【导读】美股扭转颓势收涨，英伟达等科技股跌幅收窄 ；美联储官员释放 12 月可能降息信 号，降息概率飙升至 70% 美国三大股指涨幅扩大 中国基金报记者 张舟 大家好，今天是周六，一起继续关注海外市场的表现。 美东时间 11 月 21 日收盘，美股传来好消息！美国三大股指盘中扭转颓势，涨幅均扩大至 1% ，呈现震荡上扬行情。 科技股跌幅普遍收窄 ，英伟达从此前大跌 4% 一度转涨 1.9%， 谷歌收涨 3.35% ，中概股普涨 。 黄金市场方面，凌晨 1 点现货黄金重回 4100 美元 / 盎司 上方。截至收盘，现货黄金报 4064.279 美元 / 盎司 。 值得注意的是，美联储官员突然释放 12 月可能降息的信号，推动鸽派押注直线升温。最新数 据显示，美联储 12 月降息 25 个基 点的 概率已从 1 天前的 39.1% 抬升至接近 70% 。 11月21日，美股三大股指齐收涨。截至收盘，道指大涨 1.08% ，报 46245.41 点；标普 500 指数涨 0.98% ，报 6602.99 点；纳指跌 0.88% ，报 22273.08 点。 从周度表现看，三大指数本周悉数收跌，跌幅相较此前有所收敛。 ...

11月20日，闵行区人民政府与百度集团正式签署全面战略合作协议，标志着百度核心业务板块——百度 智能云于今年9月落地闵行后，双方合作迈向了全新阶段。此次合作旨在发挥闵行区在区位交通、科创 资源与产业布局方面的综合优势，并全面引入百度在"芯片—框架—模型—应用"的全栈AI技术积累，共 同为闵行高质量发展注入强大的智能动力。 闵行区委副书记、区长吴强，百度副总裁石清华，百度智能云中国区副总经理吴军华等出席仪式。 根据协议，双方近期将聚焦大模型与算力两大前沿领域，共同打造城市级的"智慧中枢"。通过将AI技术 应用于公共安全、城市治理、交通管理等核心场景，推动城市运营从传统模式向智能化、精准化转型， 构建自主可控的数字底座，以实现更精细、更高效的城市管理。长远布局上，在夯实城市"智慧内核"的 同时，双方将整合技术、资本与人才资源，建设人工智能产业基地与AI创新中心，吸引产业链上下游 企业集聚。随着项目的逐步落地，双方在城市治理、产业升级、创新生态等方面的合作将不断深化，为 上海南部科创中心建设和长三角一体化发展注入智能动力。 据介绍，百度智能云于2015年正式对外开放运营，致力于为企业和开发者提供全球领先的人工智能、 ...

据"华为计算"微信公众号消息，11月21日，openUBMC开源发展委员会在北京成立。openUBMC开源发 展委员会首批成员单位由华为、百度、百信信息、百敖软件、宝德计算、长江计算、得瑞领新、电子标 准院、广电五舟、光润通、河南昆仑、华鲲振宇、恒扬数据、海思、浪潮计算机、乐研科技、力积存 储、联瑞LR-LINK、凌思微电子、昆仑太科、沐创集成电路、全球计算联盟、软通华方、神州鲲泰、天 翼云、同泰怡、网迅科技、兴汉网际、星云智联、远图未来、云海芯科、云芯智联、中科驭数、中移云 能等，共计36家社区合作伙伴和用户组成。 ...

