编辑 | 硬 AI 华泰证券认为，百度作为国内少数拥有全栈AI能力的互联网公司，其多个业务资产被显著低估。随着AI大模型能力渗透， 百度AI广告变现、自动驾驶、昆仑芯以及AI工具型应用（如文库、网盘）的价值正逐步显现。鉴于此，华泰证券上调百度 港股目标价至236.0港元，较当前股价高80%。 硬·AI 作者 | 张雅琦 华泰证券研究认为，作为国内为数不多集自研芯片、AI基础设施服务与AI应用场景于一身的互联网公司， 百度体系内存在数个被显著低估的业务资产。 随着AI大模型能力持续迭代和AI应用不断渗透，百度旗下自动驾驶业务、昆仑芯业务、百度文库及百度网 盘等具备AI功能的软件应用，有望在体量规模持续扩大过程中被重新定价。华泰证券夏路路研究团队在14 日发布的研报中，调整该股SOTP估值组成，将其美股目标价上调至243.1美元，港股目标价236.0港元， 维持"买入"评级。截至发稿，百度港股股价为131港元/股，较目标价有约80%的上涨空间。 Agent与数字人带来的广告佣金收入已达2Q25百度核心广告收入的16%，约26亿元，且展现出环比增长超 过50%的强劲势头。百度萝卜快跑凭借技术与成本优势，在武汉地区已 ...

所以，百度和阿里成为本轮互联网科技股估值修复先锋，今天港股百度暴涨超15%，阿里巴巴涨超 5%，市值重回3万亿港币，而腾讯也重回6万亿市值。 最后就是补涨，前两个月A股远远强于港股，沪指都新高了。一般来说，降息都是高低切的节点，9月 以来以nv链为代表的科技股开始跑输，宁德时代为代表的估值相对低的大白马持续走强。 今天A股完全是被港股拖着走，港股恒生指数大涨1.71%，逼近27000点，恒生科技指数暴涨超4%，创 出年内新高，而A股上证指数只小涨0.37%，创业板指好一点涨近2%。今天早盘A股一度大跳水，还是 有很多资金抢着在美联储降息前兑现，然后港股太强了也把A股拖起来了，创业板指主要靠宁王，也是 港股带的。 可以看到，恒生科技前几个月一直在震荡，大幅跑输A股创业板指，直到近两周才开始加速上涨，特别 是今天，来了个高潮。 我觉得港股科技股近期走强有三大原因： 首先最核心的就是美联储降息预期，明天凌晨就是美联储议息会议，大概率降息25bp，降息50bp也有可 能，关键是再次开启降息周期的拐点意义。近期美元指数持续走弱，已经跌破97关口，而离岸人民币汇 率今天盘中一度升破7.1关口，弱美元利好新兴市场。 其次就 ...

智通财经APP获悉，香港最新施政报告发布，市场当前静待美联储9月议息会议结果，港股今日高开高 走，恒科指大涨超4%刷新近四年新高。截止收盘，恒生指数涨1.78%或469.88点，报26908.39点，全日 成交额为3602.84亿港元；恒生国企指数涨2.24%，报9596.77点；恒生科技指数涨4.22%，报6334.24点。 银河证券指出，展望后市，建议关注业绩增速较高，但估值整体仍然处于中低水平的可选消费、医疗保 健等板块；政策利好增多或政策利好持续发酵的板块，例如AI产业链、"反内卷"行业、消费行业等；在 海内外不确定性因素的扰动下，分红水平较高的金融板块有望为投资者提供较为稳定的回报。 蓝筹股表现 百度集团-SW(09888)领跑蓝筹。截至收盘，涨15.72%，报131港元，成交额88.97亿港元，贡献恒指 35.75点。招商局集团与百度9月15日签署战略合作协议。据悉，双方将围绕大模型、云计算等前沿人工 智能技术，在科创产业、交通物流、综合金融、地产园区等领域开展合作。值得一提的是，百度自研芯 片昆仑芯此前斩获中国移动10亿级大单，此外，市场对其人工智能和自动驾驶领域也持续看好。 其他蓝筹股方面，海 ...

2025.09. 17 本文字数：1307，阅读时长大约2分钟 作者 | 第一财经 刘佳 9月17日，百度港股股价上涨18%至134港元，创过去两年来最大涨幅。Wind数据显示，百度港股过去20个交易日里股价上涨超50%。 消息面上，两天前百度发布公告称，完成其发行本金总额为人民币44亿元的于2029年到期的1.90%优先无担保票据说用作偿还若干现有债务、支付利息 及一般公司用途。在商业化落地上，9月15日 招商局集团与百度在签署战略合作框架协议，将围绕大模型、云计算等前沿人工智能技术，在科创产业、 交通物流、综合金融、地产园区等领域开展合作。 从业务来看，在百度主业搜索之外，百度智能云已经成为百度增长的新引擎。根据第二季度财报，百度的智能云和其他AI新业务收入首次突破100亿元人 民币，同比增长34%。近期，百度还陆续披露了从芯片到AI商业化应用的一系列技术突破。 此前昆仑芯官微发布消息称，公司中标中国移动2025年至2026年人工智能通用计算设备（推理型）集中采购项目10亿级订单，其中在"类CUDA生态"标 段中，基于昆仑芯的AI服务器产品中标份额第一，其中标包1、标包2中标70%份额，标包3则中标全部份 ...

