全线大跌。 当地时间11月18日（周二），美股三大股指全线大跌，截至发稿，道指下跌1.22%，标普500指数下跌1.13%，纳指下跌1.72%。 | 0 E 03 | 价格 = | 涨跌幅 ◆ | | --- | --- | --- | | 道琼斯指数 | 46022.88 | -1.22% | | .DJI | | | | 标普500指数 | 6597.16 | -1.13% | | .SPX | | | | 纳斯达克综合指数 | 22317.03 | -1.72% | | .IXIC | | | | 纳斯达克中国金龙指数 | 7654.06 | -1.37% | | .HXC | | | 此外，美国劳工部官网显示，10月18日当周美国首次申请失业救济人数为23.2万人，10月18日当周续请失业金人数为195.7万人。 本周四，美国劳工部将公布9月份的非农就业报告，这份数据对美联储来说将具有不容忽视的重要性。 值得一提的是，根据芝商所"美联储观察"工具，美联储12月降息25个基点的概率已不足50%。而一个月前，市场预期12月降息的概率高达95%。 市场分析认为，在官方数据发布因为美国政府"停摆"而一度中断的 ...

Group 1: Market Overview - The report highlights a significant decline in Asian markets due to escalating political tensions between Japan and China, with the Nikkei 225 and KOSPI dropping by 3.22% and 3.32% respectively, while the Shanghai Composite and CSI 300 fell by 0.81% and 0.65% [1] - The overall trading volume in the A-share market was 1.95 trillion yuan, an increase of 156 billion yuan compared to the previous day, indicating a high level of trading activity despite the market downturn [2] - Hong Kong's Hang Seng Index and Hang Seng Tech Index also experienced declines of 1.72% and 1.93%, respectively, with significant net inflows into stocks like Alibaba and XPeng [1][4] Group 2: Sector Performance - The report notes a rotation in sector performance, with the renewable energy sector experiencing a downturn while AI and semiconductor sectors showed resilience, with respective increases of 0.77% and 0.75% [3] - The renewable energy sector's strong performance prior to November 14 raised expectations, making it more sensitive to negative news, while the AI and semiconductor sectors benefited from reduced structural risks [3] - In the Hong Kong market, technology stocks saw continued net inflows, particularly into ETFs focused on technology, indicating a strong interest in this sector despite broader market declines [4] Group 3: Bond Market Dynamics - The bond market has seen a decrease in trading activity, with the number of transactions for 10-year government bonds and policy bank bonds dropping significantly compared to late October [4][5] - The report suggests that the current low volatility environment may favor a more cautious trading approach, with a recommendation to consider spread strategies in the bond market [6] - Recent monetary policy actions, including the central bank's repo operations, have maintained a stable liquidity environment, although there are signs of tightening due to upcoming fiscal payments [5] Group 4: Commodity Market Sentiment - The commodity market is characterized by weak sentiment, with declines in precious metals and industrial metals, attributed to a retreat in global risk appetite and expectations of interest rate changes [7][8] - Significant outflows were observed across major commodity sectors, with notable withdrawals from precious metals, non-ferrous metals, and renewable energy commodities [7] - The report indicates that the recent pullback in precious metals may be nearing an end, with central bank gold purchasing trends remaining strong despite short-term fluctuations [8]

Major Events - Universal Medical (02666) plans to invest 15.03 million yuan to establish a joint venture that will create a collaborative platform integrating policy alignment, technology transfer, and clinical validation [1] - Fosun Pharma (02196) subsidiary has had its drug registration application for polyethylene glycol electrolyte solution accepted by the National Medical Products Administration [1] - China Biologic Products (01177) received approval from NMPA for the clinical trial application of LM-350 "CDH17 ADC" [1] - Xianruida Medical-B (06669) has received approval from the National Medical Products Administration for the registration of its coronary overall exchange balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) subsidiary plans to acquire medical and beauty assets related to Nairuier for 40 million yuan, adding 19 direct-operated stores [1] - China Tongru (01763) has exported its self-produced irradiation equipment to the Latin American market for the first time [1] Operating Performance - Trip.com Group-S (09961) reported a third-quarter net profit of 19.89 billion yuan, an increase of 194.01% year-on-year [1] - H&H International Holdings (01112) reported a 12.0% year-on-year increase in total revenue for the first three quarters [1] - Weibo-SW (09898) reported a net profit attributable to shareholders of 454 million USD for the third quarter, an increase of 55.43% year-on-year [1] - Baidu Group-SW (09888) reported total revenue of 31.2 billion yuan in the third quarter, with AI new business revenue growing over 50% year-on-year [1] - Xiaomi Group-W (01810) achieved a record adjusted net profit of 11.31 billion yuan in the third quarter, with smartphone shipments increasing year-on-year for nine consecutive quarters [1] - China Oriental Group (00581) reported sales of approximately 2.1 million tons of self-produced steel products in the third quarter [1] - BOSS Zhipin-W (02076) reported an adjusted net profit of approximately 999.2 million yuan in the third quarter, an increase of 34.2% year-on-year [1]