智东西 作者 | 陈骏达 编辑 | 漠影 算力，正成为大模型时代名符其实的"新石油"。 上周三，国际能源署发布的报告为这一观点提供了有力佐证。2025年，全球数据中心的投资预计将达到约5800亿美元，远超今年5400亿美元的 全球石油供应投资额。这一400亿美元的投资差额，折射出市场对AI发展潜力的认可。 从今年上半年点亮的昆仑芯P800三万卡集群，到支撑万卡集群实现98%有效训练时长的百舸平台，再到会上最新发布的昆仑芯最新一代产品、 天池256/天池512超节点。百度已构建起一个覆盖芯片、集群到平台的全栈式、规模化AI Infra解决方案。 在竞争日益激烈的AI云战场上，谁能率先构建起稳定、可扩展、成本可控的全栈AI Infra体系，谁就有望在未来的竞争中占据更主动的战略高 地。而百度在本届百度世界大会展示的全栈AI Infra能力，或许正是其在下一轮AI云竞争中亮出的底牌。 一、AI云建设热潮持续，全栈能力成关键竞争力 构建覆盖芯片、集群、平台等领域的全栈AI Infra能力，正在成为AI行业头部玩家竞相投入的核心方向。 在海外市场，这一趋势尤为明显。谷歌依托长期发展的TPU（张量处理单元），形成了以TP ...

Core Insights - KraneShares has expanded its Single-Stock Levered ETF Suite with the introduction of the KraneShares 2X Long BIDU Daily ETF (Ticker: KBDU), which aims to achieve daily investment results of 200% of the daily percentage change of Baidu [1][3] Company Overview - Baidu is recognized as China's largest search engine and operates the world's largest fleet of robotaxis through its Apollo Go brand, in addition to being a significant provider of cloud computing services, including AI tools and applications [2][3] Market Context - The global consumer internet sector is viewed as a critical growth area, particularly with increasing internet adoption in developing regions. KraneShares aims to leverage this trend through the KBDU ETF, which offers exposure to Baidu, akin to Google's services in the U.S. [3] Product Details - The KBDU ETF is designed to provide investors with leveraged exposure to Baidu's stock performance, which has shown significant advancements, including the deployment of its large language model, Ernie Bot, and the expansion of its Apollo Go robotaxi service, which has completed over 9 million rides and entered the UAE market [3]

Core Insights - AI search transformation is stabilizing, with significant revenue contributions from AI marketing, AI applications, and cloud services, leading to an upward revision of the company's non-GAAP net profit forecasts for 2025-2027 [1] - The company maintains a "buy" rating, anticipating valuation increases driven by AI-enhanced cloud revenue, smart driving breakeven in key regions, and overseas expansion [1] Financial Performance - In Q3 2025, the company reported revenue of 31.17 billion yuan, a year-on-year decline of 7%, slightly above Bloomberg consensus expectations [2] - Non-GAAP net profit for Q3 2025 was 3.77 billion yuan, down 36% year-on-year, but better than the Bloomberg consensus estimate of 2.63 billion yuan [2] - Core online marketing revenue decreased by 18% year-on-year due to macroeconomic impacts and internal search transformation adjustments, with AI-generated content in searches rising to 70% by the end of October 2025 [2] AI and New Business Segments - Smart cloud revenue reached 4.2 billion yuan in Q3 2025, a 33% year-on-year increase, while AI high-performance computing subscription revenue surged by 128% [2] - AI application revenue was 2.6 billion yuan, reflecting a 6% year-on-year growth, and AI-native online marketing products generated 2.8 billion yuan, up 262% year-on-year [2] - The smart driving segment saw a 212% year-on-year increase in orders for "萝卜快跑," with global expansion covering 22 cities and achieving 100% fully autonomous operation in domestic cities by October 2025 [2] Future Outlook - Short-term improvements in advertising business are expected due to a low base, with AI and smart cloud driving growth [2] - In the medium to long term, AI-native marketing is anticipated to initiate a second growth curve for the advertising business, while smart driving business models are expected to accelerate overseas market expansion [2]

Baidu Inc. (NASDAQ:BIDU) has surged into the upper echelon of potential bargain stocks, triggering a notable shift in its proprietary Benzinga ratings.Check out BIDU's stock price here.Google’s China Rival Jumps In Value RankingAccording to the latest Benzinga Edge’s Stock Rankings data, “Chinese Google” saw its value ranking jump from 88.34 to 89.82 week-on-week.This score places Alphabet Inc.‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) Chinese rival in the top tier of stocks when comparing its current market price to ...

