研究报告 Research Report 30 Nov 2025 百度集团-SW Baidu (9888 HK) 集中资源专注 AI 发展和变现；萝卜快跑价值将释放 Concentrate resources on the development and monetization of AI; Apollo Go help unlock valuation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$113.80 目标价 HK$171.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$262.80bn / US$33.78bn 日交易额 (3 个月均值) US$320.19mn 发行股票数目 2,309mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$139.20-HK$75.50 注：现价 HK$1 ...

Group 1: TSMC and Intel - Taiwan prosecutors raided the home of former TSMC vice president Wei-Jen Lo over allegations of leaking trade secrets to Intel Corp, with computers and storage devices seized as evidence [2] Group 2: AI Hardware Market - A Google DeepMind researcher criticized the market's perception of AI hardware demand following a significant drop in Nvidia and AMD stocks, which fell after reports indicated that Meta might utilize Google's AI chips [3] Group 3: Baidu Layoffs - Baidu has initiated layoffs across multiple business units after a disappointing Q3 report, with potential job cuts reaching up to 40% in some teams, although the exact number of layoffs remains unspecified [4] Group 4: Amazon Legal Victory - Amazon won a legal battle against New York's new labor law, which would have allowed state intervention in private-sector union disputes, with a federal judge blocking the law's enforcement while Amazon's challenge is ongoing [5] Group 5: Meta Investigation - U.S. Senators Richard Blumenthal and Josh Hawley have called for an investigation into Meta Platforms over allegations that the company profits from fraudulent advertisements, with estimates suggesting potential earnings of $16 billion annually from such ads [6]

文｜财新 刘沛林 百度开启近年来最大一次人员调整。近日多名百度员工向财新称，公司内部不同业务线多个部门本周开始裁员，裁员比 例从10-25%不等，个别部门裁员比例近30%，是近年来全公司范围内的最大一次裁员。财新向百度问询，截至发稿未获 回应。 图片来自视觉中国 百度一直以来的现金流支柱搜索业务近几个季度持续承压，同时AI大模型仍需高额投入 一位百度内部人士向财新称，该轮裁员是正常的年终调整，没有确定的裁员比例目标，且裁员补偿包括了年终奖等，相 对丰厚。而多名员工指出，这一次裁员规模超过了往年的年终调整，加上签字费裁员补偿可达N+3.5（工龄加3.5个月工 资）。 "在这种大规模裁员里多数人不会感到自己被针对了，再加上今年年终奖照发，赔偿也符合预期，多数人没有怨气，"一 名百度员工说。不过他也认为，目前这一轮裁员还未完全落定，公司内部难免影响士气。 …… ...

Core Insights - The MEET2026 Smart Future Conference will focus on cutting-edge technologies and industry developments that have garnered significant attention throughout the year [1] - The theme "Symbiosis Without Boundaries, Intelligence to Ignite the Future" emphasizes how AI and smart technologies penetrate various industries, disciplines, and scenarios, becoming a core driving force for societal evolution [2] Group 1: Conference Highlights - The conference will cover hot topics in the tech circle this year, including reinforcement learning, multimodal AI, chip computing power, AI in various industries, and AI going global [3] - It will feature the latest collisions between academic frontiers and commercial applications, showcasing leading technological achievements from infrastructure, models, and product industries [4] - The event will also include the authoritative release of the annual AI rankings and the annual AI trend report [5][116] Group 2: Notable Speakers - Zhang Yaqin, President of Tsinghua University's Intelligent Industry Research Institute and an academician of the Chinese Academy of Engineering, has extensive experience in AI and digital video technologies [11][12] - Sun Maosong, Executive Vice President of Tsinghua University's AI Research Institute, has led numerous national projects in AI research [15] - Wang Zhongyuan, Director of the Beijing Academy of Artificial Intelligence, has a strong background in AI core technology development and has published over 100 papers [19] Group 3: Industry Impact - The annual AI rankings initiated by Quantum Bit have become one of the most influential lists in the AI industry, evaluating companies, products, and individuals across three dimensions [117] - The annual AI trend report will analyze ten significant AI trends based on technological maturity, implementation status, and potential value, highlighting representative institutions and best cases [118] - The conference aims to attract thousands of tech professionals and millions of online viewers, establishing itself as an annual barometer for the smart technology industry [122]

