HK Stock Market Move | KINGSOFT CLOUD (03896) rises more than 4% as Agent continues to run, increasing Token consumption. The cloud computing industry enters an inflationary period.

KINGSOFT CLOUD (03896) rose more than 4%, rising 4.41% as of the time of writing, reaching HK$8.28, with a trading volume of HK$6.34 billion. On the news front, Guolian Minsheng Securities pointed out that the continued operation of Agent will significantly increase Token consumption, online search, status storage, long connections, and multi-step reasoning requirements, thereby driving a systematic reevaluation of the chip, model, and cloud platform levels. The bank stated that the cloud is the "shovel seller" with high certainty in this round. Companies like KINGSOFT CLOUD benefit from one-click deployment, model hosting, knowledge base, Agent platform subscription, and enterprise governance needs. Changjiang also stated that on the one hand, from the beginning of the year to now, the heat of openclaw continues, and there is a surge in token demand. The cloud computing industry has entered an inflationary period, and the pricing power of cloud merchants has begun to recover. On the other hand, Xiaomi Mimo's large models are moving towards trillion-parameter AI closed-loop acceleration, with strong certainty in ecological internal orders. In addition, the company's customers are continuously expanding into multiple scenarios such as autonomous driving, Siasun Robot & Automation, high-end manufacturing, and financial technology. The bank is optimistic about the company starting a price hike cycle under the industry's high prosperity.