(3) 连 接 财 富 下 载 新 浪 财 经 客 户 端 近期，中国农业银行联合美团正式发行 "美团联名信用卡"，以"美团场景权益随心解锁"为 核心卖点，依托农行在县域金融的领军优势与美团在县域场景的生态积淀，精准定位新市民 客群消费需求，服务县域客群美好生活。 农行美团联名信用卡推出了两款特色卡面，趣玩版以 "农行绿"为背景，巧妙融合农行哇宝 与美团袋鼠两大品牌IP形象，传递双方携手服务客户的积极态度，元气版则搭配美团场景常 见的生活元素，进一步突出服务客户的属性。权益设计方面，产品主打新客达标抢至高360 元好礼权益，涵盖美团外卖、团购、打车、电影等高频日常场景，匹配支付立减、咖啡茶 饮/影音会员优惠等权益，全方位服务客户衣食住行消费需求。 农行美团联名信用卡是践行 "支付为民、普惠于民"社会责任的又一举措。未来，农行信用 卡中心将持续贯彻中央金融工作会议部署，以发展新质生产力为着力点，深化与头部合作方 的融合创新，继续聚焦县域细分客群，推出更多适配县域消费升级的产品服务，让金融优惠 精准服务县域市场，助力构建城乡融合的消费新生态。 ...

Core Insights - Kuaishou (01024.HK) reported its Q3 2025 financial results, showcasing significant growth in revenue and profit metrics [1] Financial Performance - Kuaishou's total revenue for Q3 increased by 14.2% year-on-year to 35.6 billion yuan [1] - The adjusted net profit for the third quarter rose by 26.3% year-on-year to 5 billion yuan [1] E-commerce Segment - The e-commerce Gross Merchandise Volume (GMV) for Kuaishou in Q3 grew by 15.2% year-on-year, reaching 385 billion yuan [1] - The performance in the e-commerce sector indicates a strong demand and effective sales strategies [1] AI Revenue - The revenue from Kuaishou's AI segment exceeded 300 million yuan in Q3 [1]

2017年8月，腾讯发布了AI医学影像产品"觅影"。马化腾在朋友圈转发评论道"一小步，有希望"。3个月 后，在科技部公布的中国四大AI平台中，百度要做自动驾驶，阿里要建设城市大脑，科大讯飞将领衔 智能语音，而腾讯则主攻医疗影像。 彼时，腾讯市值已达5000亿美元。这家自3Q大战后，致力于寻求社会尊重与认可的巨头，在公共领域 留下了"不是特别会公关"，但遇事总会"诚恳倾听，深切自省"的形象，这样的风格被认为与医疗严肃、 保守的气质相符，使得决策者们相信"务实而低调的腾讯，在医疗领域，不会为追求商业化而做出格的 事"。 在很长一段时间内，在腾讯总办层面讨论医疗业务时的常用词是"克制"。尽管，腾讯既没有现金牛业务 医药电商——"猫狗拼"的相关业务早已是百亿级别的营收体量，也无意施展财技——基于PE值的差异 将医疗业务独立拆分，向资本市场兑现短期利益。 在2018年那场自上而下的"930"变革之前，腾讯的医疗业务始终与医院和患者的诉求紧密相连。不管是 战略投资丁香园、微医，还是自产腾讯医典的科普内容，探索人工智能在医疗影像层面的应用，它都在 试图以最贴近"医疗"本质的方式切入这个行业的核心圈层——为医患创造价值。 但 ...

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]

事实上，此次人事调整恰逢美团AI战略全面提速的关键节点。2025年3月，美团创始人王兴在财报会议上明确表示将采取"主动进攻"策略，并断言"AI将颠覆 所有行业"。美团的AI布局已形成清晰的三层架构：AI at work（内部效率提升）、AI in products（产品服务改造）以及Building LLM（大模型基座建设）。 在基座层面积累上，美团近期动作频频。2025年9月以来，美团密集发布了LongCat-Flash-Chat大语言模型、LongCat-Video视频生成模型及LongCat-Flash- Omni全模态模型，而如何将大模型能力转化为可规模化的商业应用，成为美团下一阶段的核心命题。基于此，刘炯掌舵的GN06，或正是承载这一使命 的"先锋部队"。 据多位接近美团的人士向媒体透露，GN06团队目前规模约数十人，产品线聚焦于AI应用的娱乐、Agent智能体等前沿方向。该团队此前已成功推出AI创作工 具"妙刷"，在创作者圈内引发一定反响。值得注意的是，自2025年以来，GN06团队几乎暂停了对外招聘，其官方职位更新停留在6月，或表明核心架构已初 步成型。 而刘炯的到任，填补了GN06在应用落地层 ...

