<p>金山云 (03896.HK) -0.480 (-7.080%) 空头头寸 1664 万美元；比例 3.461% 今天开盘上涨 1.33%，最高达到 6.96 港元，随后回落至 6.24 港元的低点。最后交易价格为 6.29 港元，下跌 7.23%，成交量为 7995.31 万股，涉及金额为 5.18 亿港元。</p>
<p>金山云于 5 月 27 日市场收盘后公布了 2026 年第一季度的业绩。收入同比增长 37%，达到 27 亿元人民币，主要受益于小米（01810.HK）-0.680 (-2.394%) 空头头寸 23.2 亿；比例 28.093% 、金山生态系统和与人工智能相关的客户的收入增长，以及对企业云客户的更深入渗透。</p>
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<p>野村在一份报告中表示，金山云第一季度的毛利率同比下降 3.4 个百分点至 12.8%，主要由于服务器成本上升、人工智能业务扩展以及为特定客户产生的前期成本。该公司在此期间录得非 GAAP 净亏损 2.371 亿元人民币，而 2025 年第四季度的净亏损为 9460 万元人民币。野村将亏损扩大归因于毛利率下降。</p>
<p>野村指出，第一季度的资本支出和总租赁资产达到 30 亿元人民币，管理层预计 2026 年将继续投资以进一步扩展业务。该券商预计 2026 财年核心客户的人工智能需求将保持稳健增长，但警告毛利率的下行趋势仍然是一个关键风险。野村维持对金山云的买入评级，目标价维持在 8.5 港元不变。</p>
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<p>美银证券在一份研究报告中表示，金山云第一季度的业绩符合预期。收入同比增长 37%，达到 27 亿元人民币，分别比市场共识和该券商的预测高出 4% 和 3%，主要受强劲的公共云收入增长推动。调整后的 EBITDA 同比激增 135%，达到 7.48 亿元人民币，比共识高出 4%，而非 GAAP 净亏损同比扩大 24%，达到 2.37 亿元人民币。该季度的毛利率同比下降 3.4 个百分点至 12.8%，主要由于季节性收入结构变化和服务器利用率暂时低下。该券商预计毛利率将在第二季度开始恢复。</p>
<p>在人工智能需求支撑下，公共云增长前景强劲，美银证券将 2026 财年至 2028 财年的收入预测上调 2% 至 4%，同时由于毛利率假设降低，调低了 2026 财年的调整后非 GAAP 净利润预测。将金山云（03896.HK）目标价从 10.8 港元上调至 10.9 港元，并将金山云控股有限公司（KC.US）的美国股票目标价从 20.8 美元上调至 21.0 美元。</p>
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<p>杰富瑞在一份报告中表示，金山云第一季度的总收入同比增长 37.2%，达到 27 亿元人民币，分别比市场共识和该券商的预测高出 4.6% 和 2.6%。其中，公共云服务收入同比增长 47.5%，达到 20 亿元人民币，而企业云服务收入同比增长 14.7%，达到 7.07 亿元人民币。非 GAAP 毛利润达到 3.514 亿元人民币，非 GAAP 毛利率为 13%。非 GAAP EBITDA 为 7.475 亿元人民币，调整后的 EBITDA 利润率为 27.6%。总人工智能账单同比激增 90%，约为 10 亿元人民币，首次占公共云收入的一半以上。管理层在财报电话会议上表示，来自小米和金山生态系统的收入同比增长 68.9%，达到 8.38 亿元人民币，占总收入的 31%。随着小米加大对其人车家生态系统和人工智能项目的投资，预计金山云将迎来更多商机。公司计划将 2025-2027 年框架协议下与小米和金山的持续关联交易的年度上限提高至 142 亿元人民币。此外，公共云 Token 服务表现强劲，4 月收入激增至 1 月的 53 倍，且毛利率高于传统云计算服务。</p>
<p>杰富瑞预计第二季度总收入将环比增长 13%，同比增长 30%，达到 31 亿元人民币，主要受小米增加的人工智能收入贡献推动。毛利率预计环比改善至 15% 以上，而调整后的 EBITDA 利润率预计环比上升至约 30%。该券商维持对金山云美国股票的买入评级和 19 美元的目标价。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 27 日 16:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均延迟至少 15 分钟。）</p>

金山云

云计算 ETF - GlobalX

<p>金山云的股价下跌近 7%，原因是野村证券报告称第一季度毛利率下降至 12.8%，主要由于服务器成本和扩张费用上升。尽管公司收入同比增长 37%，达到 27 亿元人民币，但录得非 GAAP 净亏损 2.371 亿元人民币。美银证券和杰富瑞预计第二季度毛利率将恢复，因强劲的人工智能需求上调了收入预测。美银证券将目标价从 10.8 港元上调至 10.9 港元，而杰富瑞则维持美国股票的 19 美元目标</p>

