on 26-Sep-2025 26 September 2025 China Emerging Internet Baidu: Search, AI Cloud, Robotaxi...A mini-primer on Baidu's key businesses and how much can they be worth today Boris Van +852 2123 2617 boris.van@bernsteinsg.com Ting Ming Neo +852 2123 2554 tingming.neo@bernsteinsg.com Baidu's stock has seen a re-rating of late driven by a more positive tone from the company around capital structure and unlocking value within the Group. Specifically the company talked about exploring capital actions (ie listing) of ...

酒旅行业再添变量。 最近的酒旅行业非常受关注。 | बताया बाह | 图州市 国有市场 | | d HABERMA 心动榜 /酒店 | | 宁波市 那江南 | 清远市 看双版纳修集直治州 | | --- | --- | --- | --- | --- | --- | --- | | 杭州市 | 南京市 | | | | 陵水壁族自治县 | 洛阳市 | | 上海中 | 成都市 | 蛋白市 CARDED | 首期发榜 | 碰离市 | 天津市 | 图朗布 | | 北京市 | | 白山市区 | | | 武汉市 | 北海道 | | 广州市 | 國政市 | | | | | 海口市 | | | 更幅市 | 大连市 | 39城、443家酒店 | 33用用 | 长沙酒 | | | 器械作 | 庭门市 | | | | 张家口市 | 服务 | | 最重生市 | | | | | | 通南市 | | 舟山市 | 西安市 | | | | 战阳市 | 鸟量本齐市 | 值得一提的是，这是抖音生活服务第一次对外发布心动榜酒店榜单。透过这一举动，我们或许能从中窥 探出些许行业信号，以及抖音生活服务在酒旅业务逻辑上的思路与方向。 榜单观察：为 ...

整理 | 傅宇琪、褚杏娟 985 管培生吐槽每天拧螺丝 12 小时，车间实习期长达半年；深圳疆拓国庆前补班遭员工投诉，公司 反手调整放假制度，取消 14 天年假福利和所有额外假期；博世计划大规模裁员：规模或达数万人， 为省钱"别无选择"；特朗普签署行政令批准 TikTok 在美继续运营：字节跳动仍 100% 持股；800 美元 Meta 智能眼镜首秀发布会"翻车"，扎克伯格甩锅"网太差"；小米 17 系列开售 5 分钟刷新 2025 国产手 机首销全天销量纪录；谷歌高管出席高通骁龙 2025 峰会，暗示正在开发"安卓电脑"；OpenAI 甲骨文 软银扩大"星际之门"：投 4000 亿美元再建 5 座数据中心；马斯克旗下 xAI 向美国联邦政府提供 Grok 聊天机器人，定价仅 42 美分…… 行业热点 周鸿祎称有理由裁掉不用 AI 的员工 9 月 24 日，罗永浩与周鸿祎深度对谈。谈及 AI 在工作中的结合，周鸿祎表示，现在在给员工建立 一种认知，用了效果不好也要咬着牙坚持用。他提到，360 内部正在举办 AI 大赛，虽然目前没有因 为运用 AI 而大规模裁员，如果员工在被要求使用 AI 后仍然拒绝使用，那么 ...

2025年，中国"AI云"市场的话语权争夺变得日益激烈。 "AI云"是一个新事物，它不像云计算（IaaS基础设施+PaaS平台软件+SaaS应用软件）有着清晰的定义、范围和统计方法。如何划分、界定"AI云"，目前尚 无明确共识。 北京首都机场，阿里云、字节跳动旗下云服务火山引擎、百度智能云的广告占据了醒目位置。阿里云的广告标语是"AI云市场份额领先，超过第2-4名总 和"，火山引擎的广告标语是"占中国公有云大模型市场份额46%"。百度智能云的广告标语是"连续六年中国AI公有云市场份额领先"。 有关"谁是第一"这件事，每家云厂商都在选择对自己有利的统计口径。 理由是，它们在不同机构（如国际市场调研机构IDC、国际市场调研机构Omdia、国际市场调研机构沙利文）的市场调研报告中，在某一个细分市场位居 首位。 IDC、Omdia、沙利文，这三家机构2025年至少公布了七份有关AI云市场的调研报告。 IDC公布了五份AI云市场的调研报告，是目前调研口径最全、最细的市场调研机构。Omdia公布了一份AI云市场的调研报告，调研口径是"AI云市场"。沙 利文公布了一份AI云市场的调研报告，调研口径是"企业级大模型调用市场" ...

