格隆汇2月27日｜国际要闻： 大中华区要闻： 12、公告精选︱澳柯玛：拟2.53亿元收购智慧产业公司45%股权；菲利华：预计2025年石英电子布的业 务收入占公司整体营业收入比重为5%左右； 13、A股投资避雷针︱方正科技：股东方正信息产业拟减持不超过3%股份。 1、美股三大指数涨跌不一，英伟达跌超5%，中概指数跌1.78%； 2、美国酝酿机器人政策，商务部3月将召开制造商圆桌会； 3、消息人士：美国航空航天和芯片行业稀土短缺问题日益加剧； 4、日本2025年新生儿数量再创新低 连续10年下降； 5、韩股年内累涨近50%，港股恒生科技指数累跌超7%； 6、斯特兰蒂斯考虑首次在欧洲采用中国电动汽车技术； 7、美国财政部拟议新规将切断瑞士银行MBaer接入美国金融体系的权限； 8、西班牙拟禁止向未成年人销售能量饮料； 9、苹果同意将三星存储芯片的价格提高100%； 10、礼来：在2型糖尿病试验中 Orforglipron在血糖控制和减重方面均优于司美格鲁肽； 11、蒂姆·库克暗示苹果将于周一上午举行发布会； 12、戴尔科技盘后大涨超10% 将年度股票分红提高20% 将股票回购规模扩大100亿美元； 13、伊朗外长 ...

历时近一个月的首场AI春节"红包大战"，吸引了众多行业巨头加入。 （元宝AI生成） 深圳商报首席记者 袁静娴 随着春节假期结束，历时近一个月的首场AI春节"红包大战"暂告一段落。 从腾讯元宝派发10亿元现金红包，到阿里巴巴旗下千问投入30亿元"免单"点奶茶，再到字节跳动豆包在春晚 送出10万份科技产品，此外还有百度5亿元红包、蚂蚁阿福注册即送16.8元支付宝红包等，据不完全统计，多 家互联网公司在2026年春节前后累计投入超过80亿元。 短短数周内，多款AI应用DAU（日活跃用户）创下历史新高，下载榜单频繁易主，豆包、千问、元宝成为这 个春节流量市场的核心主角。但当补贴逐步退场，排名开始回落，行业也随之进入冷静期。 在业内人士看来，这不仅是一场节日营销战，更是一场关于"AI入口"的集中验证——验证大模型是否具备规 模化获取用户、嵌入真实消费链条、承接高频场景调用的能力。红包阶段暂告一段落，但围绕用户留存与生 态闭环的竞争才刚刚开始。 2月2日，阿里旗下千问APP宣布投入30亿元启动"春节请客计划"，并联合淘宝闪购、飞猪、大麦、盒马、天 猫超市、支付宝等阿里生态业务，以免单形式请全国人民在春节期间吃喝玩乐。 2 ...

Core Insights - Baidu's total revenue for 2025 was 129.1 billion RMB, a year-on-year decline of 3%, primarily due to decreased revenue from traditional business segments [1] - The company recorded an operating loss of 5.8 billion RMB for the year, impacted by a core asset impairment loss of 16.2 billion RMB, compared to an operating profit of 21.2 billion RMB in 2024 [1] - After excluding impairment effects, Baidu's non-GAAP net profit for the year reached 18.9 billion RMB [1] Financial Performance - In Q4 2025, Baidu's total revenue was 32.7 billion RMB, reflecting a quarter-on-quarter growth of 5% [1] - The non-GAAP net profit for Q4 was 3.9 billion RMB [1] - The net profit attributable to Baidu for 2025 was 5.6 billion RMB, with a net profit margin of 4%, a significant decrease of 76% compared to 2024's 23.8 billion RMB [1][2] Business Segments - New business segments are increasingly contributing to total revenue, with Q4 AI new business revenue exceeding 11 billion RMB, accounting for 43% of Baidu's general business revenue [2] - For the full year, intelligent cloud infrastructure revenue was approximately 20 billion RMB, a year-on-year increase of 34%, while AI applications generated over 10 billion RMB in revenue [2] - In the autonomous driving sector, the "Luobo Kuaipao" service provided 3.4 million fully unmanned operational orders in Q4, representing a year-on-year growth of over 200% [2] Capital Operations and Shareholder Returns - Baidu's board has authorized a new share repurchase plan with a maximum amount of 5 billion USD, effective until December 31, 2028 [2] - The company has approved a dividend policy for common stock, with the first dividend expected to be distributed by the end of 2026 [2] - Baidu is advancing the spin-off and independent listing process for its chip business, Kunlun [2]