<p>KINGSOFT CLOUD (03896.HK) -0.480 (-7.080%)  Short selling $16.64M; Ratio 3.461%  opened 1.33% higher today, reaching a peak of HKD6.96 before reversing to a trough of HKD6.24. It last traded at HKD6.29, down 7.23%, with turnover of 79.9531 million shares involving HKD518 million.</p>
<div class="lb-trans"><p>金山云 (03896.HK) -0.480 (-7.080%) 空头头寸 1664 万美元；比例 3.461% 今天开盘上涨 1.33%，最高达到 6.96 港元，随后回落至 6.24 港元的低点。最后交易价格为 6.29 港元，下跌 7.23%，成交量为 7995.31 万股，涉及金额为 5.18 亿港元。</p>
</div><p>KINGSOFT CLOUD announced its results for 1Q26 after market close on May 27. Revenue increased 37% YoY to RMB2.7 billion, mainly driven by revenue growth from XIAOMI-W (01810.HK) -0.680 (-2.394%)  Short selling $2.32B; Ratio 28.093%  , the Kingsoft ecosystem and AI-related customers, as well as deeper penetration into enterprise cloud clients.</p>
<div class="lb-trans"><p>金山云于 5 月 27 日市场收盘后公布了 2026 年第一季度的业绩。收入同比增长 37%，达到 27 亿元人民币，主要受益于小米（01810.HK）-0.680 (-2.394%) 空头头寸 23.2 亿；比例 28.093% 、金山生态系统和与人工智能相关的客户的收入增长，以及对企业云客户的更深入渗透。</p>
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</div><p>Nomura said in a report that KINGSOFT CLOUDs gross margin for 1Q declined 3.4 ppts YoY to 12.8%, primarily due to higher server costs, AI business expansion and upfront costs incurred for specific clients. The company recorded a non-GAAP net loss of RMB237.1 million during the period, compared with a net loss of RMB94.6 million in 4Q25. Nomura attributed the widening loss mainly to the lower gross margin.</p>
<div class="lb-trans"><p>野村在一份报告中表示，金山云第一季度的毛利率同比下降 3.4 个百分点至 12.8%，主要由于服务器成本上升、人工智能业务扩展以及为特定客户产生的前期成本。该公司在此期间录得非 GAAP 净亏损 2.371 亿元人民币，而 2025 年第四季度的净亏损为 9460 万元人民币。野村将亏损扩大归因于毛利率下降。</p>
</div><p>Nomura noted that capital expenditure and total leased assets reached RMB3 billion in 1Q, with management expecting continued investment in 2026 to further expand operations. The broker expects AI demand from core customers to maintain solid growth in FY2026, but warned that the downward trajectory of gross margin remains a key risk. Nomura maintained its Buy rating on KINGSOFT CLOUD with an unchanged TP of HKD8.5.</p>
<div class="lb-trans"><p>野村指出，第一季度的资本支出和总租赁资产达到 30 亿元人民币，管理层预计 2026 年将继续投资以进一步扩展业务。该券商预计 2026 财年核心客户的人工智能需求将保持稳健增长，但警告毛利率的下行趋势仍然是一个关键风险。野村维持对金山云的买入评级，目标价维持在 8.5 港元不变。</p>
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</div><p>BofAS said in a research report that KINGSOFT CLOUDs first-quarter results were in line with expectations. Revenue rose 37% YoY to RMB2.7 billion, 4% and 3% above market consensus and the brokers forecasts, respectively, mainly driven by strong public cloud revenue growth. Adjusted EBITDA surged 135% YoY to RMB748 million, 4% above consensus, while non-GAAP net loss widened 24% YoY to RMB237 million. Gross margin for the quarter fell 3.4 ppts YoY to 12.8%, mainly due to seasonal revenue mix changes and temporarily low server utilization. The broker expects gross margin to recover starting from 2Q.</p>
<div class="lb-trans"><p>美银证券在一份研究报告中表示，金山云第一季度的业绩符合预期。收入同比增长 37%，达到 27 亿元人民币，分别比市场共识和该券商的预测高出 4% 和 3%，主要受强劲的公共云收入增长推动。调整后的 EBITDA 同比激增 135%，达到 7.48 亿元人民币，比共识高出 4%，而非 GAAP 净亏损同比扩大 24%，达到 2.37 亿元人民币。该季度的毛利率同比下降 3.4 个百分点至 12.8%，主要由于季节性收入结构变化和服务器利用率暂时低下。该券商预计毛利率将在第二季度开始恢复。</p>
