智通财经APP获悉，金山云(03896)涨超5%，截至发稿，涨5.55%，报6.86港元，成交额1.96亿港元。
消息面上，近期，谷歌云、亚马逊AWS等云服务商相继涨价。华创证券认为，云厂商涨价与AI开支扩张共同重塑AIDC产业逻辑。涨价潮提升算力资产回报预期，需求爆发则抬升产业规模天花板，推动AIDC从重资产行业升级为具备高壁垒、高确定性的核心基础设施赛道。具备技术迭代能力、资源整合效率的头部厂商有望持续受益于结构性红利。
野村发布研报称，金山云作为小米集团-W生态圈中唯一的人工智能云基础设施供应商，有望持续受惠于小米锐意发展大语言模型(LLM)的决心，潜在的H200芯片进口或能缓解公司在2026财年面临的短缺问题。该行认为，公司受惠于持续强劲的LLM训练需求，以及消耗更多Token的智能体等应用所带动的推理需求增长所推动，相信今年中国AI投资周期仍在加速，相应将金山云2025至2027财年收入预测上调1.4%至8.9%。
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