BIDU(US:BIDU) Shanghai Securities·2026-01-09 13:42Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The AI sector continues to progress with accelerated commercialization, highlighted by significant acquisitions and funding rounds in the industry [4][6] - The computer industry index outperformed major indices, indicating a positive trend in the sector [2] Summary by Relevant Sections Market Overview - During the past week (December 29 - January 2), the Shanghai Composite Index rose by 0.13%, while the ChiNext Index fell by 1.25%. The CSI 300 Index decreased by 0.59%. The computer (Shenwan) index increased by 1.16%, outperforming the Shanghai Composite Index by 1.03 percentage points, the ChiNext Index by 2.41 percentage points, and the CSI 300 Index by 1.74 percentage points, ranking sixth among all industries [2] AI Sector Developments - Meta announced a multi-billion dollar acquisition of the Chinese company Butterfly Effect, which developed the AI application Manus. Manus has processed over 147 trillion tokens and created over 80 million virtual computers since its launch [4] - The company Moonlight has completed a $500 million Series C financing round, significantly oversubscribed, with cash reserves exceeding 10 billion yuan. The company reported a monthly user growth of over 170% for its K2 model [4] - DeepSeek introduced a more efficient AI development method, aiming to enhance scalability while reducing computational and energy requirements for advanced AI systems [4] IPO Activity - MiniMax has initiated its IPO process, planning to issue approximately 25.39 million shares at a price range of 151 to 165 HKD per share, with an estimated valuation between 46.12 billion and 50.40 billion HKD. The company focuses on consumer-facing AI applications, with over 70% of its revenue coming from this segment [4] - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, with plans to expand its capabilities significantly [5]