每经编辑｜陈鹏程 王晓波 ０国务院台湾事务办公室将于11月19日举行新闻 发布会 2 欧元区10月核心调和CPI公布 (3)美国8月贸易帐数据公布 4 2025数据存储产业大会将于11月19日在广州 举行 5 英伟达公司将于当地时间11月19日美股盘后公 布季度业绩 1 隔夜市场 美股三大指数集体收跌，道琼斯指数跌1.07%，标普500指数跌0.83%，纳斯达克综合指数跌1.21%；大型科技股多数下挫，亚马逊、AMD跌超4%，微软、 英伟达跌近3%，特斯拉跌超1%。中概股涨跌互现，纳斯达克中国金龙指数涨0.42%，爱奇艺涨超6%，百度涨超2%，阿里巴巴、网易涨超1%；拼多多跌超 7%并创5月27日以来最大跌幅，老虎证券跌超2%，蔚来跌超1%。 现货黄金涨0.52%，报4066.11美元/盎司；COMEX黄金期货跌0.22%，报4065.6美元/盎司。 美油主力合约涨1.29%，报60.63美元/桶；布伦特原油主力合约涨1%，报64.84美元/桶。 欧洲三大股指收盘全线下跌，德国DAX指数跌1.85%报23153.92点，法国CAC40指数跌1.86%报7967.93点，英国富时100指数跌1.27%报9552 ...

来源：滚动播报 周二热门中概股收盘涨跌不一，纳斯达克中国金龙指数涨0.42%。爱奇艺涨超6%，百度、虎牙、金山云 涨超2%，阿里巴巴、网易涨超1%；拼多多收跌7.33%，创5月27日以来最大跌幅，老虎证券跌超2%， 蔚来跌超1%，理想汽车、京东小幅收跌。 ...

Core Insights - Baidu reported stronger-than-expected third-quarter profit and revenue, with shares increasing over 2% intra-day [1] - The company posted an EPS of RMB11.12, surpassing analyst expectations of RMB8.37 [1] - Total revenue decreased by 7% year over year to RMB31.17 billion but exceeded the consensus estimate of RMB30.89 billion [1] Revenue Breakdown - Baidu Core revenue declined by 7% to RMB24.7 billion ($3.46 billion) [2] - Online marketing sales fell by 18% to RMB15.3 billion ($2.16 billion), impacted by macroeconomic pressures [2] - Non-online marketing revenue increased by 21% to RMB9.3 billion ($1.31 billion), driven by AI Cloud growth [2] AI Cloud Performance - AI Cloud Infrastructure generated revenue of RMB4.2 billion, reflecting a 33% year-over-year increase [2] - Subscription-based AI accelerator infrastructure saw significant growth, surging by 128% [2] iQIYI Performance - Streaming subsidiary iQIYI reported revenue of RMB6.7 billion ($939 million), marking an 8% year-over-year decline [3]

百度近日公布2025年第三季度财务数据，季度总营收达312亿元，其中百度核心业务贡献247亿元。值得关注的是，公司首次披露AI相关业务收入，同比增 长超过50%，成为本季度业绩亮点。AI云、AI应用及AI原生营销服务三大板块均呈现强劲增长态势，推动整体业务结构向智能化深度转型。 在AI云领域，该季度收入同比增长33%，高性能计算基础设施订阅收入增幅达128%。百度千帆大模型平台完成全面升级，推出Agent Infra工具集，显著提升 企业开发AI原生应用的效率。根据IDC最新报告，百度智能云连续六年蝉联中国AI公有云市场首位，累计十次获得这一殊荣。平台升级后，企业客户可更便 捷地调用模型服务，加速智能体开发流程。 AI应用业务本季度收入突破26亿元，覆盖百度文库、网盘及数字员工等核心产品。这些应用通过订阅模式实现稳定收入，其中文库与网盘联合推出的智能 体GenFlow 3.0活跃用户超2000万。无代码开发工具"秒哒"升级至2.0版本，已支持创建40余万个AI应用。全球首个自我演化的超级智能体"伐谋"正式发布， 该技术已在金融、能源、交通等领域落地，通过寻找产业场景中的最优解决方案提升运营效率。 AI原生营销 ...

11月18日，百度集团股份有限公司（以下简称"百度"）发布2025年第三季度业绩报告。百度第三季度实 现营收312亿元，实现核心营收247亿元，其中整体AI业务营收增长超50%，达100亿元。 "第三季度，百度全方位展示了AI为业务带来的变革性价值。得益于越来越多的企业采用我们的AI产品 和解决方案，AI云保持了稳健的增长势头；萝卜快跑全无人运营规模加速扩大，全球化脚步加快；在 移动生态中，智能体和数字人等AI原生商业化产品带来快速的收入增长，显示出强大的长期潜力。"百 度创始人李彦宏表示，百度将继续开拓人工智能创新，为用户、企业和社会创造巨大价值，巩固百度在 AI时代的领导地位。 云业务营收同比增长33% 智能生态持续扩容 作为百度AI战略的核心支柱，智能云业务在第三季度继续保持强劲增长态势。财报数据显示，百度第 三季度的AI云营收同比增长33%，其中AI高性能计算基础设施的订阅收入同比增长128%。值得注意的 是，百度在报告期内首次明确了AI业务的细分营收结构：AI应用营收达26亿元，AI原生在线营销服务 营收同比增长262%至28亿元。 市场份额方面，百度智能云的领导地位进一步巩固。IDC发布的《中国A ...

