HK Stock Market Move | KINGSOFT CLOUD (03896) rose more than 5% driven by AI intelligent body as Token usage surges, institutions optimistic about the company's benefits.

KINGSOFT CLOUD (03896) rose more than 5%, rising 5.07% to HK$7.25 at the time of writing, with a turnover of HK$400 million. On the news front, HAITONG INT'L pointed out that KINGSOFT CLOUD, as a unique and flexible cloud service provider, has shown strong resilience and is in a favorable position benefiting from the surge in Token usage driven by the current AI intelligent era. The report mentioned that the independence of KINGSOFT CLOUD is advantageous, as the company does not develop its own large language model (LLM) and does not engage in substantive competitive businesses with customers. The company's AI business revenue is expected to grow by 108% year-on-year in 2025, contributing 45% of its public cloud revenue. The bank predicts that AI's contribution to public cloud revenue will further increase to 60% in 2026 and 73% in 2027, becoming the core driving force behind the company's public cloud growth. It is reported that since the beginning of the year, the penetration rate of Agentic AI has continued to increase, driving the growth of Token consumption. According to data from the National Bureau of Statistics, the daily Token call volume in China was 100 billion in early 2024; by the end of 2025, it had soared to 100 trillion; in March of this year, it had surpassed 140 trillion, an increase of over a thousand times in two years. Zhongjin believes that the popularization of Agent shows a multiplier effect on Token consumption, and with the coordinated increase in task complexity, duration of use, and penetration rate, it is expected to drive daily Token consumption to achieve more than a 5-fold increase.