IDC市场研究发现——智算需求重塑公有云IaaS市场格局 1、市场复苏：智算从"新动能"跃升为"主引擎" IDC数据显示，2025年上半年公有云基础设施中算力市场总规模达728.4亿元，其中智算资源池贡献超过 五分之一。IDC预测，AI相关工作负载将保持高速增长态势，预计在2030年前("十五五"规划完成前)实 现对通算市场的全面超越。 行业模型加速落地：互联网、金融、制造、医疗、政务等行业不再满足于通用大模型，而是转向训练和 部署贴合业务场景的行业模型。从算法训推到风险控制，从药物研发到智能制造，行业模型的训练和推 理的持续性需求，产生了对高性能GPU算力、高速并行文件存储和低延迟网络的巨大而持续的消耗。 AI智能体的探索：以DeepSeek、通义千问等为代表的开源大模型技术不断突破，降低了AI应用开发门 槛，引发全行业中小企业的AI智能体实践热潮。企业开始尝试用可负担的资金投入体验AI红利，优化 客户服务、内部流程与产品体验，这类"快速实践"虽单点需求有限，但因分布广泛、时效性强，形成了 海量分布式、弹性算力需求，进一步推高云上智算资源的利用率。 2、阵营格局：互联网智算与运营商智算双线并进 2025上半 ...

百度智能云此次推出的免费权益计划中，客悦智能客服面向企业客户终身免费使用，客悦智能外呼、数 字员工、Keevx等也上线了免费权益。"该计划旨在帮助更多企业以较低成本进入智能营销阶段，让AI 真正成为推动业务增长的生产力。"百度智能云智能营销产品部总经理石峥分享。 今年双11，不少企业将AI作为降本增效、拓展客群的重要手段。 10月30日，百度智能云正式发布「智能营销产品免费权益」计划，并在国内首次亮相面向海外的AI营 销视频创作平台Keevx，为企业提供从内容生产到拓宽用户的智能化全链路解决方案。 （石峥在智能营销中国行-杭州站活动上演讲） 当天首次在国内亮相的Keevx，于今年5月在海外上线。作为一款通过数字人+大模型加持的营销视频创 作平台，Keevx只需几分钟即可克隆出用户的专属数字人和声音，且能在无需重拍的基础上秒级复刻爆 款视频，一键完成URL链接转视频、视频翻译、创意转视频等。 上述闭环运营机制得以顺畅转动，其背后依托的则是百度全栈自研AI技术和十年对话业务积累的行业 Know-How，这是其他单点SaaS工具无法比拟的"大脑"优势。 经过近半年运营，Keevx已能够支持178种语言与方言互译，自 ...

Core Insights - This year's Double 11 sees many companies leveraging AI as a key method for cost reduction and customer expansion [1] - Baidu Smart Cloud launched a "Smart Marketing Product Free Rights" plan, introducing the AI marketing video creation platform Keevx, aimed at providing a comprehensive intelligent solution for businesses [1][2] - Keevx, which debuted in China after its overseas launch in May, allows users to create personalized digital avatars and replicate popular videos in seconds, addressing high production costs and localization challenges for overseas brands [1][3] Group 1 - Baidu Smart Cloud's free rights plan includes lifetime free use of its customer service tools and other AI products, aiming to help businesses enter the smart marketing phase at lower costs [1][2] - The integration of Keevx into Baidu Smart Cloud's marketing product matrix covers the entire marketing chain from targeting to retention, democratizing marketing tools for all businesses [2] - Baidu's proprietary AI technology and a decade of experience in dialogue business provide a competitive advantage over single-point SaaS tools [2][3] Group 2 - In the e-commerce sector, the introduction of digital employees by ZeMu Group led to a 200% increase in efficiency, a 150% reduction in video production costs, and a 50% increase in live sales GMV [3] - Baidu Smart Cloud collaborates with Yunqu to create intelligent marketing and after-sales service agents, enhancing user experience and operational efficiency [3] - The intelligent marketing solution is an extension of Baidu Smart Cloud's "Cloud Intelligence Integration" strategy, supported by a new generation of full-stack AI cloud infrastructure [3][4] Group 3 - Baidu Smart Cloud has maintained the top market share in China's AI public cloud service sector for six consecutive years, according to IDC reports [4]

