金山云(03896)绩后获资金追捧，盘中涨幅超6%。截至发稿，涨4.37%，报6.21港元，成交额2.04亿港 元。 消息面上，金山云发布2025年第三季度财报。财报显示，金山云Q3营收24.8亿元，同比增长31%；其 中，行业云实现收入7.3亿元。在AIGC产业快速迭代的今天，AI正从"模型能力"向"行业解决方案"演 化，赋能和重塑千行百业。金山云深度发掘"to B"企业服务的基因能力传承，精选优势垂直行业和地理 区域，打造面向未来的核心竞争力，赢得了客户与市场的广泛好评。 本季度，公司持续服务北京政务云、珠海政务云等长续客户，并推进上海国资云项目不断取得新进展； 中标广东省中医院AI项目，不仅实现了中医理论与人工智能的深度融合，还在临床层面验证了AI在提 升患者生活质量和疾病控制率的实际价值；推进与某国有大行授信报告自动化项目二期合作，持续提升 授信管理与风险控制的智能化水平。金山云携手客户加速AI应用落地，实现从项目交付到价值交付的 升级。 ...

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]