2 1 Shi Ji Jing Ji Bao Dao·2025-11-13 13:43Core Viewpoint - The recent surge in Baidu's stock price is interpreted as a delayed value reassessment rather than a simple rebound, indicating a significant transformation within the company [1][5][17]. Group 1: AI Strategy and Internal Transformation - Baidu has completed a core restructuring, integrating its AI strategy into its business framework, showcased during the Baidu World Conference 2025 with various product launches [2][3]. - The company is transitioning from being viewed merely as a search engine to being recognized as a comprehensive AI platform, having made early and substantial investments in AI technology [3][5]. - Baidu's AI capabilities have crossed a critical threshold, enabling it to empower other companies in the industry to effectively utilize AI [3][4]. Group 2: Financial Performance and Market Confidence - Since August, Baidu's stock has seen a notable increase, with a 50.61% rise in Hong Kong shares and a 59.6% increase in U.S. shares this year, prompting several institutions to upgrade their ratings to "buy" based on AI and cloud computing revenue prospects [5][6]. - The market's confidence stems from Baidu's decade-long investment in AI infrastructure, which is difficult to replicate in the short term [6][14]. Group 3: AI Product Development and Ecosystem - Baidu has developed a comprehensive AI technology stack, including the Kunlun chip series and the PaddlePaddle deep learning platform, which supports the entire AI application process [7][8]. - The newly launched Wenxin 5.0 model demonstrates advanced capabilities in multi-modal understanding and has achieved competitive performance in global benchmarks [8][10]. - Baidu's AI applications, such as AI search and the GenFlow 3.0 cloud service, have significantly enhanced user experience and engagement, leading to increased commercial value [10][11]. Group 4: External Empowerment and Market Expansion - Baidu's AI capabilities are being extended to external partners, with Baidu Smart Cloud becoming a preferred choice for numerous major enterprises [11][12]. - The autonomous driving service "Luobo Kuaipao" has achieved significant milestones, with over 250,000 fully autonomous orders weekly and a total of 17 million global ride services, marking Baidu as a leader in the field [15][16]. - The company's international expansion efforts include launching overseas versions of its AI products, indicating a strategic move to tap into global markets [15][16]. Group 5: Long-term Vision and Market Reassessment - The value reassessment of Baidu is not merely a return to form but signifies the emergence of a "new Baidu," characterized by a focus on core technologies and long-term strategies [17][18]. - The company's commitment to long-term investment in AI and its comprehensive technological ecosystem positions it favorably against competitors who may waver between model competition and short-term monetization [16][18].