那么，在这场二十年一遇的价值重估中，谁是真正的弄潮儿？ 产业信号密集释放，马斯克豪言机器人成特斯拉价值核心 2025年以来，机器人不再只是展会上的噱头，而是在技术、产业和资本多个层面同步发出加速落地的信号。过去几年它们还停留在实验室样机阶段，而如 今，量产和商业化的逻辑开始逐渐清晰。 入秋以来，机器人赛道更加火热。 港股机器人概念中，地平线机器人市值年内累涨181%，首程控股市值年内累涨133%，越疆市值年内累涨118%，优必选市值年内累涨96%，三花智控市值年 内累涨43%，极智嘉市值年内累涨31%。 9月8日落幕的智博会上，人形机器人不仅能完成格斗、跳舞，还能承担清扫、搬运等实用任务，标志着"机器人+场景"的商业化正在加速。特别是，特斯拉 Optimus的迭代牵动全球资本神经，优必选更凭借2.5亿元大单释放出规模化信号。 除了整机厂吸引目光，背后的供应链龙头也在加速奔跑。三花智控近期获纳入恒生综合指数成分股，8日A股涨停板封单近30万手，港股也涨超10%。展示 出市场对其从汽车零部件到机器人零部件业务拓展的认可。 这只是个开始。就像由iPhone在2007年开启的制造业大周期，随着机器人从实验室与展会走向 ...

9月10日，港股三大指数继续走强，均录得4连涨行情，皆刷新阶段新高位。截止收盘，恒生指数涨 1.01%站上26000点大关，国企指数涨0.93%，恒生科技指数涨1.27%亦站上9200点上方。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | | 26200.26 | +262.13 | +1.01% | | 800000 | | | | | | 国企指数 | | 9328.16 | +85.76 | +0.93% | | 800100 | | | | | | 恒生科技指数 | my 3 | 5902.69 | +73.95 | +1.27% | | 800700 | | | | GDEC | 盘面上，作为市场风向标的大型科技股持续上涨助力大市上扬，京东涨3.6%，百度涨2.8%，美团涨 2%，腾讯涨1%，阿里巴巴涨0.6%4连升，创近4年新高；大金融股普遍上涨，内银股涨幅相对明显，农 业银行涨3.5%，建设银行涨2.84%；半导体芯片股全天表现活跃，龙头中芯国际涨3.6%，脑机接口概念 股、影视娱乐股、濠赌股、内房股、苹果 ...

消息面上，9月9日，据百度官微消息，在WAVE SUMMIT深度学习开发者大会2025上，文心大模型X1.1 正式发布。据介绍，目前，用户可以在文心一言官网、文小言APP使用文心大模型X1.1。文心大模型 X1.1也已正式上线百度智能云千帆平台，对企业客户及开发者全面开放使用。相比文心大模型X1， X1.1的事实性提升34.8%，指令遵循提升12.5%，智能体提升9.6%。此外，在多个权威基准评测中，文 心大模型X1.1整体表现超越DeepSeek R1-0528，在部分任务上展现出领先优势。同时，在与国际顶尖模 型GPT-5和Gemini 2.5 Pro相比，效果持平。 （原标题：港股异动 | 百度集团-SW(09888)早盘涨超3% 正式发布文心大模型X1.1 整体表现超越 DeepSeek R1-0528） 智通财经APP获悉，百度集团-SW(09888)早盘涨超3%，截至发稿，涨3.3%，报109.6港元，成交额7.02 亿港元。 ...

消息面上，9月9日，据百度官微消息，在WAVE SUMMIT深度学习开发者大会2025上，文心大模型X1.1 正式发布。据介绍，目前，用户可以在文心一言官网、文小言APP使用文心大模型X1.1。文心大模型 X1.1也已正式上线百度智能云千帆平台，对企业客户及开发者全面开放使用。相比文心大模型X1， X1.1的事实性提升34.8%，指令遵循提升12.5%，智能体提升9.6%。此外，在多个权威基准评测中，文 心大模型X1.1整体表现超越DeepSeek R1-0528，在部分任务上展现出领先优势。同时，在与国际顶尖模 型GPT-5和Gemini2.5Pro相比，效果持平。 百度集团-SW(09888)早盘涨超3%，截至发稿，涨3.3%，报109.6港元，成交额7.02亿港元。 ...