Company Performance - Baidu Inc. ended the recent trading session at $131.34, showing a -3% change from the previous day's closing price, underperforming the S&P 500's daily gain of 0.59% [1] - Over the past month, Baidu's shares have gained 48.84%, significantly outperforming the Computer and Technology sector's gain of 7.68% and the S&P 500's gain of 2.72% [1] Upcoming Earnings - Analysts forecast Baidu to report an EPS of $1.33, reflecting a 43.88% decline from the same quarter last year [2] - Revenue is expected to be $4.33 billion, indicating a 9.52% decrease compared to the corresponding quarter of the prior year [2] Full Year Projections - For the full year, earnings are projected at $7.51 per share and revenue at $18.28 billion, representing changes of -28.68% and -1.12% respectively from the prior year [3] - Recent changes to analyst estimates for Baidu should be noted, as positive revisions can indicate a favorable business outlook [3] Valuation Metrics - Baidu currently has a Forward P/E ratio of 18.04, which is a discount compared to the industry average Forward P/E of 24.7 [6] - The Internet - Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 94, placing it in the top 39% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with stocks rated 1 producing an average annual return of +25% since 1988 [5] - Baidu currently features a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining steady over the past month [5]

每经AI快讯，美股中概股集体下挫，金山云大跌超11%，万国数据、蔚来跌超6%，百度、阿里、网 易、京东、理想汽车均跌约3%。 ...

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Core Insights - China is emerging as a global leader in autonomous driving, with companies testing self-driving cars in diverse environments and launching robotaxi fleets internationally [1][18] Group 1: Pony.ai - Pony.ai is the only company in China offering fully autonomous robotaxis in all four tier-one cities: Beijing, Shanghai, Guangzhou, and Shenzhen, covering over 2,000 square kilometers and logging over 50 million kilometers globally [3][7] - The company has extended its operating hours for robotaxis to 24/7 in Guangzhou and Shenzhen, with round-the-clock testing in Beijing, and its "virtual driver" system has accumulated over 500,000 hours of autonomous operation [4][6] - Pony.ai is mass-producing its seventh-generation robotaxi in partnership with GAC and BAIC, with over 200 vehicles deployed and a target of 1,000 by year-end [5] - The company is expanding globally, entering the Singapore market and conducting road tests in Europe and South Korea, with plans for commercial services in Dubai by 2026 [6][7] Group 2: Baidu - Baidu's Apollo Go ride-hailing service provided over 2.2 million fully driverless rides in Q2 2025, a 148% increase year-over-year, totaling over 14 million rides by August [8][10] - The company has partnered with Uber and Lyft to deploy thousands of autonomous vehicles across Asia, the Middle East, and Europe, starting with Germany and the U.K. [9][12] - Baidu received the first autonomous driving trial permit in Dubai, allowing a fleet of 50 vehicles to operate, with plans to expand to over 1,000 vehicles by 2028 [10][11] Group 3: WeRide - WeRide is rapidly expanding globally, with an investment from Southeast Asia's Grab to accelerate the deployment of Level 4 robotaxis and shuttles [13][14] - The company is launching its GXR and Robobus vehicles in Singapore, marking the city's first autonomous shuttle service in a residential area [14] - WeRide has received robotaxi permits in Saudi Arabia and is piloting services in Dubai, with plans for full-scale operations in 2026 [15][16] - The company is also deploying autonomous shuttle services in various locations worldwide, including Singapore, France, and the U.S., and has approvals in six countries [16][17]