Core Insights - Kuaishou's Q3 revenue increased by 14% year-on-year to RMB 35.6 billion, with operating profit rising by 69.9% to RMB 5.299 billion, achieving a record high operating margin [1][2] - The average daily active users (DAU) exceeded 416.2 million, marking three consecutive quarters of historical highs [1][4] Financial Performance - Q3 revenue grew by 14.2% to RMB 35.6 billion [2] - Net profit reached RMB 4.5 billion, a year-on-year increase of 37.3% [2] - Adjusted net profit amounted to RMB 5 billion, up 26.3% year-on-year, with an adjusted net profit margin of 14.0%, an increase of 1.3 percentage points from the previous year [2][3] - Total revenue for the first three quarters reached RMB 103.2 billion, a year-on-year increase of 12.8% [2] Business Segments - User Metrics: DAU reached 416.2 million, with monthly active users (MAU) at 731.1 million; total user engagement time increased by 3.6% year-on-year [4] - Online Marketing Services: Revenue was RMB 20.1 billion, a year-on-year increase of 14.0%, with AI technology contributing 4%-5% to growth [4][5] - E-commerce: GMV reached RMB 385 billion, a year-on-year increase of 15.2%, with a total GMV of RMB 1.08 trillion for the first nine months [4][6] - Live Streaming: Revenue grew by 2.5% year-on-year to RMB 9.6 billion [4][6] AI and Technological Advancements - Kuaishou's AI business made significant progress, with the launch of the Keling AI 2.5 Turbo model, which reduced content generation costs by nearly 30% [5] - AI applications in online marketing services contributed approximately 4%-5% to revenue growth, with over RMB 3 billion in revenue from AI services in Q3 [5] - AI-driven enhancements in e-commerce led to nearly 5% increase in search order volume [5] International Operations - The overseas business, primarily in Brazil, reported a loss of RMB 64 million in Q3, a reduction of 58.2% year-on-year, indicating improved market potential and operational efficiency [6]

格隆汇11月19日｜快手(1024.HK)公告，2025年第三季度，快手应用的平均日活跃用户超416.2百万，连 续三个季度突破历史新高。2025年第三季度，总收入同比增长14.2%至人民币356亿元，其中，包含线 上营销服务和以电商为主的其他服务在内的核心商业收入，同比增长19.2%，经调整利润净额达到人民 币50亿元，同比增长26.3%，经调整净利润率达14.0%。 ...

快手披露的2025年第三季度财报显示，三季度快手应用平均日活跃用户达4.16亿，上年同期为4.08亿， 连续三个季度刷新历史记录。三季度其平均月活跃用户达7.31亿，上年同期为7.14亿。 (本文来自第一财经) ...

Core Insights - Kuaishou reported a 14.2% year-on-year revenue growth in Q3 2025, reaching 35.6 billion yuan, with core business revenue, including online marketing services and e-commerce, growing by 19.2% [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan, achieving an adjusted net profit margin of 14% [1] - The average daily active users reached 416 million, marking a historical high for three consecutive quarters, with monthly active users at 731 million [1] Revenue Breakdown - Online marketing services revenue for Q3 2025 was 20.1 billion yuan, reflecting a 14% year-on-year increase [1] - E-commerce gross merchandise volume (GMV) grew by 15.2% year-on-year to 385 billion yuan [1] - Live streaming revenue amounted to 9.6 billion yuan, with a healthy development of the guild ecosystem, showing over 17% growth in signed guilds and over 20% growth in signed streamers year-on-year [1] AI Business Performance - Kuaishou's AI business generated over 300 million yuan in revenue during Q3, with global user count surpassing 45 million and over 200 million videos and 400 million images generated cumulatively [1]

新浪科技讯 11月19日下午消息，快手公布第三季度业绩。财报显示，本季度快手总营收同比增长14.2% 至356亿元，其中包含线上营销服务和以电商为主的其他服务在内的核心商业收入同比增长19.2%。在 保持对AI战略的持续投入下，快手第三季度经营利润同比增长69.9%至53亿元，经调整净利润同比增长 26.3%至50亿元。 责任编辑：何俊熹 用户规模方面，本季度，快手应用平均日活跃用户数达4.16亿，连续三个季度再创历史新高；平均月活 跃用户达到7.31亿。用户粘性也进一步增强，三季度平台双关用户的日均私信渗透率同比提升超3%。 快手科技创始人兼首席执行官程一笑表示："得益于AI能力在快手各业务场景中的深度融合，本季度再 次实现了稳健的运营指标与财务表现。展望未来，我们将持续推进AI战略在多元业务场景中的落地， 以实现更高运营效率，为用户、创作者及合作伙伴提供卓越的使用体验，并为股东创造长期价值。" ...