Key Takeaways Baidu posted a negative free cash flow of RMB 4.7B in Q2 2025 as costs surged.AI Cloud revenues rose 27% and non-marketing revenues climbed 34% year over year.Over 64% of Baidu mobile search results featured AI-generated content by July.Baidu, Inc. (BIDU) is facing mounting financial pressure as its aggressive push into artificial intelligence drives free cash flow into negative territory at RMB 4.7 billion in the second quarter of 2025. The pressure stems from rising operating costs. Its cost ...

Core Insights - Baidu has unveiled significant advancements in AI technology at the WAVE SUMMIT 2025, including the ERNIE X 1.1 reasoning model, an upgraded PaddlePaddle framework, and the AI coding assistant Baidu Comate 3.5S, along with the open-sourcing of the ERNIE-4.5-21B-A3B-Thinking model [1][8]. ERNIE X 1.1 Model - The ERNIE X 1.1 reasoning model shows major improvements in factuality (up 34.8%), instruction following (up 12.5%), and agentic capabilities (up 9.6%) compared to its predecessor ERNIE X [2]. - ERNIE X 1.1 outperforms DeepSeek R1-0528 and matches the performance of leading models like GPT-5 and Gemini 2.5 Pro [2][8]. - The model is accessible via the ERNIE Bot website and the Wenxiaoyan app, and is deployed on Baidu AI Cloud's Models-as-a-Service platform [3]. PaddlePaddle Framework - The PaddlePaddle framework version 3.2 introduces enhancements in model training, hardware compatibility, and ecosystem support, addressing challenges in model training with computational optimization, parallel strategies, and native fault tolerance [4]. - The framework achieves a pre-training MFU of 47% on the ERNIE-4.5-300B-A47B model, significantly boosting efficiency [4]. Baidu Comate 3.5S - Baidu Comate 3.5S enhances multi-agent collaboration, allowing a single developer to achieve the productivity of an entire team [6]. - The upgrade includes stronger business understanding, improved task execution accuracy, and a unified knowledge base for seamless knowledge transfer within teams [7]. Open-Sourcing of ERNIE-4.5-21B-A3B-Thinking Model - The ERNIE-4.5-21B-A3B-Thinking model supports a 128K context window and excels in complex reasoning tasks, including content creation and code generation [9]. - This lightweight model has 21 billion total parameters, with 3 billion active parameters, achieving near-state-of-the-art performance at a reduced scale [10]. - The model is available on platforms like Hugging Face and Baidu AI Studio, following the open-sourcing of 10 other ERNIE 4.5 models [10]. Ecosystem Impact - The PaddlePaddle-ERNIE ecosystem has served 23.33 million developers and 760,000 enterprises, while Baidu Comate has supported over 10 million developers [5][8]. - Within Baidu, 45% of new code is now generated by AI, indicating a significant shift towards AI-driven development [9].

Core Viewpoint - Baidu Group announced the pricing of a total principal amount of RMB 4.4 billion for 1.90% priority unsecured notes maturing in 2029, to be issued outside the United States to several non-U.S. persons [1] Group 1 - The notes are expected to be issued around September 15, 2025, subject to customary closing conditions [1] - The net proceeds from the issuance will be used for general corporate purposes, including repaying certain existing debts and paying interest [1]

Core Viewpoint - Baidu Group-SW announced plans to issue unsecured notes totaling 4.4 billion yuan, maturing in 2029, with an interest rate of 1.90% [2] Summary by Category Company Actions - The company intends to issue a total principal amount of 4.4 billion yuan in unsecured notes [2] - The notes will have a maturity date set for 2029 [2] - The interest rate for these notes is set at 1.90% [2]

Core Viewpoint - Baidu Group-SW plans to issue a total principal amount of RMB 4.4 billion in 1.90% senior unsecured notes maturing in 2029 [1] Group 1 - The company expects to complete the note issuance around September 15, 2025, subject to customary closing conditions [1] - The net proceeds from the note issuance will be used for general corporate purposes, including repaying certain existing debts and paying interest [1]

Core Viewpoint - Baidu Group-SW (09888.HK) announced the pricing of its issuance of priority unsecured notes totaling RMB 4.4 billion, maturing in 2029 with an interest rate of 1.90% [1] Group 1: Issuance Details - The notes are issued under Regulation S of the Securities Act of 1933, and will be offered outside the United States to certain non-U.S. persons [1] - The company expects to complete the issuance of the notes around September 15, 2025, subject to customary closing conditions [1] Group 2: Use of Proceeds - The net proceeds from the issuance are intended for general corporate purposes, including the repayment of certain existing debts and interest payments [1]