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 Viewpoint - Baidu's stock has seen a pre-market increase of approximately 3.4%, reaching $114.69, while its H-shares rose about 4.2% to HKD 111.8, following an upgrade from Morgan Stanley, which raised its investment rating from "Neutral" to "Overweight" [1] Group 1: Investment Rating and Price Target - Morgan Stanley upgraded Baidu's investment rating to "Overweight" and increased the target price for its H-shares from HKD 105 to HKD 185 [1] - The target price for Baidu's U.S. shares was also raised from $110 to $188 [1] Group 2: Growth Drivers - The report highlights that market focus is shifting towards Baidu's cloud and AI businesses, which are expected to become the main growth engines and value drivers [1] - Baidu's cloud revenue growth is projected to accelerate to approximately 61% by 2026, compared to an estimated 23% for this year [1] - Sales of Kunlun chips are forecasted to increase sixfold to CNY 8.3 billion by 2026 [1] Group 3: Valuation and Market Perception - Morgan Stanley estimates the valuation of Baidu's cloud business to be around $34 billion, suggesting that the market may be underestimating its transformation potential [1] - The firm recommends investors to enter the market now to capture the opportunity for valuation re-rating [1]

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]

[Table_ReportDate] 2025 年 11 月 24 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 [Table_Industry] TMT [Table_Title] 国内外大模型厂商加速抢占 C 端入口 TMT 行业周报（11 月第 3 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 】 [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（11.17-11.21）涨 跌幅为：传媒（-1.25%）、通信（-2.51%）、计算机（-2.74%）、 电子（-5.89%）。TMT 板块内涨幅靠前的三级子行业为营销代 理（9.60%），跌幅靠前的三级子行业分别为其他电子Ⅲ（- 11.95%）、半导体设备（-7.19 ...

作者 ｜ InfoQ InfoQ 2025 中国技术力量年度榜单评选报名 即将截止 。 11 月 30 日 是"2025 中国技术力量年度榜单"的最后报名日期，现在仅剩一周。 今年是 InfoQ 连续进行榜单评选的第五年，每年基本都能收到来自 100 余家 企业的案例申报。 本次参评企业阵容强大，既包括阿里、腾讯、京东、百度、字节跳动、网易、科大讯飞、蚂蚁科 技、神州数码、商汤科技等行业巨头，也有昆仑万维、博查科技、无问芯穹、小影科技等创新代 表积极加盟，共同见证 AI 产业创新力量的崛起。 本次榜单以 "洞察 AI 变革，见证智能未来" 为主题，围绕 AI 基础设施、工程与部署、智能体生 产力、行业应用、数据智能、AI Coding、具身智能与开源等 八大方向 ，全面展现 AI 在技术突 破与产业落地上的新成果。 具体包括 八大榜单类别 ： 2025 年度 AI 基础设施卓越奖 TOP20 2025 年度 AI 工程与部署卓越奖 TOP20 "人工智能 +"行业最佳解决 / 落地方案 TOP20 AI Agent 最具生产力产品 / 应用 / 平台 TOP15 Data & AI 最具价值产品 / 平台 T ...

【数智产业周报整合近一周最重要的数字化技术和AI领域的前沿趋势、重磅政策及行研报告。】观点瑞银：继续交易AI叙事合理，维持超配中国 瑞银全球新兴市场股票首席策略师Sunil Tirumalai近日发布年度策略称，全球经济增长将从2026年初开始回升，发达市场财政扩张的全部益处可能会显现， 美联储资产负债表扩张和稳定币的积累使长端收益率处于可控范围。由于开展巨额投资的企业资产负债表空间充足，科技/AI投资可能持续。"现在是科 技/AI周期的早期阶段，整体环境接近见顶前1.5—2年。"他认为，当前微观情况是健康的，AI投资资金来自现金流，开展巨额投资的企业的杠杆率较低，估 值不高于其余市场。在新兴市场，确定AI受益者约占指数的23%，贡献2025年回报率的42%以上。预计2026年AI股票的每股收益增长可能保持20%以上， 2027年恢复常态。总的来说，继续交易AI叙事是合理的。 Sunil Tirumalai还提到，"我们更看好中国公司（相较于韩国）。它们是新兴市场独有的、面向消费者的AI股票，而且估值并未回升太多。MSCI中国仍是我 们在较大市场中的主要超配市场。" 又有大佬看空美国股市，"新债王"Gundl ...

Group 1 - Hong Kong stocks opened higher, with Alibaba's shares increasing by 5%, driving the Hang Seng Internet Index up over 2% and the Hang Seng Technology Index ETF rising by 1.36% [1] - The launch of Google's Gemini 3 Pro and its image model Nano Banana Pro has become a major tech highlight, increasing market attention on AI applications [1] - Alibaba's AI assistant, Qianwen App, has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing ChatGPT, Sora, and DeepSeek [1] - Ant Group's general AI assistant, Lingguang, achieved over 2 million downloads within 6 days of its launch [1] - The Hang Seng Technology Index ETF has seen a net inflow of 5.2 billion yuan over 17 consecutive trading days despite a cumulative decline of 11% from October 30 to November 21 [1] - The Hang Seng Internet ETF also experienced a net inflow of 3.3 billion yuan over the same period, despite a cumulative decline of 12% [1] Group 2 - The Hang Seng Internet ETF has a weight of over 80% in leading internet stocks, with an AI content exceeding 90%, including major companies like Alibaba, Tencent, NetEase, JD.com, and Baidu [2] - The latest scale of the Hang Seng Internet ETF is 33.979 billion yuan, reflecting strong investor interest in AI-driven companies [2]

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

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].