百度集团第三季度营收311.7亿元人民币，市场预估308.7亿元人民币；第三季度调整后EBITDA 44.3亿 元人民币；第三季度调整后营业利润22.1亿元人民币。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

↑点击上面图片 加雪球核心交流群 ↑ A股三大指数今日集体回调，沪指日K线三连阴。截止收盘，沪指跌0.81%，收报3939.81点；深证成指跌0.92%，收报13080.49点；创业板指跌 1.16%，收报3069.22点。沪深两市成交额19261亿，较昨日小幅放量153亿。 行业板块多数收跌，互联网服务、文化传媒、教育板块涨幅居前，煤炭行业、电池、钢铁行业、化肥行业、能源金属、航运港口、贵金属、有色金 属板块跌幅居前。 个股方面，上涨股票数量接近1300只，逾60只股票涨停，下跌股票数量超过4100只。AI应用概念逆势上涨，榕基软件、浪潮软件、宣亚国际、华胜 天成2连板。半导体概念表现活跃，圣晖集成、龙迅股份涨停。机器人概念股局部走强，首开股份5天3板。下跌方面，近期热门题材调整，福建板 块重挫，福建金森、福建水泥等多股跌停。锂电池板块震荡走弱，石大胜华跌停。让我们来看看今天的热点。 01 亚太市场大幅下跌！ 日本股债汇三杀！ 截止今日收盘，日经225指数收跌3.22%，创自四月以来最大单日跌幅，报48702.98点；韩国KOSPI指数收跌3.32%，报3953.62点。盘中，日元对美 元汇率跌至155.3 ...

11月18日，受多重因素影响市场风险情绪恶化，全球金融市场集体下挫。港股三大指数今日全天弱势， 且午后跌幅进一步加大，恒生指数跌1.72%失守26000点大关，国企指数、恒生科技指数分别下跌1.65% 及1.93%。 | 代码 名称 | 最新价 涨跌额 涨跌幅 ^ | | --- | --- | | 800700 恒生科技指数 | 5645.73 -111.15 -1.93% | | 800000 恒生指数 | 25930.03 -454.25 -1.72% | | 800100 国企指数 | 9174.84 -153.56 -1.65% | 消息面上，美联储副主席杰斐逊周一表示，美联储在未来的降息步伐上需"循序渐进"，进一步削弱市场 对下个月降息的期待。FXStreet分析师Christian Borjon Valencia指出，由于美联储鹰派言论刺激美元指数 走强，黄金承受下行压力。这令金价维持在4000美元/盎司至4050美元/盎司区间内。 | 序号 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | --- | | 7 | 灵宝黄金 | 15.29 ...

11月18日，字节跳动内部人士证实，为了加强广告与交易业务(即电商、生活服务)的研发建设，进一步 提升研发效率，11月17日，中国电商、生活服务、中国广告的工程技术团队，整合为"产品研发与工程 架构-中国交易与广告"。(界面) ...

新能源车题材领跌，钢铁、有色金属、化工、煤炭跌幅居前，中国宏桥跌近6%。 个股方面，小鹏汽车跌逾10%，联想集团跌超4%，蔚来、快手跌超3%，腾讯音乐、理想汽车、小米集 团等跌超2%，百度健康、阿里健康等跌超1%，京东健康、阿里巴巴等小幅下跌；华虹半导体涨逾3%， 中芯国际、携程集团涨超1%。 编辑 ｜ 钉钉 11月18日，香港恒生指数收跌1.72%，恒生科技指数跌1.93%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25930.03c | -454.25 | -1.72% | 2421亿 | | HSTECH | 恒生科技 | 5645.73c | -111.15 | -1.93% | 763亿 | | HSBIO | 恒生生物科技 | 15693.14c | -266.15 | -1.67% | 90亿 | | HSCEI | 恒生中国企业指数 | 9174.84c | -153.56 | -1.65% | 925亿 | | HSCI | 恒生综合指数 | 3978.94c ...

Core Viewpoint - The upcoming debate at the Tiger Sniff F&M Innovation Festival will focus on whether AI will enhance or diminish human intelligence, featuring a diverse lineup of experts from various fields [3][36]. Group 1: Event Details - The debate will take place on November 22, 2025, at the Beijing 798 Art District, specifically in the 79 Cans venue [10][37]. - The event will feature a total of 100 tickets available for fans of the Tencent Research Institute, with a first-come, first-served policy [2][37]. Group 2: Debate Structure - The debate will have a distinguished chairperson, Feng Ruogu, a PhD from Tsinghua University, known for his logical clarity and engaging moderation style [5][36]. - The judging panel includes notable figures such as Yang Jian, Vice President of Tencent, and Li Yan, a seasoned media professional, who will provide insights from their respective fields [8][36]. Group 3: Participants - The affirmative team, arguing that AI enhances intelligence, includes prominent debaters like Wang Mei and Yang Hongyu, who will present compelling arguments supported by real-world examples [16][27]. - The opposing team, arguing that AI diminishes intelligence, features debaters such as Yang Zijiang and Zhao Zifei, who will critique AI's impact on human cognitive abilities [26][27]. Group 4: Event Expectations - This year's debate promises to be more engaging and thought-provoking than last year's, with a mix of professional debate tactics, humor from stand-up comedians, and in-depth analysis from industry experts [36].

