Kingsoft Cloud (03896) rose more than 5%, reaching a gain of 5.55% at the time of writing to trade at HK$6.86, with a turnover of HK$196 million.

Recently, cloud service providers such as Google Cloud and Amazon AWS have successively announced price increases. Huachuang Securities believes that price hikes by cloud providers, combined with expanding AI expenditures, are reshaping the logic of the AIDC industry. The wave of price increases is boosting return expectations for computing power assets, while explosive demand is raising the ceiling for industry scale, upgrading AIDC from a capital-intensive sector to a core infrastructure track characterized by high barriers and high certainty. Leading companies with technological iteration capabilities and resource integration efficiency are expected to continue benefiting from structural dividends.

Nomura released a research report stating that, as the sole AI cloud infrastructure provider within the Xiaomi Group ecosystem, Kingsoft Cloud is poised to benefit continuously from Xiaomi's strong determination to develop large language models. Potential imports of H200 chips might alleviate shortage issues the company could face in the 2026 fiscal year. The institution believes the company will benefit from persistently robust LLM training demand and growth in inference demand driven by applications like AI agents that consume more tokens. It is confident that China's AI investment cycle is still accelerating this year and has consequently raised its revenue forecasts for Kingsoft Cloud for fiscal years 2025 to 2027 by 1.4% to 8.9%.