Zhi Tong Cai Jing·2026-01-07 06:42Group 1 - The core viewpoint of the report is that Daiwa Capital Markets has raised the target price for Baidu Group-W (09888) by 9.9%, from HKD 151 to HKD 166, while maintaining a "Buy" rating [1] - The report expresses optimism regarding Baidu's proposal to spin off Kunlun Chip for a listing on the Hong Kong main board, believing it will help unlock Baidu's financial value and enhance its AI ecosystem [1] - Baidu announced earlier this month that it will spin off Kunlun Chip, which will remain a consolidated subsidiary of Baidu, with Baidu retaining a 59% stake in the company [1] Group 2 - Daiwa maintains its revenue forecasts for Baidu unchanged for Q4 2025 and 2026, expecting adjusted net profits of RMB 41 billion and RMB 191 billion, respectively [1]