在互联网流量红利见顶的深秋，百度交出了一份AI味儿的财报。 11月18日晚，百度发布2024年第三季度业绩：312亿元总营收与247亿元核心营收背后，首次披露了AI 业务收入与过去10个季度的AI总投入。 三季度，百度AI相关收入增速超过50%，包括云、应用和在线营销三个维度；并且，自2023年3月文心 一言发布以来，10个季度内，百度在AI领域的投入已突破1000亿元。 财报中，百度还主动计提了部分资产减值，这通常意味着公司正在淘汰旧的服务器或资产，以便为更昂 贵的AI算力腾挪空间。 一面是传统搜索广告业务在宏观环境下的艰难守成，一面是AI新业务不计成本的巨额押注。这个季 度，我们看到了一个对AI更加激进的百度。 搜索的"消亡"与重生 长期以来，外界对百度的认知停留在"搜索引擎"四个字上。但百度创始人李彦宏透露，百度对搜索的改 革堪称"全球最激进"，取而代之的是一个被AI彻底重构的新物种。 第三季度，百度智能云营收为42亿元，同比增长33%，值得注意的是，其中AI高性能计算基础设施的订 阅收入同比增长了128%。 这个数字背后，是国内大模型行业的算力焦虑。在英伟达芯片受限的背景下，百度自研的"昆仑芯"成为 ...

11月16日，《求是》杂志发表了中国劳动和社会保障科学研究院院长莫荣的署名文章《客观认识和应对人工智能对就业的 影响》。文章深入剖析了人工智能技术发展对就业市场的实际影响，指出其对就业岗位的替代效应有限，且正以前所未有 的力度改变就业结构，催生和创造大量"新质就业"。文章特别强调，人工智能在无人驾驶等领域渗透应用，将会催生研 发、制造、应用等一批新兴产业，形成就业新增长点。 来源：湖北日报 从百度获悉，目前，萝卜快跑自动驾驶车辆已捐赠给武汉大学、浙江大学、复旦大学等多所高校，并基于Apollo开放平台 打造全面的教育实践方案，助力高校快速构建无人驾驶与人工智能专业人才培养体系，为行业输送亟需的复合型人才。 当前，以萝卜快跑为代表的企业正通过产学研深度融合，为无人驾驶产业提供坚实的人才支撑。 此外，无人驾驶深度融合了人工智能、5G、大数据等新基建中的多项核心技术，具备高度智能化、无人化、数字化的的技 术特点，是推动传统实体经济转型升级的新兴科技力量之一。尤其是在无人驾驶产业链的传感器制造、算法研发、移动平 台运营等环节上，均将出现对应的产业升级，形成高质量的数字产业集群，带动更多产业、就业机会。 近年来，人力资 ...

Core Viewpoint - Goldman Sachs reports that Baidu Group-SW (09888) third-quarter performance is broadly in line with expectations, with robust growth in cloud business and a focus on AI-related business performance [1] Group 1: Financial Performance - Baidu's AI new business revenue grew over 50% year-on-year, reaching approximately 10 billion RMB, accounting for about 40% of total revenue [1] - Goldman Sachs maintains a "Buy" rating, raising the target price from 150 HKD to 151 HKD, and increasing Baidu's US stock target price from 154 USD to 155 USD [1] Group 2: Business Outlook - The AI business encompasses cloud infrastructure, chips, AI applications and agents, as well as autonomous driving, reflecting Baidu's AI capabilities across its ecosystem [1] - Despite potential pressure on traditional search advertising in the coming quarters, there is optimism for revenue recovery in Q4 and next year driven by the rapid growth of AI-enabled businesses [1] - The group's net profit margin is expected to rebound from the third-quarter level [1]

11月19日，港股三大指数再度收跌，恒生科技指数跌0.69%创9月初以来新低，恒生指数、国企指数分别下跌0.38%及0.26%。 | 代码 | 名称 | | 最新价 | 脂跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800700 | 恒生科技指数 | 0 | 5606.90 | -38.83 | -0.69% | | 800000 | 恒生指数 | | 25830.65 | -99.38 | -0.38% | | 800100 | 国企指数 | | 9151.04 | -23.80 | -0.26% | 盘面上，权重科技股多数下跌，小米跌近5%，快手跌超1%，京东、美团百度、腾讯控股微跌，阿里巴巴涨超1%；新能源车企股走低，理想汽车、蔚来下 跌；芯片股下挫，上海复旦等多股下跌；新消费概念股、濠赌股、苹果概念股、机器人概念股、内房股、中医药股多数低迷。 另一方面，高盛指全球央行仍在"爆买"，黄金明年有望冲击4900美元，黄金股领涨，中国黄金国际涨超8%；军工股涨幅居前，中船防务涨超9%；石油股拉 升，中国石油化工股份涨近3%；锂电池股走高，天齐锂业涨近3 ...