Core Insights - Baidu reported fourth-quarter results that met revenue expectations while exceeding earnings forecasts, although shares fell approximately 6% intra-day on Thursday [1] Financial Performance - The company posted adjusted earnings per American Depositary Share (ADS) of RMB10.62, surpassing the consensus estimate of RMB9.65 [2] - Quarterly revenue reached RMB32.7 billion ($4.68 billion), reflecting a 5% sequential increase and closely aligning with the consensus forecast of RMB32.64 billion [2] - Adjusted operating income for the quarter was RMB3.0 billion ($424 million), resulting in an adjusted operating margin of 9% [4] - Adjusted EBITDA amounted to RMB4.7 billion ($676 million), indicating a 14% adjusted EBITDA margin [4] AI Segment Performance - Revenue from AI Cloud Infrastructure hit RMB5.8 billion in the fourth quarter, with subscription-based revenue linked to AI accelerator infrastructure soaring 143% year over year [3] - AI Applications generated RMB2.7 billion in revenue during the quarter, with full-year 2025 revenue from this segment exceeding RMB10 billion [3]

2月27日热门中概股多数下跌，纳斯达克中国金龙指数（HXC）收跌1.78%。 上涨股当中（按市值从高到低），腾讯音乐涨0.14%，富途控股涨1.05%，华住酒店集团涨2.82%，唯品 会涨2.14%，BOSS直聘涨0.49%，WSP控股涨0.10%，小马智行涨4.64%，HSAI涨1.00%，华视传媒涨 0.11%，欢聚涨0.50%。 下跌股当中（按市值从高到低），台积电跌2.81%，阿里巴巴跌2.78%，拼多多跌1.41%，网易跌 0.16%，日月光半导体跌3.44%，百度跌5.65%，京东跌2.03%，携程跌2.59%，中华电信跌1.17%，联电 跌2.32%，贝壳跌5.53%，中通跌2.46%，理想汽车跌2.98%，小鹏汽车跌2.26%，蔚来跌1.73%，哔哩哔 哩跌3.20%，中国新城农村跌2.03%，满帮跌0.57%，新东方跌2.06%，万国数据跌7.11%，名创优品跌 5.99%，亚朵集团跌1.12%，拓臻生物跌1.11%，慧荣科技跌8.34%，金山云跌2.70%，世纪互联跌 3.39%。 美股周四收盘涨跌不一。科技巨头英伟达和软件巨头Salesforce的最新业绩未能提振大盘。美国上周初 请失业 ...

Pre-market indexes are swinging back into positive territory from lower early-morning levels, now erasing the big losses in the first part of this week on all but the small-cap Russell 2000, which is break-even over the past five trading days. This morning, the Dow is +110 points, +0.22%, the S&P 500 is +6, +0.09%, the Nasdaq +7, +0.03% and the Russell 2000 +4, +0.18%.Jobless Claims Come In-Line to Lower: 212K, 1.833MIt’s a “normal” Thursday morning, so we get new Weekly Jobless Claims figures, and once aga ...

