Jin Rong Jie·2025-12-08 02:00Core Viewpoint - Baidu Group is undergoing a significant transformation from a traditional search advertising company to an AI infrastructure provider, with potential plans to spin off its subsidiary Kunlun Chip for independent listing [1] Group 1: Stock Performance - Baidu Group's stock opened over 3% higher, currently up 3.29% at HKD 125.6, with a trading volume of HKD 200 million [1] Group 2: Corporate Announcement - On December 7, Baidu announced it is evaluating the proposed spin-off and listing of its subsidiary Kunlun Chip (Beijing) Technology Co., Ltd., which is scheduled for December 5, 2025 [1] - The company clarified that any proposed spin-off and listing will require regulatory approval and does not guarantee that the spin-off will occur [1] Group 3: Market Analysis - JPMorgan has noted a fundamental shift in Baidu's investment narrative, predicting significant revenue growth driven by Kunlun chip sales and GPU computing demand [1] - JPMorgan forecasts that Baidu's revenue from Kunlun chips will surge from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, representing a sixfold increase [1]