2025年10月26日，在吉隆坡举行的第47届东盟峰会上，美国总统特朗普与马来西亚总理安瓦尔签署了一 份名为《美国与马来西亚互惠贸易协定》的双边协定。协定签署后，马来西亚国内立即掀起轩然大波。 前总理马哈蒂尔愤怒地表示："我从未想过自己能活着见证这种投降"，反对党痛批协定是"主权的出 卖"，民间组织呼吁议会否决这一"危害国家主权"的协定。 美国总统特朗普与马来西亚总理安瓦尔 为何一份贸易协定会引发如此强烈的反弹？当协定全文公布后，原因显而易见。这是一份极端不平等的 协定——专业贸易法专家对协定进行逐条统计后发现，马来西亚承担了104项具体约束性义务，而美国 仅承担4项，比例高达26:1。 更令人震惊的是，长达14页的附件III完全是针对马来西亚的单向承诺清单，涵盖税收政策、互联网控 制、技术标准等国内政策领域，而美国没有任何对等承诺。这种绝对的单向性，让人不禁想起19世纪殖 民时期的不平等条约附件，宗主国单方面列出殖民地必须遵守的规定。只不过，21世纪的不平等条约不 再割地赔款，而是剥夺数字主权和政策自主权。 这不仅仅是一份贸易协定，而是21世纪数字时代主权沦丧的典型案例。通过这份协定，美国系统性地削 弱了马 ...

微信小程序上线近八年，终于在iOS系统端迎来"破冰"。11月18日，北京商报记者注意到，微信官方日 前发布关于小程序将在iOS端支持接入虚拟支付的公告，指出公司将尽快为小程序等开发者提供"小程序 合作伙伴计划"（Mini Apps Partner Program）接入服务，共同建设一个健康繁荣的生态。 就在微信官方发布公告的前一日，苹果公司宣布推出全新Mini Apps Partner Program，参与计划的开发 者在销售符合条件的App内购买项目时，可享受15%的收益抽成减免。这场自小程序上线后不久便引发 的佣金纷争，终于迎来了"世纪大和解"。有分析人士指出，这一变化中，微信小程序生态补齐了iOS端 虚拟支付的短板，微信大概率会优化跨支付渠道的衔接体验，进一步拓展支付场景的深度与广度。 王蓬博指出，从微信支付来看，iOS端跳转苹果支付并非并行竞争关系，而是对现有支付体系的差异化 补充，微信支付仍牢牢掌控安卓端、公众号、线下消费等核心场景的主导权，而苹果支付的接入本质是 为用户提供更合规的支付选择，同时低抽成比例能吸引更多开发者入驻，扩大微信生态整体交易规模， 间接强化微信支付的生态赋能价值。 "由于苹果 ...

Market Overview - US stock index futures are all down ahead of the market opening, with Dow futures down 0.68%, S&P 500 futures down 0.57%, and Nasdaq futures down 0.72% [1] - European indices also show declines, with Germany's DAX down 1.40%, UK's FTSE 100 down 1.37%, France's CAC40 down 1.42%, and the Euro Stoxx 50 down 1.46% [2][3] - WTI crude oil is up 0.02% at $59.87 per barrel, while Brent crude oil is down 0.05% at $64.17 per barrel [4] Economic and Monetary Policy Insights - Analysts warn of a potential market correction as the S&P 500 index closes below its 50-day moving average for the first time in 139 trading days, breaking a record for the second-longest period above this trend line in the century [4] - The Nasdaq also falls below its 50-day moving average, ending the longest streak since October 1995, with more stocks hitting 52-week lows than highs, indicating weak market internals [4] - Federal Reserve Vice Chair Jefferson emphasizes a cautious approach to further rate cuts, citing a softening job market and recent easing inflation risks [5] - UBS predicts a strong likelihood of a rate cut in December, despite internal disagreements within the Federal Reserve [6] Oil Market Forecast - Goldman Sachs warns of a continued decline in oil prices until 2026 due to a supply surplus of approximately 2 million barrels per day, forecasting Brent crude at $56 per barrel and WTI at $52 per barrel by 2026 [7][8] Company-Specific Developments - Apple (AAPL.US) sees a 37% increase in iPhone 17 sales in China, regaining a 20% market share, indicating strong consumer response to new models [9] - Google (GOOGL.US) CEO warns of irrational factors in the current AI market, suggesting that no company, including Google, is immune to potential market corrections [9] - Arm (ARM.US) partners with Nvidia (NVDA.US) to integrate NVLink technology into its Neoverse platform, enhancing collaboration in AI data center chips [9] - Home Depot (HD.US) reports Q3 sales of $41.35 billion, with same-store sales growth of only 0.2%, below expectations [10] - Axalta (AXTA.US) announces a merger with AkzoNobel to create a $25 billion global coatings company, expected to complete by late 2026 or early 2027 [10] - Baidu (BIDU.US) reports Q3 revenue of 31.2 billion yuan, with AI-related business revenue growing over 50% [11] - Futu Holdings (FUTU.US) shows a significant increase in Q3 revenue by 86.3% year-on-year, with net profit up 136.9% [12] - Weibo (WB.US) reports a net profit of $454 million for Q3, a 55.43% increase year-on-year, despite a slight decline in total revenue [13]

