The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: Jefferies upgraded DoorDash (DASH) to Buy from Hold with a price target of $260, up from $220. The firm believes faster growth in U.S. restaurant delivery over the past four quarters warrant a more bullish stance on the growth runway for DoorDash's most profitable business. Nomura upgraded Baidu (BIDU) to Buy ...

11月18日晚间，百度2025年第三季度财报正式出炉。总营收312亿元、核心营收247亿元背后，有两个"首次"格外引人注目： 首次披露AI业务收入，整体同比增长超50%； 首次披露自2023年3月至今的AI投入总额，累计投入已超过1000亿元。 Q3财报不只是一张成绩单，还是一张证明，早行业一步，百度已用搜索、云服务、自动驾驶等多场景的突破，证明其AI转型进入实质收获期，这一切背 后，是其多年深耕全栈技术的战略定力。 财报发布后，受业绩利好刺激，花旗上调百度目标价，港股及美股双双涨超2%，市场信心进一步夯实。 首揭AI成绩单，重构营收结构 在以往的财报中，百度AI业务多被纳入整体营收框架，Q3财报正式推出了"AI原生视角"，首次拆分AI云、AI应用、AI原生营销服务三大板块数据。 这样做，更能直观反映百度现有产品组合的估值驱动逻辑，也清楚展现了其丰富的AI赋能资产。 AI云Q3收入同比增长33%，其中与AI算力紧密相关的板块增速更超整体，AI高性能计算基础设施订阅收入同比激增128%，较上一季度约50%的增速大幅 提升。 IDC最新报告显示，百度智能云已连续六年、累计十次蝉联中国AI公有云市场冠军，在政务大模 ...

【热点导读】 内需消费的重要增长点，冰雪产业市场规模快速增长 百度Q3首次披露AI业务收入，同比增长超50% 小米称当前内存价格上涨是长周期行为 天兵科技完成"一箭36星"全流程试验验证 需求的强劲导致碳酸锂月度级别短缺 AI浪潮+政策驱动下液冷产业有望爆发 新需求催化持续释放下，固态电池产业化进程有望提速 【主题详情】 内需消费的重要增长点，冰雪产业市场规模快速增长 据"阿勒泰文旅"官微消息：新疆阿勒泰地区将于2025年12月1日至5日为当地义务教育阶段学生放首个雪 假。11月29日、30日及12月6日、7日是周六周日，学生可拥有9天假期。此次雪假是阿勒泰地区落实国 家及自治区冰雪经济与教育融合发展决策部署的重要举措，旨在充分释放本地得天独厚的冰雪资源优 势，让义务教育阶段学生在假期中亲近自然、传承文化、强健体魄。 受到2022年北京冬奥热后续推动，我国冰雪运动持续升温，市场规模快速增长，2024年，中国冰雪产业 规模达到9800亿元，同比增长10.8%，预计2025年我国冰雪产业规模将突破1万亿元。滑冰滑雪等冰雪 运动项目已经从小众运动消费逐步迈向大众化消费，同时旅行+滑雪相结合，已经成为了一种新的休闲 ...

在互联网流量红利见顶的深秋，百度交出了一份AI味儿的财报。 11月18日晚，百度发布2024年第三季度业绩：312亿元总营收与247亿元核心营收背后，首次披露了AI 业务收入与过去10个季度的AI总投入。 三季度，百度AI相关收入增速超过50%，包括云、应用和在线营销三个维度；并且，自2023年3月文心 一言发布以来，10个季度内，百度在AI领域的投入已突破1000亿元。 财报中，百度还主动计提了部分资产减值，这通常意味着公司正在淘汰旧的服务器或资产，以便为更昂 贵的AI算力腾挪空间。 一面是传统搜索广告业务在宏观环境下的艰难守成，一面是AI新业务不计成本的巨额押注。这个季 度，我们看到了一个对AI更加激进的百度。 搜索的"消亡"与重生 长期以来，外界对百度的认知停留在"搜索引擎"四个字上。但百度创始人李彦宏透露，百度对搜索的改 革堪称"全球最激进"，取而代之的是一个被AI彻底重构的新物种。 第三季度，百度智能云营收为42亿元，同比增长33%，值得注意的是，其中AI高性能计算基础设施的订 阅收入同比增长了128%。 这个数字背后，是国内大模型行业的算力焦虑。在英伟达芯片受限的背景下，百度自研的"昆仑芯"成为 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

11月16日，《求是》杂志发表了中国劳动和社会保障科学研究院院长莫荣的署名文章《客观认识和应对人工智能对就业的 影响》。文章深入剖析了人工智能技术发展对就业市场的实际影响，指出其对就业岗位的替代效应有限，且正以前所未有 的力度改变就业结构，催生和创造大量"新质就业"。文章特别强调，人工智能在无人驾驶等领域渗透应用，将会催生研 发、制造、应用等一批新兴产业，形成就业新增长点。 来源：湖北日报 从百度获悉，目前，萝卜快跑自动驾驶车辆已捐赠给武汉大学、浙江大学、复旦大学等多所高校，并基于Apollo开放平台 打造全面的教育实践方案，助力高校快速构建无人驾驶与人工智能专业人才培养体系，为行业输送亟需的复合型人才。 当前，以萝卜快跑为代表的企业正通过产学研深度融合，为无人驾驶产业提供坚实的人才支撑。 此外，无人驾驶深度融合了人工智能、5G、大数据等新基建中的多项核心技术，具备高度智能化、无人化、数字化的的技 术特点，是推动传统实体经济转型升级的新兴科技力量之一。尤其是在无人驾驶产业链的传感器制造、算法研发、移动平 台运营等环节上，均将出现对应的产业升级，形成高质量的数字产业集群，带动更多产业、就业机会。 近年来，人力资 ...

