金吾财讯 | 金山云(03896)临近午盘发力走高，午后升幅进一步扩大，截至发稿，报10.8港元，涨21.21%，成交额21.08亿港元。里昂发表研报指，中国人工智能平台DeepSeek的突破，将有助于加速中国人工智能应用的创造，并推动云端运算需求。当中，云端服务供应商可能是中国最好的人工智能企业。里昂认为，鉴于金山云与小米及金山软体的策略合作伙伴关系，有利于该公司从人工智能热潮中受惠，该行将金山云美股目标价由5.5美元大幅上调至20.5美元，维持“跑赢大市”评级。申万宏源表示，金山云是金山小米生态核心云服务商。截至24年6月30日，金山软件持股37.4%，小米集团直接及间接共持股12.25%。该行指，DeepSeek为代表的低成本路线有望加速国内AI渗透，为云厂带来更强规模效应提升ROI。根据杰文斯悖论，DeepSeek代表的低成本路线会带来更大AI渗透率提升，将加速企业数字化转型上云，规模效应下进一步提升云业务利润率，供给端：推理需求加速，ASIC芯片，算卡选择多元化、国产化，云厂有望实现成本优化。
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