Market Overview - The market is currently focused on resilience rather than aggressive movements, with A-shares experiencing ETF sell-offs and the Hang Seng Index showing slight fluctuations, closing up 0.06% [1] - Tensions between the US and Iran are at a peak, with concerns over the Strait of Hormuz affecting oil prices, leading to significant gains for companies like China National Offshore Oil Corporation and China Petroleum [1] - Canadian Prime Minister's visit to China resulted in trade agreements, but US President Trump threatened tariffs on Canadian imports if trade agreements with China were pursued [1] Commodity Prices - International gold and silver prices have surged, with gold reaching a historical high of $5093.18 per ounce and silver surpassing $109 per ounce [2] - High-end gold consumption is increasing, with significant consumer interest noted in SKP stores during the Chinese New Year season [2] - Commodity trading companies like Nanhua Futures have benefited from these price increases, with notable stock price rises [2] Uranium Market - The uranium market is showing strength, with a trust fund planning to issue up to $2 billion in transferable trust shares, indicating a growing demand for uranium [3] - Companies like China General Nuclear Power Corporation have seen stock increases of around 10% due to this positive outlook [3] AI and Technology Sector - Tencent is focusing on AI investments, with plans to enhance its AI platform and engage in competitive activities in the AI application space [4] - Companies like Longi Green Energy and Xunlei have also seen stock increases due to their involvement in AI and data center businesses [3][4] Real Estate Market - Hong Kong real estate stocks are expected to see a price increase of 5% to 10% this year, with reports of a potential spin-off of telecommunications assets by CK Hutchison [5] - The domestic real estate market is showing resilience, with significant increases in second-hand home transactions in major cities [5] Health Sector - The emergence of the Nipah virus in India is expected to increase demand for antiviral medications, benefiting companies like Sihuan Pharmaceutical and CanSino Biologics [6][5] - CanSino is advancing its vaccine development for the Nipah virus, reflecting a proactive approach to emerging health threats [6] Coal Industry - A report indicates that coal supply policies may lead to significant reductions in production capacity, potentially improving coal prices in 2026 [7] - Major coal companies like China Shenhua Energy and Yanzhou Coal Mining are positioned to benefit from these changes in supply dynamics [8] Jewelry Market - Chow Tai Fook has reported strong sales growth, particularly in high-margin gold jewelry, with same-store sales in mainland China increasing by 21.4% [9][10] - The company is optimizing its store network and expanding into Southeast Asia, indicating a strategic approach to growth amid rising gold prices [10]

广发证券在研报中表示，金山云AI业务维持高增长。预计2026年金山云将延续高资本开支，超过100亿 元，主要考虑需求依然旺盛。预测金山云2026年收入同比增长28.8%达122亿元，其中AI公有云收入同 比增长85%达53.7亿元，占总收入44%，预测行业云稳健增长；预计毛利率维持，费用率收窄，经调整 OP转盈利，经调整EBITDA率进一步提升。 广发证券认为，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。 上证报中国证券网讯（记者 李五强）1月26日，金山云盘中一度涨逾9%，截至10时30分，该股报6.84港 元/股，涨5.88%。 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。 来源：上海证券报·中国证券网 ...

Group 1 - The core viewpoint of the news is that Kingsoft Cloud has made significant advancements in the AI computing sector, with its platform, Kingsoft Cloud Star Stream, transitioning to a comprehensive AI training and inference platform, indicating a strong demand for AI applications [1] - Kingsoft Cloud's stock price increased by 6.5% in Hong Kong, which positively influenced its US stock price, rising by 5.5% in pre-market trading, marking a third consecutive day of gains [1] - According to Guangfa Securities' latest research report, the company is expected to experience strong demand driven by increased AI investments from Xiaomi and other clients, with significant capital expenditures anticipated in Q4 2025 and throughout 2026 [1] Group 2 - The stock performance details include a closing price of 12.340, a pre-market price of 13.020, and a trading volume of 1.0918 million shares [2] - The total market capitalization of Kingsoft Cloud is reported at 3.728 billion, with a total share count of 302 million [2] - The stock has a 52-week high of 22.260 and a low of 10.290, indicating significant volatility in its trading history [2]

广发证券发布研报称，金山云(03896)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。参考可比公司估值，分别 给予AI云/非AI云业务6/2倍PS，对应合理价值10.49港元/股。维持"买入"评级。 广发证券主要观点如下： 核心观点 该行维持此前对公司25Q4的预测，预计收入同比+20%，全年收入达95亿元，同比+22%。预测25Q4毛 利率维持15%左右，经调整EBITDA率为27.7%，剔除一次性因素，环比增长。 AI业务维持高增长 风险提示：AI应用进程不及预期；资本开支快速提升，资金压力大；供应链依赖与供给不足；竞争加 剧，降价拉低毛利率。 预计25Q4AI公有云收入同比+82%至8.65亿元，占总收入比例升至32.2%；行业云稳健增长。根据Q3业 绩公告，25Q3物业及设备额净增约27.3亿元，环比多4.4亿元，表明需求旺盛，预计Q4新设备交付，支 撑AI业务高增长。 与小米金山生态合作持续攀升 小米于24年底开始发力基座模型，25年陆续发布多个轻量模型，年底发布309B参数量的MiMo-V2-Flash 语言基座 ...

智通财经APP获悉，广发证券发布研报称，金山云(03896)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。参考 可比公司估值，分别给予AI云/非AI云业务6/2倍PS，对应合理价值10.49港元/股。维持"买入"评级。 预计25Q4AI公有云收入同比+82%至8.65亿元，占总收入比例升至32.2%；行业云稳健增长。根据Q3业 绩公告，25Q3物业及设备额净增约27.3亿元，环比多4.4亿元，表明需求旺盛，预计Q4新设备交付，支 撑AI业务高增长。 与小米金山生态合作持续攀升 小米于24年底开始发力基座模型，25年陆续发布多个轻量模型，年底发布309B参数量的MiMo-V2-Flash 语言基座，展现高效能。25年1~9月公司来自小米金山生态收入合计18.2亿元，该行预计25年小米收入 贡献有望接近关联交易上限，26年将进一步增长。 预计26年将延续高资本开支 该行预计26年将延续高资本开支，超过25年水平，即超过100亿元，主要考虑需求依然旺盛。预测公司 26年收入同比+28.8%达122亿元，其中AI公有云收入同比+85 ...

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。 ...