长江商报消息 ●长江商报记者 江楚雅 百度首次在财报中披露的AI业务，展现出强劲的增长势头。 11月18日晚，百度（BIDU.US，09888.HK）发布2025年第三季度财报，三季度其总营收为人民币312亿 元。其中，百度的AI业务表现突出，其三个类别合计收入96亿元，同比增长超50%，成为对冲传统业务 压力、支撑公司长期增长的核心力量。 同时，百度在业绩电话会上明确，自2023年3月生成式AI浪潮启动后的10个季度内，公司对AI领域的累 计投入已超1000亿元，且后续将持续加大研发投入，加速大模型研发与商业化落地，巩固其在中国AI 市场的核心竞争力。 得益于强大AI能力对搜索产品的重构，百度AI搜索目前处于明显的行业领先地位。据QuestMobile于10 月28日发布的《2025年三季度AI应用行业报告》显示，截至2025年9月，百度AI搜索月活跃用户规模季 度环比增18.63%，达3.82亿，连续三个季度登上国内AI搜索行业月活榜首。 百度CFO何海建介绍，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，未来将 持续加大AI投入。 萝卜快跑单量增长迅猛 在财报电话会上，百度高 ...

一生坚守价值投资的巴菲特，在退休前夕做出重磅决策：首次建仓谷歌，并将其纳入伯克希尔·哈撒韦 前十大重仓股。这一举动在投资界引发巨大反响，被视为价值投资范式演变的重要信号——即便最为保 守的价值派，也已开始正视并认可AI的长期价值。 在这一决策的背后，是巴菲特投资哲学在AI时代的延续。谷歌凭借自研TPU芯片、Gemini大模型，以及 搜索、YouTube、云服务等海量应用场景，构建了全栈AI生态。这条又宽又深的"护城河"，正是巴菲特 价值投资体系中最看重的核心要素。 而除谷歌外，百度-SW(09888)是中国乃至全球范围内，在全栈AI技术布局上最为完整、协同效应最为 显著的公司，其在芯片、框架、模型、应用四个关键层级上均拥有自主核心技术并已实现大规模产业化 落地，"护城河"同样宽广。 而第三季度财报，便是百度于AI产业中具备强大竞争力以及领先的商业化实力的真实写照。11月18 日，百度发布了2025年第三季度财报。公司于此份财报中首次披露了其AI战略布局的两个关键性成 绩。其一是AI业务收入同比大增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。 ...

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]

Core Insights - The relationship between humans and AI is evolving from a simple tool-user dynamic to a deep collaborative partnership, with AI becoming a co-worker rather than just a task executor [1][3][22] - By 2030, it is predicted that over 50% of Chinese society will have adopted AI technologies [1] - AI is increasingly integrated into various aspects of daily life, enhancing productivity and personal growth [3][4] Group 1: AI Integration in Daily Life - AI is deeply embedded in daily activities such as shopping, work, and education, exemplified by the use of AI digital influencers during events like Double 11 [5][7] - The "Hui Bo Xing" digital human solution has seen over 100,000 digital hosts across multiple industries, with significant growth in sales during live broadcasts [7] - Baidu's AI search capabilities have transformed traditional search results into rich media applications, enhancing user interaction and experience [11][13] Group 2: AI as a Productivity Driver - AI is viewed as a native capability that can drive productivity rather than merely a cost, leading to a potential productivity revolution across industries [4][22] - Baidu's "Miao Da" platform allows non-programmers to create applications through natural language, showcasing AI's role in democratizing technology [13][16] - The introduction of self-evolving AI agents like "Baidu Fa Mou" aims to optimize complex decision-making processes in various sectors [17][19] Group 3: Opportunities in the Super Individual Era - Individuals are encouraged to internalize AI capabilities to thrive in the AI era, transitioning from mere interaction to deep integration [23][25] - Baidu emphasizes three key application directions for internalizing AI: replacing repetitive tasks, providing unlimited content supply through AI-generated content, and discovering new insights beyond human cognition [25][26][28] - Baidu's comprehensive AI ecosystem, from hardware to applications, positions it as a leader in enabling both individuals and enterprises to harness AI effectively [28]

