来源：上海证券报·中国证券网 上证报中国证券网讯 11月25日，恒生指数高开0.9%，恒生科技指数涨1.43%。百度集团涨近4%，小米 集团、阿里巴巴涨近3%。 ...

来源：第一财经 恒指报25875.36点，涨0.62%，恒生科技指数报5609.71点，涨1.16%。硬件设备、有色金属、医药、半 导体板块涨幅居前，电信、食品饮料板块走低。哔哩哔哩涨超5%，小米集团涨超4%，百度集团涨超 3%，禾赛大涨近14%，文远知行涨2%。（AI生成） ...

Group 1 - Hong Kong's Hang Seng Index rose by 0.61%, gaining 156 points to close at 25,873 points, while the Hang Seng Tech Index increased by 1.15%. The morning trading volume reached HKD 133 billion [1] - Alibaba (09988) saw a rise of 2.39% ahead of its quarterly earnings report, with its Qianwen app surpassing 10 million downloads in a week [1] - Baidu (09888) increased by 3.22%, with Morgan Stanley predicting significant revenue growth driven by Kunlun chip sales and GPU computing demand [1] - Longpan Technology (02465) surged over 18% after signing a supplementary agreement with Chuangneng New Energy, raising total sales to over RMB 45 billion [1] - Amazon announced a USD 50 billion investment in the U.S. to enhance computing power, focusing on government-level AI and HPC demands [1] - Huizhu Technology (01729) rose over 17%, positioning itself in the MPO optical communication and AI server sectors, serving as a key supplier for Google [1] Group 2 - Hesai Technology (02525) increased by over 13% after launching its self-developed RISC-V LiDAR main control chip, Fermi C500 [2] - Pony.ai (02026) rose over 10% following a strategic partnership with Sunshine Travel, with the first batch of autonomous vehicles set to launch this year [3] - Changfei Optical Fiber and Cable (06869) surged over 13%, with its A-shares hitting the daily limit as AI computing power experiences a surge in demand [4] - Fubo Group (03738) rose over 9% due to a spike in demand for AI-generated content recognition and rights management, launching an AI music detection service [5] - Junshi Biosciences (01877) increased by 4.6% after its JS001sc lung cancer Phase III trial met its primary endpoint, with plans to submit a listing application soon [6] - Tsunam Machine Tool China (01651) rose over 5%, with AI liquid cooling joint orders expected to drive future performance growth [7] - Deshang Real Estate (00199) resumed trading and soared over 46% after issuing shares at a discount to raise funds for transitioning into the Web 3.0 ecosystem [7]

Core Viewpoint - The A-share market shows significant gains, particularly in the technology sector, with the ChiNext Index rising over 2.6% amid strong performances in AI hardware and related concepts [2][4]. Market Performance - As of midday, the Shanghai Composite Index increased by 1.13%, the Shenzhen Component Index rose by 2.04%, and the ChiNext Index surged by 2.6% [2]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 149.3 billion yuan compared to the previous trading day [3]. Sector Highlights - AI hardware and CPO concepts experienced a broad rebound, with significant gains in glass fiber, liquid cooling, and copper-clad laminate concepts [2]. - The F5G concept led the sector gains with a rise of 5.70%, followed by optical communication and communication equipment sectors, which increased by 4.88% and 4.52%, respectively [3]. - The light communication concept saw a notable expansion, with companies like Guoke Technology and Tengjing Technology hitting historical highs [4]. Notable Stocks - Guoke Technology and Tengjing Technology both achieved maximum gains, with Guoke Technology hitting the daily limit and Tengjing Technology rising over 15% [4]. - Local stocks in Fujian, such as Xunxing Co., experienced a sharp rebound, with several stocks reaching their daily limit [5]. Investor Sentiment - The market sentiment remains positive, with over 4,900 stocks in the market showing gains [2][4].

Core Viewpoint - The A-share market experienced a strong rebound on November 25, with major indices rising significantly, particularly the ChiNext index which saw an intraday increase of over 3% [1][2]. Market Performance - By midday, the Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index was up by 2.60% [2]. - The Hong Kong market also showed strength, with the Hang Seng Index briefly surpassing the 26,000-point mark [1][13]. Sector Performance - The communication sector led the gains, with the index rising over 5% at one point. Notable stocks included Dekoli and Guangku Technology, both hitting the 20% limit up, along with several others achieving significant gains [4][6]. - The electronics sector also performed well, with an intraday increase exceeding 3%. Key stocks included Changguang Huaxin, which rose by 20%, and Tengjing Technology, which saw gains of over 14% [6][8]. New Listings - A new stock, Hai'an Group, debuted with an impressive rise of over 100% at one point during the trading session. The company specializes in the research, production, and sales of giant all-steel engineering tires [9][12]. Notable Stocks - In the communication sector, stocks like Dingxin Communications and Shida Group also saw significant increases, with multiple stocks hitting their daily limit up [4][6]. - In the electronics sector, stocks such as Haoli Technology and Huhua Electronics achieved limit-up status, reflecting strong investor interest [8]. Other Market Movements - The media sector showed notable gains, with stocks like Huanrui Century and Xinhua Group achieving consecutive limit-up days [8]. - Other sectors, including non-ferrous metals, comprehensive services, and power equipment, also saw increases of over 2% [8].

