大和：升百度集团-SW(09888)目标价至162港元 重申“买入”评级

Core Viewpoint - Daiwa's report indicates that Baidu Group-SW (09888) has slightly exceeded expectations in revenue and operating profit for Q3 2025, driven by other income and tax benefits [1] Group 1: Financial Performance - Baidu's core business revenue and operating profit for Q3 2025 are better than expected [1] - The report highlights a 21% year-on-year increase in Baidu's cloud service revenue [1] Group 2: Investment Rating - Daiwa maintains a "Buy" rating for Baidu and raises the target price from HKD 158 to HKD 162 [1] - The report emphasizes the positive impact of new financial disclosures related to AI-native products [1]