Core Viewpoint - The report from Haitong International highlights Baidu as a leading AI player in China, emphasizing its strategic positioning and commercial prospects as AI technology transitions from exploration to large-scale implementation, assigning an "outperform" rating with a target price of HKD 171 for its H-shares [1] Group 1: AI Business Growth - Baidu disclosed its AI-driven new business revenue for the first time this quarter, showing a year-on-year growth of 50%, which now accounts for 39% of Baidu's core business revenue [1] Group 2: Organizational Developments - On November 25, Baidu announced the establishment of a technology research and development organization, creating a foundational model research department focused on developing highly intelligent and scalable general AI models, and an application model research department dedicated to fine-tuning specialized models for business applications, both reporting to CEO Robin Li [1] - The company aims to continue deeply exploring AI-related businesses, which is expected to accelerate the monetization process of its AI products [1]
大行评级丨海通国际：首予百度H股目标价171港元及“优于大市”评级