Core Viewpoint - 2023 is recognized as the "year of effectiveness" for AI, with 2024 expected to be the "year of application" [2] - The AI large model industry has not yet entered a true "explosion period," with user scale and app installations increasing but revenue conversion still lagging [2][3] Group 1: AI Development and Market Dynamics - Baidu's AI strategy has transitioned from sowing to nurturing, focusing on small successes rather than immediate harvests [3][4] - Historical evidence suggests that the transition from technology accumulation to explosion cannot be strictly planned, with each harvest being a reward for long-term commitment [7] - The initial hype surrounding ChatGPT is fading, revealing limitations in user engagement and interaction duration, with average user interaction lasting only 6-15 minutes [10] Group 2: Competitive Landscape - OpenAI's challenges highlight the fragility of newly created application scenarios, as seen with Sora 2 facing copyright and harmful content controversies [11] - Gemini's growth has outpaced ChatGPT, with market share increasing from 6.4% to 12.9%, while ChatGPT's share has dropped from 87% to 74% [11][12] - Baidu's AI search has achieved 3.82 billion monthly active users, reflecting an 18.6% quarter-over-quarter growth [12] Group 3: Long-term Value and Strategy - The true value of AI lies in its integration with time, emphasizing the importance of long-term strategies over short-term gains [13][15] - Baidu aims to create a comprehensive AI stack rather than focusing on single-point applications, avoiding the pitfalls of the previous mobile internet era [16][25] - Baidu's autonomous driving service, "萝卜快跑," has accumulated over 240 million kilometers of driving, showcasing significant potential in a validated demand scenario [18] Group 4: Internalization of AI Capabilities - Baidu's concept of "internalizing AI capabilities" emphasizes the need for AI to be integrated as a native ability across industries, driving productivity and economic growth [20] - The AI industry faces challenges with low investment efficiency, as evidenced by the inflated valuations of AI startups and the lack of positive returns for many enterprises adopting AI tools [21][23] - The understanding and effective utilization of AI is a longer process than anticipated, indicating that the "big gathering" of AI is still on the way [24][26]

Core Insights - The AI industry structure is shifting from a "pyramid" model to an "inverted pyramid" model, emphasizing that models and applications must generate significantly more value than the underlying chips [1] - The competition in the AI sector has transitioned from focusing on parameters to demonstrating tangible value creation for businesses [2] Group 1: AI Business Growth - Baidu's AI new business revenue, including smart cloud, exceeded 10 billion yuan for the first time, marking a 34% year-on-year growth [2] - The monthly active users of Baidu's AI search reached 382 million as of September, with a quarter-on-quarter growth of 18.63% [5] Group 2: AI Model and Search Business - The new generation of Wenxin model 5.0 was launched, showcasing advanced capabilities in multimodal understanding and creative writing [4] - AI has restructured Baidu's search business, with 70% of search results now generated by AI, leading to a more engaging user experience [4] Group 3: Digital Human Technology - The commercial value of digital humans was highlighted during the "Double 11" shopping festival, with a 91% increase in GMV and a 119% rise in the number of live broadcasts [6] - Baidu announced the opening of its digital human technology to all industries, with initial deployment in Brazil and plans for expansion into Southeast Asia and the U.S. [7] Group 4: Autonomous Driving - Baidu's autonomous driving service, "萝卜快跑," has achieved significant milestones, with over 250,000 fully autonomous orders per week and a total of over 17 million global ride services [9] - The service has expanded to 22 cities worldwide, including major Chinese cities and international locations like Dubai [9] Group 5: AI Intelligent Agents - Baidu introduced the GenFlow 3.0 version of its universal intelligent agent, which has attracted 20 million users [10] - The new intelligent agent "伐谋" is designed to find optimal solutions in complex scenarios and has shown strong application capabilities in various industries [10] Group 6: AI Infrastructure - Baidu launched the new generation of Kunlun chips and announced plans to release new chip models annually over the next five years [11] - The Kunlun chip has been deployed in thousands of units, serving as a critical foundation for Baidu's AI capabilities [12]

Market Performance - The Hang Seng Index closed at 26,346, down 0.33% for the day but up 31.34% year-to-date [1] - The Hang Seng Tech Index closed at 6,093, down 1.26% for the day and up 36.38% year-to-date [1] - The Shanghai Composite Index closed at 4,016, up 0.70% for the day and up 19.82% year-to-date [1] Currency and Commodity Trends - The Renminbi Index is at 97.550, with a 1M increase of 1.23% and a 6M increase of 1.47% [2] - Brent crude oil is priced at $64.520 per barrel, down 6.85% over the past month but up 1.22% over the past six months [2] - Gold is priced at $3,898.12 per ounce, with a 1.62% increase over the past month and a 16.50% increase over the past six months [2] Key News Events - The Federal Reserve has reduced interest rates by 0.25% for the second consecutive time, with a target range now between 3.75% and 4% [10][11] - President Trump indicated that the outcome of his meeting with President Xi will influence whether he will abandon the investigation into China's compliance with the first phase of the trade agreement [12][13] - A report from QuestMobile shows that Baidu's AI search has topped the domestic popularity charts for three consecutive quarters, with a monthly active user growth of 18.63% [16] Stock Performance - HSBC Holdings saw a price increase of 4.41%, making it the largest blue-chip gainer [18] - Tesla's new car registrations in the EU fell by 19% in September, while BYD's registrations surged by 272% [17] - The A-share market saw the Shanghai Composite Index break the 4,000-point mark, closing at 4,016, a 0.71% increase [5] IPO Information - Recent IPOs include Dipu Technology, which saw a first-day performance increase of 150.56% [30] - Upcoming IPOs include Minglue Technology, set to launch on November 3, 2025, in the advanced hardware and software sector [31]

