大和发布研报称，对百度集团-SW(09888)评级由"跑赢大市"升至策略性"买入"，目标价由92港元升至 158港元。该行认为近期有两个催化因素，包括11月13日的"百度世界2025"年度活动;11月底的第三季度 业绩报告新业务表现改善的财务披露。该行指，虽然百度的市场营销业务可能令2026年盈利表现大幅修 正，但相信百度从一家网络营销公司转变为一家科技公司的前景，而且投资者在该公司的持仓有限，可 能会带动股价进一步上涨。 ...

智通财经APP获悉，大和发布研报称，对百度集团-SW(09888)评级由"跑赢大市"升至策略性"买入"，目 标价由92港元升至158港元。该行认为近期有两个催化因素，包括11月13日的"百度世界2025"年度活 动;11月底的第三季度业绩报告新业务表现改善的财务披露。该行指，虽然百度的市场营销业务可能令 2026年盈利表现大幅修正，但相信百度从一家网络营销公司转变为一家科技公司的前景，而且投资者在 该公司的持仓有限，可能会带动股价进一步上涨。 ...

中国经济网10月15日讯(记者 李方) 10月15日，由中国电子信息行业联合会主办的第27届中国国际 软件博览会在郑州举办。百度集团副总裁、深度学习技术及应用国家工程研究中心副主任吴甜分享了大 模型时代AI基础平台驱动软件生态带来的新变化。她表示，大模型的爆发将人工智能推向一个新的高 潮。 在开幕式暨主题峰会环节，吴甜表示，大模型具有效果好、泛化性强、研发流程标准化等特点，正 引领人工智能的发展。在这一阶段，AI研发范式带来了开发、计算、部署的新挑战，尤其是大模型的 高效训练和推理部署，需要软硬件协同发力。 她进一步讲到，大模型高效训练的关键要素包括训练吞吐、训练有效时间和收敛效率，这背后涉及 框架、芯片、集群、算法等软硬件不同组合的协同优化。对大模型的推理部署来说，效果无损、低时延 高吞吐、成本效益等要素极为关键，需要模型压缩与量化、并行推理、软硬件协同优化等技术的支持。 要解决大模型研发所带来的一系列挑战，深度学习平台关键需要具备大规模并行计算、高性能推理 部署、全流程工程化三方面能力。以百度飞桨为例，作为百度自研的产业级深度学习开源开放平台，飞 桨从核心框架、基础模型库，到端到端开发套件、工具与组件，以 ...

Core Insights - Baidu has upgraded its Wenxin Assistant AIGC creation capabilities, now supporting AI-generated images, videos, music, and podcasts across 8 modalities, with daily AIGC content generation exceeding 10 million [1][2] - The company launched the industry's first open real-time interactive digital human agent, featuring high realism, low latency, and emotional recognition, aimed at providing professional content and services [1][2] - The video generation model, Baidu Steam Engine, has been upgraded to allow real-time interactive generation of long videos, breaking the traditional 10-second limit and surpassing domestic mainstream video generation models in speed [1][2][3] Group 1 - The upgraded Wenxin Assistant can now solve various tasks by calling multiple tools for different scenarios, including life, health, education, and work [2] - The digital human agent enables 1v1 conversations with certified real experts, providing professional support in legal, emotional, and travel contexts [2] - The video generation process allows users to upload a single image and a prompt to initiate video creation, with real-time control over the storyline and visuals, transitioning from "one-way generation" to "two-way co-creation" [3] Group 2 - Baidu's search platform has undergone a significant overhaul since July, enhancing the search box, results page, and overall ecosystem [3] - According to QuestMobile, Baidu AI search has reached 365 million monthly active users, maintaining its position as the leader in the domestic AI search industry [3] - IDC reports indicate that Baidu AI search ranks first in China among general AI search products, leading in user data and technical capabilities [3]

Core Insights - The article discusses the upgrade of Baidu's video generation model, Steam Engine, which now supports real-time interactive generation of long videos, breaking the traditional 10-second limit of AI video generation [1][3]. Group 1: Technology Advancements - The upgrade utilizes streaming video technology to achieve "unlimited duration" generation, surpassing the speed of mainstream domestic video generation models [1]. - Users can initiate the video generation process by uploading a single image and a prompt, allowing for real-time previews of the model's inference [1]. Group 2: User Interaction - During the generation process, users can pause at any time or modify prompts at any node, enabling real-time control over video plot, visuals, and transitions, marking a shift from "one-way generation" to "two-way co-creation" [1]. Group 3: Application Expansion - Since its launch in May, Baidu's Steam Engine has continuously iterated, adding capabilities such as integrated audio and video generation, multi-person dialogue generation, and mobile adaptation [1]. - The introduction of long video real-time interactive features further expands the application boundaries of AI video in scenarios like film previews, interactive entertainment, and personalized marketing, pushing AIGC from a "material generation tool" to a "content co-creation platform" [1].