百度智能云已在多场景落地，收获了超过65%的央企、全部系统重要性银行、800多家金融机构以及众多 TOP 10手机厂商、中国市场销量TOP15汽车品牌、TOP10新能源车企的青睐，在具身智能行业渗透率也颇 为突出。 从具体成效看，在能源行业，依托文心大模型助力国家电网公司推出"光明电力大模型"，建成统一开放人 工智能技术创新平台，推广无人机巡检，年巡检杆塔达500万基，减少人工登塔次数40%；公共服务领域， 与应急管理部大数据中心发布应急管理大模型"久安"，并打造具备风险识别等多种能力闭环的智能体，实 现应急响应与救援全程智能化；金融行业里，和招商银行基于昆仑芯P800开展算力合作，为招行多个核心 业务场景落地大模型应用提供全面支撑，32台服务器即可完成千亿参数模型的全参数训练，部分多模态模 型推理性能凸显；游戏行业中，与三七互娱深度合作，依托文心大模型打造专属AI智能客服系统，融合多 方技术，应答准确率提升至99.3%，大幅提高服务效率和用户体验；具身智能行业方面，百度百舸支持北京 人形机器人创新中心研发具身世界模型和跨本体 VLA 模型等前沿成果，助其研发效率提升2倍。 这背后，是百度智能云构建的从芯片、 ...

Core Insights - The report by IDC indicates a significant growth in China's MaaS and AI large model solutions market, reaching a total market size of 4.36 billion RMB in the first half of 2025, with the MaaS market growing by 421.2% and the AI large model solutions market by 122.1% [1][3] Market Overview - The Chinese AI large model solutions market is primarily concentrated in sectors such as finance, government, energy, public utilities, and healthcare, with high demands for security, controllability, industry adaptability, and long-term operational capabilities [3] - Baidu Smart Cloud leads the market with a 16.6% share, having secured over 65% of central enterprises, 100% of systemically important banks, and partnerships with over 800 financial institutions [1][3] Key Applications and Collaborations - In the energy sector, Baidu Smart Cloud supports the State Grid Corporation in launching the "Bright Power Model," which promotes drone inspections, reducing manual tower climbing by 40% [3] - The Ministry of Emergency Management, in collaboration with Baidu Smart Cloud, has developed the "Jiuan" emergency management model, enhancing intelligent risk perception and multi-departmental emergency command capabilities [3] - In finance, Baidu Smart Cloud collaborates with China Merchants Bank to implement large model applications using Kunlun Chip P800, achieving significant performance improvements in various business scenarios [4] - In the gaming industry, Baidu Smart Cloud partnered with 37 Interactive Entertainment to create a specialized AI customer service system, achieving a 99.3% accuracy rate in responses [4] Infrastructure and Competitive Position - Baidu Smart Cloud has established a comprehensive AI cloud infrastructure, including self-developed Kunlun chips and the Baidu Barge AI computing platform, facilitating rapid and efficient deployment of large models [5] - Baidu Smart Cloud has maintained a leading position in the AI public cloud market, with a 24.6% market share, marking six consecutive years as the market leader [6] - The company's AI new business revenue reached 19.4 billion RMB in the first half of 2025, reflecting a 36% year-on-year growth, the highest among cloud vendors [6]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report emphasizes that the valuation reassessment of AI in the internet sector (including cloud computing, chips, and applications) is ongoing, driven by both domestic and global factors [3]. - The competition for entry points in the AI application market is intensifying, which is crucial for the monetization of AI applications [3]. - Key recommendations include major players like Tencent, Alibaba, Baidu, and Bilibili, focusing on their AI capabilities and growth potential [3]. Summary by Relevant Sections AI and Internet Sector - The report highlights the importance of self-reliance in AI technology as emphasized in the recent political meetings in China [3]. - Upcoming earnings reports from major US tech companies are expected to influence global AI investment narratives [3]. - The strategic expansion of OpenAI and ByteDance into various applications is noted as a significant trend [3]. Gaming Sector - The gaming sector has seen a correction, with previous high expectations now adjusted, making valuations more attractive [3]. - Companies like Huya and Bilibili are highlighted for their growth potential in the gaming market, with specific titles performing well [3]. - The report notes the long lifecycle and profitability of SLG games, with cash flow supporting new business explorations [3]. E-commerce and Entertainment - Pop Mart's stock price volatility reflects differing views on IP lifecycle management, with expectations for sales growth in North America [3]. - Mango TV is seen as stabilizing, with upcoming content expected to drive revenue growth [3]. - The report anticipates potential for increased membership and advertising revenues driven by popular content [3]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies in the gaming, cloud computing, and entertainment sectors [5]. - For instance, Tencent's projected revenue for 2025 is 74.64 billion RMB, with a net profit of 25.56 billion RMB, reflecting a year-on-year growth of 15% [5]. Key Recommendations - The report recommends focusing on companies with strong AI capabilities and growth potential, including Tencent, Alibaba, Baidu, and Bilibili, among others [3]. - It also suggests monitoring the gaming sector for emerging opportunities, particularly in companies like Huya and Bilibili [3].