Core Insights - Baidu's Q3 2025 financial report highlights significant growth driven by AI, with total revenue reaching 31.2 billion yuan and core revenue at 24.7 billion yuan, marking over 50% year-on-year growth in AI business revenue [1][5] - The company has invested over 100 billion yuan in AI since the launch of Wenxin Yiyan in March 2023, aiming to solidify its leadership in the AI era [1][4] AI Business Performance - Baidu's AI business has exceeded market expectations, with three key segments showing strong performance, particularly AI-native marketing services, which generated 2.8 billion yuan, a 262% increase year-on-year [2] - AI cloud revenue grew by 33%, with high-performance computing infrastructure subscription revenue increasing by 128% [2] Autonomous Driving Expansion - The autonomous driving service, "LuoBo Kuaipao," achieved a 212% year-on-year increase in global ride service instances, totaling 3.1 million in Q3 [3] - The service has expanded to 22 cities globally, with over 1.4 billion kilometers driven in fully autonomous mode, maintaining industry-leading safety standards [3] Technological Advancements - Baidu's recent release of the Wenxin large model 5.0 marks a significant upgrade in core capabilities, while new hardware products, Kunlun M100 and M300, are set to enhance AI infrastructure [4] - The company emphasizes ongoing investment in cutting-edge technology, focusing on improving self-learning capabilities and multi-modal integration of large models [4] Strategic Outlook - Baidu's strategy centers on three main areas: increasing investment in advanced technology, deepening AI integration across industries, and accelerating global expansion through autonomous driving initiatives [4][5] - The financial report underscores the commercial value of AI technology and Baidu's clear strategic path of "technology-driven, ecosystem collaboration" [5]

投资建议 上海证券近日发布计算机行业周报：过去一周（11.10-11.14）上证综指下跌0.18%，创业板指下跌 3.01%，沪深300指数下跌1.08%，计算机（申万）指数下跌3.03%，跑输上证综指2.86个百分点，跑输创 业板指0.02个百分点，跑输沪深300指数1.95个百分点，位列全行业第29名。 以下为研究报告摘要： 市场回顾 过去一周（11.10-11.14）上证综指下跌0.18%，创业板指下跌3.01%，沪深300指数下跌1.08%，计算机 （申万）指数下跌3.03%，跑输上证综指2.86个百分点，跑输创业板指0.02个百分点，跑输沪深300指数 1.95个百分点，位列全行业第29名。 周观点 百度世界2025大会召开，AI能力持续突破。11月13日，百度世界2025大会在北京召开。模型方面，正 式发布了原生全模态大模型文心大模型5.0。文心5.0基础能力全面升级，在多模态理解、指令遵循、创 意写作、事实性、智能体规划与工具应用等方面表现突出，拥有强大的理解、逻辑、记忆和说服力。文 心5.0一个版本名称为ernie-5.0-preview-1022的预览版本已经登上了LMArena排行榜，其文 ...

证券研究报告 百度集团-SW (9888 HK/BIDU US) AI 业务线展现强劲增长势头 华泰研究 季报点评 2025 年 11 月 19 日│中国香港/美国 互联网 3Q25 百度集团总收入 312 亿元，同比-7.1%，好于 VA 一致预期（口径下 同）的-8.6%，主因 AI 云收入增长延续强劲态势，且百度核心广告收入同比 跌幅略好于预期。非 GAAP 净利润 38 亿元，非 GAAP 净利率 12.1%（预 期：8.6%），同比-5.4pp。此次财报中，公司新增披露三大 AI 业务线，合 计收入体量约人民币 100 亿元（约为百度核心总收入的 40%），且同比实 现超 50%的强劲增长，展现出 AI 对百度相关业务的赋能效果。展望后续， 伴随 AI 对其广告系统的改造进入后半程以及同比基数的走低，我们预计百 度核心的收入与非 GAAP 经营利润有望在 4Q25 实现环比改善。中长期看， AI 业务线的持续增长与股东回报力度的强化仍为百度价值重估的核心支撑， 建议持续关注。维持"买入"评级。 百度核心：AI 云业务收入稳健增长，AI 高性能基础设施订阅收入快速增长 3Q25 百度核心收入同比-7. ...