【数智周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报 告。】 观点 科技部部长阴和俊：要部署实施一批国家重大科技任务，全链条推进重点领域关键核心技术攻关取得决 定性突破 科技部部长阴和俊表示，要强化高质量科技供给，引领现代化产业体系建设。坚持"四个面向"，部署实 施一批国家重大科技任务，全链条推进重点领域关键核心技术攻关取得决定性突破，加强基础研究战略 性、前瞻性、体系化布局。强化主体协同，推进企业主导的产学研深度融合。要统筹国家战略科技力量 建设，强化企业科技创新主体地位，支持企业牵头组建创新联合体，更多承担国家科技攻关任务。加快 培育壮大科技领军企业，支持高新技术企业和科技型中小企业发展。 刘铁岩：AI或成独立科学家，人机协同将开启科研新纪元 2025国际人工智能科学家大会（ICAIS 2025）上，北京中关村学院院长、中关村人工智能研究院理事长 刘铁岩谈及AI成为独立"科学家"的可能性时指出，未来的科研教育与人才培养，将超越纯粹的"人力驱 动"，迈入"人机协同、碳硅融合"的新阶段——人类的"碳基智慧"蕴含着意识、灵感与创造，机器的"硅 基智能"承载着不知疲倦的分析、计算 ...

英伟达反击"大空头"言论；百度新设两大AI部门。 DeepSeek开源首个奥数金牌水平的模型 11月27日晚，DeepSeek悄悄地在Hugging Face 上开源了一个新模型：DeepSeek-Math-V2。这是一个数学 方面的模型，也是目前行业首个达到IMO（国际奥林匹克数学竞赛）金牌水平且开源的模型。在同步发 布的技术论文中，DeepSeek表示，Math-V2的部分性能优于谷歌旗下的Gemini DeepThink，并展示了模 型在IMO-ProofBench基准以及近期数学竞赛上的表现。 点评:行业头部厂商的模型已经又迭代了一轮，11月，先是OpenAI发布了GPT-5.1，几天后xAI发布Grok 4.1，就在上周谷歌发布了Gemini 3系列引爆AI圈，"也该轮到DeepSeek出牌了"。不过，更受外界关注的 仍然是，DeepSeek的旗舰模型到底什么时候更新，行业期待"鲸鱼"的下一个动作。 前OpenAI 联创：AI规模扩展时代已终结 11 月 26 日，Safe Superintelligence（SSI）CEO伊利亚·苏茨克维（Ilya Sutskever）访谈在AI圈刷屏，这 次访谈 ...

Baidu, Inc. (NASDAQ:BIDU) is one of the AI Stocks on the Market’s Radar. On November 24, Susquehanna raised its price target on the stock to $110.00 from $95.00, while maintaining a Neutral rating. The firm sees Baidu’s AI traction as promising, but cautions that near-term financial headwinds can limit upside. According to the firm, Baidu’s third-quarter results revealed continued weakness in their online marketing business. However, the weakness was partially offset by strength across its artificial inte ...

Core Insights - The recent Double 11 event on Douyin e-commerce saw significant sales growth, with 67,000 brands doubling their sales year-on-year and 520,000 merchants achieving the same in live-streaming sales, highlighting the platform's effectiveness in driving business for merchants [1] - The upcoming "2025 Douyin Mall Year-End Carnival" set to start on December 3 is positioned as a critical opportunity for merchants to achieve annual targets and explore new growth avenues [1] - The event will feature a comprehensive promotional strategy, including various discount mechanisms and marketing support to enhance merchant sales during the peak shopping season [2][9] Promotional Strategies - The event will implement direct discount strategies such as "instant discounts" and "single-item price reductions" to enhance consumer perception of value and stimulate purchasing behavior [2] - Douyin will continue to provide consumer vouchers to amplify discounts, allowing merchants to increase their promotional effectiveness across all product categories [2] Content and Exposure - Continuous content output is emphasized to enhance product visibility, with initiatives like "Super Value Team" and "Super Category & Mega Store Discounts" designed to encourage influencers and merchants to maintain live broadcasts during the event [3] - The platform will offer systematic support for merchants, from search traffic generation to conversion, ensuring a comprehensive approach to driving sales [5] Marketing Channels - The "Super Value Purchase" channel will provide additional product subsidies and prime placement for popular brands, while the "Flash Sale" channel will target high-frequency consumer brands to facilitate rapid sales growth [7] - Diverse marketing strategies will be introduced to cater to various merchant needs, including "Category & New Launch" initiatives and tailored support for brands at different development stages [9][10] Brand-Specific Initiatives - The event will feature specific strategies for brands, such as "Big Brand Discounts" for leading brands and "Marketing IP" initiatives to enhance visibility and sales [11] - The "Qianchuan" initiative will support brands in expanding their reach and improving sales efficiency through targeted marketing efforts [13] Conclusion - The ongoing evolution of the promotional ecosystem on Douyin is expected to provide merchants with greater certainty in achieving sales growth during the year-end event, emphasizing the importance of early preparation and strategic alignment with platform initiatives [19]