以下文章来源于东四十条资本 ，作者黎曼 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 此番IPO，合肥或将再收获一个重卡界的"蔚来"。 作者丨 黎曼 来源丨 东四十条资本 也是在最近，一家由百度亲自下场成立的自动驾驶企业也要冲击IPO了。它就是2020年成立的新能 源重卡及智能公路货运解决方案科技公司"Deepway"，总部位于"最牛风投之城"合肥，合肥国资也 深度参与其中，并给予了多次投资。 自动驾驶这条超级赛道，牵动着全球目光。 2025年11月6日，国内两大自动驾驶头部企业文远知行和小马智行同时在港上市，掀开港股智驾热 潮。 值得注意的是，小马智行的创始人彭军和楼天城背景之一，来自自动驾驶"黄埔军校"百度。拥有百 度系自动驾驶背景的从业者不在少数，还包括中智行创始人王劲、它石智航联创李震宇等。 据报道，2021年，Deepway深向举办首场品牌发布会后不久，就收到了合肥抛来的橄榄枝，希望公 司"关注合肥"。此后，创始人万钧与合肥政府始终保持密切沟通，每当有业务进展时，万钧都会通 过微信告知合 ...

Core Viewpoint - David Tepper's Appaloosa fund significantly increased its exposure to artificial intelligence (AI) stocks during Q3 2025, particularly through substantial investments in Advanced Micro Devices (AMD), Baidu, and Qualcomm [2][16]. Group 1: Advanced Micro Devices (AMD) - Appaloosa's largest new position in Q3 was a stake in AMD, with the fund purchasing 950,000 shares valued at $153.7 million [3]. - AMD aims to close the gap with its main competitor, Nvidia, and Tepper's investment in AMD was notably larger than the 8.6% increase in Appaloosa's position in Nvidia [4]. - Since the end of Q3, AMD's share price has surged nearly 70%, attributed to the company's recent business advancements, including a strategic partnership with OpenAI and a goal for a revenue compound annual growth rate exceeding 35% [6][7]. Group 2: Baidu - Tepper increased Appaloosa's stake in Baidu by 67.2% in Q3, indicating a bullish outlook on the Chinese tech stock [8]. - Baidu, often referred to as the "Google of China," operates a leading search engine and provides cloud services and autonomous ride-hailing [9]. - Baidu's stock has risen over 30% since the end of Q3, and it remains attractively valued with a forward price-to-earnings ratio below 16 [11]. Group 3: Qualcomm - Appaloosa significantly increased its position in Qualcomm by 255.7% during Q3 [12]. - Qualcomm generates over 60% of its revenue from phone chips, with Apple as its largest customer, but is also experiencing growth in automotive and IoT sectors [12]. - Qualcomm's stock has seen only a low single-digit percentage increase since the end of Q3, but the company's entry into data center and robotics markets, along with new AI accelerators, could yield long-term benefits [14][15].

Core Viewpoint - Goldman Sachs reports that Baidu Group-SW (09888) third-quarter performance is broadly in line with expectations, with robust growth in cloud business and a focus on AI-related business performance [1] Group 1: Financial Performance - Baidu's AI new business revenue grew over 50% year-on-year, reaching approximately 10 billion RMB, accounting for about 40% of total revenue [1] - Goldman Sachs maintains a "Buy" rating, raising the target price from 150 HKD to 151 HKD, and increasing Baidu's US stock target price from 154 USD to 155 USD [1] Group 2: Business Outlook - The AI business encompasses cloud infrastructure, chips, AI applications and agents, as well as autonomous driving, reflecting Baidu's AI capabilities across its ecosystem [1] - Despite potential pressure on traditional search advertising in the coming quarters, there is optimism for revenue recovery in Q4 and next year driven by the rapid growth of AI-enabled businesses [1] - The group's net profit margin is expected to rebound from the third-quarter level [1]

Core Insights - Baidu's Q3 2025 financial report highlights significant growth driven by AI, with total revenue reaching 31.2 billion yuan and core revenue at 24.7 billion yuan, marking over 50% year-on-year growth in AI business revenue [1][5] - The company has invested over 100 billion yuan in AI since the launch of Wenxin Yiyan in March 2023, aiming to solidify its leadership in the AI era [1][4] AI Business Performance - Baidu's AI business has exceeded market expectations, with three key segments showing strong performance, particularly AI-native marketing services, which generated 2.8 billion yuan, a 262% increase year-on-year [2] - AI cloud revenue grew by 33%, with high-performance computing infrastructure subscription revenue increasing by 128% [2] Autonomous Driving Expansion - The autonomous driving service, "LuoBo Kuaipao," achieved a 212% year-on-year increase in global ride service instances, totaling 3.1 million in Q3 [3] - The service has expanded to 22 cities globally, with over 1.4 billion kilometers driven in fully autonomous mode, maintaining industry-leading safety standards [3] Technological Advancements - Baidu's recent release of the Wenxin large model 5.0 marks a significant upgrade in core capabilities, while new hardware products, Kunlun M100 and M300, are set to enhance AI infrastructure [4] - The company emphasizes ongoing investment in cutting-edge technology, focusing on improving self-learning capabilities and multi-modal integration of large models [4] Strategic Outlook - Baidu's strategy centers on three main areas: increasing investment in advanced technology, deepening AI integration across industries, and accelerating global expansion through autonomous driving initiatives [4][5] - The financial report underscores the commercial value of AI technology and Baidu's clear strategic path of "technology-driven, ecosystem collaboration" [5]