Core Viewpoint - Goldman Sachs' latest report indicates that Baidu's chip subsidiary, Kunlun Chip, has submitted a listing application in Hong Kong, marking a significant step in unlocking asset value for Baidu [2][3] Group 1: Kunlun Chip's IPO - Kunlun Chip officially submitted its listing application to the Hong Kong Stock Exchange on January 1, 2026, through a global offering of shares, including public offerings in Hong Kong and placements to institutional and professional investors [3][4] - Baidu holds a 59% controlling stake in Kunlun Chip, which is expected to remain a subsidiary post-IPO, allowing Baidu to release market value while maintaining control over its core computing infrastructure [4] Group 2: Financial Projections - Goldman Sachs estimates that Kunlun Chip's sales will reach approximately 35 billion RMB by 2025, with a projected increase to 65 billion RMB in 2026 due to strong growth in new products and orders [6][7] - External sales are expected to grow rapidly, accounting for 14% of total cloud sales by 2026, with high-quality recurring revenue from subscription services projected to make up 43% of Baidu Cloud's total revenue [9][20] Group 3: Valuation Insights - If Kunlun Chip is valued similarly to Cambricon at a 40x price-to-sales ratio, the value of Baidu's 59% stake could reach 22 billion USD, representing about 45% of Baidu's current market capitalization [2][19] - A conservative valuation range for Kunlun Chip's 100% equity is estimated between 5 billion to 20 billion USD, translating to a value of 3 billion to 11 billion USD for Baidu's stake, which is 6% to 23% of its current market cap [19] Group 4: Investment Catalysts - Investors should closely monitor four key catalysts: announcements regarding new orders or product upgrades from Kunlun Chip, progress on the IPO, updates on shareholder return policies in Q1 2026, and developments related to the Hong Kong listing and Southbound trading connections [21][22][24]

高盛在最新研报中指出，百度旗下芯片部门昆仑芯已正式递交香港上市申请，这标志着百度解锁资产价 值迈出了坚实的一步。 据追风交易台，1月3日，高盛发布最新研报认为，根据其核心测算显示，如果市场给予昆仑芯类似于寒 武纪的估值倍数（40倍市销率），百度持有的59%股权价值将高达220亿美元，惊人地相当于百度当前 总市值的45%。即便在保守估值下，这也代表着巨大的潜在上行空间。 昆仑芯分拆上市：解锁隐蔽价值的关键一步 百度已宣布，昆仑芯于2026年1月1日向香港联交所递交了上市申请。此次分拆将通过全球发售昆仑芯股 份的方式进行，包括香港公开发售以及向机构和专业投资者的配售。 对于投资者而言，最关键的信息在于股权结构的变化与控制权。高盛指出，截至2025年8月，百度持有 昆仑芯59%的控股权。在拟议的分拆完成后，百度预计昆仑芯将继续作为公司的子公司。这意味着百度 既能通过独立上市释放昆仑芯的市场价值，又能继续在其生态系统中保持对核心算力基础设施的控制。 外部销售占比： 高盛预测，进入2026年，昆仑芯的外部销售将迅速增长，占到云总销 售额的14%。 业务结构优化： 结合更具经常性和高附加值的订阅业务（据高盛估算接近云收入 ...