Kingsoft Cloud (03896) rose more than 4%, reaching HK$8.28 by the time of writing, with a turnover of HK$634 million. According to analysis, the continuous operation of AI agents significantly increases token consumption, along with demands for web search, state storage, persistent connections, and multi-step reasoning. This is expected to drive a systemic reassessment across three layers: chips, models, and cloud platforms. The cloud sector is seen as a high-certainty enabler in this cycle, with companies like Kingsoft Cloud benefiting from one-click deployment, model hosting, knowledge base services, agent platform subscriptions, and enterprise-grade governance needs. Additionally, sustained interest in open-source AI tools and a surge in token demand since the start of the year have pushed the cloud computing industry into an inflationary period, with cloud providers beginning to regain pricing power. Advances in large-scale AI models and accelerated AI ecosystem development are also contributing to strong order visibility. The company is further expanding its client base into areas such as autonomous driving, robotics, advanced manufacturing, and fintech. Industry optimism remains high as the company enters a phase of price increases.