百度（BIDU）：文心大模型加速迭代，百度云价值进一步显现

Investment Rating - The report maintains a "Buy" rating for Baidu (BIDU US) with a target price of 111.00, indicating a potential upside of 8.5% from the closing price of 102.27 [11]. Core Insights - Baidu's Wenxin large model 4.5 and X1 have been released, showcasing significant improvements in multi-modal capabilities and surpassing benchmarks set by GPT 4.5 and DeepSeek-V3 [4][5]. - The daily API call volume for Wenxin large model is projected to reach 1.65 billion by December 2024, a 33-fold increase from 50 million in the same period last year [5]. - The report highlights that Baidu Cloud's revenue is expected to grow by 20% year-on-year in 2025, driven by the advancements in large models and the demand for underlying IaaS and MaaS services [5]. Summary by Sections Product Development - Wenxin 4.5 features native multi-modal capabilities, enhancing text, image, audio, and video processing, with improved language understanding, generation, logic, and memory [2]. - Key technological upgrades include FlashMask dynamic attention masks, multi-modal heterogeneous expert expansion, and knowledge-based large-scale data construction [2]. Cost Advantage - The API call pricing for Wenxin 4.5 is significantly lower than that of GPT 4.5, with input costs at 0.004 CNY per 1,000 tokens and output costs at 0.016 CNY per 1,000 tokens, representing less than 1% of GPT 4.5's costs [2][7]. Market Performance - Following the release of Wenxin 4.5 and X1, Baidu's stock price increased by 13% on March 18, 2025, reflecting the market's positive reception of its AI cloud services as a second growth curve [5].