明日主题前瞻 1、工业4.0 | 11月18日，工信部办公厅印发了《高标准数字园区建设指南》。其中指出，打造企业数字化转型标杆。聚焦园区主导产业，依托制造业数字化 转型通用评估指标体系引导企业数字化改造，建设制造业数字化转型促进中心等载体，深化新一代信息技术全链条赋能应用，推动企业全要素生产率提升。 积极开展"人工智能+制造"应用探索，支持企业开展智能工厂梯度建设，推进工业机器人等智能制造装备规模化部署，推动企业生产智能化跃升。 宏观、行业新闻 1、工信部：目标到2027年建成200个左右高标准数字园区，算力基础设施实现有效部署和应用。 点评：分析认为，人工智能可覆盖制造业全流程各环节，提高各环节自身运作效率，并可挖掘各单一环节所产生的数据信息，进而赋能整体的预测、生产、 管理等，实现精细化管理。工信部数据显示，经过智能化改造，制造业研发周期缩短约20.7%、生产效率提升约34.8%、不良品率降低约27.4%、碳排放减少 约21.2%。另一方面，在人工智能的赋能下，制造业从产品为中心向用户为中心转变、从刚性生产向柔性生产转变，满足消费者个性化需求成为制造业新服 务模式。根据Bizwit数据，从2019年起，人 ...

Core Insights - Baidu is aggressively advancing into the AI era, showcasing transformative value through its AI products and solutions, with a focus on AI cloud and marketing services [1][5][22] Financial Performance - In Q3 2025, Baidu reported total revenue of 31.2 billion yuan, with core revenue of 24.7 billion yuan; AI cloud revenue grew by 33%, AI application revenue reached 2.6 billion yuan, and AI native marketing service revenue surged by 262% to 2.8 billion yuan [1][9] AI Product Development - Baidu has launched a series of innovative AI products, including the Kunlun chip and Wenxin 5.0, marking a transition from "intelligent emergence" to "value realization" [5][6] - The new generation of Kunlun chips (M100 and M300) is optimized for large-scale inference and multimodal model training, supporting AI technology's large-scale application [6] Market Position and Growth - Baidu's AI cloud holds a 24.6% market share in China's AI public cloud service market, leading for six consecutive years; it is the choice of 65% of central enterprises and 100% of systemically important banks [7] - The AI application segment is experiencing rapid growth, with significant revenue from flagship products like Baidu Wenku and digital employees [9][10] Digital Employee and AI Applications - Baidu's digital employees, such as the "Wu Yanzu Digital English Coach" and "Dong Dong" for China Eastern Airlines, are transforming user experiences across various industries [10][11] - The no-code platform "Miao Da" has generated over 400,000 applications, significantly lowering the development barrier for AI applications [11] Autonomous Driving and Global Expansion - Baidu's Robotaxi service, "Luo Bo Kua Pao," has achieved a global leading position, with 3.1 million service trips in Q3, a 212% year-on-year increase [13][15] - The service is expanding internationally, with plans for commercial operations in Abu Dhabi and partnerships with global ride-hailing platforms [15][16] AI Search Transformation - Baidu is transforming its search engine to integrate AI-generated content, with AI content accounting for 70% of search results by October [16][17] - The monthly active users of Baidu's AI search have grown by 18.63% quarter-on-quarter, reaching 382 million [16] Valuation and Market Reassessment - The rapid growth of Baidu's full-stack AI business and advancements in sectors like Robotaxi are leading to a reassessment of its market valuation, with multiple institutions raising target prices [19][22] - Baidu is increasingly viewed as a technology company centered on AI, spanning chips, models, applications, and autonomous driving, rather than just a traditional search engine [22]