Group 1 - Grokipedia, powered by GrokAI, launched on October 27, 2023, but faced significant issues including a crash within an hour due to unexpected traffic, indicating a rushed launch [1] - The platform has been accused of plagiarism from Wikipedia and exhibiting bias, particularly in its entry on "gender," which emphasizes a binary classification of biological sex [1] - Grokipedia has also been criticized for factual inaccuracies, such as fabricating information about Elon Musk's involvement in a fictitious "DOGE service" personnel change [1] Group 2 - PayPal announced a partnership with OpenAI to integrate payment functionalities within ChatGPT, allowing users to check out instantly through PayPal, benefiting millions of merchants [2] - Ant Group's AI health application AQ ranked 7th in China's AI native applications, achieving a remarkable 83.4% compound growth rate, significantly higher than the industry average of 13.5% [2] - Baidu's AI search saw a quarter-on-quarter increase of 18.63% in monthly active users, reaching 382 million, maintaining its position as the leader in the domestic AI search sector [2] Group 3 - Xiaomi's smart home appliance factory in Wuhan has officially commenced production, with a total investment exceeding 2.5 billion yuan and an annual production capacity of 7 million units [3] Group 4 - "58 Intelligent" completed a strategic financing round of approximately 500 million yuan, with funds aimed at accelerating the construction of a pilot base and advancing core technologies in embodied robotics [4] Group 5 - Baidu's AI glasses, named "Baidu AI Glasses Pro," will begin pre-sales on November 1, 2023, featuring stylish designs and advanced functionalities such as AI translation and recording capabilities [5]

Core Insights - As of September 2025, Baidu's AI search monthly active users reached 382 million, reflecting a quarter-over-quarter growth of 18.63%, maintaining its position as the leader in the domestic AI search industry for three consecutive quarters [1] Company Developments - Baidu has recently upgraded its Wenxin assistant and AIGC (AI Generated Content) capabilities, now supporting eight types of content creation, including AI images, AI videos, AI music, and AI podcasts [1] - The daily generation of AIGC content by Baidu search users has surpassed 10 million [1]

Core Insights - The global AI startup funding reached $110 billion in 2024, a 77% increase year-on-year, with projections to exceed $200 billion by 2025, nearly doubling the previous amount [1][2] - The AI sector in global stock markets has shown remarkable performance, with Nvidia's stock price increasing 11 times over three years, reaching a market capitalization of over $4 trillion, the highest globally [3] - AI is transitioning from a conceptual phase to a performance explosion phase, with its development speed surpassing expectations, comparable to the mobile internet era [6] AI Development and Investment - The AI revolution is crucial for nations, companies, and individuals, with significant investments from major companies like Facebook, Microsoft, Google, and Amazon, expected to reach $650 billion, $800 billion, $850 billion, and $1 trillion respectively by 2025 [10] - European and Japanese investments in AI are also substantial, with Europe planning to invest €20 billion and Japan projecting ¥196.9 billion, a 67% increase year-on-year [10] - Chinese companies are increasing their AI investments, with Alibaba investing ¥100 billion in the past year and planning to invest ¥380 billion over the next three years [10] AI Market Dynamics - The global AI landscape shows the U.S. leading, with China catching up, while Europe and Japan lag behind [12] - Nvidia dominates the high-end GPU chip market with a 90% share and a gross margin of 75% [12] - Major players in the AI model space include OpenAI's ChatGPT and Google's Gemini, which are leading globally [14] Application and Performance - AI applications are beginning to generate tangible revenue, with ChatGPT's weekly active users surpassing 800 million and projected revenue of $15 billion in 2025, a threefold increase from 2024 [10] - Companies like Microsoft and Tencent are integrating AI into their operations, with Microsoft reporting a revenue of $76.44 billion and a net profit of $27.2 billion in Q2 2025, reflecting an 18% and 24% year-on-year growth respectively [23] - The AI sector is expected to experience explosive growth as it penetrates various industries, with applications in autonomous driving, AI search, and AI design emerging [10] Investment Strategies - The AI sector is still in its early stages, with a development phase of 20%-30%, indicating significant growth potential [27] - A long-term investment strategy is recommended for AI leaders in the U.S. and Hong Kong, while short-term strategies may be more suitable for A-shares [30] - The market is anticipated to enter a new cycle of growth, potentially leading to a 5-10 year bull market as AI applications become more widespread [29]