Core Insights - The MEET2026 Smart Future Conference will focus on cutting-edge technologies and industry developments that have garnered significant attention throughout the year [1] - The theme "Symbiosis Without Boundaries, Intelligence to Ignite the Future" emphasizes how AI and smart technologies penetrate various industries, disciplines, and scenarios, becoming a core driving force for societal evolution [2] Group 1: Conference Highlights - The conference will cover hot topics in the tech circle this year, including reinforcement learning, multimodal AI, chip computing power, AI in various industries, and AI going global [3] - It will feature the latest collisions between academic frontiers and commercial applications, showcasing leading technological achievements from infrastructure, models, and product industries [4] - The event will also include the authoritative release of the annual AI rankings and the annual AI trend report [5][116] Group 2: Notable Speakers - Zhang Yaqin, President of Tsinghua University's Intelligent Industry Research Institute and an academician of the Chinese Academy of Engineering, has extensive experience in AI and digital video technologies [11][12] - Sun Maosong, Executive Vice President of Tsinghua University's AI Research Institute, has led numerous national projects in AI research [15] - Wang Zhongyuan, Director of the Beijing Academy of Artificial Intelligence, has a strong background in AI core technology development and has published over 100 papers [19] Group 3: Industry Impact - The annual AI rankings initiated by Quantum Bit have become one of the most influential lists in the AI industry, evaluating companies, products, and individuals across three dimensions [117] - The annual AI trend report will analyze ten significant AI trends based on technology maturity, implementation status, and potential value, highlighting representative organizations and best cases [118] - The conference aims to attract thousands of tech professionals and millions of online viewers, establishing itself as an annual barometer for the smart technology industry [122]

Group 1 - Meituan reported Q3 revenue of RMB 955 billion, a 2.0% increase from RMB 936 billion in the same period last year, but faced a significant operating loss of RMB 141 billion in its core local commerce segment due to intensified competition in the food delivery industry [4] - The adjusted EBITDA and adjusted net profit for Meituan fell to negative RMB 148 billion and negative RMB 160 billion respectively, marking the first loss since 2022 [4] - As of September 30, 2025, Meituan held cash and cash equivalents of RMB 992 billion and short-term investments of RMB 421 billion [4] Group 2 - China FAW Group is reportedly finalizing an investment in Leap Motor, with an initial stake of around 5% expected to be signed by the end of the year [5] - Baidu has initiated a new round of layoffs affecting multiple departments, with some teams facing cuts of up to 40% due to declining advertising revenue and increased competition in AI [5] - BYD is recalling nearly 89,000 Qin PLUS DM-i vehicles due to battery consistency issues that may restrict power output, posing safety risks [5] Group 3 - Taobao Flash Sale is expanding its cancellation of late delivery penalties to 60 cities by the end of the year, aiming to improve rider income and service efficiency [6] - Xiaomi's CEO Lei Jun responded to criticisms regarding the energy consumption of the Xiaomi SU7, acknowledging that the vehicle's size and configuration contribute to its performance [6] Group 4 - A major 3D printing factory is set to be established in Shenzhen by Huina Technology, which plans to deploy 15,000 3D printers by Q1 2026, making it the largest globally [8] - Huawei's Mate 80 series has launched at a competitive price, with the Mate 80 Pro Max selling out quickly and achieving a premium above the iPhone 17 Pro Max [8] Group 5 - Soul App has submitted its IPO application to the Hong Kong Stock Exchange, with Tencent holding a 49.9% stake as a strategic investor [10] - Adani Group plans to invest up to $5 billion in building AI infrastructure for Google in southern India, reflecting a significant commitment to the growing data center sector [10] Group 6 - OpenAI's data center partners are accumulating nearly $100 billion in debt related to the company, with significant loans being secured for further development [9] - Nvidia's CEO Jensen Huang emphasized the irreplaceability of Nvidia's GPUs in the AI market, asserting the company's unique position despite increasing competition [9]