11月25日，港股恒生指数、恒生科技指数大幅高开，科网股集体大涨。截至发稿，哔哩哔哩-W涨超 5%，小米集团-W涨4.8%，中兴通讯、金山云、快手-W、中芯国际、比亚迪电子等细分领域龙头跟涨。 港股通科技ETF招商（159125）涨超2%。 消息面上，据中新网，当地时间11月24日，美国白宫发布声明表示，总统特朗普签署了一项行政命令， 启动一项旨在利用人工智能变革科学研究方式、加速科学发现的全新国家计划"创世纪计划"。AI产业链 大受提振，当日美股科技"七巨头"全部上涨，中国科技资产共振走强，纳斯达克中国金龙指数上涨 2.82%，百度集体涨超7%，哔哩哔哩涨超6%，阿里巴巴涨超5%。 据智通财经，高盛首席中国股票策略师表示，AI引领的中国股票上涨远非泡沫，中国科技公司仍有空 间通过专注于AI应用来提升估值和盈利。具备估值洼地效应和盈利弹性的港股互联网板块或值得重点 关注。 另一方面，降息预期再度走强。美联储理事、下一届联储主席热门候选人克里斯托弗·沃勒表示，他主 张在12月降息。据CME"美联储观察"预测，美联储12月降息25个基点的概率为82.9%，较此前大幅提 升。高盛最新预计显示，美联储最可能的政策路径 ...

GPU计算需求的井喷则为百度云业务注入了强劲动力。随着生成式AI应用的普及，企业对高性能算力 的需求呈指数级增长，百度智能云凭借"芯片-框架-模型-应用"的全栈布局，快速抢占市场份额。数据显 示，百度智能云的AI高性能计算设施订阅收入已连续多个季度保持三位数增长，2025年第三季度该板 块收入同比增幅高达128%，成为云业务增长的核心支柱。摩根大通认为，百度在算力调度、集群管理 等方面的技术积累，使其能够为客户提供更高效的算力服务，这种差异化优势将在竞争中持续放大。 值得注意的是，摩根大通的乐观预期并非全面覆盖，而是呈现出鲜明的结构性特征——对百度云/AI基 础设施业务的高度看好，与对传统广告业务的相对谨慎形成对比。研报强调，此次目标价上调的核心催 化剂完全来自新业务的增长动能，而非传统广告业务的周期性反弹。这一判断与百度近期的业务数据高 度吻合，2025年第三季度，百度AI原生营销服务收入同比增长262%，但传统搜索广告收入增速相对平 缓，显示出公司收入增长的驱动力已完成阶段性切换。 "这种转型是百度在AI时代的必然选择。"一位长期跟踪互联网行业的分析师表示，传统搜索广告业务面 临流量见顶与竞争加剧的双重压 ...

2025.11. 25 本文字数：562，阅读时长大约1分钟 作者 | 一财 阿驴 09:29 优必选低开2.3%，此前公告称，拟折让逾一成配售新股筹31亿港元。 09:28 贵金属板块盘初走强，四川黄金、中金黄金涨超3%，晓程科技、山金国际、湖南白银等跟 涨。 睁大你们的双眼，握紧你们的手机！ 没错，你们催了八百遍的「实体周边」 它！终！于！来！了！ 09:25 A股开盘丨创业板指高开1.42% 上证指数涨0.36%，深证成指涨0.85%，创业板指涨1.42%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | W | 3850.57 c | 13.81 | 0.36% | | 399001 | 深证成指 | 5 | 12692.09 с | 107.00 | 0.85% | | 399006 | 创业板指 | W/2 | 2970.73 с | 41.69 | 1.42% | 盘面上，科技股集体反弹，存储芯片、CPO概念涨幅居前，中际旭创涨超4%；量子技术、光伏、贵 金属板块反 ...

Core Insights - The report from Dongwu Securities highlights the positive impact of AI on Baidu Group's business, emphasizing the company's commitment to shareholder returns through ongoing buybacks and maintaining a "buy" rating. The third quarter showed comprehensive growth, driven by a 21% year-on-year increase in AI cloud revenue and a significant surge in AI-native marketing services revenue, which has become a new engine for advertising business [1]. Group 1: AI Cloud Business Growth - The strong demand for AI services and Baidu's full-stack AI capabilities, along with the ramp-up of self-developed AI chips, are driving rapid growth in the company's AI cloud business. In Q3 2025, Baidu's AI cloud revenue reached 6.2 billion, a 21% year-on-year increase, with intelligent cloud infrastructure revenue at 4.2 billion, up 33% [2]. - The company is solidifying its computing power foundation through self-developed capabilities, supporting stable operations for large model training and inference, which helps various industries internalize AI capabilities at manageable costs [2]. Group 2: AI Native Marketing Services - The revenue from AI-native marketing services, including intelligent agents and digital humans, reached 2.8 billion in Q3, marking a 262% year-on-year increase and accounting for 18% of Baidu's core online marketing revenue, up from 4% in Q3 2024 [3]. - The growth of AI-native advertising services is expected to contribute positively to the company's advertising business stability in the long term [3]. Group 3: Autonomous Driving Business Expansion - The autonomous driving service "萝卜快跑" recorded 3.1 million fully autonomous driving orders in Q3, a 212% year-on-year increase, with an average of over 250,000 weekly orders in October. As of November, the service has completed over 17 million cumulative orders [4]. - Following successful domestic operations, the company is accelerating its global expansion, having received the first commercial operation license for fully autonomous driving in Abu Dhabi, marking its first large-scale operation outside China [4].

人民财讯11月25日电，恒指高开0.9%，恒生科技指数涨1.43%。小米集团涨近3%，百度集团涨近4%， 紫金矿业涨3%。 ...