11月18日，香港恒生指数收跌1.72%，恒生科技指数跌1.93%。 个股方面，小鹏汽车跌逾10%，联想集团跌超4%，蔚来、快手跌超3%，腾讯音乐、理想汽车、小米集团等跌超2%，百度健康、阿里健康等跌超1%， 京东健康、阿里巴巴等小幅下跌；华虹半导体涨逾3%，中芯国际、携程集团涨超1%。 编辑 ｜ 钉钉 | 代码 | 名称 | 现价 | | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25930.03c -454.25 | | -1.72% | 2421亿 | | HSTECH 恒生科技 | | 5645.73c -111.15 | | -1.93% | 763亿 | | HSBIO | 恒生生物科技 | 15693.14c -266.15 | | -1.67% | 90亿 | | HSCEI | | 恒生中国企业指数 9174.84c -153.56 | | -1.65% | 925亿 | | HSCI | 恒生综合指数 | 3978.94c | -73.42 | -1.81% | 1793亿 | 新能源车题材领跌，钢铁、 ...

但该人士也表示，本次调整只涉及"工程技术团队"，此前消息中所说的"技术团队整合"扩大了调整范 围，"是不准确的"。 据官方介绍，字节中国交易与广告部门基于个性化推荐、深度学习和大模型技术，依托抖音、今日头 条、西瓜视频、番茄小说等多元产品，构建抖音电商、生活服务、广告营销等核心营收业务的算法策略 和工程架构。 （文章来源：每日经济新闻） 每经北京11月18日电（记者李宇彤）11月18日，有消息称字节跳动近日把商业化、电商和生活服务的技 术团队进行整合，成立了中国交易与广告部门，由抖音生服技术负责人王奉坤负责。 就此，字节跳动内部人士向《每日经济新闻》记者证实，为了加强广告与交易业务（即电商、生活服 务）的研发建设，进一步提升研发效率，11月17日，中国电商、生活服务、中国广告的工程技术团队整 合为"产品研发与工程架构-中国交易与广告"。 ...

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down by 0.81%, the Shenzhen Component down by 0.92%, and the ChiNext Index down by 1.16% on November 18, 2025. The total trading volume in the Shanghai and Shenzhen markets reached 1.9261 trillion yuan [1]. ETF Performance - The top-performing ETFs included the Soybean Meal ETF with a gain of 2.44%, followed by Media ETFs and Semiconductor Equipment ETFs, which also showed significant increases [2][3]. - Specific ETFs leading the gains were the Media ETF (512980) and the Semiconductor Equipment ETF (561980), among others, indicating strong interest in these sectors [3]. Industry Developments - Alibaba announced the public beta launch of its AI product "Qianwen" APP, which is based on its self-developed large model and adopts a free strategy. This move signifies a shift in Alibaba's AI strategy from enterprise services to the consumer market, intensifying competition in the domestic C-end AI application market [3]. - Dongfang Caifu Securities expressed optimism about the rapid development of leading internet technology companies and the media sector, particularly benefiting from favorable policy changes. The report highlighted potential investment opportunities in gaming companies with rich product pipelines, film companies benefiting from policy support, and advertising firms focusing on interactive new scenarios and programmatic advertising [3]. Battery Sector Insights - In the battery sector, solid-state batteries are gaining attention due to their high energy density, safety, and long cycle life. Major global battery manufacturers are expected to enter mass production between 2027 and 2028, with some already shipping related equipment and validating processes with downstream clients. Companies with complete line delivery capabilities and those benefiting from process changes are recommended for attention [4]. Trading Activity - The Short-term Bond ETF (511360) recorded the highest trading volume of 18.5 billion yuan, followed by other bond ETFs such as the Silver Hua Daily ETF (511880) and the Sci-Tech Innovation Bond ETF (551060) [5]. - The 5-Year Local Government Bond ETF (511060) had the highest turnover rate at 180%, indicating strong trading activity in this segment [5]. ETF Issuance Market - There were no new developments reported in the ETF issuance market for the following day [6].

Group 1 - The core viewpoint of the report is that Alibaba's strong execution, business synergy, and comprehensive technology product system position it as a key beneficiary in the AI sector, reaffirming it as a preferred stock with a "buy" rating [1] - Alibaba has launched its flagship AI application "Qianwen APP," which serves as its official AI assistant, featuring dialogue Q&A, intelligent writing, and multi-modal camera functions, providing a competitive advantage over ChatGPT's third-party application integration [1] - According to Omdia, the AI cloud market in China reached 22.3 billion RMB in the first half of this year, with Alibaba holding a 35.8% market share, indicating that new consumer initiatives will drive long-term revenue growth [1] Group 2 - Alibaba is set to announce its Q2 2026 earnings on November 25, with expectations of a 3.6% year-on-year revenue growth, primarily driven by incremental contributions from instant retail [2] - Customer management revenue (CMR) is projected to grow by 10% year-on-year, remaining consistent with the previous quarter [2] - Instant retail revenue is expected to reach 26.9 billion RMB, reflecting an 83% year-on-year increase, while cloud and international e-commerce businesses are anticipated to grow by 26% and 19% year-on-year, respectively [2] - The adjusted EBITDA for the group is expected to decline by 61% year-on-year to 15.9 billion RMB, with non-GAAP net profit projected to decrease by 54% to 16.8 billion RMB [2]