美银：上调金山云目标价至3.4港元

Group 1 - The core viewpoint of the report is that Kingsoft Cloud's revenue for the third quarter increased by 16% year-on-year, reaching 1.89 billion yuan, slightly exceeding market expectations, primarily driven by significant growth in AI revenue and a recovery in enterprise cloud business [1] - Gross margin improved by 4 percentage points year-on-year [2] - Bank of America expects further improvement in gross margin in the fourth quarter due to the expansion of AI business and adjustments in enterprise cloud projects, raising the target price from HKD 1.7 to HKD 3.4 while maintaining a "neutral" rating [2]