</div><p>Supported by robust public cloud growth prospects underpinned by AI demand, BofAS raised its revenue forecasts for FY2026FY2028 by 2% to 4%, while lowering its FY2026 adjusted non-GAAP net profit forecast due to reduced gross margin assumptions. It lifted the TP for KINGSOFT CLOUD (03896.HK) -0.480 (-7.080%)  Short selling $16.64M; Ratio 3.461%  from HKD10.8 to HKD10.9, and raised the US share TP for Kingsoft Cloud Holdings Limited (KC.US) from USD20.8 to USD21.0.</p>
<div class="lb-trans"><p>在人工智能需求支撑下，公共云增长前景强劲，美银证券将 2026 财年至 2028 财年的收入预测上调 2% 至 4%，同时由于毛利率假设降低，调低了 2026 财年的调整后非 GAAP 净利润预测。将金山云（03896.HK）目标价从 10.8 港元上调至 10.9 港元，并将金山云控股有限公司（KC.US）的美国股票目标价从 20.8 美元上调至 21.0 美元。</p>
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</div><p>Jefferies said in a report that KINGSOFT CLOUDs total revenue for 1Q increased 37.2% YoY to RMB2.7 billion, exceeding market consensus and the brokers forecasts by 4.6% and 2.6%, respectively. Among them, public cloud service revenue rose 47.5% YoY to RMB2 billion, while enterprise cloud service revenue grew 14.7% YoY to RMB707 million. Non-GAAP gross profit reached RMB351.4 million, with a non-GAAP gross margin of 13%. Non-GAAP EBITDA amounted to RMB747.5 million, with an adjusted EBITDA margin of 27.6%. Total AI billings surged 90% YoY to approximately RMB1 billion, accounting for more than half of public cloud revenue for the first time. Management said on the earnings call that revenue from XIAOMI-W and the Kingsoft ecosystem increased 68.9% YoY to RMB838 million, representing 31% of total revenue. As XIAOMI-W steps up investment in its Human x Car x Home ecosystem and AI initiatives, more business opportunities are expected for KINGSOFT CLOUD. The company plans to raise the annual caps for continuing connected transactions with Xiaomi and Kingsoft under the 20252027 framework agreement to RMB14.2 billion. In addition, public cloud Token services performed strongly, with April revenue surging to 53 times that of January, and delivering higher gross margins than traditional cloud computing services.</p>
<div class="lb-trans"><p>杰富瑞在一份报告中表示，金山云第一季度的总收入同比增长 37.2%，达到 27 亿元人民币，分别比市场共识和该券商的预测高出 4.6% 和 2.6%。其中，公共云服务收入同比增长 47.5%，达到 20 亿元人民币，而企业云服务收入同比增长 14.7%，达到 7.07 亿元人民币。非 GAAP 毛利润达到 3.514 亿元人民币，非 GAAP 毛利率为 13%。非 GAAP EBITDA 为 7.475 亿元人民币，调整后的 EBITDA 利润率为 27.6%。总人工智能账单同比激增 90%，约为 10 亿元人民币，首次占公共云收入的一半以上。管理层在财报电话会议上表示，来自小米和金山生态系统的收入同比增长 68.9%，达到 8.38 亿元人民币，占总收入的 31%。随着小米加大对其人车家生态系统和人工智能项目的投资，预计金山云将迎来更多商机。公司计划将 2025-2027 年框架协议下与小米和金山的持续关联交易的年度上限提高至 142 亿元人民币。此外，公共云 Token 服务表现强劲，4 月收入激增至 1 月的 53 倍，且毛利率高于传统云计算服务。</p>
</div><p>Jefferies estimated that 2Q total revenue will grow 13% QoQ and 30% YoY to RMB3.1 billion, mainly driven by increased AI revenue contribution from XIAOMI-W. Gross margin is expected to improve QoQ to above 15%, while adjusted EBITDA margin is forecast to rise QoQ to around 30%. The broker maintained its Buy rating and USD19 TP on the US shares of KINGSOFT CLOUD. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-27 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>杰富瑞预计第二季度总收入将环比增长 13%，同比增长 30%，达到 31 亿元人民币，主要受小米增加的人工智能收入贡献推动。毛利率预计环比改善至 15% 以上，而调整后的 EBITDA 利润率预计环比上升至约 30%。该券商维持对金山云美国股票的买入评级和 19 美元的目标价。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 27 日 16:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均延迟至少 15 分钟。）</p>
</div>

KINGSOFT CLOUD  Slumps Nearly 7% as Nomura Flags 1Q Gross Margin Decline as Warning Sign; BofAS and Jefferies See 2Q Recovery

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金山云股价下跌近 7%，野村证券指出第一季度毛利率下降是一个警示信号；而美国银行证券和杰富瑞则预计第二季度会有所恢复