完成起跑 为帮助服务商快速融入，百度提供了系统的方法论、工具和与激励政策，支持其实现从0-1冷启动与业 务破局。 百度营销体系改革升级进一步提速。自三季度起宣布将区域代理模式升级为服务商模式以来，百度营销 地区服务商体系合作伙伴数量已增加至153家，Q3新引入服务商98家。 顺势而为 激发活力 随着移动互联网时代向AI时代演进，从独家代理模式到服务商模式，是渠道营销范式走向更专业、高 效的重要迭代。百度相关人士表示，此次升级旨在让渠道体系真正回归市场标准，释放地区商业活力。 一批老牌代理商最先感受到了转型信号。追随百度十多年的代理商国技互联，在今年7月签约成为服务 商，国技集团精准事业部总经理钱叙宇表示，服务商模式让市场充分竞争，服务能力成为取胜关键，此 外打破区域限制，服务商能跨区域拓展客户，打开增量空间。 同样作为百度长期独家代理商的百泰一鼎总经理郑云龙认为，重大变化有助于老牌代理商跳出舒适区， 重新激发竞争力，尽管改革带来优胜劣汰，一些代理商因不适应而退出，但从长远看，市场将回归"良 币驱动"的格局。 意识到转型的重要性后，国技互联迅速展开自上而下的全面转型，动员千人团队投入新模式下的增量业 务开拓中。 ...

Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance Expectations - Jianyin International expects Baidu's Q3 FY2025 performance to align closely with its own expectations and the consensus among institutions [1] - The growth in Baidu's cloud business is robust at 22% year-on-year, and non-advertising business has grown by 27%, which offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecasts for Baidu for the years 2027-2028 remain largely unchanged according to Jianyin International [1]

Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance - Jianyin International expects Baidu's Q3 FY2025 performance to align with its expectations and institutional consensus [1] - The robust growth of Baidu's cloud business at 22% year-over-year and a 27% growth in non-advertising business partially offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecast for Baidu for 2027-2028 remains largely unchanged according to Jianyin International [1]

Market Overview - On October 14, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 1.73% to 25,441.35 points, the Hang Seng Tech Index dropping by 3.62% to 5,923.26 points, marking a seven-day consecutive decline, and the Hang Seng China Enterprises Index decreasing by 1.55% to 9,079.16 points [1] - The pharmaceutical sector experienced a significant downturn, while the semiconductor industry showed a notable pullback. Key stocks such as Hua Hong Semiconductor fell over 13%, SMIC dropped nearly 8.5%, Kuaishou declined nearly 7%, Baidu fell nearly 5.5%, and Alibaba decreased by nearly 4.5% [1] Southbound Capital - On October 14, southbound capital recorded a net purchase of Hong Kong stocks amounting to 8.603 billion HKD. Year-to-date, the cumulative net purchase has reached 1,198.567 billion HKD, significantly exceeding last year's total net purchase [2] U.S. Market Performance - The U.S. stock market showed mixed results, with the Dow Jones rising by 0.44%, the S&P 500 declining by 0.16%, and the Nasdaq falling by 0.76%. Notable gainers included Walmart, which rose nearly 5%, and Caterpillar, which increased by over 4%. Conversely, major tech stocks like Nvidia and Amazon saw declines of over 4% and 1%, respectively [3] - The Nasdaq Golden Dragon China Index, which tracks Chinese stocks listed in the U.S., fell by 1.95%. The Hang Seng Index ADR rose, closing at 25,667.98 points, an increase of 226.63 points or 0.89% compared to the Hong Kong close [3] Key Messages - Federal Reserve Chair Jerome Powell indicated that the central bank may end its balance sheet reduction process in the coming months to prevent liquidity issues in short-term funding markets. This statement suggests a potential shift in the Fed's quantitative tightening policy and reinforces market expectations for a rate cut this month, with a 95.7% probability of a 25 basis point cut according to the CME FedWatch Tool [4] - Baidu's annual technology and product launch event, Baidu World 2025, is scheduled for November 13, focusing on three main themes: the depth of large model technology, the breadth of AI-native applications, and the global perspective of its overseas strategy, marking a critical milestone for Baidu's next decade [4] Short Selling Data - On October 14, a total of 658 Hong Kong stocks were short-sold, with a total short-selling amount of 48.236 billion HKD. Notably, Alibaba, Xiaomi Group, and Tencent Holdings had the highest short-selling amounts, at 3.717 billion HKD, 2.634 billion HKD, and 2.457 billion HKD, respectively [5] Institutional Views - According to China Merchants Securities, the Hong Kong stock market is expected to experience a short-term decline followed by a rebound in the fourth quarter, with an upward trend in the medium to long term. In the absence of new positive factors, the market may continue to oscillate. However, marginal positive factors are anticipated to accumulate, driving the market upward, including the robust development of China's tech industry represented by AI, potential resolutions to U.S.-China tariff issues, and upcoming discussions on the "14th Five-Year Plan" which may improve expectations and boost risk appetite. The continued strengthening of rate cut expectations from the Federal Reserve is also likely to facilitate foreign capital inflow into Hong Kong stocks. The focus remains on technology/AI, internet, and non-ferrous metals sectors [6] Hong Kong Stock ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets in China, encompassing relatively scarce technology leaders compared to A-shares [8]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Anta Sports-R (82020), Li Ning-R (82331), and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - AIA Group-R (81299) follows with a short-selling ratio of 99.20%, while China Resources Beer-R (80291) has a ratio of 94.83% [2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.717 billion, followed by Xiaomi Group-W (01810) at 2.634 billion and Tencent Holdings (00700) at 2.457 billion [1][2]. - Other notable companies include SMIC (00981) with 2.219 billion and BYD Company (01211) with 1.342 billion [2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 44.97%, indicating a significant difference from its average short-selling ratio [1][2]. - Great Wall Motors-R (82333) and China Lilang (01234) follow with deviation values of 31.15% and 26.81%, respectively [2].