专题：聚焦2025年第三季度美股财报 11月18日晚间消息，百度（Nasdaq：BIDU；HKEX：9888）今日发布了截至9月30日的2025年第三季度 财报：总营收为312亿元，同比下滑7%。归属于百度的净亏损为112亿元，而上年同期净利润为76亿 元。归属于"百度核心"的净亏损为111亿元。不按美国通用会计准则，归属于百度的净利润为38亿元， 而上年同期净利润为59亿元。归属于"百度核心"的净利润为38亿元。 详见：百度第三季度营收312亿元 经调净利润38亿元 财报发布后，百度董事长兼CEO李彦宏，移动生态事业群总裁罗戎，智能云事业群总裁沈抖，CFO何俊 杰等高管出席随后召开的财报电话会议，解读财报要点并回答分析师提问。 高盛分析师Lincoln Kong：我的问题关于百度云业务，第三季度该业务增速略有放缓，请问当前云服务 需求是否出现变化？未来几个季度能否重新提速？对明年云业务的发展前景有何展望？支撑其持续增长 的核心驱动力又有哪些？ 沈抖：观察今年以来的整体业绩，百度云业务增速显著高于行业平均水平。季度间的增速出现波动很正 常，整体增长势头依然强劲，我们对其后续增势充满信心。需求端来看，企业正推动 ...

Investment Rating - The report indicates a strong growth potential for the AI Agent industry, with a projected market size exceeding 35.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 52.4% [8][9]. Core Insights - The AI Agent industry is positioned as a key commercial application of large models, showcasing significant potential for market expansion and value creation [8][9]. - The growth of the large model market is driven by three main factors: optimization of computing power and infrastructure, exponential growth in data resources, and the increasing demand for digital transformation across industries [12][16]. - AI large models are reshaping enterprise value systems through internal process integration and external product innovation, leading to a comprehensive transformation of business operations and models [18]. - The commercialization of AI large models is evolving in three layers: embedded applications, native applications, and hardware applications, with embedded applications being the most mature [22][23]. Summary by Sections AI Large Model Market Size and Growth Forecast - By 2029, the Chinese large model market is expected to exceed 140 billion yuan, driven by overall infrastructure expansion [8][9]. Growth Drivers of the Large Model Market - The expansion of the large model market is propelled by advancements in computing power, improvements in data quality and governance, and a surge in digitalization and intelligent upgrade demands across various sectors [12][16]. AI Large Model Empowering Enterprise Value Reconstruction - AI large models enhance operational efficiency and user experience, leading to significant value creation for enterprises [18][19]. Commercialization Development Status of AI Large Models - The commercialization of AI large models is characterized by a three-tier evolution, with embedded applications being the most developed, while native applications and hardware applications are still in exploratory and early stages, respectively [22][23]. AI Large Model Product Usage Flow Distribution - The flow distribution of AI large model products shows that dialogue assistants dominate both web and mobile platforms, indicating a concentrated user engagement [25][26]. AI Agent Product System - The AI Agent product system consists of three layers: general-purpose, business-specific, and industry-specific, facilitating rapid coverage and validation across various sectors [27][28]. AI Agent Supply Scene Distribution - The supply side of AI Agent products is primarily focused on general scenarios, accounting for nearly 70% of the market, leveraging technological versatility and cost advantages [28][29]. AI Agent Industry Demand Scene Distribution - Demand for AI Agents is concentrated in high-frequency interaction scenarios such as e-commerce, finance, and education, with advanced manufacturing also experiencing growth through digital transformation [32].

