兴业证券维持谷歌-A买入评级。公司25Q3业绩超预期，AI驱动搜索广告收入增长15%，云业务收入增 34%，营业利润大增85%。积压订单达1550亿美元，环比+46.2%，AI全栈能力落地显著，Gemini MAU 激增至6.5亿。预计2025-2027年净利润CAGR达17.2%，AI赋能下长期增长可期。 责任编辑：山上 股票频道更多独家策划、专家专栏，免费查阅>> ...

Group 1: Core Insights - In 2025, global e-commerce media ad revenue is expected to surpass television advertising for the first time, reaching $178.2 billion compared to $171.1 billion for TV ads [1] - The share of TV ad revenue from video streaming is projected to increase from 26.2% to 29.5% [1] - WPP and Madison & Wall have raised their advertising spending growth forecasts for 2026 due to better-than-expected performance in global and U.S. ad markets [3] Group 2: Search Advertising Resilience - Despite the rise of AI in search, traditional search ad budgets remain strong, with global spending expected to reach $244.9 billion in 2025, a 10.2% increase [2] - Traditional search advertising is anticipated to maintain mid-to-high single-digit growth over the next decade [2] - AI is reshaping consumer product discovery rather than significantly impacting advertisers' search budget allocations [2] Group 3: Advertising Market Growth Expectations - WPP forecasts an 8.8% growth in global advertising revenue for 2025, up from a previous estimate of 6% [3] - Madison & Wall predicts an 11% growth in U.S. advertising spending for 2025, significantly higher than the earlier forecast of 3.6% [3] - The growth in advertising is expected to peak in the first half of 2026, driven by events like the Winter Olympics, before gradually slowing down [3] Group 4: Preparing for the AI Era - The advertising industry is on the threshold of the "AI era," with many platforms investing in AI infrastructure to support advertising products [4] - AI is creating efficiencies in workflows, supply chains, and product development, allowing for more budget allocation towards media investments [4] - AI-driven media buying platforms are becoming increasingly centralized, combining creative, optimization, and measurement functions [4] Group 5: WPP's Strategic Framework - WPP Media has introduced the "Advertising Intelligence Future Framework," which evaluates companies based on data assets, AI and technology capabilities, distribution, transaction capabilities, and content and media [5] - This framework aims to provide guidance and strategic direction for advertisers in the AI era, emphasizing the central role of AI in transforming the global advertising ecosystem [5]

作为俄语区领先的广告科技平台，Yandex Ads 依托 Yandex 搜索引擎 64% 的俄罗斯市场份额，以及覆盖 超 1.7 亿全球月活用户的生态优势，已成为连接中国企业与俄语区受众的核心桥梁。其业务覆盖搜索广 告、展示广告、应用营销等多元领域，尤其在俄罗斯数字广告市场深耕多年，见证并推动着联网电视 （CTV）等新兴领域的发展。 近年来，随着CTV在俄罗斯乃至全球的快速发展，Yandex Ads 持续加码视频广告与跨屏营销能力，助 力广告主在变革中的媒介环境中实现增长。近期，Yandex Ads 宣布升级跨平台移动应用推广功能，新 增CTV及桌面设备投放支持。通过此次升级，广告主可通过单一界面实现移动端、桌面端与智能电视屏 幕的全域覆盖，进一步拓展在俄罗斯数字市场中的用户触达场景。在此背景下，Yandex Ads全球业务发 展总监Ilya Marin分析了CTV在俄罗斯的发展逻辑、市场趋势，以及其对全球广告主，尤其是正加速出 海的中国企业所带来的启示与机遇。 以下为采访全文。 CTV 的独特魅力不仅在于屏幕尺寸，更在于它融合了电视级的用户关注度与数字级的测量及定向能 力。在完善的 CTV 体系中，广告主购 ...

