市场 来源：环球市场播报 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 11月19日收盘：美股收跌道指下挫约500点 标普500指数连跌四日 11月19日美股成交额前20：家得宝CEO称业绩不及预期主因未出现极端天气 11月19日热门中概股涨跌不一 百度涨2.66%，拼多多跌7.33% 周二油价上涨 市场关注对俄制裁与供应过剩前景 现货黄金涨0.54%，黄金期货跌0.22% 欧洲主要股指收盘普跌 德国DAX指数下跌1.77% 宏观 海外持有的美国国债规模9月接近纪录水平 中国持仓下降 美众议院投票通过要求司法部公开全部爱泼斯坦案文件 被质疑为何不直接公开爱泼斯坦档案 特朗普威胁吊销ABC电视台牌照 欧洲着手放宽数字法规，以期提振增长 公司 美国得州新国会选区划分方案遭法院叫停 特朗普称已开始面试下一届美联储主席人选 特朗普：对于下任美联储主席人选已经心里有数 美国据悉拟批准向沙特AI企业Humain出售芯片 英伟达和AMD料受益 美国劳工统计局：9月份生产者价格指数将于11月25日发布 CFTC将于11月19日恢复发布交易员持仓报告 美国或即将宣布发放对沙特阿拉伯的芯片出口许可 谷歌发布Gemini ...

Core Viewpoint - The U.S. District Court ruled that Meta Platforms did not constitute a monopoly and that its acquisitions of Instagram and WhatsApp in the 2010s did not violate antitrust laws, alleviating significant concerns about the forced divestiture of these applications [1][2] Group 1: Court Ruling and Implications - The ruling came from a lawsuit initiated by the Federal Trade Commission (FTC) in 2020, which accused Meta of employing a strategy to eliminate potential competitors by either acquiring them or driving them out of business [1] - Judge James Boasberg noted that the FTC's market definition relied upon was outdated due to rapid changes in the social media landscape, stating that the court has "never tried the same case twice" as conditions evolve [2] Group 2: Reactions from Meta and FTC - Meta welcomed the ruling, emphasizing the competitive environment in which it operates, with its Chief Legal Officer stating that the company's products create value for users and represent American innovation [2] - In contrast, the FTC expressed strong disappointment with the decision, criticizing Judge Boasberg and suggesting that the legal environment was unfavorable from the start, even mentioning potential impeachment articles against the judge [2] Group 3: Broader Industry Context - This ruling marks the second antitrust decision this year favoring tech giants due to rapid industry changes, following a similar case involving Google, where the court acknowledged the challenges to Google's dominance from emerging AI search tools [3] - The trend indicates that courts are increasingly considering dynamic competition in the tech industry rather than relying solely on static market share for their rulings [3]

智通财经APP获悉，周二，三大指数下跌，道指与标普500指数均录得连续第四个交易日下跌。纳指则 录得六个交易日内的第五次下跌。比特币一度跌破90000美元，显示投资者风险偏好减弱。 知情人士：沙特获准采购大量美国AI芯片。据媒体报道，知情人士透露，在特朗普会见沙特王储之 际，美国计划批准首批向沙特阿拉伯人工智能公司Humain出售先进AI芯片的交易，这标志着这家国家 支持的企业取得了胜利。他们表示，预计这些批准将成为华盛顿与利雅得之间更广泛AI协议的一部 分。该协议可能最快于本周敲定，根据协议，美国政府将对沙特的大批量AI芯片出口申请持积极态 度。自2023年以来，沙特需要华盛顿的许可才能进行此类芯片采购。特朗普当地时间周二表示："我们 正在努力解决这个问题。该交易将涉及一定数量的芯片。"一位知情人士表示，预计批准的数量将达到 数万颗半导体。美国政府此次授权也将标志着全球最大的一些半导体公司（包括英伟达和AMD）的胜 利，它们正寻求向中东市场供货。 美国新一批数据发布时间敲定 涉CFTC周报、PPI等。美国劳工部一位发言人表示，劳工部计划在当地 时间周四结束前补齐政府停摆期间缺失的周度初请失业金数据。发言人R ...

Core Insights - Weibo's advertising and marketing revenue from Alibaba increased by 112% year-on-year to $45.5 million in Q3 2025, driven by increased advertising budgets in Alibaba's local life business and strong marketing demand in its e-commerce sector [1][3] - Overall revenue for Weibo in Q3 2025 was $442.3 million, a decrease of 5% year-on-year, while net profit attributable to Weibo shareholders fell by 20.47% to $110 million [1][2] Revenue Breakdown - Advertising and marketing revenue (excluding Alibaba) was $375.4 million, a decline of 6% year-on-year, primarily due to reduced contributions from the food and beverage sector, which benefited significantly from the Paris Olympics last year [2] - Value-added services revenue reached $66.9 million, a slight increase of 2% year-on-year [4] User Metrics - As of the end of Q3 2025, Weibo had 578 million monthly active users and 257 million daily active users [5] - The search feature, Weibo Zhisu, saw its monthly active users exceed 70 million, with a 50% increase in daily active users and search volume [6] Strategic Focus - Weibo's strategy for 2025 emphasizes enhancing user value, maintaining leadership in trending and entertainment content, and improving user engagement through AI-driven recommendations and search systems [5] - The company plans to strengthen its content marketing advantages and improve the conversion rates of information flow advertisements, leveraging AI throughout the advertising process [6][7] Market Performance - As of the latest report, Weibo's stock price increased by 2.51% to $10.2 per share in pre-market trading [8]