Core Viewpoint - The establishment of the Wuhan headquarters of Longxin Technology Group marks a significant step in the company's strategic layout and showcases the integration of AI and energy innovation, aligning with China's "dual carbon" strategy [1][2]. Group 1: Strategic Importance - The Wuhan headquarters serves as a strategic hub for Longxin Technology, focusing on key areas such as new energy consumption, electricity market trading, and zero-carbon park construction [1]. - The headquarters is a response to national policies aimed at green and low-carbon development, emphasizing the importance of AI in transforming energy systems towards cleanliness, intelligence, and efficiency [1][6]. Group 2: AI and Energy Integration - Longxin Technology aims to leverage AI as a core engine to integrate R&D, talent cultivation, and business operations, enhancing the synergy between AI and energy sectors [2]. - The launch of the "Longxin Jiugong AI Energy Model" and the "Longxin Jiugong Electric Trading Intelligent Agent" highlights the company's commitment to advancing AI applications in energy systems [3][4]. Group 3: Collaboration and Talent Development - The "Longxin Jiugong Artificial Intelligence Laboratory" will collaborate with top local universities to foster innovation and develop a talent pool skilled in both AI and energy [3]. - The company plans to establish internship bases and joint research initiatives with local universities to nurture innovative talents in the AI and energy fields [3]. Group 4: Technological Advancements - The "Longxin Jiugong Electric Trading Intelligent Agent" offers intelligent and reliable solutions for electricity trading, achieving over 90% accuracy in price forecasting and 85% in risk warning [4]. - This product represents a significant technological advancement, supporting the transition of the energy industry towards intelligence and low carbon [4]. Group 5: Regional Development - The establishment of the headquarters is seen as a vital contribution to the development of the AI and energy ecosystem in the East Lake High-tech Zone, aligning with regional goals for sustainable growth [2][6]. - Longxin Technology's presence in Wuhan is expected to inject new momentum into the city's ambition to become a nationally influential technology innovation center [2].

Group 1 - Elon Musk stated that the advent of Starship opens the path for large-scale deployment of solar-powered AI satellites, which he believes is the only way to achieve 1 terawatt (1TW) of AI computing power annually [1] - The energy supply shortage is a critical bottleneck for AI data center construction, with FTI Consulting predicting that energy demand for data centers in the U.S. will nearly double by 2027 [3] - The construction of data centers in space is becoming a viable option for many Silicon Valley tech companies due to power limitations on Earth [4] Group 2 - StarCloud successfully launched a satellite equipped with NVIDIA H100 chips and Google Gemini models, which will provide 100 times the GPU computing power compared to previous space computing facilities [4] - StarCloud plans to build a 5-gigawatt orbital data center powered by large solar and cooling battery panels, which will not require water for cooling or rely on batteries [4] - Google is considering a project named "Project Suncatcher" to establish the first space data center, planning to launch prototype satellites by 2027 in collaboration with Planet [5] Group 3 - The first space computing satellite constellation was successfully launched by Guoxing Aerospace and Zhijiang Laboratory, consisting of 12 satellites capable of processing data in orbit [7] - The U.S. has launched over 10,000 satellites, with significant contributions to the ongoing conflict in Ukraine, and there are expectations for accelerated launch progress in China in the coming years [7]

来源：市场资讯 2.山东东营1.4GW海上风电获补贴 国际 1.道达尔能源将以51亿欧元的价格收购EPH旗下发电设施部分股权 2.沙特哈登2GW光伏项目全场光伏组件安装完成 观点 （来源：中央财经大学绿色金融国际研究院） （一）全国 1.我国离岸距离最远海上风电项目全部风机吊装完成 2.国家电投远达环保重大资产重组完成股份发行上市 （二）地方 1.深圳福田支持光储充换电项目建设，最高补贴500万 本轮AI高波的衰退，其前期迹象已十分明显。回顾Meta、甲骨文等巨头的股价，早在数周前便初现败 相，这预示着市场正在否定一种由巨头内循环打造的"风火轮"模式——即通过无限流订单与交叉持股， 构建起一个看似永动的资本循环。这个由债务高速扩张驱动的AI基建繁荣，本质上是一场不可持续的 资本游戏。 当美联储维持高利率，资金链一旦收紧，压力将首先传导至AI产业链下游那些烧钱巨大的数据中心。 随之而来的，是CDS（信用违约互换）溢价的狂飙，这如同警报，反映出市场对债务违约风险的强烈担 忧。公司债将因此无人问津，融资成本急剧上升并迅速侵蚀利润，最终触发市值暴跌。在当前美股高达 68万亿美元的总市值中，AI链占比近30万亿美元，任 ...