Core Insights - Baidu's third-quarter report revealed a significant revenue decline of 7% year-on-year, marking the largest single-quarter drop in its history, with a net loss of 11.2 billion yuan [2][3] - Despite a 50% increase in AI-related revenue to 10 billion yuan, this growth was insufficient to offset the decline in traditional business segments, particularly online marketing, which saw a 19% drop [2][3][6] - The company is facing intense competition from rivals like ByteDance and Alibaba, leading to a painful transition period for its AI strategy [2][4] Revenue Performance - Baidu's core search advertising revenue fell by 19%, indicating a fundamental challenge to its traditional business model [3] - In contrast, the overall Chinese internet advertising market grew by 6.4% during the same period, with competitors like Tencent and Bilibili experiencing revenue growth of 21% and 23% respectively [3][4] Market Position and User Behavior - Advertisers are shifting their budgets towards platforms that offer shorter conversion paths, such as e-commerce and short video platforms, which has led to Baidu's marginalization [4] - User search habits are changing, with more users opting for platforms like Xiaohongshu and Douyin for information, resulting in Baidu's media position index dropping to ninth place [5] Cost Structure and Profitability - Baidu's revenue costs increased by 12% year-on-year, with sales and administrative expenses rising by 14%, primarily due to investments in AI cloud infrastructure [5][6] - The rising costs are squeezing profit margins, as the company spends more to generate revenue, making it difficult for AI business growth to compensate for losses in traditional advertising [6] Strategic Execution Challenges - Baidu's historical tendency to lag behind competitors in execution, despite early recognition of AI's potential, has hindered its ability to capitalize on its technological advancements [7][9] - The company has struggled to transform its AI capabilities into competitive consumer products, with its AI applications showing slow growth and low user engagement compared to rivals [7][8] Future Directions - Baidu is attempting to pivot towards an "Orion AI Engine" to shift its search model from traditional link retrieval to task-oriented solutions, aiming to maintain relevance in the AI era [8] - The company must transition from an advertising-centric model to one focused on user value and product experience to avoid further marginalization [9]

Core Viewpoint - The article discusses the ongoing negotiations between the U.S. and the EU regarding steel and aluminum tariffs, with the U.S. linking tariff reductions to the EU's technology regulation policies, which the EU firmly rejects [3][6][11]. Group 1: U.S.-EU Trade Negotiations - The U.S. Secretary of Commerce, Gina Raimondo, indicated that the U.S. would consider reducing the 50% tariffs on EU steel and aluminum if the EU relaxes its technology regulations [3][6]. - The EU's stance is that its digital regulatory rules are non-negotiable, aimed at ensuring market fairness and consumer protection [3][4]. - The U.S. has expressed dissatisfaction with the EU's slow progress in fulfilling commitments made in a previous trade agreement, particularly regarding energy purchases [9][10]. Group 2: Digital Regulation in the EU - The EU's Digital Markets Act and Digital Services Act impose strict regulations on major tech companies, including prohibitions against abusing market dominance and misuse of user data [8][9]. - The EU maintains that its digital regulations are not discriminatory and apply to all companies, regardless of their headquarters [12][14]. - The EU's strict regulatory approach is seen as a means to protect consumer rights and promote local industry, as the region lags behind the U.S. in digital technology [14]. Group 3: Implications for Tech Companies - U.S. officials believe that easing EU regulations could attract significant investment, potentially amounting to hundreds of billions or even up to one trillion dollars [9]. - The EU has recently imposed substantial fines on major U.S. tech companies, indicating a rigorous enforcement of its digital regulations [12][13]. - The EU's commitment to maintaining its regulatory framework reflects its limited leverage in global trade negotiations, emphasizing the importance of regulatory authority as a competitive advantage [14].

Core Viewpoint - The EU has firmly rejected the US proposal to link the reduction of steel and aluminum tariffs to the relaxation of technology regulations, emphasizing the importance of its digital regulatory framework for market fairness and consumer protection [1][6]. Group 1: US-EU Trade Relations - The US Secretary of Commerce, Gina Raimondo, indicated that a favorable steel and aluminum agreement would require the EU to ease its technology regulations [1]. - The EU is concerned that over 400 products are affected by the 50% steel and aluminum tariffs, which could undermine the trade agreement reached in July [2]. - The EU Trade Commissioner stated that the EU has made progress in fulfilling its commitment to purchase $250 billion worth of energy products from the US over the next three years [5]. Group 2: Digital Regulation - The EU's Digital Services Act and Digital Markets Act are central to its technology regulation, aimed at ensuring accountability and preventing anti-competitive behavior among major tech companies [3][2]. - The EU maintains that its digital regulations are not negotiable and are designed to protect consumer rights and promote fair competition [1][6]. - The EU has imposed significant fines on major tech companies, including a €2.95 billion fine on Google, indicating its strict enforcement of digital regulations [6]. Group 3: EU's Stance on Negotiations - The EU insists on its legislative sovereignty and will not use its technology regulations as bargaining chips in trade negotiations [1][7]. - An EU official emphasized that steel tariffs and digital technology regulations are completely unrelated issues [7]. - The EU's strict regulatory approach is seen as a means to protect its market and promote local industry development, given its lag behind the US in digital technology [7].

