有两大阵营持截然相反的观点：悲观的，认为当前AI或接近2000年互联网泡沫；乐观的，认为还未到 下车的时候，可能是踏空AI者最后一次上车机会。 投资动向上，也出现明显分歧：巴菲特所在的伯克希尔三季度增仓谷歌，而软银、桥水等机构减仓英伟 达。 国内研究机构对美股AI动向也高度关注，基本共识是：美股七姐妹当前估值的确偏高，因此对利空也 较为敏感；但即便AI出现泡沫化，也仍然在早期，泡沫前最"亢奋"的阶段还未到来。 01 当前美股AI进行到哪儿了？ 国海证券认为，当前AI所处的阶段，更接近于互联网时代的1997年而非1999年。 来源：华夏ETF AI"卖铲人"英伟达最新一季业绩超预期，以一己之力重新振奋市场，但短暂的 兴奋过后，人们对AI过 热的担忧似乎没有完全打消，美股科技巨头走势分化，循环融资和隐形杠杆的疑云，仍然盘旋在市场上 空。 国海证券还引用了一组数据：2023-2025年，每年使用AI的美国员工比例从21%上升到40%，几近翻 倍。谷歌每月处理的tokens数量从2024年5月的9.7万亿，升至2025年10月的1300万亿。 复盘互联网泡沫：自1995至2000年，1998年涨幅最大，2000年达到 ...

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Core Insights - Baidu has announced the capability to sell robotaxi rides without human staff, indicating a significant advancement in autonomous driving technology [1] - Chinese robotaxi companies are expanding internationally at a faster pace than U.S. competitors, with industry leaders suggesting that autonomous driving is nearing a critical turning point [2] - Positive public feedback and increased exposure to driverless rides are expected to accelerate regulatory approvals for robotaxi services [3] Industry Growth Potential - The global robotaxi market is projected to exceed $25 billion by 2030, highlighting significant growth opportunities [4] - Chinese companies are aggressively pursuing international expansion, aiming to establish robotaxis as a viable business model rather than merely focusing on market share [6] Profitability and Operational Efficiency - Baidu's Apollo Go unit has achieved per-vehicle profitability in Wuhan, operating over 1,000 vehicles, which demonstrates the potential for profitability in other cities [8] - The cost of rides in Wuhan is approximately 30% lower than in major cities like Beijing and Shanghai, making it competitive against U.S. and European prices [9] - Partnerships with ride-hailing services like Uber are deemed critical for operational efficiency and quicker profitability [7] Fleet Size and Competitive Landscape - Companies like Baidu, Pony.ai, and WeRide are leading in fleet size, which is becoming a key competitive factor in the race for profitability [13] - Pony.ai plans to deploy 1,000 robotaxis in the Middle East by 2028, while WeRide aims for a similar fleet size by the end of next year [14] Safety and Regulatory Environment - No fatalities or major injuries have been reported by any of the six robotaxi operators, which is crucial for gaining regulatory approval [16] - The Chinese government is expected to increase support for robotaxi operations, which could further enhance market conditions [16][17]

智通财经APP获悉，大和发布研报称，百度集团-SW(09888)核心业务2025年第三季营收与营业利润略好 过预期，盈利表现得益于其他收入与税务优惠。重申对百度"买入"评级，并将目标价由158港元上调至 162港元。报告指，第三季百度云端服务收入同比增21%，公司针对AI原生产品公布新财务披露。 ...

大和发布研报称，百度集团-SW(09888)核心业务2025年第三季营收与营业利润略好过预期，盈利表现得 益于其他收入与税务优惠。重申对百度"买入"评级，并将目标价由158港元上调至162港元。报告指，第 三季百度云端服务收入同比增21%，公司针对AI原生产品公布新财务披露。 ...

传媒/数字媒体 百度集团-SW（09888.HK） 2025Q3 利润超预期，AI 贡献收入显著提升 2025 年 11 月 20 日 投资评级：买入（维持） | 日期 | 2025/11/19 | | --- | --- | | 当前股价(港元) | 111.20 | | 一年最高最低(港元) | 141.40/73.250 | | 总市值(亿港元) | 3,150.99 | | 流通市值(亿港元) | 3,058.19 | | 总股本(亿股) | 28.34 | | 流通港股(亿股) | 27.50 | | 近 3 个月换手率(%) | 47.69 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-11 2025-03 2025-07 百度集团-SW 恒生指数 相关研究报告 《昆仑芯、云、无人驾驶有望驱动估 值提升—港股公司信息更新报告》 -2025.11.13 《2025Q2 利润好于预期，AI 搜索改造 广告短期承压—港股公司信息更新报 告》-2025.8.22 《智能云同比增速加快，关注广告复 苏节奏—港股公司信息更新报告》 -2025.2.20 | 初敏（分 ...

