1)海外方面，亚马逊AWS近日将AI算力服务产品(核心面向大模型训练的EC2机器学习容量块)价格上调 约15%，其中p5e.48xlarge实例每小时费用由34.61美元涨至39.80美元，打破"价格只降不涨"的长期惯 例。 2)国内方面，阿里云高管指出，未来1年全球AI Token量可能增长100倍以上，硬件(如内存)成本面临上 涨压力。该行认为，随着AWS打破惯例率先提价，国内云厂商有望跟随放缓降价，云服务行业盈利中 枢将确定性上移，叠加AI资本开支高景气，板块估值有望系统性重估。 金山云：生态持续赋能，AI业务进入收获期 光大证券主要观点如下： 金山云4Q25业绩前瞻 该行预计金山云4Q25营收27亿元，同比增长22%/环比增长10%，主要受益于AI驱动公有云业务增长+行 业云Q4传统旺季，预计单季AI收入同比增长85%至8.8亿元，综合毛利率维持15%左右，调整EBITDA利 润率22%水平，盈利能力持续稳健。 云服务有望迎来估值重塑：成本压力与AI旺盛需求正向传导，行业性提价周期开启在即 光大证券发布研报称，全球AI算力需求强劲正重塑云服务行业逻辑。随着AWS打破惯例率先提价，行 业恶性价格竞争有望 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Cloud (3896.HK) [6] Core Views - The cloud service industry is expected to undergo a valuation reshaping, driven by strong AI demand and cost pressures, leading to an imminent price increase across the sector [2] - Kingsoft Cloud is positioned to benefit from its unique ecosystem, particularly through its strategic partnership with Xiaomi, which enhances its AI capabilities and revenue potential [3] - The company is projected to achieve a revenue of 27 billion CNY in Q4 2025, representing a 22% year-on-year growth and a 10% quarter-on-quarter increase, primarily fueled by AI-driven public cloud business growth [1] Financial Projections - Revenue forecasts for Kingsoft Cloud have been revised upwards for 2026 and 2027 to 121 billion CNY and 140 billion CNY respectively, reflecting an increase of 9% and 11% [4] - The expected revenue growth rates are 22.3% for 2025 and 26.6% for 2026, with a projected revenue of 9.522 billion CNY in 2025 and 12.060 billion CNY in 2026 [5] - The adjusted EBITDA margin is anticipated to be around 22% in Q4 2025, indicating sustained profitability [1] AI Business Growth - Kingsoft Cloud's AI business is entering a harvest phase, with expected revenue growth of 85% year-on-year in Q4 2025, reaching 8.8 billion CNY [3] - The company has established a comprehensive AI training and deployment platform, enhancing its service offerings and operational efficiency [3] - The AI revenue is projected to maintain high double-digit growth into 2026, supported by ongoing demand from various sectors [3]