Core Viewpoint - The recent issuance of dim sum bonds by major Chinese tech companies signifies a significant boost for the internationalization of the Renminbi, reflecting a growing market and diverse issuance entities [1][4]. Group 1: Dim Sum Bond Market Growth - The total issuance of dim sum bonds has exceeded 470 billion RMB, with a strong demand reflected in a subscription amount of nearly 1,500 billion RMB, 3.2 times the issuance amount [1][3]. - In 2023, the total issuance of dim sum bonds reached 9,675.31 billion RMB, and in 2024, it is projected to exceed 12,786.98 billion RMB, marking the first annual issuance scale to surpass 10 trillion RMB [3][4]. - The market has seen a continuous growth trend over the past three years, with a total issuance of 9,794.54 billion RMB since 2025 [3]. Group 2: Factors Driving Market Activity - The significant financing cost advantage of dim sum bonds, combined with the strategic push for Renminbi internationalization, is a core driver of market activity [4]. - The divergence in monetary policies between China and the U.S. has led to a lower average issuance rate for dim sum bonds compared to U.S. dollar bonds, providing a favorable environment for issuers [4]. - The expansion of offshore Renminbi liquidity and the increasing role of Hong Kong as a major offshore center for Renminbi transactions have further stimulated the market [4][8]. Group 3: Diversification of Issuers and Products - The issuer base for dim sum bonds has diversified significantly, with a notable increase in participation from tech giants like Tencent, Baidu, and Alibaba, moving away from traditional issuers [6][7]. - The introduction of various bond types, including green and sustainable dim sum bonds, caters to different financing needs and investor preferences [7]. - The policy support from the People's Bank of China and the Hong Kong Monetary Authority has facilitated a more active market by broadening the scope of domestic investors [7][8]. Group 4: Future Projections and Market Dynamics - Projections indicate that the issuance of dim sum bonds could reach 1.2 to 1.3 trillion RMB in 2025, with potential growth to 1.5 trillion RMB in 2026 [5]. - The market is expected to see an increase in the issuance of long-term bonds, enhancing the yield curve and attracting long-term capital [6]. - The internationalization of the Renminbi is entering a new phase characterized by both quantitative and qualitative improvements, with the currency's role in global trade and finance continuing to expand [8][10].

百度创始人李彦宏表示，在第三季度，百度全方位展示了AI为业务带来的变革性价值。"越来越多的企 业采用我们的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快速的收入增长。" 最受市场关注的自动驾驶业务方面，萝卜快跑三季度的全球出行服务次数达310万次，同比增长212%， 相较二季度的148%增速，体现出持续加速特征。 此前一直保持神秘的百度AI业务收入，终于揭开面纱。 11月18日晚，百度发布2025年第三季度财报，季度总营收312亿元，百度核心营收247亿元。 在这份财报中，百度首次披露AI业务收入，同比增长超50%。其中，AI云收入同比增长33%；AI应用收 入达26亿元；AI原生营销服务收入同比增长262%达28亿元。 以AI应用为例，第三季度收入达26亿元。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，解决个人和企业在特定场景下的不同需求。大部分AI应用采用高黏性的订阅模式，业内认为， 这可持续创造高质量收入。 财报出炉后，百度美股盘前一 ...

Core Insights - Baidu reported a total revenue of 31.174 billion yuan for Q3 2025, with a net loss of 11.232 billion yuan compared to a net profit of 7.632 billion yuan in the same period last year [1] - The company's core business revenue, excluding iQIYI, was 24.7 billion yuan, with online marketing revenue at 15.3 billion yuan and non-online marketing revenue at 9.3 billion yuan, reflecting a year-on-year growth of 21% driven by the growth of its smart cloud business [1] Business Transformation - Baidu's search business is undergoing a significant AI transformation, with approximately 70% of mobile search result pages containing AI-generated content as of October 2025 [3] - The company aims to redefine search results from a text and link-based application to a rich media content-driven AI application [3] AI Business Growth - Baidu disclosed that its new AI business revenue grew over 50% year-on-year, reaching approximately 10 billion yuan in Q3 2025, with significant contributions from three main categories: smart cloud infrastructure revenue at 4.2 billion yuan (up 33%), AI high-performance computing facility subscription revenue up 128%, and AI applications revenue at 2.6 billion yuan [3][4] - AI-native marketing services, including intelligent agents and digital humans, generated 2.8 billion yuan in revenue, marking a year-on-year increase of 262% [4] Autonomous Driving Expansion - Baidu's autonomous driving service, Apollo Go, achieved 3.1 million orders for fully autonomous driving operations in Q3 2025, with a year-on-year growth rate increasing from 148% to 212% [4] - As of November 2025, Apollo Go has provided over 17 million autonomous driving service orders across 22 cities, with a total autonomous driving mileage exceeding 140 million kilometers and total driving mileage surpassing 240 million kilometers [4]