9月17日，百度港股股价上涨18%至134港元，创过去两年来最大涨幅。Wind数据显示，百度港股过去 20个交易日里股价上涨超50%。 百度本轮上涨受多重因素推动，包括其计划发行人民币计值票据、昆仑芯斩获中国移动10亿级大单，以 及市场对其人工智能和自动驾驶领域的持续看好。 | 12:20 : | | | ·Il ? O | | --- | --- | --- | --- | | < W | 百度集团-SW(9888) | | | | | 09-17 11:59:59 | | | | | 131.200 额 43.27亿 股本 27.50亿 市盈 12.1 | | 万得 | | 18.000 15.90% 狭1.54% | | 市值1 3608亿 市净 1.20 | 盘口 | | 最高 | 131.900 | 今开 | 121.000 | | 最低 | 120.200 | 昨收 | 113.200 | | 均价 | 126.441 | 成交量 | 3421.86万 | | 振幅 | 10.34% | 成交额 | 43.27亿 | | 现手 | 1 | 委比 | -55.69% | | 量比(2 | 2.50 ...

消息面上，8月21日，昆仑芯官微曾发布消息称，公司在中国移动（600941）2025年至2026年人工智能 通用计算设备（推理型）集中采购项目中斩获佳绩。中银国际表示，在中移动采购AI推理服务器的招 标中，昆仑芯P800 GPU拿下1、2、3包70%至100%的份额，显示出昆仑芯在诸多方面已超越行业内不少 头部企业，尤其是在CUDA兼容方面。该行指出，之前因为主要只给百度用，而受限于百度大模型的能 力，昆仑芯的实力不太为外人所知；应给予昆仑芯500亿港币的估值。 百度集团-SW(09888)午后涨幅扩大近20%，截至发稿，涨18.2%，报133.8港元，成交额64.91亿港元。 此外，据招商局集团官微消息，9月15日，招商局集团与百度集团在深圳签署战略合作框架协议。根据 协议，双方将通过紧密合作，积极发挥各自优势，在科创产业、交通物流、综合金融、地产园区等领域 开展合作，构建双赢、可持续发展的战略合作伙伴关系，实现资源共享、优势互补、互利共赢、共同发 展。 ...

● 本报记者 王婧涵 从年初阿里宣布未来三年投入3800亿元建设云和AI硬件基础设施，到百度昆仑芯签下中国移动大额订 单，市场对AI芯片的强劲需求，推动国内芯片厂商和互联网大厂利用英伟达芯片供应不稳定的窗口期 全力抢占市场。 行业人士普遍认为，当前在AI推理芯片上，国内如寒武纪、海光信息、摩尔线程等公司的产品能力已 经不错，未来几年国产芯片的发展前景广阔，但仍需在生态建设上持续发力。 大厂加码AI基础设施 Bernstein7月发布的研报表示，英伟达芯片供应的不确定性为国内AI芯片供应商创造了市场机遇，预计 2025年国内AI芯片需求将达到395亿美元，AI芯片市场的本土化率将从2023年的17%增长至2027年的 55%。 近年来，AI需求的爆发让相关企业成为市场的焦点。事实上，国内大厂对AI芯片等基础设施的布局早 已展开。2018年，阿里成立平头哥，华为发布两款昇腾AI芯片，百度启动昆仑芯研发等众多重要事件 集中爆发，头部企业对AI芯片的产业化布局便已初见雏形。 阿里、百度等企业一方面持续加码AI基础设施投入，保持资本开支高增长；另一方面也开始积极寻求 外部订单，推进自研AI芯片的商业化。 8月底昆仑芯宣 ...

