Kingsoft Cloud (03896.HK) Hong Kong Hot Stock Analysis on December 3, 2025

Kingsoft Cloud (03896.HK) is a technology stock listed on the Hong Kong Stock Exchange, belonging to the cloud computing sector [0]. On December 3, 2025, this stock made it to the Hong Kong Hot Stock List on the East Money App, mainly driven by industry-level catalysts:

• Industry Trend
  : Omdia data shows that the cloud infrastructure services market in mainland China grew by more than 20% year-on-year in the second quarter of 2025, the first time since early 2024, with the core driver of growth being AI-related customer demand [1].
• Competitor Performance
  : Industry leader Alibaba Cloud reported a 34% year-on-year increase in cloud revenue in the second quarter of fiscal year 2025, with accelerated sales of AI-related products; AI revenue accounted for over 20% of external demand [2][3][4].
• Indirect Impact
  : The strong performance of giants like Alibaba boosted market sentiment for the entire cloud computing sector, and investors began to focus on other cloud service providers including Kingsoft Cloud, expecting them to also benefit from AI-driven industry growth.
• Data Limitations
  : Due to tool query restrictions, real-time price and trading volume data for Kingsoft Cloud on December 3, 2025 cannot be obtained.

1. Significant Sector Linkage Effect
   : The popularity of Kingsoft Cloud does not stem from direct positive factors at its own company level, but is driven by the performance of industry leaders and overall trends, reflecting the sentiment transmission effect within the Hong Kong technology sector.
2. AI is the Core Driving Logic
   : The recovery of China’s cloud computing industry and the growth of enterprise cloud revenue are both closely related to AI demand, indicating that AI has become a key growth engine for the cloud computing sector.
3. Follow Value of Secondary Participants
   : As a secondary participant in the cloud computing market, the attention received by Kingsoft Cloud reflects investors’ expectations of the diffusion of AI cloud dividends, although its competitive position is weaker than that of industry giants.

• Opportunities
  : The AI-driven recovery trend of China’s cloud computing industry continues; if Kingsoft Cloud can seize growth opportunities in AI-related businesses, it is expected to benefit from sector dividends.
• Risks
  :
  • Lack of direct catalysts at the company’s own level; current popularity may lack sustained support.
  • China’s cloud computing market is dominated by giants such as Alibaba, Tencent, and Huawei, with fierce competition [0].
  • U.S. export restrictions on advanced AI chips may affect the expansion of AI infrastructure by Chinese cloud service providers [0].

This report presents the background and reasons why Kingsoft Cloud (03896.HK) became a Hong Kong hot stock on December 3, 2025:

• Trigger Event: Made it to the Hong Kong Hot Stock List on the East Money App [0].
• Core Catalysts: AI-driven growth of over 20% in China’s cloud computing industry [1], 34% cloud revenue growth of Alibaba Cloud [2][3][4].
• Key Limitations: No direct positive factors for the company itself; lack of real-time price/volume data.
• Notes: Need to pay attention to subsequent industry developments, Kingsoft Cloud’s own financial reports, and changes in the competitive environment.