截至发稿，焦点科技市值为143亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 王晓波） 每经AI快讯，焦点科技（SZ 002315，收盘价：45.18元）11月18日晚间发布公告称，公司于近日接到公 司控股股东沈锦华先生的通知，获悉其持有的本公司部分股份解除质押，本次解除质押250万股。截至 本公告日，沈锦华累计质押股数为300万股，质押股份占其所持股份比例为2.04%。 2025年1至6月份，焦点科技的营业收入构成为：外贸B2B占比90.2%，保险占比5.33%，商业服务占比 1.9%，商品贸易占比1.15%，其他占比0.98%。 ...

★ 宏观动态 ★ 外交部：美日同盟是冷战产物，不应针对第三方 据央视新闻，11月18日，外交部发言人毛宁主持例行记者会。针对美国驻日本大使格拉斯在社交平台上的有关 涉华言论，毛宁表示，美国这位大使的有关表态，纯属别有用心的政治作秀，有违外交官的身份和职责。美日 同盟是冷战产物，不应针对第三方，更不应肆意干涉他国内政，损害他国核心利益。 北京：到2027年转化孵化3000家科技型企业、600家专精特新企业 北京市人民政府办公厅印发《北京市推进科技成果转化落地行动方案（2025—2027年）》，其中提出，发展目 标是，到2027年，高效协同、富有活力的科技成果转化体系基本形成，成功转化一批服务国家战略需求、满足 北京经济社会发展需要的重大科技成果；促成1000家合作平台、5000项技术开发合作项目，转化孵化3000家科 技型企业、600家专精特新企业，开辟未来产业新赛道，实现关键核心技术新替代，激发转型升级新动能。 澳门特区行政长官岑浩辉发表2026年施政报告 据央视新闻，澳门特区行政长官岑浩辉11月18日在特区立法会发表2026年施政报告，明确明年特区政府施政总 体方向为：深化行政改革、加力促进多元、精准优化民 ...

（文章来源：新京报） "居家闪检"是淘宝闪购与阿里健康在本地化医疗健康服务领域的一次深度协同。该项目负责人表示，未 来双方将以"居家闪检"项目为起点，将更多专业级医疗服务资源引入即时零售场景，加速推动"本地化 服务+互联网医疗"的资源融合，探索实现"检—医—药"一体化服务闭环。 新京报讯（记者秦胜南）随着全国多地气温持续走低，不少地区提前进入流感高发期，公众对高效、便 捷的检测服务需求激增。近日，淘宝闪购联合阿里健康官宣上线"居家闪检"新服务，推出"呼吸道病毒 细菌12联检"项目。目前，"居家闪检"服务已率先在北京、上海、广州、杭州四城开启试运营。 淘宝App对应页面显示，用户可以通过搜索"居家闪检"进入服务页面预约检测。由经过专业培训的骑手 上门送达采样包，协助完成咽拭子样本采集，并将样本送至国家认证的实验室进行检测，平均3小时 内，用户便可在线查看检测报告。此次推出的"呼吸道病毒细菌12联检"一次性覆盖甲型流感病毒、乙型 流感病毒、肺炎支原体、新型冠状病毒、人鼻病毒、腺病毒等12种常见呼吸道病原体，帮助用户快速、 精准识别感染源，为科学用药提供依据，避免盲目用药风险。 ...

Group 1 - H&H International Investment's portfolio reached a total market value of approximately $14.679 billion by the end of Q3, reflecting a growth of about 28% from the previous quarter [1] - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding [1] - New investments include ASML, with significant increases in Berkshire Hathaway shares, while there were notable reductions in Alibaba and NVIDIA shares, exceeding 25% [1] Group 2 - The investment philosophy of "buying stocks is buying companies" emphasizes the importance of understanding the business, which is inherently challenging [3] - The investor acknowledges limitations in understanding certain companies, such as General Electric and Google, and advises against investing in businesses that one does not comprehend [3][11] - The principle of "finding the right people and doing the right things" is highlighted as crucial for business success, along with a focus on differentiated products and user orientation [3][5] Group 3 - The investor expresses admiration for the business models of companies like Moutai, Tencent, and Apple, while reflecting on past investment mistakes, such as in General Electric [2][18] - The investor's strategy includes a significant focus on opportunity cost and the importance of holding onto investments that align with long-term value [2][35] - The investor's approach to investing in NVIDIA is driven by the recognition of its strong ecosystem and strategic vision, particularly in the context of the AI revolution [21][26] Group 4 - The investor emphasizes that investment decisions should not be solely based on price-to-earnings ratios but rather on future cash flows [17] - The importance of understanding company culture and business models is reiterated, with a specific mention of Apple's commitment to product quality and user experience [12][14] - The investor's experience with Pinduoduo is characterized as a risk investment, with uncertainty about its long-term sustainability despite trust in its culture and team [32]