Key Takeaways New Jobless Claims Remain Low at 212KLonger-Term Claims Come Down As Well: 1.833MCelsius, Shake Shack and Baidu Beat EarningsThursday, February 26th, 2026Pre-market indexes are swinging back into positive territory from lower early-morning levels, now erasing the big losses in the first part of this week on all but the small-cap Russell 2000, which is break-even over the past five trading days. This morning, the Dow is +110 points, +0.22%, the S&P 500 is +6, +0.09%, the Nasdaq +7, +0.03% and t ...

花旗银行分析师Alicia Yap：我想请教关于大模型的问题，我们注意到近期大模型迭代速度非常快，管 理层如何看待当前的竞争格局？另外，百度近期发布了文心5.0的升级版本，还进行了组织架构调整， 能否介绍这些举措背后的战略考量？以及公司如何看待大模型迭代与应用落地在整体人工智能战略中的 关系？谢谢。 李彦宏：感谢提问，我们确实看到近期行业内大模型发布十分活跃，市场竞争激烈且发展迅速。但 在竞争中，我们始终认为应用比模型更重要，因为模型的价值最终要通过应用来实现。这也是文心大模 型的升级始终秉持应用驱动的原因，所有的优化都围绕最具价值和潜力的应用场景展开，这一思路贯穿 文心大模型的每一次迭代。 近期我们发布了文心大模型的2025升级版本，同时主动调整组织架构，以适应快速变化的市场环境。我 们将大模型研发团队拆分，按不同方向布局：一支团队继续攻坚基础大模型的前沿能力，保持技术领 先。文心大模型在创意写作、通用模型理解、指令跟随等核心领域具备明显优势，我们有信心在各关键 应用场景中持续提升其性能。同时，这些高价值的应用场景会为文心大模型提供真实的数据和反馈，推 动模型不断迭代优化。 另一支团队则更贴近具体的业务需求 ...

北京时间2月26日晚，美股三大指数开盘涨跌不一，道指涨0.38%，纳指跌0.24%，标普500指数跌0.04%。截至发稿，道指涨0.27%，纳指跌0.84%，标普 500指数跌0.36%。有2712只个股上涨，2381只个股下跌。 英伟达财报再超预期却遇冷淡回应，股价直线跳水，截至发稿，跌幅扩大逾3.6%。 纳斯达克中国金龙指数跌0.85%。 | | IXIC[纳斯达克指数] | | 22955.68 | -0.85% | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 23385 | | | | | | | 1.01% | | 23269 | | | | | | | 0.50% | | 23152 | | | | | | | 0.00% | | 23035 | | | | | | | 0.50% | | 22919 | | | | | | | 1.01% | | 09:30 | 10:30 | 11:30 | 12:30 | 13:30 | 14:30 | 15:30 | | WTI原油一度跌近3%，布伦特原油一度跌超2%。 地缘局势方面， ...

每经记者｜张锦河 每经编辑｜程鹏 记者|张锦河 编辑|程鹏 杜恒峰 校对|陈柯名 北京时间2月26日晚，美股三大指数开盘涨跌不一，道指涨0.38%，纳指跌0.24%，标普500指数跌0.04%。截至发稿，道指涨0.27%，纳指跌0.84%，标普 500指数跌0.36%。有2712只个股上涨，2381只个股下跌。 英伟达财报再超预期却遇冷淡回应，股价直线跳水，截至发稿，跌幅扩大逾3.6%。 纳斯达克中国金龙指数跌0.85%。 热门中概股多数下跌，截至发稿，百济神州跌6.56%，贝壳跌5.85%；百度跌4.83%，公司2025财年营收同比减少3%；瑞幸咖啡跌4.71%，理想汽车跌 4.66%，哔哩哔哩跌3.47%。 | 百济神州 | 329.140 | -6.56% | | --- | --- | --- | | ONC = = | | | | 贝壳 | 16.590 | -5.85% | | BEKE ® | | | | 百度 | 126.240 | -4.83% | | BIDU B . | | | | 瑞幸咖啡 | 35.780 | -4.71% | | 延 LKNCY 日 C | | | | 理想汽车 | ...