Core Insights - Google has launched its next-generation large language model, Gemini 3, which is integrated into key products like Google Search, Gemini applications, API interfaces, and VertexAI from the day of its release, marking it as the company's "smartest model" [1] - The market's focus has shifted from merely upgrading models to assessing whether these models can drive revenue growth and deliver substantial returns for core businesses, influenced by rapid iterations from competitors like OpenAI and Anthropic [1][3] Group 1: Gemini 3 Launch Strategy - Gemini 3 is deployed in Google Search on the same day of its release, allowing AI-generated search results to cover billions of search requests immediately, unlike previous versions that took weeks to integrate [2] - The model emphasizes consumer-facing generative search, providing more structured and visual responses that resemble interactive web pages rather than traditional link lists, potentially impacting websites reliant on traffic monetization [2] - Google showcased Gemini 3's performance advantages in various industry benchmarks, highlighting its faster rollout to users and closer support for the developer ecosystem [2] Group 2: Market Sentiment and AI Agents - Market sentiment remains cautious due to underwhelming performance of some AI products from Meta and management upheavals at OpenAI, leading investors to be reserved about the commercialization speed of large models [3] - Google introduced "Gemini Agents," its first systematic AI assistant capable of executing multi-step tasks, which includes organizing emails, planning travel itineraries, and performing complex tasks across different applications [4] - The company announced a development platform named "Antigravity" for enterprise clients, allowing AI agents to perform coding tasks, indicating Google's intent to strengthen its position in the enterprise AI tools market [4]

标普500指数连续四个交易日收跌，为8月以来最长连跌纪录。 *科技板块领跌大盘 *银行板块五日累跌4.5%，逼近关键技术位 中概股方面表现分化，纳斯达克中国金龙指数涨0.42%。爱奇艺涨超6%，百度涨超2.6%，阿里巴巴与网 易均涨超1%；拼多多大跌超7%，创5月以来最大单日跌幅，老虎证券跌超2%，蔚来跌超1%。 银行股亦同步承压。KBW银行指数过去五个交易日累计跌4.5%，跌幅显著大于标普500同期的2.9%； KBE银行ETF在55美元附近反复测试支撑，自9月中旬以来已累计回落约10%。 Miller Tabak + Co.首席策略师马特·马利（Matt Maley）表示，如果银行股接下来继续走弱，将对整体市 场构成"重要警示"。他表示，随着市场对12月降息的押注下降，银行股此前依赖的利好基础正在动摇。 美国劳动力市场呈现更多疲态。劳工部数据显示，在截至10月18日的一周内，持续申领失业救济人数增 加1万人至195.7万人，较9月中旬的191.6万人明显上升。 由于政府停摆影响统计流程，劳工统计局未能正常完成10月就业调查。白宫警告，10月失业率大概率无 法公布。 High Frequency Econo ...

机构认为，结构性机会集中在低位价值补涨。 【财经日历】 第十八届中国-欧盟投资贸易科技合作治谈会（成都，11/19-11/21） 2025年彭博创新经济论坛年会（新加坡，11/19-11/21） 快手发布财报 | 树）盘前必读 | // 外盘怎么样 // | | | --- | --- | --- | | 名称 现价 | | 涨跌幅 | | 道琼斯工业平均 46091.74 -498.50 -1.07% | | | | 纳斯达克指数 | 22432.85c -275.22 - -1.21% | | | 标普500 | 6617.32 -55.09 -0.83% | | 当地时间周二，美国股市继续下行，道指、标普500指数连续第四个交易日下跌。截至收盘，道指跌1.07%，标普500指数跌0.83%，纳指跌1.21%。 科技板块继续成为拖累大盘的主因，"七巨头"股价集体下挫。微软跌2.70%收于493.79美元，亚马逊大跌4.43%至222.55美元；苹果几乎持平，微跌0.01%报 267.44美元；特斯拉跌1.88%至401.25美元；英伟达下挫2.81%报181.36美元；谷歌A类股跌0.26%至284.28 ...

【相关阅读】中日外交官员举行磋商 专家指日方诚意不足 有记者问"今天会谈您觉得满意吗？"，刘劲松回答干脆："当然不满意！"，记者追问"气氛怎么样？"， 刘劲松回答："严肃"。 金井正彰11月17日起访华。在中国期间，他围绕日本首相高市早苗涉台言论与中方进行磋商。今日14时 左右，金井正彰一行离开中国外交部，面对媒体提问，他并未给出任何表态。 外交部：日方必须给中国人民一个明确的交代 外交部发言人毛宁表示，磋商中，中方就日本首相高市早苗涉华错误言论再次向日方提出严正交涉，指 出高市的谬论严重违反国际法和国际关系基本准则，严重破坏战后国际秩序，严重违背一个中国原则和 中日四个政治文件精神，从根本上损害中日关系政治基础，性质和影响极其恶劣，激起中国人民的公愤 和谴责。中方严肃敦促日方收回错误言论，停止在涉华问题上制造事端，以实际行动认错纠偏，维护中 日关系政治基础。 责任编辑：张恒星 综合报道：政事儿、央视新闻、玉渊谭天、光明日报新媒体 据光明日报新媒体消息，11月18日，外交部亚洲司司长刘劲松与日本外务省亚洲大洋洲局局长金井正彰 会面结束。 ...

