研究报告 Research Report 30 Nov 2025 百度集团-SW Baidu (9888 HK) 集中资源专注 AI 发展和变现；萝卜快跑价值将释放 Concentrate resources on the development and monetization of AI; Apollo Go help unlock valuation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$113.80 目标价 HK$171.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$262.80bn / US$33.78bn 日交易额 (3 个月均值) US$320.19mn 发行股票数目 2,309mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$139.20-HK$75.50 注：现价 HK$1 ...

文｜财新 刘沛林 百度开启近年来最大一次人员调整。近日多名百度员工向财新称，公司内部不同业务线多个部门本周开始裁员，裁员比 例从10-25%不等，个别部门裁员比例近30%，是近年来全公司范围内的最大一次裁员。财新向百度问询，截至发稿未获 回应。 图片来自视觉中国 百度一直以来的现金流支柱搜索业务近几个季度持续承压，同时AI大模型仍需高额投入 一位百度内部人士向财新称，该轮裁员是正常的年终调整，没有确定的裁员比例目标，且裁员补偿包括了年终奖等，相 对丰厚。而多名员工指出，这一次裁员规模超过了往年的年终调整，加上签字费裁员补偿可达N+3.5（工龄加3.5个月工 资）。 "在这种大规模裁员里多数人不会感到自己被针对了，再加上今年年终奖照发，赔偿也符合预期，多数人没有怨气，"一 名百度员工说。不过他也认为，目前这一轮裁员还未完全落定，公司内部难免影响士气。 …… ...

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Baidu, Inc. ("Baidu†or the "Company†) (NASDAQ: BIDU) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON BAIDU, INC. (BIDU), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On November 26, 2025, Reu. ...

Core Viewpoint - The article highlights the rapid and generous response of various companies and organizations in Hong Kong to the recent fire disaster in Tai Po, showcasing their social responsibility and commitment to aiding affected individuals and communities [3][14]. Group 1: Donations and Contributions - Total donations from various entities have reached several hundred million Hong Kong dollars, demonstrating a strong collective effort to support disaster relief [5]. - Alibaba Group contributed a total of 60 million HKD, including 30 million from the Ma Yun Public Welfare Foundation, 20 million from Alibaba Group, and 10 million from Ant Group [5]. - The Li Ka Shing Foundation pledged an immediate 30 million HKD, with an additional 50 million HKD planned for future support, totaling 80 million HKD [6]. - The Zijing Cultural Group donated 10 million HKD and provided educational materials worth 2 million HKD for nearly 700 affected students [7]. - Other notable contributions include 30 million HKD from the Ho Ying Tung family, 20 million HKD from Chow Tai Fook Group, and various donations from other companies totaling millions [8][9][10]. Group 2: Direct Services and Support - Companies like Baidu Maps and Gaode Maps provided real-time updates on road conditions, helping to facilitate safe navigation around the disaster area [11]. - SF Express opened 146 locations in Hong Kong for free transportation of relief supplies, effectively enhancing the logistics of aid delivery [11]. - Anta Group supplied 20 million HKD worth of cold-weather gear, addressing immediate needs for warmth among the affected population [12]. Group 3: Social Responsibility and Community Impact - The article emphasizes that while financial contributions are significant, the direct services provided by companies during the disaster are equally crucial, reflecting a strong sense of social responsibility [11][14]. - The collective actions of these companies during the crisis highlight their commitment to community welfare, transcending their usual business operations [14].

转自：北京日报客户端 据悉，2025年初，百度Apollo启动星火计划，并陆续分批向武汉大学、湘江实验室、北京工商大学、浙 江大学、大连理工大学、复旦大学、同济大学等多所高校捐赠自动驾驶车辆和实验平台，推动中国自动 驾驶技术"薪火相传"，持续为产业培养更多优秀人才。 11月27日，一批由北京自动驾驶领军企业百度Apollo研制、捐赠的自动驾驶车辆驶入北京航空航天大 学，用于支持该校在自动驾驶领域的科研教学和人才培养。 来源：北京日报客户端 "自动驾驶产业发展关乎交通强国建设，也是新一轮科技革命和产业变革的历史机遇。"北航前沿创新处 处长、车路协同与安全控制北京市重点实验室主任田大新说，百度Apollo是国内自动驾驶领域技术的突 破者和产业发展的排头兵，北航也是国内最早开设自动驾驶专业方向的高校，企业创新活力与高校育人 优势的精准对接，将把校企合作推向新高度。"在自动驾驶真车测试中获得的经验，是任何实验室模拟 都无法替代的宝贵科研收获。"北航博士生林伟群说。 2017年，科技部宣布依托百度建设自动驾驶国家新一代人工智能开放创新平台。此后，北航、百度 Apollo联合开设了国内首个"自动驾驶"专业，合作的项目入选 ...

