金山云(KC)今日盘中股价大幅上涨12.14%，引起了市场的广泛关注。
消息面上，多家知名券商近日集中发布积极研报，是推动股价上涨的主要原因。国泰海通证券发布报告，维持金山云“增持”评级，指出公司正处于AI驱动业务增长的新发展阶段，25Q3首次实现经调整利润盈利，AI收入同比增速约达120%。光大证券则予其“买入”评级，并上修2026/27年营收预测，核心观点是全球AI算力需求强劲正重塑云服务行业逻辑，随着亚马逊AWS打破惯例率先提价，行业恶性价格竞争有望终结，云服务板块盈利中枢与估值体系将迎来双重修复，金山云作为小米生态内核心云平台将直接受益。
此外，广发证券也维持其“买入”评级，认为公司拥有高可见度的强劲AI需求，小米与金山生态在基础大模型、智能汽车、WPS等方面均产生大量AI训练和推理算力需求。公司自身AI能力持续完善，其智算平台“星流”近期已完成从资源管理平台向一站式AI训推全流程平台的战略升级，构建了从异构资源调度、训练任务故障自愈到机器人行业应用支撑、模型API服务商业化落地的全链路闭环，增强了市场对其AI业务延续高速增长的信心。
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