Investment Rating - The report indicates a positive investment outlook for the ASIC industry, highlighting significant growth potential driven by increasing demand for AI applications and specialized chip designs [2]. Core Insights - The report emphasizes the distinct business models of ASIC and GPU, noting that ASICs are specialized chips tightly coupled with specific downstream applications, while GPUs are general-purpose chips [3][10]. - ASICs demonstrate superior cost-effectiveness and efficiency, with notable examples such as Google's TPU v5 achieving 1.46 times the energy efficiency of NVIDIA's H200, and Amazon's Trainium2 reducing training costs by 40% compared to GPU solutions [3][15]. - The report forecasts that the global AI ASIC market could reach $125 billion by 2028, with significant contributions from major players like Broadcom and Marvell [30]. Summary by Sections 1. AI Model Inference Driving ASIC Demand - The global AI chip market is projected to reach $500 billion by 2028-2030, with AI infrastructure spending expected to hit $3-4 trillion by 2030 [8]. - ASICs are recognized for their strong specialization, offering cost and efficiency advantages over GPUs, particularly in AI applications [9][14]. 2. High Complexity of ASIC Design and Value of Service Providers - ASIC design involves complex processes requiring specialized service providers, with Broadcom and Marvell being the leading companies in this space [41][42]. - The report highlights the importance of design service providers in optimizing performance and reducing time-to-market for ASIC products [55][60]. 3. Domestic Developments: Not Just Following Trends - Domestic cloud giants like Alibaba and Baidu have made significant strides in ASIC self-research, establishing independent ecosystems rather than merely following international trends [4][30]. - The report identifies key domestic design service providers such as Chipone, Aojie Technology, and Zhaoxin, which are well-positioned to benefit from the growing demand for ASICs [41]. 4. Key Trends in Domestic ASIC Development - The report identifies PD separation and supernode architectures as two core trends in domestic ASIC development, with companies like Huawei and Haiguang leading the way [4][30]. - These trends reflect a shift towards more flexible and efficient chip designs that cater to diverse industry needs [4]. 5. Valuation of Key Companies - The report includes a valuation table for key companies in the ASIC sector, indicating strong growth prospects and market positioning for firms like Broadcom and Marvell [5].

Group 1: Baidu and Kunlun Chip - Baidu holds a 59.45% stake in Kunlun Chip, which recently won a large-scale procurement project from China Mobile, achieving first place in three bidding packages with market shares of 70%, 70%, and 100% respectively [1] - Kunlun Chip has also secured significant market shares from major clients such as Tencent, Oppo, and Vivo, as well as energy companies like Southern Power Grid and State Grid [1] Group 2: Baidu's Online Marketing and User Engagement - As of June 2025, Baidu's app has 735 million monthly active users, reflecting a 5% year-on-year growth, comparable to domestic Douyin users [1] - Baidu's search services are undergoing AI-driven enhancements, which are expected to improve advertising efficiency [1] Group 3: Baidu's Intelligent Cloud Services - By July 2025, Baidu's intelligent cloud has maintained the top position in China's AI public cloud market for six consecutive years, leading in 48 bidding projects across various sectors including finance, energy, and government [1] Group 4: Baidu's Autonomous Driving Orders - In Q2 2025, Baidu's autonomous driving service, "Luobo Kuaipao," saw order growth exceeding 2.2 million, marking a 148% increase year-on-year, with operations in 16 cities and total orders surpassing 14 million, making it the global leader [1] Group 5: iQIYI's Revenue Sources and Policy Environment - iQIYI's revenue is derived from three main segments: membership services, online advertising, and content distribution [2] - In August 2025, the National Radio and Television Administration issued 21 policies viewed as significant benefits for the industry, similar to the 2023 relaxation of gaming license regulations, favoring companies that operate platforms and create content [2] Group 6: Baidu's Market Valuation - Baidu currently has $30 billion in cash, with an expected net profit of $20 billion in 2026, leading to an estimated valuation of $360 billion based on an 18x PE ratio [2] - Kunlun Star is projected to reach $5.5 billion in revenue by 2025, with a 40x PS ratio valuation of $220 billion, translating to Baidu's 60% stake worth $132 billion [2] - The total estimated valuation approaches $500 billion, while Baidu's latest closing price is below $330 billion, indicating a potential upside of 50% [2]