【百度集团-SW（9888.HK）】重估百度：不只是搜索，AI全产业链布局下的价值挖掘——跟踪报告（付天姿）

Core Viewpoint - The article discusses the strategic partnership between Baidu and China Merchants Group, focusing on advancements in AI technologies and their applications across various sectors, leading to a significant revaluation of Baidu's market position and stock performance [4]. Group 1: AI Intelligent Cloud - Baidu's new business revenue from AI surpassed 10 billion yuan for the first time in Q2 2025, marking a 34% year-on-year growth [5] - The intelligent cloud revenue grew by 27%, with deep collaborations established with over 65 central enterprises [5] - The combination of the Wenxin Yiyan model, Baidu's AI computing platform, and Kunlun chips creates a closed-loop ecosystem, enhancing performance and cost efficiency [5] - The "Baihe + Kunlun P800" combination achieved a performance improvement of up to 13 times and cost reduction of up to 95% in large-scale inference [5] Group 2: Kunlun Chip - The Kunlun P800 chip offers a 20%-50% improvement in memory specifications compared to mainstream GPUs, optimizing for MoE architecture [6] - The chip's "super node" design allows for 32/64 acceleration cards with an 8-fold bandwidth increase, resulting in a 5-10 times performance leap in MoE single-node training [6] - The P800 has been successfully implemented in various sectors, including finance and telecommunications, demonstrating superior performance in multimodal inference [6][7] Group 3: Robotaxi - Baidu's Robotaxi service, "Luo Bo Kuaipao," saw over 2.2 million service instances in Q2 2025, a 148% year-on-year increase [8] - The service has expanded globally, partnering with Uber and Lyft, and has completed over 14 million rides, ranking first worldwide [8] - Comparatively, Baidu's driving mileage exceeds that of Waymo, indicating significant potential for value reassessment [8] Group 4: Digital Humans - Baidu leads the Chinese AI digital human market with a 9.8% market share as of 2024 [9] - The company has developed a multimodal digital human platform capable of generating realistic 3D digital humans in 10 minutes [9] - The digital human business spans over 20 industries, achieving over 50% market share in major state-owned banks and enhancing efficiency in various sectors [9]