所谓黄金租赁业务，指投资者可将持有的黄金，如金条等通过平台租赁给企业，获取以黄金计价的利 息。这一业务的运作方式与贷款类似，不同之处在于归还的资产为黄金而非现金，核心逻辑也与贷款类 似，即投资者将黄金提供给租赁平台或金融机构，后者再将黄金贷给相关企业。 一些业内资深人士表示，这种业务的吸引力是直观的：已经计划持有黄金的投资者可以通过租赁付款， 获得以黄金支付的收益，而珠宝商和制造商则通过租赁，获得日常所需的黄金，并以当前的金价出售成 品。其中的关键在于，因为这些借款人偿还的是相同数量的黄金，而不是美元，他们既能保有库存，又 能避免黄金价格波动风险。到期后，租赁黄金的行业企业可以选择归还同等数量的黄金，也可以选择续 约继续租。 伦敦证券交易所集团（LSEG）数据显示，金价今年迄今上涨逾50%，且有望创下1979年以来最强劲的 年度涨幅。但近期，随着金价处于历史高位，其波动性也已加剧。隔夜，黄金与美股、比特币等风险资 产同步遭到抛售。 根据道琼斯市场数据(Dow Jones Market Data)对FactSet数据的分析，上周五，交投最活跃的黄金期货与 标普500指数之间的21天滚动相关性为0.22。并且，在 ...

"投资于人"里，孕育着城市现代化的内涵 在接续30多年努力，完成成片二级旧里改造、解决集中成片"拎马桶"问题的基础上，又经过3年攻坚战，2025年9 月，上海"拎马桶"改造总体完成。 做饭"抢灶台"、如厕跑楼外、排队倒马桶等上海老弄堂景象，逐渐成为历史。而关于马桶的记忆变迁，不仅考验 这座国际化大都市的治理决心和智慧，也成为上海"投资于人"的温暖实践。 最难的就是方案要让居民都能接受 "从上世纪90年代开始，上海已经开始推进旧城区改建。"上海杨浦区住宅更新发展中心主任陈颖对第一财经回顾 说，通过三十多年时间，总体完成了 "拎马桶"改造。"杨浦区的改建跟着市委、市政府的整体节奏步步推进，同 时在部分地区试点，希望能为上海市房屋改造提供一些示范案例。" 杨浦区是老工业转型城区，曾是二级以下旧里最为集中的中心城区，总量占到全市的三分之一，还有着不少上世 纪50至70年代建设的工人新村、不成套或无卫生设施职工住宅。 由于许多上海早期建筑未设计独立卫生间，居民需使用木质马桶并定期倒便。"倒马桶"成为大多数居民几十年的 日常。能写"下只角"里拎马桶、也能写"上只角"里喝咖啡的海派作家程乃珊，曾将杨浦形容为"穷街"，也曾在 ...

Key Insights - Multiple listed companies disclosed their latest developments in the automotive and battery sectors through various channels on November 18 [1] Automotive - Deep Blue Automotive emphasized that safety is more important than speed for young consumers [1] - Seres is actively expanding into overseas markets and is committed to advancing its high-end smart electric vehicle export strategy [1] Battery - Zhongwei Co. has secured orders for sodium batteries at a thousand-ton level and has achieved rapid mass production of 3/4 generation phosphate materials [1] - Anfu Technology reported a robust order backlog in its battery main business and plans to add 500 million units of production capacity [1] Chips - Xiechuang Data stated that its storage business covers the entire industry chain from storage chip packaging to storage module assembly [1] - Zhaosheng Microelectronics expects that as the utilization rate of its chip production capacity increases, the negative impact of self-produced wafer costs on overall gross margin will gradually diminish [1] - Yintang Zhikong reported a significant year-on-year increase in its storage chip business due to industry demand [1] Other - Sanmu Group clarified that it has not undertaken any projects or investments in Pingtan County [1] - JieJie Microelectronics mentioned that its current relationship with Huawei is indirect cooperation [1] - Liren Lizhuang noted that its prepared dish product line contributes a very low proportion to the overall revenue [1] - Dashengda holds a 5.625% stake in Zhejiang Qusu Technology [1] - Huate Gas has generated sales orders for new products including ethyl silane, hydrogen bromide, and boron trichloride, achieving results in product transformation [1] - Dongrui Co. anticipates supplying approximately 260,000 live pigs to Hong Kong and Macau in 2025 [1] - Qixiang Tengda expects a quarter-on-quarter improvement in the profitability of its main products in the fourth quarter [1]

