Kingsoft Cloud (03896) surged over 5% against the broader market trend, gaining 2.58% to HK$6.35 by the time of writing, with a trading volume of HK$249 million. Goldman Sachs noted in a recent report that Xiaomi is actively exploring both edge-based and cloud-based large language models to meet diverse needs for flexibility and convenience across various scenarios. The bank anticipates Xiaomi will announce more AI achievements in the coming quarters, which will be applied to its ecosystem and the world's largest AIoT-connected devices, driving differentiated growth and supporting its "Human x Car x Home" ecosystem upgrade strategy. Public data shows Kingsoft Cloud, as the exclusive strategic cloud platform for the Xiaomi-Kingsoft ecosystem, stands to benefit significantly from surging computing demands within the ecosystem. Everbright Securities highlighted that in the first three quarters, Kingsoft Cloud generated RMB1.82 billion in revenue from the Xiaomi-Kingsoft ecosystem, consistently providing high-quality services to ecosystem partners and strengthening its rapid response capabilities for intelligent computing needs. The brokerage expects the company to successfully achieve its full-year 2025 related-party transaction target of RMB2.78 billion.