百度受监管约谈与AI业务进展影响，股价承压下行

Group 1 - Baidu Group-SW (09888.HK) is influenced by regulatory dynamics and advancements in its AI business, with the National Market Regulation Administration recently engaging Baidu and six other platform companies to regulate promotional behaviors and prevent "involution" competition [1] - The release of the "Internet Platform Antitrust Compliance Guidelines" emphasizes the regulation of risks associated with algorithm collusion and "lowest price" strategies [1] - During the 2026 Spring Festival, the Wenxin APP attracted users through interactive activities, achieving an 8-fold increase in daily new users and ranking in the top four of the App Store efficiency list [1] - Baidu announced a stock buyback plan of up to $5 billion and plans to distribute dividends for the first time, while its subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, potentially increasing market attention [1] Group 2 - Over the past week (February 9 to 13, 2026), Baidu's stock price has faced downward pressure, with a decline of 1.45% and a volatility of 10.30% [2] - On February 12, Baidu's closing price was 140.10 HKD (down 2.91%), and it further dropped to 135.80 HKD on February 13 (down 3.07%), with trading volume increasing to approximately 2 billion HKD [2] - The stock price decline is attributed to the overall pullback in technology stocks and emotional disturbances caused by regulatory discussions, although net inflows from southbound funds provided some support [2]