百度创始人李彦宏 在《人民日报》发表署名文章 11月20日，百度创始人李彦宏在《人民日报》发表题为《内化AI能力，加快形成新质生产力》的署名文章。他指出，推动人工智能更好赋能高质量发 展，一个重要方面是让千行百业内化AI能力，构建AI原生能力，使之成为企业发展的原生推动力。 以产业融合激发动能，做强人工智能增长引擎。我国是世界上唯一拥有全部工业门类的国家，推进人工智能与实体经济深度融合，空间广阔、潜力巨大。 在实体经济企业中内化AI能力，利用人工智能技术赋能矿业、化工、轻工、船舶等重点产业，有助于进一步夯实实体经济这个根基。 李彦宏《人民日报》 （2025年11月20日 第 05 版） "十五五"时期经济社会发展的主题是推动高质量发展。推动高质量发展，最重要是加快高水平科技自立自强，积极发展新质生产力。人工智能（AI）作为 引领新一轮科技革命和产业变革的重要力量，对于加快形成新质生产力、实现经济社会高质量发展作用十分关键。 过去几年，我国在人工智能算力基础设施和大模型等关键领域取得显著突破，形成了领先优势。我国算力规模跃居全球第二，涌现出DeepSeek推理大模 型、文心原生全模态大模型等广受好评的基础大模型 ...

Core Insights - The event focused on the commercialization of large model technology, aiming to assist regional partners and customers in achieving high-tech, efficient, and quality upgrades in their businesses [1][2] - Baidu Intelligent Cloud's partnership with Beijing Junyun Times Technology Co., Ltd. has been pivotal, providing cloud solutions to over 200,000 enterprises globally since its establishment in 2015 [1] - The "Jun Yun Plan" will continue to expand into more regions, emphasizing technology empowerment and exploring new paths for AI commercialization [2] Group 1: Event Overview - The "Jun Yun Plan" technology salon in Nanyang successfully concluded, highlighting the role of AI as a navigator in business transformation [1] - Baidu Intelligent Cloud's regional leader emphasized the importance of deep participation from ecosystem partners for the event's success [1] Group 2: Expert Insights - Wang Junxiang, the channel solution director at Baidu Intelligent Cloud, discussed the core logic of digital transformation driven by large models from three dimensions: cognitive communication, method innovation, and practical implementation [1] - Wang Zhongzheng, an AI application expert, shared insights on the application of large models in smart marketing and smart vision, illustrating how AI tools can help enterprises reduce costs and enhance marketing conversion [2] Group 3: Collaborative Efforts - Representatives from Xinyu Industrial Park engaged in discussions about the commercialization models of large models and AI empowerment in regional industries [2] - Junyun Times expressed its commitment to leveraging its expertise in cloud computing and big data operations to innovate AI applications in local industries alongside Baidu Intelligent Cloud [2]

Core Insights - Goldman Sachs has set a target price of HKD 151 for Baidu Group-SW (09888) in Hong Kong stocks and USD 155 for its US stock (BIDU.US), maintaining a "Buy" rating [1] Revenue Contributions - The three major categories contributing significantly to revenue in Q3 2025 are: 1) Baidu Intelligent Cloud Infrastructure (AI Cloud Infra) revenue reached RMB 4.2 billion, a year-on-year increase of 33%, with subscription revenue from AI high-performance computing facilities growing by 128% [1] 2) AI application revenue amounted to RMB 2.6 billion, a year-on-year growth of 6%, accounting for 25% of AI business [1] 3) AI-native marketing service revenue reached RMB 2.8 billion, a year-on-year increase of 262%, representing 18% of Baidu's core online marketing revenue, with a projected 4% share in Q3 2024 [1] Shareholder Returns - Management recognizes that the absolute value of total shareholder returns (stock buybacks and dividends) and the visibility of future commitments are key factors when updating shareholder plans [1] - The management believes that Baidu has significant potential to unlock asset value and will prioritize advancing important projects when necessary [1]

| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01024 | 快手-W | C | 6.56% | 66.79% | 2948.57 Z | | 099999 | 网易-S | | 6.26% | 61.57% | 6882.87 Z | | 09988 | 阿里巴巴-W | | 5.42% | 93.41% | 2.97万亿 | | 02359 | 药明康德 | | 4.14% | 93.30% | 3153.83 乙 | | 09888 | 百度集团-SW | | 4.10% | 35.07% | 3071.94 Z | | 03692 | 翰森制药 | | 4.03% | 134.85% | 2405.11亿 | | 00881 | 中升控股 | | 3.58% | -12.81% | 274.1 亿 | | 00688 | 中国海外发展 | | 3.37% | 19.16% | 1545.42 Z | | 00960 | 龙湖集团 | | 3.54% | 6.20% | 721.77亿 | | ...