Core Insights - Michael Burry, known for "The Big Short," has raised concerns about Baidu Inc. following its Q3 2025 earnings, pointing out questionable accounting practices that may indicate financial instability [1][2]. Financial Performance - Baidu reported a significant impairment charge of RMB 16.2 billion ($2.2 billion), acknowledging that much of its infrastructure is now considered obsolete, contradicting previous claims about asset longevity [3][4]. - The company's net income increased over 50% in 2024 due to extending the estimated useful life of servers, which artificially reduced depreciation expenses and created a misleading impression of growth [5]. - In Q3 2025, Baidu's total revenue fell by 7% year-over-year to $4.38 billion, and free cash flow turned negative amid rising AI investments [7]. Management Commentary - Baidu's management defended the impairment as a necessary adjustment for their AI transition, stating that existing assets did not meet current computing efficiency standards [6][7]. - CEO Robin Li claimed that AI is generating transformative value, although Burry's analysis suggests that the company's earnings history is influenced by changing accounting practices [8]. Stock Performance - Baidu's shares have increased by 41.64% year-to-date, outperforming the Nasdaq Composite and Nasdaq 100 indices, which returned 16.35% and 16.82%, respectively [9]. - Despite a recent drop of 2.64% overnight, Baidu's stock has gained 36.18% over the year [9].

Group 1: Key Insights on Consumer Retail - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year growth of 2.9%, surpassing the Wind consensus expectation of 2.7% [5][6] - Urban retail sales amounted to 40,021 billion yuan, with a year-on-year increase of 2.7%, while rural retail sales reached 6,270 billion yuan, growing by 4.1% year-on-year, indicating a recovery in rural consumption [5][6] - Online retail maintained rapid growth, with a cumulative year-on-year increase of 9.6% for online goods and services from January to October, while physical retail remained stable [5][6] Group 2: Insights on CPI and PPI - In October 2025, the Consumer Price Index (CPI) rose by 0.2% year-on-year, while the Producer Price Index (PPI) fell by 2.1%, marking a narrowing of the decline for three consecutive months [7] - The PPI-CPI gap was recorded at -2.3%, indicating a significant difference between producer and consumer prices [7] - Food prices decreased by 2.9% year-on-year, primarily due to declines in pork and egg prices, while non-food prices showed mixed results with some categories experiencing price increases [7] Group 3: Semiconductor Industry Insights - Semiconductor company SMIC reported a third-quarter revenue of 17.162 billion yuan, a year-on-year increase of 9.9%, with a net profit of 1.517 billion yuan, up 43.1% [12] - The company's capacity utilization rate reached 95.8%, with an average selling price (ASP) increasing by 3.8% quarter-on-quarter, driven by product structure optimization [12] - The outlook for the fourth quarter remains positive, with expectations of stable revenue and continued high capacity utilization despite it being a traditional off-season [12] Group 4: AI and Technology Developments - Baidu announced the launch of its Wenxin large model 5.0 and the Kunlun chip series, entering a strategic acceleration phase in the AI sector [13] - The new AI model features a parameter scale exceeding 2.4 trillion and aims to enhance capabilities in multimodal understanding and creative collaboration [13] - Baidu's five-year roadmap includes the release of new chips and super nodes, indicating a strong commitment to advancing AI technology [13] Group 5: Market Performance Overview - The electronic sector underperformed the broader market, with the Shenzhen 300 index declining by 1.08% and the electronic index dropping by 4.77% [14] - The semiconductor sub-sector saw a decline of 3.97%, reflecting ongoing challenges in the market [14] - Despite the downturn, there are structural opportunities in AI computing, semiconductor equipment, and storage price increases, suggesting potential areas for investment [15]

小米(01810.HK) 第三季 non-IFRS 淨利潤按年升 80.9%至 113.11 億元人民幣，創 歷史新高，收入 1,131.21 億元人民幣，按年升 22.3%。毛利按年升 37.4%至 259.36 億元。純利 122.71 億元，按年升 129.3%，每股盈利 47 分。季內，小米汽車業 務首次錄得季度盈利，利潤約為 7 億元。 人民銀行 18 日在公開市場開展 4,075 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 4,038 億元逆回購到期，單日淨投放 37 億元。人民幣兌美元中 間價按日下調 40 點，報 7.0856 兌一美元。A 股三大指數早市偏軟，午後跌幅擴 大。滬指全日收報 3,939 點，跌 32 點或 0.8%，成交額 7,909.5 億元；深證成指 全日收報 13,080 點，跌 121 點或 0.9%，成交額近 1.14 萬億元；創業板指全日收 報 3,069 點，跌 35 點或 1.2%，成交額 5,016 億元。 市場擔憂人工智能相關股票估值過高，科技股周二持續下跌，加上比特幣價格 跌破 9.5 萬美元，顯示投資者風險承受能力下降，美股再度走低。納指 ...