Core Viewpoint - The company maintains a positive outlook on Baidu Group's AI ecosystem value, reiterating a "Buy" rating, with Q3 2025 core business revenue reaching 24.66 billion yuan, exceeding expectations by 1.5% [1][2] Performance Summary - In Q3 2025, Baidu Group's core business revenue was 24.66 billion yuan, surpassing expectations by 1.5%. Operating profit stood at 1.22 billion yuan, with an operating margin of 4.9%. The company increased its AI investments, leading to a decline in traditional search revenue proportion. Capital expenditure for Q3 2025 was 3.38 billion yuan, reflecting a year-on-year growth of 106.4% [2] AI Revenue Insights - AI revenue for Q3 2025 exceeded 10 billion yuan, driven by AI cloud, AI applications, and AI native advertising. The company reported AI revenue growth of over 50% year-on-year. - AI Cloud: Revenue reached 6.2 billion yuan, a year-on-year increase of 21%, with IaaS and PaaS revenue at 4.2 billion yuan, growing 33% year-on-year, and subscription revenue for AI infrastructure up 128% year-on-year [3] - AI Applications: Revenue was 2.6 billion yuan, including products like Baidu Wenku, Baidu Wangpan, and various AI platforms [3] - AI Native Advertising: Revenue reached 2.8 billion yuan, a significant year-on-year increase of 262%, with AI native ads accounting for 18% of core advertising revenue, up from 4% in Q3 2024 [3] Expansion of "Luobo Kuaipao" - The number of orders for "Luobo Kuaipao" (robotaxi service) accelerated, providing 3.1 million autonomous driving services in Q3 2025, a year-on-year growth of 212%. As of October 2025, the service has expanded to 22 cities globally, partnering with Uber in Asia and the Middle East, and with Lyft in Germany and the UK [4] Traditional Business Overview - Excluding AI native advertising revenue, traditional advertising revenue in Q3 2025 was 12.58 billion yuan. AI native advertising forms like Agent and digital humans enhance the monetization of previously non-advertising intent webpages, indicating that AI native ads serve as a second growth curve rather than a direct replacement for traditional search [5] Profit Forecast, Valuation, and Rating - The firm continues to view Baidu's AI ecosystem value positively, with AI native advertising enhancing traditional search monetization capabilities. The company is expected to maintain healthy net cash flow to support long-term AI strategic investments. The business model of "Luobo Kuaipao" has been validated with accelerating order growth and successful international expansion. Revenue forecasts for 2025-2027 are 130.8 billion, 139.9 billion, and 148.3 billion yuan, with Non-GAAP net profit estimates of 18.2 billion, 20.5 billion, and 23 billion yuan for the same period. The current price corresponds to PE ratios of 15x, 14x, and 12x, maintaining a "Buy" rating [6]

人民财讯11月20日电，港股开盘，恒生指数涨0.65%，恒生科技指数涨0.7%，华虹半导体、百度涨超 3%，金山软件跌超2%。 ...

光大证券发布研报称，持续看好百度集团-SW(09888)AI生态价值，维持"买入"评级，25Q3百度核心业 务收入246.6亿元，超预期1.5%，AI相关收入首次披露突破100亿元，同比增长超50%,萝卜快跑加速全球 扩张，AI原生广告成为传统搜索的第二增长曲线。 AI季度收入突破100亿元，主要由AI云、AI应用、AI原生广告驱动。25Q3公司首次披露AI收入100亿 元，同比增速超50%。1)AI云：25Q3营收62亿元，同比增长21%，其中AI云IaaS+PaaS收入42亿元，同 比增长33%，AI基础设施相关订阅收入同比增长128%。2)AI应用：25Q3营收26亿元，包括百度文库、 百度网盘、零代码开发平台秒哒、企业AI数字员工、多模态视觉管理平台一见、AI交互操作系统小度 等产品。3)AI原生广告：Agent和数字人有效提升了广告的交互性和ROI，25Q3营收28亿元，同比增长 262%，AI原生广告占公司核心广告收入的18%，相比24Q3的4%占比提升明显。 光大证券主要观点如下： 业绩表现 2025年第三季度，百度集团核心业务营业收入246.6亿元，超预期1.5%。营业利润12.2亿元;营业利 ...

格隆汇11月20日｜港股科技股普涨，恒生科技指数高开0.7%。个股中，百度、华虹半导体涨超3%， ASMPT、快手、联想集团、比亚迪电子、中芯国际涨超2%，阿里、美的集团涨超1%。 | 代码 | 名称 | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW ⊙ | 3.24% | 38.81% | 3157.19亿 | | 01347 | 华虹半导体 | 3.17% | 283.37% | 1440.75亿 | | 00522 | ASMPT | 2.93% | 3.94% | 321.71亿 | | 01024 | 快手-W | 2.52% | 59.21% | 2814.45亿 | | 00992 | 联想集团 | 2.49% | 0.97% | 1224.34亿 | | 00285 | 比亚迪电子 | 2.19% | -18.95% | 756.63亿 | | 00981 | 中心国际 | 2.19% | 134.59% | 5968.07亿 | | 09660 | 地平线机器人-W | 1.87% | 111 ...