Summary of Unisplendour Corporation's Conference Call Company Overview - **Company**: Unisplendour Corporation (紫光股份) - **Industry**: AI Servers, Data Center Switches, and Domestic Chip Manufacturing Key Points AI Server and White Box Server Performance - AI server revenue reached 6 billion yuan in the first half of 2025, while white box server revenue exceeded 10 billion yuan, showing significant growth compared to the previous year [2][4] - Despite a low gross margin of 6-7% for white box servers, overall revenue growth led to a substantial increase in gross profit, reflecting the rapid development of the domestic AI industry [2][4] Switch Business Growth - The switch business grew over 20% in the first half of 2025, with data center switches accounting for over 50% of total sales, up from 40% the previous year [5] - High-speed switches (400G/800G) are expected to double, currently representing over 25% of the switch business [5] Product Development and Innovations - Unisplendour launched a 64-card single cabinet self-developed brand, targeting major internet companies, with mass production expected in Q4 2025 [6] - Plans for liquid-cooled servers are set to enter a high-growth phase in 2026, with active expansion at the Zhejiang factory and increased outsourcing demand [6] Domestic Chip Utilization - The company is increasingly using domestic chips such as Kunlun, Cambricon, and Pingtouge, while the proportion of imported GPU cards is declining [7][8] - Domestic switching chips, like those from Shengke Communication, have entered commercialization, with an increasing share in high-end models [9] Financial Performance and Projections - In the first half of 2025, overall performance exceeded market expectations, with a growth rate of over 25% in revenue and core profit [3] - The subsidiary, H3C, showed remarkable performance with over 40% revenue growth, contributing approximately 70% to Unisplendour's total revenue [3] Market Outlook - The domestic market for AI computing cards is projected to see a significant increase, with expected shipments surpassing 5 million units in 2026 due to import restrictions [12] - The overall growth rate for the company is anticipated to be better in the second half of 2025, driven by increased procurement from operators and internet companies [11] Valuation and Investment Recommendations - Unisplendour's current valuation is considered advantageous, with significant potential for upward adjustment in earnings quality and valuation as server and switch businesses improve [13] - Companies like Shengke Communication and Filin Kosi are recommended for attention due to their growth potential alongside Unisplendour [14] Traditional Suppliers - Traditional suppliers like ZTE are also expected to perform well in the switch market, with positive changes in revenue and profit growth driven by AI business [15]

Core Viewpoint - The rapid evolution of large models, particularly since the release of ChatGPT in November 2022, has led to significant market transformations, with Nvidia's market value increasing tenfold to over $4.4 trillion, and the emergence of 4,000 large models and nearly 500 AI unicorns attracting around $500 billion in investments [2] AI Cloud Market Dynamics - The AI cloud market in China is projected to reach 19.59 billion yuan in 2024, with the top three players—Baidu, Alibaba, and Huawei—holding a combined market share of 62%, an increase of 8% from 2023 [5] - The shift from CPU server competition to GPU-based intelligent computing clusters marks a significant transition in the cloud services industry, emphasizing the delivery of intelligent outcomes rather than merely renting computing resources [3][6] Challenges for Smaller Players - Smaller cloud service providers face significant barriers, including high costs for GPU procurement, which can be 10-30% higher than those for leading firms, and the complexity of developing AI cloud capabilities that require a full-stack approach [6][7] - Over 30% of regional cloud service providers are expected to exit the market by 2024 due to unsustainable operational costs and low utilization rates of computing resources [7] Importance of Ecosystem and Industry Experience - Enterprises increasingly seek cloud service providers that can address specific industry pain points, with 65% of central enterprises and 80% of systemically important banks choosing Baidu Intelligent Cloud for its industry experience [8] - Baidu's approach focuses on creating value for enterprises by helping them reduce costs and improve efficiency, as demonstrated by successful collaborations in various sectors [8][19] Competitive Landscape and Strategic Positioning - Baidu Intelligent Cloud leads the AI public cloud market with a 24.6% share in 2024, emphasizing an AI-driven cloud model that redefines traditional cloud services [13][20] - The company has established a strong competitive edge through its full-stack capabilities and strategic focus on industry-specific solutions, allowing it to secure significant contracts and partnerships [13][19] Future Trends and Innovations - The evolution of AI applications towards more autonomous and intelligent agents is expected to create a market exceeding 3 trillion yuan by 2027, highlighting the urgency for players to innovate and lead in technology [15] - Baidu's advancements in AI infrastructure, such as the "Kunlun" super node and self-developed computing clusters, position it as a key player in the domestic AI industry, reducing reliance on external technologies [16][20]

Core Viewpoint - Baidu Group's stock price increased by nearly 7% during trading, closing up 5.78% at HKD 90.6, with a trading volume of HKD 1.936 billion [1] Group 1: Company Performance - Kunlun Core announced significant achievements in the AI general computing device procurement project for China Mobile for 2025-2026, securing the top share in the "CUDA-like ecosystem" segment [1] - Kunlun Core won 70% of the shares in bidding packages 1 and 2, and 100% in package 3, with a total winning bid amount exceeding RMB 1 billion [1] - Baidu has successfully deployed a large-scale cluster based on the new generation Kunlun Core 3 components [1] Group 2: Industry Context - Kunlun Core, formerly part of Baidu's intelligent chip and architecture department, has focused on AI acceleration for over a decade [1] - The company completed independent financing in April 2021, aiming to develop versatile, user-friendly, and high-performance general AI chips, achieving mass production and deployment of multiple chip series [1]