Core Insights - Baidu has invested over 100 billion RMB in AI since the launch of Wenxin Yiyan in March 2023, with plans for continued investment in the AI sector [1] - The company reported a total revenue of 31.2 billion RMB for Q3 2025, a year-on-year decrease of 7%, and a net loss attributable to Baidu of 11.232 billion RMB, compared to a profit of 7.632 billion RMB in the same period last year [1] - Baidu's AI business revenue grew over 50% year-on-year, with significant increases in various segments, indicating a shift towards AI as a new growth driver [2] Financial Performance - Total revenue for Q3 2025 was 31.2 billion RMB, down 7% year-on-year [1] - Net loss for the quarter was 11.232 billion RMB, compared to a profit of 7.632 billion RMB in the previous year [1] - Non-GAAP net profit was 3.77 billion RMB, a decrease of approximately 36% year-on-year [1] AI Business Highlights - AI business revenue increased by over 50% year-on-year, with intelligent cloud infrastructure revenue at 4.2 billion RMB (up 33%) and AI high-performance computing subscription revenue up 128% [2] - Revenue from AI-native marketing services surged by 262%, becoming a significant growth curve outside of Baidu's traditional business [2] - Baidu's total MAU for Baidu Wenku and Baidu Wangpan reached nearly 300 million, marking it as the largest personal AI application [2] Operational Developments - The number of global ride-hailing services provided by Baidu's autonomous driving service, Luobo Kuaipao, reached 3.1 million in Q3, a 212% increase year-on-year [2] - Luobo Kuaipao has accelerated its global expansion, obtaining the first autonomous driving test licenses in Dubai and commercial operation permits in Abu Dhabi [2] - A strategic partnership with PostBus was established to launch autonomous driving services in Switzerland [2]

Core Insights - Xiaomi Group reported Q3 2025 revenue of 113.12 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.31 billion yuan, up 80.9% [2] - The smartphone and AIoT segment generated revenue of 84.11 billion yuan, a 1.6% increase, accounting for 74.4% of total revenue, while the innovative business segment, including smart electric vehicles and AI, saw revenue of 29.01 billion yuan, a 199.2% increase, making up 25.6% of total revenue [2] - Smartphone revenue decreased by 3.1% year-on-year to 46 billion yuan, primarily due to a 3.6% drop in average selling price (ASP) from 1,102.2 yuan to 1,062.8 yuan, despite a slight increase in shipment volume [2] Business Segment Analysis - The smartphone segment's shipment volume increased by 0.5% year-on-year to 43.3 million units, driven by growth in overseas markets [2] - The global memory market has experienced significant price increases across all categories since 2025, affecting the smartphone industry due to high storage costs [2][3] - The current memory price cycle is driven by AI-related high-performance computing (HPC) demand, leading to prolonged and substantial price increases, with expectations for further increases in Q4 [3] Market Dynamics - The memory price increases are expected to impact industry costs and gross margins, particularly for products with high storage cost components like smartphones, tablets, and laptops [3] - Xiaomi's president indicated that if retail prices for smartphones rise, the overall smartphone market will likely decline, although quantifying the exact impact is challenging [3] - The domestic smartphone market remains unsettled, with the current memory price increases intensifying competition among manufacturers, testing their financial strength and supply chain influence [4]

据悉，青岛银行于11月18日上午成功举办"汇通全球 聚势共赢——赋能外贸发展暨直参CIPS系统启动会"。吴显明行长在会议中致辞并表示，作为山东首家 CIPS直参法人银行，青岛银行将以此为契机，秉持"坚定不移服务开放大局、支持区域经济、服务实体企业"的发展方向，持续完善产品服务体系，助力更多 本土品牌扬帆远航、走向世界。 青银聚焦外贸发展，"产品矩阵"助力跨境共赢 据了解，青岛银行国际业务步入发展快车道：2025年，全行国际业务规模历史性突破200亿美元，同比增长40%，服务企业超过5000家；跨境人民币结算量 突破500亿元，同比增长52%。 以专业、稳健的金融服务，为外贸企业开拓国际市场提供有力支撑。 青岛银行跨境金融的提质增效，得益于其在产品、服务与渠道方面的持续创新，精心打造了"青银"跨境金融产品矩阵，通过"青银汇通"、"青银贸贷"、"青 银汇盈"、"青银出海通"等子品牌，构建了覆盖跨境结算、融资、离岸金融等领域的综合服务体系，为外贸企业扬帆"出海"提供强大助力。 CIPS直参正式启航，人民币国际化启动"加速度" 人民币跨境支付系统（CIPS系统）是经人民银行批准专司人民币跨境支付清算业务的批发类支付系 ...