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The AI value reassessment is ongoing, with significant emphasis on self-reliance in core technologies such as models and chips in China, and the upcoming earnings reports from major US tech companies are crucial for global AI investment narratives [2][10]. - The competition for entry points in the AI application market is intensifying, which is seen as key for monetizing AI applications at scale [2]. - The gaming sector has adjusted to previously high expectations, with notable valuation opportunities emerging, particularly for companies like Huatuo and Bilibili [2]. Summary by Sections AI Applications - The report highlights the strategic moves by companies like OpenAI and ByteDance in expanding their AI capabilities into e-commerce and video platforms, indicating a trend towards monetization through quality data accumulation [2]. - Key recommendations include Tencent (AI advertising, WeChat agent, AI gaming), Alibaba (cloud computing, e-commerce), Baidu (cloud services, autonomous driving), Kuaishou (AI advertising), Bilibili (AI advertising, video podcasting), and Meitu (AI design) [2]. Gaming Sector - The gaming sector is noted for its resilience, with Huatuo's games showing strong performance in the mobile gaming rankings, and the company is well-positioned for future growth with ample cash flow [2]. - Bilibili is highlighted for its potential in AI video and gaming, with recent game releases performing well [2]. Other Key Companies - The report discusses the fluctuating stock price of Pop Mart, indicating differing views on the lifecycle of its IP, while also noting the potential for sales growth in North America [2]. - Mango TV is in a bottoming phase but is expected to see operational improvements driven by content supply and advertising revenue [2]. - Other recommended companies include NetEase Cloud Music, Damai Entertainment, and Shanghai Film, with a focus on high-dividend stocks like Focus Media and Yangtze Media [2]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies, with Tencent Holdings valued at 53.258 billion RMB and projected revenues increasing from 6.603 billion RMB in 2024 to 8.280 billion RMB in 2026 [4].

Core Insights - The 22nd China Computer Conference (CNCC 2025) is being held in Harbin, focusing on the theme "Digital Intelligence Empowerment, Infinite Possibilities" and gathering top scholars, industry leaders, and representatives from international organizations in the computer field [1] Group 1: Development of AI Models - Baidu's Chief Technology Officer, Wang Haifeng, discussed the development paths of general models and scenario models, stating that they are complementary rather than separate [1][3] - General models serve as a foundation, with their robust data, computing power, and algorithm capabilities continuously raising the technological ceiling [3] - As general models become more powerful, their ability to solve scenario-specific problems will also improve, while scenario models focus on understanding industry and application contexts to meet constraints like time, resources, and environment [1][3] Group 2: Computing Power and Talent Development - Wang emphasized that computing power is fundamental, noting the rapid development of domestic computing power, with Baidu's Kunlun chip forming a self-developed cluster of 30,000 cards [3] - The growth of other domestic chip manufacturers is also highlighted, indicating a thriving ecosystem [3] - Regarding talent development in the AI era, Wang pointed out that talent is a key support for the development of large models, with young individuals quickly mastering core technologies [3] - He observed that talented individuals prioritize not only salary but also research platforms, computing support, and growth opportunities when choosing employers, suggesting that companies must provide comprehensive support to attract AI talent [3]

