全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国申请失业救济人数下滑，为就业市场颠簸的一年画上句号 尽管领取救济金的失业人数已从近期的高点有所回落，但几乎没有迹象表明特朗普重返白宫的第一年里 疲软的就业环境有所改善。 来源：环球市场播报 美国劳工部周三公布的数据显示， 截至12月27日当周，美国各州首次申请失业救济人数意外减少1.6万 人，经季节性因素调整后为19.9万人，为11月底以来最低 。接受路透调查的经济学家曾预测申请人数将 升至22万。由于元旦假期，该报告提前一天公布。 美国劳动力市场几乎停滞不前。经济学家表示，劳动力供求受到了特朗普自今年1月开始担任第二任总 统以来政策急剧转变的影响，其中最引人注目的是他大幅提高进口关税和积极打击移民，这限制了工人 1、 美国申请失业救济人数下滑，为就业市场颠簸的一年画上句号 2、美国与盟友商讨加强对乌克兰的安全保障 3 、谷歌创2009年以来华尔街最佳表现，AI业务势头强劲跑赢科技同行 4 、"大空头"投资人迈克尔・伯里称未做空特斯拉 5、10年期美债收益率2025年全年收跌 收官日逆势走高 6、黄金和白银价格双双下挫 但全年仍料创逾40年来最大年度涨幅 的 ...

大盘收官日氛围清淡，三大指数盘中均一度跌超1%。截止收盘，恒生指数跌0.87%或224.06点，报 25630.54点，全日成交额为1189.66亿港元；恒生国企指数跌0.86%，报8913.68点；恒生科技指数跌 1.12%，报5515.98点。全年来看，港股连续大涨两年，2025年恒指累涨27.77%，创2017年来最佳表现； 国指累涨22.27%；恒科指数则累涨23.45%，为成立以来表现最佳。 百度集团-SW(09888)逆市上扬。截至收盘，涨1.39%，报131.5港元，成交额11.61亿港元，贡献恒指3.55 点。华鑫证券指出，公司AI新业务持续增长，本季首次披露细节，展现出公司AI业务的自信，也有望 提振市场信心。作为较早布局AI技术的互联网传统巨头，公司的全栈AI能力（模型、应用、芯片、智 能驾驶等）可能尚未得到市场重视。 其他蓝筹股方面，舜宇光学科技(02382)涨1.16%，报65.55港元，贡献恒指0.87点；紫金矿业（601899） (02899)涨0.85%，报35.66港元，贡献恒指2.87点；信达生物(01801)跌3.66%，报76.25港元，拖累恒指 7.58点；新东方-S( ...

大家好，我是乔叔，这期咱们聊聊美股科技股突然大跌，看看AI行业泡沫被戳破后，资本到底盯上了 哪些"硬指标"。 项目一推再推，眼看这AI大单变成了遥遥无期的承诺。"拿合同容易，能不能落实才最关键"，不少投 资人都这么认为。市场最终会看重的是兑现结果，不是豪言壮语。 12月12号这天，美股科技板块突然出现大幅下跌，引发市场震动。博通的情况让不少人摸不着头脑。 原本大家以为，博通AI业务增长迅猛，总营收里占了大头，按说是春风得意的时候，结果股价却遭遇 重击。这股价跌得太意外，很快市场开始关注账本细节，答案也随之浮出水面。 利润下滑：漂亮营收背后的"危机" 表面上看，博通的AI业务赚得盆满钵满，但仔细一算账就能发现问题。虽然收钱的速度很快，可毛利 率已经出现明显下滑，再也摆脱不了"缩水蛋糕"的标签。 更重要的是，公司收入依赖少数几个大客户，这些大客户按住价格，利润一压再压。产业人士都清楚， 客户只要开始自研或者找下家，博通的订单立马就变得不稳了。 市场的担忧也就有了理由，谁还敢给市值一路抬轿？ 而甲骨文的处境也并不好过。前脚刚抢下大单，后脚就遇上项目推进乏力。公开说要投巨资建算力基 地，可是承诺的项目老是延期，连最基 ...

Core Viewpoint - Baidu's stock has seen a significant increase, with institutional investors heavily investing in the company, driven by strong performance in its core business and accelerated AI commercialization [1] Group 1: Stock Performance - Baidu's US stock rose by 2.4% on December 2, and its Hong Kong stock has been on an upward trend for three consecutive trading days [1] - The stock price of Baidu increased by nearly 54% in the third quarter [1] Group 2: Institutional Investment - Several investment institutions, including Hillhouse, Citigroup, and Appaloosa, have significantly increased their holdings in Baidu [1] - Hillhouse established a new position in Baidu, purchasing 1.64 million shares, with a holding market value exceeding $210 million, making it the sixth-largest shareholder [1] - Citigroup holds 350,000 shares of Baidu, with a quarter-over-quarter increase in share count and market value of 6.75% and 64%, respectively [1] Group 3: Business Performance - Baidu's performance in the third quarter exceeded market expectations, with AI business revenue growing over 50% year-on-year and AI cloud revenue increasing by 33% [1] - The "Luobo Kuaipao" service achieved over 3.1 million orders in Q3, representing a year-on-year growth of 212%, with cumulative orders exceeding 17 million, making it the global leader [1]