2025.11. 18 本文字数：705，阅读时长大约1分钟 来源 | 上海证券报 18日，知名网络基础设施公司Cloudflare表示，其全球网络出现问题，导致许多网站和应用程序的 服务中断，包括X（原twitter）和ChatGPT在内的多家互联网平台无法访问。据媒体报道， Spotify和亚马逊也出现了服务中断。 Cloudflare股价盘前一度下跌超5%。 | Cloudflare Inc-A (Ai) [ Q 旅方 NET | | --- | | 202.250 今开 213.440 最高 213.700 最低 201.390 | | -3.96%-8.350 换手 1.17% 总量 409.5万股 金额 8.38亿 | | 昨收 210.600 总值 708.4亿 市盈 -687.56 更多 | | 盘前 194.200 -8.050 -3.98% 09:14 美东 √ | | 分时 五日 日K 周K 月K 更多, Q | | 均价:204.525 最新:202.250 -8.350 -3.96% | 官网显示，Cloudflare是一个全球性的云平台，为世界各地的各种规模的企业提供广泛的网络服 ...

11 月 18 日消息，马云时隔许久突然现身蚂蚁园区，还戴着工牌、被两位核心高管陪同，紧接着蚂蚁就密集发布 AI 新品。不少媒体直接猜测，马云这是要 亲自下场，指挥 AI 大战了？ 就在今天，有网友在社交平台晒出照片，拍到马云低调出现在杭州蚂蚁园区。照片里的他戴着白色鸭舌帽，全程低调不张扬。最让人意外的是，他还佩戴着 蚂蚁的工牌，身边陪着的正是蚂蚁集团董事长井贤栋和现任 CEO 韩歆毅。 图源：微博 这次现身刚好赶上蚂蚁集团的重要节点，之前蚂蚁刚过完 20 岁生日，马云当时就说过"不是为过去 20 年而来，而是为未来 20 年而来"。 如今带着工牌、跟着核心管理层现身，再加上后续密集的 AI 动作，难怪大家会浮想联翩，觉得他这是要重出江湖了。 就加上一周，房产圈传来的重磅消息，有媒体曝料马云妻子张瑛斥资 1950 万英镑（约合 1.8 亿元人民币），入手了伦敦一套超级豪宅。 小雷觉得这事儿挺有意思，一边是马云佩戴工牌现身蚂蚁园区，被猜要重出江湖搞 AI；另一边是家人购置海外豪宅，看起来又像是在享受生活。 这两种画风的反差，反而让大家更好奇他现在的重心到底在哪，是真要回归战场，还是单纯给老东家站台？ 而马云现身 ...

【导读】百度发布三季度财报， AI 业务收入增速超 50% 中国基金报记者 忆山 11 月 18 日晚，百度发布的 2025 年第三季度财报显示， 报告期内百度总营收达 312 亿 元，核心营收为 247 亿元。 百度创始人李彦宏介绍称，第三季度，公司全方位展示了 AI 为业务带来的变革性价值。得益 于越来越多的企业采用百度的 AI 产品和解决方案， AI 云保持了稳健的增长势头；萝卜快跑 全无人运营规模加速扩大，全球化脚步加快，已进入瑞士市场，同时保持了行业领先的安全 标准；在移动生态中，智能体和数字人等 AI 原生商业化产品带来收入的快速增长，显示出强 大的长期潜力。 李彦宏表示，将继续开拓人工智能创新，为用户、企业和社会创造巨大价值，巩固百度在 AI 时代的领导地位。 此外，百度 CFO 何海建在当晚举行的财报电话会上披露，自 2023 年 3 月发布文心一言以 来，百度在 AI 领域的投入已超过 1000 亿元。未来，百度将持续加大对 AI 的投入。 财报出炉后，百度美股盘前一度上涨 3% 。截至发稿，每股报 114.11 美元。 AI 业务增长强劲 在财报中，百度首次披露了第三季度的 AI 业务收入 ...