China's Baidu has begun large-scale layoffs that could reshape its workforce structure, as the company faces intensifying competition in artificial intelligence and shrinking advertising revenue, six ... ...

Core Viewpoint - Baidu is intensifying its focus on artificial intelligence (AI) chips as China aims to reduce its dependence on Nvidia technology amid global chip shortages and export restrictions [4][5][6]. Group 1: Baidu's AI Chip Strategy - Baidu's semiconductor division, Kunlunxin, is central to China's strategy for enhancing its AI infrastructure and is increasing investments and product plans [6][7]. - The company has outlined a five-year roadmap for Kunlunxin, introducing the M100 chip expected in 2026 and the M300 in 2027, aimed at supporting Baidu's ERNIE models [8][9]. - Baidu is positioning itself as a full-stack AI technology provider, integrating chips, servers, data centers, models, and applications [9]. Group 2: Market Dynamics and Demand - The demand for domestic AI hardware is projected to rise as Chinese hyperscalers shift towards local suppliers, reflecting a broader trend in the technology sector [10]. - China's AI sector is currently facing significant shortages in advanced chips, with major companies like Alibaba and Tencent reporting supply constraints impacting their capital spending [11][12]. - The combination of restricted imports and strong domestic demand is creating a larger market for companies capable of producing competitive AI chips [16]. Group 3: Competitive Landscape - Baidu is not the only company developing in-house semiconductors; Alibaba and other firms are also adapting their infrastructure to manage supply constraints [15]. - Analyst estimates suggest that Kunlunxin could see substantial valuation growth, supported by optimistic revenue forecasts for the upcoming years [15].

China's Baidu started layoffs this week that will hit multiple business units, six sources briefed on the matter said, as the company struggles with intensifying competition in artificial intelligence... ...

Core Viewpoint - Baidu Apollo donated a batch of autonomous driving vehicles to Beihang University to support research, education, and talent cultivation in the field of autonomous driving, enhancing the integration of industry and academia in China [1][3]. Group 1: Donation and Collaboration - The donation aims to deepen the collaboration between Baidu Apollo and Beihang University, promoting the development of the autonomous driving ecosystem and talent cultivation in China [1][3]. - Beihang University is recognized for its prestigious programs in transportation engineering and computer science, making it a key partner for Baidu Apollo in advancing autonomous driving technology [1][3]. Group 2: Statements from Representatives - Professor Tian Daxin from Beihang University expressed gratitude for the donation, highlighting the importance of the autonomous driving industry in building a strong transportation nation and the historical opportunity it presents for technological revolution and industrial transformation [3][5]. - Baidu Group Vice President Wang Yunpeng emphasized the university's role in nurturing high-level innovative talents and the significance of the "Spark Program" initiated by Baidu Apollo to support educational and research initiatives [3][5]. Group 3: Historical Context and Future Plans - The collaboration between Beihang University and Baidu Apollo has a long history, including joint publications and the establishment of the first "autonomous driving" major in China [5]. - Baidu Apollo's "Spark Program" aims to donate autonomous driving vehicles and experimental platforms to multiple universities, symbolizing the mission of passing on autonomous driving technology and continuously cultivating talent for the industry [5].

Core Viewpoint - Baidu is positioning itself as a significant player in China's AI chip market, aiming to challenge Huawei and fill the gap left by Nvidia's absence in the country [1][7]. Company Strategy - Baidu has shifted its focus from being primarily a search engine to developing driverless cars and AI technologies, including its majority-owned subsidiary Kunlunxin, which specializes in chip design [2][4]. - The company has outlined a five-year roadmap for its Kunlun AI chips, starting with the M100 in 2026 and the M300 in 2027, and is already utilizing its self-developed chips in data centers for its ERNIE AI models [3][4]. Market Position - Baidu generates revenue by selling chips to third parties for data centers and renting out computing capacity through its cloud services, aiming to create a comprehensive AI infrastructure [4]. - Analysts have noted that Kunlunxin has become a leading domestic AI chip developer, focusing on high-performance chips for various applications, including large language model training [5]. Competitive Landscape - With Nvidia's advanced GPUs being restricted from sale in China, Baidu is expected to capitalize on the growing domestic demand for AI computing, especially as Huawei is currently out of the market [6][7]. - Analysts from JPMorgan predict that Baidu's chip sales could increase six-fold, reaching 8 billion Chinese yuan (approximately $1.1 billion) by 2026, indicating strong growth potential [7]. Valuation Insights - Analysts at Macquarie estimate that Baidu's Kunlun chip unit could be valued at around $28 billion, highlighting the significant market potential for the company in the semiconductor space [8].