Core Viewpoint - The company reported strong Q3 results with accelerated revenue growth and achieved quarterly profitability for the first time, driven by its AI business strategy [3][10]. Financial Performance - Total revenue reached 2.478 billion RMB, a year-on-year increase of 31.4% and a quarter-on-quarter increase of 5.5% [4]. - Adjusted net profit was 28.7 million RMB, compared to a loss of 237 million RMB in the same period last year [4][10]. - Adjusted EBITDA surged by 345.9% year-on-year to 827 million RMB, with a profit margin of 33.4%, an increase of 23.6 percentage points year-on-year [4]. - Public cloud service revenue was 1.752 billion RMB, a significant year-on-year increase of 49.1%, becoming the main growth driver [4][6]. - AI business billing revenue reached 782 million RMB, a remarkable year-on-year growth of approximately 120%, accounting for 44.6% of public cloud revenue [4][7]. - Gross margin slightly decreased to 15.4%, down 0.7 percentage points year-on-year, attributed to rising server costs [4][9]. - Cash and cash equivalents stood at 3.955 billion RMB, a decrease of 15.1 billion RMB quarter-on-quarter [4]. Core Business Progress - Revenue from the Xiaomi-Kingsoft ecosystem reached 691 million RMB, a year-on-year increase of 83.8%, highlighting significant ecosystem synergy [4][7]. - Industry cloud service revenue was 726 million RMB, showing minimal growth of 2.2% year-on-year and nearly flat quarter-on-quarter [8]. Cost Management and Investment - The company achieved a significant reduction in operating expenses, which fell by 63.6% year-on-year to 526 million RMB, primarily due to a 920 million RMB impairment charge in the same period last year [12]. - The company made substantial capital investments in AI, with depreciation and amortization costs doubling to 650 million RMB, driven by new AI server and network equipment purchases [14]. - Total borrowings increased by 65% year-on-year to 6.19 billion RMB, reflecting the company's aggressive investment strategy [14].

截至2025年11月19日 13:33，中证港股通互联网指数下跌1.21%。成分股方面涨跌互现，迈富时领涨 5.17%，贝壳-W上涨0.80%，阿里巴巴-W上涨0.52%；小米集团-W领跌5.30%，第四范式下跌4.95%，众 安在线下跌4.25%。港股互联网ETF(159568)下跌1.01%，最新报价1.76元。拉长时间看，截至2025年11 月18日，港股互联网ETF近半年累计上涨7.16%。 流动性方面，港股互联网ETF盘中换手16.37%，成交5934.36万元，市场交投活跃。拉长时间看，截至 11月18日，港股互联网ETF近1年日均成交2.22亿元。 截至2025年11月19日 13:33，恒生科技指数下跌0.95%。成分股方面涨跌互现，携程集团-S领涨0.97%， 网易-S上涨0.93%，腾讯音乐-SW上涨0.62%；小米集团-W领跌5.30%，同程旅行下跌3.02%，地平线机 器人-W下跌2.75%。恒生科技指数ETF(159742)下跌1.37%，最新报价0.79元。拉长时间看，截至2025年 11月18日，恒生科技指数ETF近3月累计上涨4.43%。 流动性方面，恒生科技指数ETF盘中换手 ...

该行维持对其"买入"评级，H股目标价从150港元升至151港元，美股目标价由154美元升至155美元。 高盛发表研究报告指，百度第三季业绩大致符合预期，云业务增长稳健。集团首次披露AI相关业务表 现，着重展示AI技术赋能业务成果。管理层透露第三季AI新业务收入按年增长超过50%，规模已达约 100亿元，占总收入约40%。高盛预期，相关AI业务涵盖云基础设施、芯片、AI应用与代理，以至自动 驾驶，已充分反映百度跨生态系统的AI业务能力，预期集团净利润率亦将从第三季水平见底回升。 ...

| 69.8万 | | 买5 114.300 | | 4.37 | | --- | --- | --- | --- | --- | | | | 买6 114.200 | | 1.37 | | | | 27 | 114.100 | 1.8 7 | | | | 买8 114.000 | | 3.37 | | MACD > | DIF :- 0.009 ↓ DEA: 0.096 ↓ M :- 0.211 ↓ | ¥9 113.900 | | 1.17 | | 0,263 | | 分时成交 · | | | | | | 10:10 114.700 | | 2 | | | | 10:10 114.700 | | | | -0.211 | | 10:10 114.700 | | | | 09:30 | | 16:00 10:10 114.700 | | | 消息面上，百度昨晚公布业绩，第三季度公司实现总营收312亿元，核心收入247亿元，均超市场预期。百度此次的业绩亮点还在于，首次披露的AI业务收 入约100亿元，同比增长超50%，超市场预期。 11月19日，百度集团-SW高开2.24%，报113.9港元/股。截至10时1 ...

来源：格隆汇APP 格隆汇11月19日｜港股市场百度集团-SW(9888.HK)高开2.24%，报113.9港元；隔夜美股市场百度收涨 2.66%报117.14美元，折算成港股市场价格为113.54港元/股。 消息面上，百度昨晚公布业绩显示，第三季度总营收312亿元，核心收入247亿元，均超市场预期。百度 此次的业绩亮点还在于，首次披露的AI业务收入约100亿元，同比增长超50%，超市场预期。 ...

Core Viewpoint - US stock markets saw declines with the Dow Jones and Nasdaq dropping over 1%, while Chinese concept stocks rose by 0.42% [1] Group 1: Market Performance - Hong Kong's three major indices opened higher, with the Hang Seng Index up by 0.09%, the National Index up by 0.19%, and the Hang Seng Tech Index up by 0.37% [1] - Major technology stocks in Hong Kong rebounded, with Baidu opening over 2% higher due to a more than 50% increase in Q3 AI business revenue, exceeding expectations [1] - Other tech stocks such as NetEase rose over 1%, while Tencent and Meituan also showed positive performance [1] Group 2: Sector Performance - The automotive sector saw a rebound after consecutive declines, with Xpeng Motors rising by 1.8% [1] - Software, gold, and lithium battery stocks experienced gains [1] - Conversely, the airline, electric power, and aluminum sectors mostly remained sluggish [1]