Group 1 - The stock price of Kingsoft Cloud has shown strong performance, rising over 10% at one point and reporting an increase of 8.72% to 7.48 HKD per share, with a cumulative increase of over 20% in the last three trading days [1] - Kingsoft Cloud's Senior Vice President Liu Tao announced a strategic upgrade of its AI training and deployment platform, transforming it into a comprehensive AI training and deployment platform, which includes a full-loop closed system from resource scheduling to commercial model API services [4] - Guotai Junan Securities believes that Kingsoft Cloud is entering a new growth phase driven by AI, benefiting from the explosive growth of the AI cloud market, and has set a target price of 10.03 HKD with a dynamic PS of 3.5 times for 2026, maintaining a "buy" rating [4] Group 2 - GF Securities expects Kingsoft Cloud's AI business to maintain high growth, projecting capital expenditures to exceed 10 billion RMB by 2026 due to strong demand [4]

Core Viewpoint - The majority of popular Chinese concept stocks experienced an increase in pre-market trading on January 27, with notable gains in several companies [1] Group 1: Stock Performance - Kingsoft Cloud saw a rise of over 7% [1] - Bilibili increased by nearly 4% [1] - Baidu and Pony.ai both rose by over 2% [1] - Alibaba experienced a gain of over 1% [1]

Core Viewpoint - Most popular Chinese concept stocks saw an increase in pre-market trading, indicating positive market sentiment towards these companies [1] Group 1: Stock Performance - Kingsoft Cloud experienced a rise of over 7% [1] - Bilibili increased by nearly 4% [1] - Baidu and Pony.ai both saw gains of over 2% [1] - Alibaba rose by more than 1% [1]

| KC | | | | --- | --- | --- | | 13 340 + +1.000 +8.10% | | 收盘价 01/26 16:00 美东 | | 14.350 + 1.010 +7.57% | | 盘前价 01/27 04:17 美东 | | 三 24 24 4 5 8 8 8 8 8 8 | | ● 快捷交易 | | 最高价 13.350 | 开盘价 12.990 | 成交量 190.85万 | | 最低价 12.825 | 昨收价 12.340 | 成交额 2514.59万 | | 平均价 13.175 | 市盈率ITM 亏损 | 总市值 40.3亿(--) | | 振 幅 4.25% | 市盈率(静) 亏损 | 总股本 3.02亿 | | 换手率 1.12% | 市净率 4.157 | 流通值 22.75亿 | | 52周最高 22.260 | 委 比 -59.68% | 流通股 1.71亿 | | 52周最低 10.290 | 量 比 2.09 | 每 手 1股 | | 历史最高 74.670 | 股息TTM -- | 换股比率 15.00 | | 历史景低 1.770 | 股息率 ...

金山云(03896)再涨近7%，截至发稿，涨6.98%，报7.36港元，成交额10.18亿港元。 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。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。 广发证券发布研报称，金山云拥有高可见度的强劲需求，小米金山加大AI投入，基础大模型、智能汽 车、WPS均需要大量AI训练和推理算力，非小米客户AI需求亦旺盛。光大证券也表示，金山云作为小 米生态内核心云平台，AI业务有望保持高速增长，有望直接受益于行业景气反转与自身成长加速。 ...

Group 1 - Kingsoft Cloud (03896.HK) has seen a nearly 7% increase in its stock price, currently up by 6.98% at HKD 7.36 [1] - The trading volume for Kingsoft Cloud reached HKD 1.018 billion [1]

Core Viewpoint - Kingsoft Cloud (03896) has seen a nearly 7% increase in stock price, reaching HKD 7.36 with a trading volume of HKD 1.018 billion, following the announcement of a strategic upgrade to its AI training and deployment platform, StarFlow [1] Group 1: Company Developments - Kingsoft Cloud's Senior Vice President, Liu Tao, announced the completion of a strategic upgrade of the StarFlow platform from a resource management platform to a comprehensive AI training and deployment platform [1] - The upgraded StarFlow platform now includes a full-loop system that covers heterogeneous resource scheduling, training task self-healing, support for robotic industry applications, and commercialization of model API services [1] Group 2: Market Demand and Growth Potential - GF Securities reported that Kingsoft Cloud has strong visibility of robust demand, particularly as Xiaomi increases its investment in AI, which requires significant AI training and inference computing power across various applications including foundational large models, smart vehicles, and WPS [1] - Everbright Securities indicated that as a core cloud platform within the Xiaomi ecosystem, Kingsoft Cloud's AI business is expected to maintain rapid growth and benefit directly from industry recovery and its own accelerated growth [1]