人工智能赛道迎来利好政策。 今日（11月18日），重庆市经济和信息化委员会网站消息，重庆市经济和信息化委员会近日印发《重庆市加快推进人工智能终端产业创新蝶变行动计划(2026—2030 年)》（以下简称《行动计划》），以人工智能推进智能终端产业实现创新蝶变，加快培育发展新质生产力。 在工业机器人方面，《行动计划》提出，围绕焊接、装配、喷涂、搬运、质检等制造业泛在场景，重点研发智能焊接、自主移动操作、智能搬运、智能装配、视觉 质检等典型场景智能机器人，并推动具身智能机器人在企业智能化改造、数字化转型项目中率先应用。 在算力基础设施方面，加快建设高性能、高效能算力中心，实施"东数西算"工程，联合成都、西安等西部城市共建算力网络联盟，推动数据中心集群协同联动。加 快研发适配算力硬件的基础系统软件，带动智能管理、算力调度等软件服务发展。 三大重点举措 在重点举措方面，《行动计划》提出了推进产业创新发展、推进产业集群发展、推进产品应用示范三大重点举措。 《行动计划》提到，开展关键技术攻关。开展AI芯片、新型显示、RISC-V（开源指令集架构）、高性能末端执行器、直线电驱动关节、一体化关节、新型传感器、 轻量化材料、先进 ...

Core Insights - The global race for a "super application" in the AI field is intensifying, with significant investments focused not on the technology itself but on identifying the "super entry point" [1][2] - Alibaba's launch of the "Qianwen" project marks its entry into the AI to C (consumer-facing AI) market, positioning it as a competitor to ChatGPT [1][3] - The competition is characterized by two main fronts: the "engine war" focusing on the capabilities of large models, and the "entry war" which emphasizes the importance of productizing AI capabilities into indispensable tools [3][4] Industry Dynamics - The emergence of AI applications is creating strong ecological barriers, making them essential bridges between users and the digital world [2][4] - The uncertainty surrounding the form of the "super entry point" fuels a competitive arms race among AI players, with various potential forms such as advanced chatbots or integrated assistants [2][5] - The future of AI applications is expected to revolve around creating an "AI Agent" that not only provides information but also executes tasks, thus enhancing user experience [4][5] Competitive Landscape - Major players like OpenAI and Google are actively developing their ecosystems, with OpenAI introducing APIs and collaborative features, while Google integrates its AI models into existing platforms [4][5] - Alibaba aims to leverage its existing e-commerce, life services, and cloud computing ecosystems to create a comprehensive integration path with its "Qianwen" project [4][5] - The competition for the "super entry point" is critical, as it will determine the allocation of trillion-dollar market values and shape the global technology landscape for the next decade [5]

在激发市场要素活力方面，《行动方案》提出壮大技术经理人队伍，将优秀技术经理人纳入市级人才支 持政策体系。 值得关注的是，《行动方案》还提出推进全国高校区域技术转移转化中心建设，在海淀、房山、昌平等 建设主承载区。 中国青年报客户端北京11月18日电（中青报·中青网记者 尹希宁）如何推动科技成果转得出、帮得上、 落得下？今天，北京发布《北京市推进科技成果转化落地行动方案（2025-2027年）》（以下简称"《行 动方案》"），加速科技成果"从1到10"在京落地。 据《中国科技成果转化2024年度报告》数据统计，首都高校上年度以技术转让、许可、开发、咨询、服 务、作价投资等6种方式转化成果的合同数量为30332项，合同金额达到201.9亿元，年均增长率约 15%。 今天，北京市科委、中关村管委会党组成员、副主任杨璞在北京市人民政府新闻办公室举行的新闻发布 会上介绍，《行动方案》的主要目标是，到2027年，基本形成高效协同、富有活力的科技成果转化体 系，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，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 ...