来源：21世纪经济报道 热点情报 1. 全球股市跳水，什么原因？ 全球股市遭遇"黑色星期二"。日经225指数收跌3.22%，创自四月以来最大单日跌幅，收于49000点下方。韩国KOSPI指数收跌3.32%，芯片股领跌。 二是，日本国债遭遇大幅抛售。 黄金、白银价格跳水。比特币七个月来首次跌破9万美元，持续一个月的下跌已抹去2025年所有涨幅。 A股港股低开低走，自9月中旬以来，沪指首次出现3连阴。欧洲股市集体下跌，纳斯达克指数期货下跌。 解读： 发生了什么？ 一是，美联储降息预期降温。 据央视财经报道，芝商所美联储观察工具显示，目前美联储12月降息25个基点的概率已降至不足50%。 后续留意美联储即将公布的10月FOMC会议纪要。有趣的是，瑞银认为，无论内部出现了怎样的反对声音，都不足以阻止美联储进行今年第三次降息的步 伐。 摩根士丹利上周末预测，中国股市2026年有望进一步上涨，延续今年的强劲涨势。 日本10年期国债收益率今天一度攀升至1.75%以上，接近2008年以来的最高水平。 日本国债如何影响全球流动性？分析人士认为，日本国债收益率快速拉升与全球流动性密切相关，主要通过资本流动、日元套利交易解体以及跨 ...

【导读】百度发布三季度财报，AI业务收入增速超50% 11月18日晚，百度发布的2025年第三季度财报显示，报告期内百度总营收达312亿元，核心营收为247亿元。 百度创始人李彦宏介绍称，第三季度，公司全方位展示了AI为业务带来的变革性价值。得益于越来越多的企业采用百度的AI产品和解决方案，AI云保持 了稳健的增长势头；萝卜快跑全无人运营规模加速扩大，全球化脚步加快，已进入瑞士市场，同时保持了行业领先的安全标准；在移动生态中，智能体和 数字人等AI原生商业化产品带来收入的快速增长，显示出强大的长期潜力。 李彦宏表示，将继续开拓人工智能创新，为用户、企业和社会创造巨大价值，巩固百度在AI时代的领导地位。 此外，百度CFO何海建在当晚举行的财报电话会上披露，自2023年3月发布文心一言以来，百度在AI领域的投入已超过1000亿元。未来，百度将持续加大 对AI的投入。 财报出炉后，百度美股盘前一度上涨3%。截至发稿，每股报114.11美元。 AI业务增长强劲 AI应用第三季度收入达26亿元。财报显示，AI应用涵盖了百度文库、百度网盘、数字员工等多款旗舰型产品。百度表示，大部分AI应用采用高黏性的订 阅模式，可持续创 ...

Group 1: Alibaba and Ant Group Developments - Jack Ma was spotted at Ant Group's campus, suggesting involvement in recent AI product strategies [1] - Alibaba's "Qianwen" project and Ant Group's AI assistant "Lingguang" were recently announced, leading to a rise in AI application concept stocks [3] Group 2: High-Growth Alibaba-Related Stocks - 21 Alibaba-related stocks are expected to maintain high growth, with net profit growth rates projected to exceed 30% in 2026 and 2027 [1] - Specific stocks like Shiji Information and Wanxing Technology are forecasted to have net profit growth rates over 50% in the coming years [1][2] Group 3: Xiaomi's Financial Performance - Xiaomi reported Q3 revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of over 100 billion yuan in revenue [5] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, with total revenue for the first three quarters nearing last year's total [5] Group 4: Government Initiatives - The Ministry of Industry and Information Technology aims to establish around 200 high-standard digital parks by 2027, enhancing digital transformation across industrial enterprises [6] - Beijing has introduced a financial support plan to boost consumption, particularly for new energy vehicles, optimizing loan terms and conditions [7] Group 5: Foreign Investment Sentiment - Analysts from JPMorgan and other foreign institutions express optimism about the recovery of Chinese tech stocks, highlighting China's role as a major driver in the Asian capital market [8] Group 6: Market Trends and Opportunities - Huawei is set to unveil AI container technology on November 21, aiming to enhance resource management for AI training and inference [13] - The demand for domestic computing power is expected to grow, presenting investment opportunities in the sector [13]

百度公布第三季度营收下滑7%后，其美股下跌4.1%。 来源：滚动播报 ...