Core Insights - The financial industry is experiencing a surge in the application of large models, with a significant increase in project numbers and funding [1] - Baidu Intelligent Cloud leads the market in the number of projects won, showcasing its comprehensive capabilities in technology, ecosystem, and scenario integration [1][2] Group 1: Market Growth - In the first three quarters of 2025, the number of large model projects in the financial sector reached 358, a 170% increase compared to the entire year of 2024 [1] - The disclosed funding for these projects amounted to 955 million yuan, nearly tripling year-on-year [1] - Despite a slight decrease in the median project amount, the continuous rise in project numbers indicates a shift from pilot exploration to large-scale deployment by financial institutions [1] Group 2: Baidu Intelligent Cloud's Position - Baidu Intelligent Cloud has the highest number of projects won in the financial sector, covering various financial institutions including banks, insurance, and securities [1] - The company has established partnerships for computational power, such as with China Merchants Bank, to support the implementation of large model applications [2] - Baidu's AI technology layout includes significant breakthroughs in domestic AI chips, enhancing its foundational infrastructure [2] Group 3: Service Offerings - Baidu Qianfan provides a comprehensive suite of AI services, covering model invocation, development, application, and data intelligence [3] - The company has launched several industry-specific models and applications, demonstrating strong capabilities in integrating models with business data and workflows [3] - Baidu Intelligent Cloud serves over 800 financial institutions, achieving a 24.6% market share in the AI public cloud service market, according to IDC [3] Group 4: Future Outlook - As various institutions continue to increase their AI budgets in the fourth quarter, the financial large model market is expected to see another growth wave [3] - For leading AI cloud providers like Baidu Intelligent Cloud, solidifying technological advantages, expanding ecosystem partnerships, and deepening high-value scenarios will be crucial for maintaining their competitive edge [3]

Core Insights - Baidu Smart Cloud leads the intelligent computing service market with a 19.9% market share and has achieved nearly 5-fold growth in the GenAI IaaS sector, ranking first in market growth rate [1][3] - Baidu Smart Cloud has maintained its position as the top player in the AI public cloud market for six consecutive years, with a market share of 24.6% [3][4] - The company has developed a comprehensive AI cloud infrastructure, including self-developed Kunlun chips, which have been deployed in major enterprises [3][6] Market Position - Baidu Smart Cloud is recognized as a leader in the AI cloud sector, with significant market share and consistent growth in revenue, reaching over 19.4 billion yuan in the first half of 2025, a 36% year-on-year increase [9] - The company has been acknowledged by multiple reports for its strong competitive position in the AI cloud market [3][4] Technological Advancements - Baidu has made significant breakthroughs in chip technology with its self-developed Kunlun chips, which have been successfully deployed in various high-profile projects [3][7] - The company has established a full-stack AI cloud infrastructure that supports the rapid deployment of large models across various industries [3][6] Industry Applications - Baidu Smart Cloud supports a wide range of AI applications across different sectors, with over 65% of central enterprises and 100% of systemically important banks choosing its services for large model deployment [6] - In the financial sector, Baidu collaborates with China Merchants Bank to enhance core business applications using Kunlun chips, achieving high performance with minimal server requirements [7] - In the gaming industry, Baidu's partnership with 37 Interactive Entertainment has led to the development of an AI customer service system that significantly improves response accuracy and efficiency [7] Future Outlook - The growth trajectory of Baidu Smart Cloud in the AI sector is expected to continue, with increasing recognition from financial institutions and analysts, leading to upgraded ratings from multiple brokerages [9]