当日晚间，欧盟委员会副主席里贝拉（Teresa Ribera）在一份声明中表示："欧洲的数字监管规则不容谈判。欧洲制定这些规则是为了确保市场公平，保护消 费者权益，同时保障欧洲的数字化未来。" 卢特尼克将钢铝关税与科技监管规则直接挂钩，使得欧盟在努力与美方谈判关税豁免之际陷入了新难题。美国总统特朗普曾公开指责欧盟在商品贸易方面存 在顺差，以及欧盟对美国贸易设置壁垒。此前特朗普也明确指出，欧盟的数字监管法规正是他所谓的"对等关税"旨在针对的非关税贸易壁垒。 对外经济贸易大学法国经济研究中心主任、巴黎索邦大学博士生导师赵永升对第一财经记者表示，在科技监管方面，欧盟坚持其"立法主权"，不会轻易用其 作为谈判筹码进行交换，这已经涉及欧盟政府治理中的基本理念，"而且在欧盟的谈判概念中，'关税'和'规则监管'本身就是两条平行的谈判议程，一码归一 码。" 美国：用科技监管松绑换关税 在欧盟的谈判概念中，关税和规则监管是两条平行的谈判议程，一码归一码。 面对美国欲用免除钢铝关税换得欧洲放宽科技监管的"诱惑"，欧盟给出了否定的答案。 24日，美国商务部部长卢特尼克表示，如果欧盟希望美国降低对其钢铝制品征收的50%的关税，获得一 ...

Core Viewpoint - Nomura's research report indicates that Tencent is expected to announce its third-quarter business results in mid-October, with predictions of improved gross margins and net profit growth driven by high-margin businesses such as gaming and WeChat advertising [1] Financial Performance - Gross margin is projected to improve by 4.1 percentage points year-on-year to 57.2%, exceeding market expectations of 56.2% [1] - Non-IFRS net profit is anticipated to grow approximately 12% year-on-year, which is 2% higher than market expectations [1] - Revenue for the last quarter is expected to meet forecasts, with a year-on-year growth of about 13% to 189 billion yuan [1] Business Segments - Core business performance is expected to remain robust, with online gaming revenue projected to grow by 18% year-on-year [1] - Domestic and overseas gaming revenue is expected to increase by 15% and 25% respectively [1] - WeChat video account advertising and search advertising are seen as ongoing growth drivers for Tencent [1] Future Outlook - AI applications are anticipated to enhance advertising return rates and contribute positively to revenue [1] - Nomura maintains a "Buy" rating on Tencent, raising the target price from 721 HKD to 757 HKD [1]

Core Viewpoint - The Federal Trade Commission (FTC) is investigating Amazon and Google regarding potential misleading practices in their advertising terms and pricing mechanisms, particularly focusing on undisclosed minimum price thresholds for search ads and internal price increases [1] Group 1: Investigation Details - The FTC is requesting detailed information from Amazon about its advertising auction mechanisms, specifically whether it has disclosed the "minimum price" that advertisers must meet before purchasing ads [1] - The investigation also examines Google's internal pricing processes to determine if there are undisclosed increases in advertising costs that were not communicated to advertisers [1] Group 2: Background Context - This latest investigation stems from a previous antitrust lawsuit against Amazon, which accused the company of presenting numerous irrelevant search results, making it difficult for consumers to find desired products and increasing operational costs for sellers [1]

Core Insights - The article emphasizes the importance of a well-structured marketing strategy for companies on Xiaohongshu to enhance brand influence and visibility [1] Group 1: Marketing Strategy - Companies should first clarify their marketing planning to ensure a clear direction and rhythm in their marketing efforts [1] - Establishing a corporate account on Xiaohongshu is crucial for showcasing brand information and engaging with customers [7] - A targeted content strategy based on brand characteristics and market demand is essential for retaining user interest [7] Group 2: User Engagement - Active interaction with users through comments and feedback is necessary to understand their needs and improve user experience [7] - Regularly updating corporate information and optimizing content based on user feedback can enhance user engagement [7] Group 3: Influencer Collaboration - Collaborating with influencers for product promotion can significantly increase brand visibility and attract targeted traffic [8] - The process of influencer marketing includes planning, selecting suitable influencers, negotiating collaboration details, and monitoring promotional effectiveness [9][10][11][14] Group 4: Advertising Methods - Various advertising methods on Xiaohongshu include information flow ads, search ads, and splash screen ads, each with specific targeting and visibility features [16][18][20] - Information flow ads can effectively increase content visibility based on user demographics [16] - Search ads allow for targeted exposure based on user-initiated searches, providing a more precise audience [18]