Core Viewpoint - Weibo's Q3 2025 financial report shows a decline in revenue, indicating potential challenges in its advertising and value-added services segments [1] Financial Performance - Total revenue for Q3 2025 is $442 million, representing a year-over-year decrease of 5% [1] - Advertising and marketing revenue amounts to $375 million, while value-added services (VAS) revenue is $66.9 million [1] - Non-GAAP net profit stands at $111 million [1] User Metrics - As of the end of Q3, Weibo has 578 million monthly active users and 257 million daily active users [1]

（文章来源：第一财经） 11月18日，微博发布2025年第三季度财报。三季度微博总营收4.423亿美元，约合人民币31.56亿元，其 中广告营收3.754亿美元，约合人民币26.77亿元，三季度调整后运营利润1.32亿美元，约合人民币9.37亿 元。 用户方面，截至三季度末，微博的月活跃用户达到5.78亿，日活跃用户达到2.57亿。 ...

Core Insights - Weibo reported a 6% year-over-year decline in advertising and marketing revenue for Q3 2025, amounting to $375.4 million, primarily due to reduced contributions from the food and beverage sector, which had benefited significantly from the Paris Olympics in the same period last year [1] - This decline was partially offset by robust growth in advertising revenue from the e-commerce and automotive sectors [1] - Excluding advertising revenue from Alibaba, Weibo's advertising and marketing revenue was $329.9 million, reflecting a 13% year-over-year decrease [1] - Advertising revenue from Alibaba reached $45.5 million, marking a 112% year-over-year increase, driven by higher advertising budgets in its local services business and strong marketing demand in its e-commerce operations during Q3 [1]

Core Insights - Weibo-SW reported a net income of approximately $442 million for Q3 2025, a year-on-year decrease of 4.77% [1] - The net profit attributable to Weibo shareholders was $221 million, reflecting a significant year-on-year increase of 69.33% [1] - Monthly active users reached 578 million in September 2025, with daily active users averaging 257 million [1] Financial Performance - For the first three quarters of 2025, Weibo achieved a net income of $1.284 billion, a slight decrease of 1.07% year-on-year [1] - The net profit attributable to Weibo shareholders for the same period was $454 million, marking a year-on-year increase of 55.43% [1] - Basic earnings per share for Q3 2025 were $0.93, while for the first three quarters, it was $1.90 [1] Advertising and Marketing Revenue - Q3 2025 advertising and marketing revenue was $375 million, down 6% from $399 million in the same period last year [1] - Excluding advertising revenue from Alibaba, the advertising and marketing revenue was approximately $330 million, a decline of 13% from $377 million year-on-year [1] User Engagement and Product Development - The CEO expressed satisfaction with the progress of Weibo's intelligent search, highlighting improvements in user product offerings and the transformation of the homepage information flow [2] - The application of artificial intelligence in search and advertising has led to strong growth in user engagement and search volume [2] - The company is focusing on enhancing content marketing advantages and improving the conversion rates of information flow advertisements [2]

Core Insights - Weibo's Q3 2025 financial performance shows a decline in net revenue but a significant increase in net profit compared to the previous year [1] - The company is focusing on enhancing user engagement and monetization through AI technology and improved advertising strategies [2] Financial Performance - Q3 2025 net revenue was approximately $442 million, a year-on-year decrease of 4.77% [1] - Net profit attributable to Weibo shareholders for Q3 2025 was $221 million, a year-on-year increase of 69.33% [1] - Basic earnings per share for Q3 2025 were $0.93 [1] - For the first three quarters of 2025, net revenue totaled $1.284 billion, a year-on-year decrease of 1.07% [1] - Net profit attributable to Weibo shareholders for the first three quarters was $454 million, a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters were $1.90 [1] User Engagement - As of September 2025, Weibo had 578 million monthly active users and 257 million daily active users [1] - The company has made improvements to its homepage information flow product to enhance user content consumption [2] Advertising and Monetization - Q3 2025 advertising and marketing revenue was $375 million, a decrease of 6% from $399 million in the same period last year [1] - Advertising and marketing revenue, excluding income from Alibaba, was approximately $330 million, down 13% from $377 million year-on-year [1] - Weibo is focusing on strengthening its content marketing advantages and improving the conversion rates of information flow advertisements [2] - The application of AI technology in advertising is being enhanced to improve monetization efficiency [2]

Core Insights - Weibo (WB.US) shares rose by 3% to $10.25 in pre-market trading, despite a year-over-year decline in net revenue for Q3 2025 [1] - The company reported a net income of $442 million, down 5% year-over-year, with advertising revenue at $375 million, a decrease of 6% [1] - Non-GAAP net profit was $111 million, reflecting a 20% decline compared to the previous year [1] - Notably, advertising revenue from Alibaba surged by 112% to $45.5 million, indicating strong growth in this segment [1] - Weibo also launched its first self-developed open-source large model, Vibe Thinker, showcasing its commitment to innovation [1] Financial Performance - Q3 2025 net revenue: $442 million, down 5% year-over-year [1] - Advertising revenue: $375 million, down 6% year-over-year [1] - Non-GAAP net profit: $111 million, down 20% year-over-year [1] - Alibaba advertising revenue: $45.5 million, up 112% year-over-year [1] Stock Performance - Pre-market price: $10.25, up 3% [2] - Closing price on November 17: $9.95, down 1.09% [2] - 52-week high: $12.96; 52-week low: $6.864 [2] - Total market capitalization: $2.436 billion [2] - Price-to-earnings ratio: 8.58 [2] - Dividend yield: 8.24% [2]