（文章来源：每日经济新闻） 每经AI快讯，11月24日，港股人工智能股持续走强，创梦天地(01119.HK)涨超7%，美图(01357.HK)涨近 5%，阅文集团(00772.HK)、万国数据(09698.HK)、百度(09888.HK)涨超4%。 ...

每经AI快讯，11月24日，港股科网股走强，网易(09999.HK)、快手(01024.HK)涨超5%，阿里巴巴 (09988.HK)涨4.5%，百度(09888.HK)、美团(03690.HK)涨3%，京东(09618.HK)涨2.3%，腾讯控股 (00700.HK)涨近2%。 ...

Group 1 - The smart electric vehicle business of Xiaomi Group achieved its first quarterly profit, with a record high profit in Q3 2025, reporting revenue of approximately 113.1 billion RMB, a year-on-year increase of 22.3% [4][5] - The automotive segment saw a significant increase in revenue, reaching 283 billion RMB in Q3 2025, a year-on-year growth of 197.9%, driven by an increase in delivery volume and average selling price (ASP) [7] - The IoT and lifestyle products segment maintained year-on-year growth, achieving revenue of 276 billion RMB in Q3 2025, despite subsidy reductions [6] Group 2 - Top Group reported a revenue of 209.28 billion RMB for the first three quarters of 2025, a year-on-year increase of 8.14%, with a notable growth in the automotive electronics business [10] - The company’s Q3 2025 revenue reached 79.94 billion RMB, reflecting a quarter-on-quarter increase of 11.53%, primarily due to increased sales from key customers [10][11] Group 3 - Baidu Group's total revenue for Q3 2025 was approximately 311.74 billion RMB, a year-on-year decline of 7%, influenced by decreases in online marketing and iQIYI revenues [13][15] - The AI-driven marketing services within Baidu's core business saw a significant increase, with revenue reaching 28 billion RMB, a year-on-year growth of 262% [15] Group 4 - XPeng Motors reported a revenue of 203.8 billion RMB in Q3 2025, a year-on-year increase of 101.8%, with automotive revenue contributing 180.5 billion RMB [19][20] - The company expects Q4 2025 deliveries to reach between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [21] Group 5 - Lenovo Group reported a revenue of approximately 204.52 billion USD for FY2026Q2, a year-on-year increase of 15%, with AI-related business revenue accounting for 30% of total revenue [24][25] - The infrastructure solutions group within Lenovo saw a revenue increase of 24%, driven by new customer acquisitions and business transformations [26] Group 6 - The AIDC storage report indicates a high demand in the industry, with significant growth expected in the data center storage market, projected to reach 212 GWh globally by 2030 [28][29] - The report highlights that data center storage has shifted from being an optional configuration to a necessity, driven by increasing power density and load demands [29][30]