Group 1 - The core viewpoint of the report is that Kingsoft Cloud (03896) is in a new growth phase driven by AI, with projected revenues of 9.51 billion, 11.69 billion, and 14.34 billion yuan for 2025, 2026, and 2027 respectively, and a target price of 10.03 HKD based on a dynamic PS of 3.5x for 2026 [1] - In Q3 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year increase of 31.4%, with public cloud service revenue at 1.752 billion yuan, up 49.1%, and AI revenue reaching 782 million yuan, a significant increase of approximately 120% [1][2] - The company has seen a strong demand for AI, with ecosystem revenue from its partnership with Xiaomi reaching 691 million yuan, an increase of 83.8% year-on-year [1] Group 2 - In Q3 2025, the company reported adjusted operating profit of 15 million yuan and adjusted net profit of 29 million yuan, marking its first profitable quarter in adjusted terms compared to Q3 2024, indicating a continuous improvement in profitability [2] - The company completed a new round of share placement on October 2, 2025, raising approximately 2.76 billion yuan, with 80% of the funds allocated to support AI business, including infrastructure expansion and cloud service enhancement [3] - The Kingsoft Cloud Star Stream platform has undergone a strategic upgrade to a one-stop AI training and deployment platform, supporting nearly 40 different models, showcasing the company's commitment to AI business development [3]

25Q3公司实现经调整经营利润0.15亿元、经调整净利润0.29亿元，相较于24Q3的经调整经营利润，是首 次实现经调整利润盈利，盈利能力持续提升，彰显公司高质量可持续发展战略持续发力。 AI云市场高速增长，公司持续大力投入AI业务 智通财经APP获悉，国泰海通证券发布研报称，维持金山云(03896)"增持"评级。公司正处于AI驱动业务 增长的新发展阶段，该行预计公司2025/26/27年实现营业收入95.10/116.85/143.38亿元，考虑到公司受益 于AI智算云市场规模爆发增长，给予公司2026年动态PS 3.5倍，目标价10.03港元。 国泰海通证券主要观点如下： AI收入快速增长，驱动增长加速 公司25Q3实现营收24.78亿元，同比+31.4%，而25Q1、25Q2收入增速分别为10.94%、24.18%，25Q3收 入增速进一步加快，得益于AI基础设施及产品不断升级，AI收入增长贡献。细分来看，25Q3公有云服 务收入17.52亿元，同比+49.1%，其中AI收入达7.82亿元，同比约+120%，AI需求旺盛;25Q3行业云服务 收入7.26亿元，同比+2.2%。公司与小米-金山生态战略合作 ...

Core Viewpoint - The strong demand for AI computing power is reshaping the cloud service industry, with a potential end to vicious price competition following AWS's price increase, leading to a dual recovery in profitability and valuation systems for the industry [1] Group 1: Industry Insights - AWS has broken the long-standing trend of only decreasing prices by raising the prices of its AI computing services by approximately 15%, indicating a shift in the pricing strategy within the cloud service sector [2] - Domestic cloud providers are expected to follow suit, potentially stabilizing the profitability of the cloud service industry as AI capital expenditures remain high [2] - The global AI token volume is projected to increase by over 100 times in the next year, leading to upward pressure on hardware costs [2] Group 2: Company Performance - Kingsoft Cloud is expected to achieve a revenue of 2.7 billion yuan in Q4 2025, representing a year-on-year growth of 22% and a quarter-on-quarter growth of 10%, driven by AI-driven public cloud business growth and the traditional peak season for industry cloud [2] - The company is projected to maintain a gross margin of around 15% and an adjusted EBITDA margin of 22%, indicating sustained profitability [2] - Kingsoft Cloud's AI business is anticipated to see a significant revenue increase, with Q4 2025 AI revenue expected to grow by 85% year-on-year to 880 million yuan [4] Group 3: Strategic Positioning - As the only strategic cloud platform within the Xiaomi and Kingsoft ecosystem, Kingsoft Cloud is well-positioned to benefit from the training and inference needs of Xiaomi's self-developed AI models and the integration of numerous terminal devices into AI services [3] - The company has established a neutral cloud vendor position and has covered most leading domestic AI startups, indicating a diversified client base and growth potential in the AI sector [3] - Kingsoft Cloud's AI capabilities are continuously improving, with the recent upgrade of its AI training and inference platform, which is expected to support sustained high growth in AI revenue [4]