BIDU(US:BIDU) SINOLINK SECURITIES·2025-11-16 15:34Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFlytek, AI hardware companies like Hikvision, Hongsoft Technology, and Hesai, and companies like Maifushi that can enhance paid rates and ARPU values [3]. Core Insights - The report highlights the release of Baidu's new model Wenxin 5.0, which features a total parameter scale of 2.4 trillion and utilizes a super-sparse mixed expert architecture for unified understanding and generation across multiple modalities [5][12]. - OpenAI has released the GPT-5 series, including GPT-5.1 Instant and GPT-5.1 Thinking, which enhance model intelligence and instruction-following capabilities [5][12]. - The AI programming startup Cursor has completed a $2.3 billion D round financing, achieving a post-investment valuation of approximately $29.3 billion to $30 billion (around 200 billion RMB) [5][12]. - The report anticipates a recovery in the computer sector, driven by improved operational quality and the acceleration of AI application implementation [12]. Summary by Sections Computer Industry Insights - The report indicates that the AI industry chain, particularly AI computing power, is expected to maintain high prosperity, while AI applications are on an upward trajectory [11][12]. Market Review - From November 10 to November 14, 2025, the computer industry index (Shenwan) decreased by 3.03%, underperforming the CSI 300 index by 1.95 percentage points [14]. Key Events Outlook - Upcoming events include the 2025 World Intelligent Manufacturing Conference and the 2025 "Artificial Intelligence +" Industry Ecosystem Conference, which are expected to present opportunities within the relevant industry chains [27].