其中智算云账单收入实现近120% 的高速增长，在公有云收入占比达45%。 责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> 国信通院预计，2045年后我国在用人形机器人超过1亿台，进入各行业领域，整机市场规模可达约10万 亿元级别。金山云作为AI概念股表现抢眼，频频走高，港股多次上涨约20%。分析人士指出，凭借在智 算云领域的前瞻性布局和技术能力建设，金山云有望持续 ...

Core Insights - Kingsoft Cloud's intelligent computing platform, StarryFlow, has completed a strategic upgrade from a resource management platform to a one-stop AI training and inference platform [1][3] - The upgraded StarryFlow platform creates a full-loop ecosystem that includes heterogeneous resource scheduling, self-healing for training task failures, support for robotic industry applications, and commercialization of model API services [1][3] Platform Efficiency - The StarryFlow training and inference platform offers complete lifecycle management from model development to inference, featuring four key capabilities: development, training, inference, and data processing [1][3] - By reducing the complexity of multi-module collaboration, the platform enables an "out-of-the-box" AI development experience [1][3] - The self-developed GPU self-healing technology, combined with task observability design, allows for real-time monitoring of hardware health and task progress, automatically triggering fault migration and task rescheduling to minimize computing interruptions and ensure stable long-term training task operations [1][3] Robotic Platform Integration - The StarryFlow robotic platform deeply integrates core processes such as data collection, storage, annotation, model development, training, deployment, and simulation, creating a unified engine for data, models, and simulation tailored to specific scenarios [2][4] - The model API service on the StarryFlow platform provides high availability and easy integration for model invocation and management, covering the entire lifecycle of model usage [2][4] - This service supports high-concurrency inference and multi-model management, enabling users to efficiently access various model resources, thus facilitating the implementation of large model applications [2][4] - Currently, the StarryFlow platform's model ecosystem supports nearly 40 different models, including DeepSeek, Xiaomi MiMo, Qwen3, and Kimi, allowing clients to access multiple models through a one-stop interface while focusing on AI business innovation and value creation [2][4]