Kingsoft Cloud (03896) rose more than 5%. At the time of writing, the stock was up 5.07% to HK$7.25, with a turnover of HK$400 million.

On the news front, Haitong International noted that Kingsoft Cloud, as a unique and flexible cloud service provider, demonstrates strong resilience and is well-positioned to benefit from the current surge in Token usage driven by AI agents. The report mentioned that Kingsoft Cloud's independence is an advantage, as the company does not develop its own large language models (LLMs) and does not engage in substantial competitive business with its customers. In 2025, its AI business revenue increased by 108% year-on-year, contributing 45% of public cloud revenue. The institution expects AI's contribution to public cloud revenue to further increase to 60% in 2026 and 73% in 2027, becoming the core driver of 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 growth in Token consumption. According to data from the National Data Administration, the average daily Token call volume in China was 100 billion in early 2024; by the end of 2025, it jumped to 100 trillion; and in March this year, it exceeded 140 trillion, representing growth of over a thousand times in two years. CICC believes that the proliferation of AI agents exhibits a multiplier effect on Token consumption. As task complexity, usage duration, and penetration rates increase synergistically, average daily Token consumption is expected to achieve growth of more than five times.