大和：升百度集团-SW评级至“买入” 目标价升至158港元

Group 1 - The core viewpoint of the report is that Daiwa has upgraded Baidu Group-SW (09888) from "Outperform" to a strategic "Buy" with a target price increase from HKD 92 to HKD 158 [1] - Two key catalysts are identified: the "Baidu World 2025" annual event on November 13 and the financial disclosure of improved performance in new businesses in the third quarter earnings report at the end of November [1] - Despite potential significant adjustments to profitability in 2026 due to Baidu's marketing business, there is a belief in the company's transformation from a marketing firm to a technology company, which may lead to further stock price increases due to limited investor holdings [1]