Core Insights - Baidu Inc. has emerged as a potential bargain stock, with a notable shift in its Benzinga ratings indicating a rise in value ranking from 88.34 to 89.82 week-on-week, positioning it favorably against fundamental measures of assets, earnings, and operating performance [2][4] Company Performance - Baidu's growth ranking stands at 87.15, reflecting its historical expansion driven by a significant pivot to artificial intelligence, despite a short-term bearish price trend [4] - In the third-quarter earnings report, Baidu's core advertising revenue decreased by 18%, while AI Cloud revenue increased by over 50% year-over-year [4] Quality and Risk Assessment - Baidu's quality ranking is concerning at 2.29, indicating operational efficiency and financial health issues, which aligns with criticisms from investor Michael Burry regarding accounting practices and a $2.2 billion impairment charge [5][6] - The low quality score suggests that while Baidu is priced attractively for value and growth, it carries significant fundamental risks [7] Market Performance - Year-to-date, Baidu's shares have increased by 33.56%, outperforming the Nasdaq Composite and Nasdaq 100 indices, which returned 14.51% and 14.68%, respectively [8] - The stock closed at $110.45, down 4.36% on Thursday but rose by 0.36% in after-hours trading, with an overall gain of 35.31% over the year [8]

2025 年 11 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn ——百度集团-SW（9888.HK）2025Q3 财报点 评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/20 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 百度集团-SW | -2.7% | 30.5% | 35.6% | | 恒生指数 | -0.1% | 2.7% | 31.4% | | 市场数据 | 2025/11/20 | | --- | --- | | 当前价格（港元） | 113.90 | | 周价格区间（港元） 52 | 73.25-141.40 | | 总市值（百万港元） | 313,244.04 | | 流通市值（百万港元） | 313,244.04 | | 总股本（万股） | 275,016.72 | | 流通股本（万股） | 275,016.72 | | 日均 ...

Core Insights - Baidu has shifted its focus to AI, with its AI business revenue growing over 50% year-on-year, contributing 32% to total revenue, while traditional online marketing revenue has declined by 18% [1][8][12] - The company is in a transitional phase, facing both opportunities and challenges as it moves from traditional advertising to AI-driven services [2][10] AI Business Performance - In Q3, Baidu's AI business revenue reached approximately 10 billion RMB, with three main categories: smart cloud infrastructure, AI applications, and AI native marketing services [4][5] - Smart cloud infrastructure revenue was 4.2 billion RMB, up 33%, while AI native marketing services saw a significant increase of 262% [5][12] - AI applications revenue grew modestly by 6%, totaling 2.6 billion RMB [5] Traditional Business Challenges - Baidu's online marketing revenue fell to 15.3 billion RMB, a decrease of 18%, contributing to an overall revenue decline of 7.1% to 31.2 billion RMB [8][12] - The company has experienced six consecutive quarters of decline in its traditional business, indicating a significant shift in revenue structure [8][12] User Engagement and Market Position - Baidu's app has reached 708 million monthly active users, with only a 1% year-on-year growth, suggesting a potential user growth bottleneck [11] - Despite challenges, Baidu's AI search has seen an 18.63% quarter-on-quarter increase in active users, reaching 382 million [15] Investment and Cost Structure - Baidu's sales costs rose to 18.3 billion RMB, a 12% increase, primarily due to costs associated with smart cloud services [18] - R&D expenses were 5.2 billion RMB, accounting for 16.7% of total revenue, indicating a high investment in AI development [18] Future Outlook and Strategic Initiatives - Baidu is focusing on enhancing profit margins in its AI business, which has shown strong revenue growth but still requires improvement in profitability [21] - The company is exploring new avenues such as AI short film creation platforms and real-time interactive digital humans to expand its business boundaries [26][27] - Baidu's AI model, Wenxin Yiyan, has been iterated to version 5.0, showcasing its commitment to technological advancement [29]