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 124.52 HKD per share [5][9]. Core Insights - The company's core revenue for Q3 2025 was 24.7 billion CNY, a year-over-year decrease of 7%, primarily due to a decline in online marketing revenue, which fell by 18% to 15.3 billion CNY. Non-online marketing revenue, however, increased by 21% to 9.3 billion CNY. The change in revenue structure led to a gross margin decline to 47.3%, down 11.5 percentage points year-over-year. The company reported a core operating loss of 15 billion CNY and an adjusted net profit of 3.8 billion CNY for Q3 2025. The company is currently transitioning from traditional search engine advertising to AI-driven business models, with expectations of short-term pressure on traditional advertising revenue but potential improvements in profitability following asset impairments [8][9]. Financial Forecasts - The company’s projected adjusted net profits for 2025-2027 are 19.3 billion CNY, 19.5 billion CNY, and 22.0 billion CNY, respectively. The PE valuation method suggests a reasonable value of 311.7 billion CNY, equivalent to 342.5 billion HKD, based on a 16x PE for 2026 [9][11]. Financial Performance - Key financial metrics for the company include: - Revenue (in million CNY): 134,598 in 2023, projected to decline to 128,951 in 2025, before recovering to 144,353 in 2027 - Gross Margin: 52% in 2023, expected to decrease to 44% in 2025, then recover to 47% by 2027 - Net Profit Margin: 21% in 2023, projected to drop to 15% in 2025, and stabilize at 15% in 2027 - Earnings Per Share (CNY): 10.24 in 2023, declining to 7.12 in 2025, and recovering to 8.09 by 2027 [4][11].

每经AI快讯，11月24日，港股明星科网股多数走强，网易(09999.HK)涨超4%，快手(01024.HK)涨超 3%，百度(09888.HK)、腾讯控股(00700.HK)涨超2%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Media, Internet, and Education sectors are highlighted for 2026 strategies, with significant emphasis on AI-driven advancements and market dynamics [1][2]. Core Insights and Arguments Advertising Sector - **AI Impact**: AI has significantly improved advertising efficiency, with Tencent's advertising revenue growing by 20% year-over-year in Q2 and continuing to rise in Q3. Kuaishou has made notable progress in user profiling and targeted advertising, while Bilibili achieved over 20% growth through AI enhancements [6][4]. - **Competition**: Third-party programmatic advertising platforms like Huishuangzang Technology and Yidian Tianxia are gaining competitiveness, driving transformation in the advertising industry [1][5]. Gaming Industry - **Regulatory Environment**: The normalization of game license issuance ensures a steady supply of content, supported by a resilient consumer environment. Major companies like Century Huatong and Giant Network are expected to benefit from a concentrated release of new products [7][9]. - **Market Dynamics**: The gaming sector is projected to maintain a high level of activity, driven by product innovation and commercial efficiency. Key players include Tencent, Century Huatong, and Giant Network [14][9]. Instant Retail Market - **Market Growth**: The instant retail market is expected to reach 1.175 trillion yuan by 2026, with a year-on-year growth rate of 28%. Major players like Alibaba, Meituan, and JD.com are heavily investing in this space, although profitability is under pressure due to intense competition [11][8]. - **Consumer Trends**: The county-level market is emerging as a new growth point, supported by the increasing number of rural internet users and their consumption habits [11][10]. Autonomous Driving Sector - **Competitive Landscape**: The autonomous driving sector is entering a price competition phase, with companies like Xpeng and Li Auto differentiating themselves through chip technology and self-driving capabilities. This trend is expected to enhance user experience and drive further development in the electric vehicle industry [12][10]. Short Drama and AI Animation - **Market Expansion**: The short drama market is rapidly growing, with approximately 700 million users in China. The market share of Hongguo exceeds 50%, while companies like China Online and Kunlun Wanwei are performing well in overseas markets, particularly targeting the U.S. [18][1]. - **AI Animation Growth**: The supply of AI animation (dynamic comics) has surged, with a compound monthly growth rate of about 83% in the first half of the year, resulting in over 3,000 works produced and a revenue scale that has increased twelvefold [19][3]. Education Sector - **AI Integration**: AI is increasingly penetrating the education sector, with companies like Dou Shen Education expected to achieve full AI integration by 2026, with AI revenue accounting for 90% of total income. Fenbi Education's AI interview courses are projected to enhance profit margins significantly [20][21]. - **Valuation Appeal**: Dou Shen Education's valuation metrics, such as a PS ratio of around 7 and a PE ratio in the 30s, are considered attractive compared to other sectors, which often see PE ratios of 60-70 [21][20]. Additional Important Insights - **Consumer Resilience**: The macroeconomic environment is supporting consumer resilience, with trends like the "lipstick effect" maintaining consumption levels [9][8]. - **Content Supply Recovery**: The film and television sectors are experiencing a recovery in content supply, with stable growth in box office revenues and favorable policies aiding the industry [17][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the current trends and future outlooks across various sectors.