Core Insights - Baidu Inc. reported strong financial results for Q3 2025, with earnings per share of $1.56, exceeding estimates of $1.20, and revenue of approximately $4.38 billion, surpassing the estimated $4.34 billion [1][2] Financial Performance - The company achieved a P/E ratio of approximately 9.90, a price-to-sales ratio of about 2.08, and an enterprise value to sales ratio of around 2.54, indicating its market valuation relative to earnings and sales [4] - Baidu's earnings yield stands at approximately 10.10%, providing insight into the return on investment [4] - The debt-to-equity ratio is about 0.33, reflecting a moderate level of debt relative to equity, while the current ratio is approximately 1.85, suggesting a solid ability to cover short-term liabilities [5] Revenue Drivers - Revenue growth is primarily driven by Baidu's AI Cloud business, which has benefited from increased enterprise adoption of AI products and solutions, offsetting declines in traditional advertising revenue [2] - The autonomous driving service, Apollo Go, has expanded globally, including a new entry into Switzerland, showcasing Baidu's commitment to advancing its technology and capturing new markets [3] - AI-native monetization products, such as agents and digital humans, have shown rapid revenue growth, indicating strong long-term potential [3]

百度短线拉升涨超2%，盘初一度跌近5%。 来源：滚动播报 ...

未来，百度将持续加大AI投入。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，百度于11月18日晚间发布了2025年第三季度财报。 财报显示，百度第三季度总营收312亿元，百度核心营收247亿元。值得注意的是， 百度在本季度 首次披露了AI业务收入，显示同比增长超50%。其中，AI云收入同比增长33%；AI应用收入达26亿 元；AI原生营销服务收入同比增长262%达28亿元。 "第三季度，我们全方位展示了AI为业务带来的变革性价值。得益于越来越多的企业采用我们的AI产 品和解决方案，AI云保持了稳健的增长势头；萝卜快跑全无人运营规模加速扩大，全球化脚步加快， 已进入瑞士市场，同时保持了行业领先的安全标准；在移动生态中，智能体和数字人等AI原生商业化 产品带来快速的收入增长，显示出强大的长期潜力。" 百度创始人李彦宏表示，将继续开拓人工智能 创新，为用户、企业和社会创造巨大价值，巩固百度在AI时代的领导地位。 某种程度上而言，作为百度第一个用AI重构的产品，百度搜索现已成为全球AI化改造最激进的搜索引 擎。 今年7月，在百度AI Day开放日上，百 ...

明日主题前瞻 1、工业4.0 | 11月18日，工信部办公厅印发了《高标准数字园区建设指南》。其中指出，打造企业数字化转型标杆。聚焦园区主导产业，依托制造业数字化 转型通用评估指标体系引导企业数字化改造，建设制造业数字化转型促进中心等载体，深化新一代信息技术全链条赋能应用，推动企业全要素生产率提升。 积极开展"人工智能+制造"应用探索，支持企业开展智能工厂梯度建设，推进工业机器人等智能制造装备规模化部署，推动企业生产智能化跃升。 宏观、行业新闻 1、工信部：目标到2027年建成200个左右高标准数字园区，算力基础设施实现有效部署和应用。 点评：分析认为，人工智能可覆盖制造业全流程各环节，提高各环节自身运作效率，并可挖掘各单一环节所产生的数据信息，进而赋能整体的预测、生产、 管理等，实现精细化管理。工信部数据显示，经过智能化改造，制造业研发周期缩短约20.7%、生产效率提升约34.8%、不良品率降低约27.4%、碳排放减少 约21.2%。另一方面，在人工智能的赋能下，制造业从产品为中心向用户为中心转变、从刚性生产向柔性生产转变，满足消费者个性化需求成为制造业新服 务模式。根据Bizwit数据，从2019年起，人 ...

Core Insights - Baidu has invested over 100 billion RMB in AI since the launch of Wenxin Yiyan in March 2023, with plans for continued investment in the AI sector [1] - The company reported a total revenue of 31.2 billion RMB for Q3 2025, a year-on-year decrease of 7%, and a net loss attributable to Baidu of 11.232 billion RMB, compared to a profit of 7.632 billion RMB in the same period last year [1] - Baidu's AI business revenue grew over 50% year-on-year, with significant increases in various segments, indicating a shift towards AI as a new growth driver [2] Financial Performance - Total revenue for Q3 2025 was 31.2 billion RMB, down 7% year-on-year [1] - Net loss for the quarter was 11.232 billion RMB, compared to a profit of 7.632 billion RMB in the previous year [1] - Non-GAAP net profit was 3.77 billion RMB, a decrease of approximately 36% year-on-year [1] AI Business Highlights - AI business revenue increased by over 50% year-on-year, with intelligent cloud infrastructure revenue at 4.2 billion RMB (up 33%) and AI high-performance computing subscription revenue up 128% [2] - Revenue from AI-native marketing services surged by 262%, becoming a significant growth curve outside of Baidu's traditional business [2] - Baidu's total MAU for Baidu Wenku and Baidu Wangpan reached nearly 300 million, marking it as the largest personal AI application [2] Operational Developments - The number of global ride-hailing services provided by Baidu's autonomous driving service, Luobo Kuaipao, reached 3.1 million in Q3, a 212% increase year-on-year [2] - Luobo Kuaipao has accelerated its global expansion, obtaining the first autonomous driving test licenses in Dubai and commercial operation permits in Abu Dhabi [2] - A strategic partnership with PostBus was established to launch autonomous driving services in Switzerland [2]