Market Overview - On May 21, 2025, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index rising by 0.21% to 3387.57 points, while the Shenzhen Component Index increased by 0.44% to 10294.22 points. The total trading volume in the Shanghai and Shenzhen markets was 11,735 billion yuan, an increase of 38 billion yuan from the previous trading day [1] - Hong Kong stocks also saw gains, with the Hang Seng Index rising by 0.62% to 23827.78 points and a total trading volume of 2162.54 billion HKD [1] - In contrast, U.S. stocks fell, with the S&P 500 Index dropping by 1.61% to 5844.61 points, marking the largest decline in a month [1] Company News - UBS expressed optimism about the Chinese stock market, highlighting that foreign capital inflow will be a significant trading logic in the coming quarters, with Hong Kong stocks slightly outperforming A-shares. The recent performance of IPOs in Hong Kong reflects overseas investors' recognition and interest in China's core assets, indicating more long-term capital will flow back into the Chinese stock market [3] - Baidu reported a first-quarter revenue of 32.452 billion yuan, a year-on-year increase of 3% from 31.513 billion yuan. The adjusted operating profit was 5.33 billion yuan, exceeding the forecast of 4.89 billion yuan. The adjusted EBITDA was 7.2 billion yuan (approximately 993 million USD), with an adjusted EBITDA margin of 22%. The core adjusted EBITDA was 6.7 billion yuan (approximately 925 million USD), with a margin of 26%. However, Baidu's non-GAAP net profit decreased by 8% year-on-year to 6.47 billion yuan. R&D expenses for the first quarter were 4.5 billion yuan (approximately 626 million USD), down 15% year-on-year due to reduced personnel-related costs [3] Industry Development - The China Computing Power Platform (Shanghai) and the Shanghai Computing Power Trading Platform were officially launched during the 2025 World Telecommunication and Information Society Day series of events. The platform aims to integrate computing power monitoring, supply-demand matching, dynamic scheduling, industrial ecosystem community, and computing power challenge actions, focusing on achieving five key objectives: a national "computing power resource ledger," a "one-stop" service system for computing power matching, a comprehensive "computing power scheduling network," a collaborative "computing power ecosystem," and a "computing power technology innovation list" to tackle core technologies [4]
5月22日投资早报|百度第一季度营收324.52亿元同比增3%，龙旗科技拟发行H股在港交所上市，华是科技实控人之一留置时间延长三个月