由于搜索行为的转变快于预期，百度第二季广告收入可能低于德意志银行此前的预期。德银分析师Leo Chiang报告写道，在从传统搜索转向生成式AI搜索的过程中，商业化方面受到冲击。不过，百度正在为 新的AI生成搜索流量探索商业化策略，但广告收入情况可能需要一些时间才能出现改善。他补充说， 受对生成式AI及其基础模型的持续强劲需求支撑，百度的云业务部门应会保持强劲势头。该行将其 2025年收入预测下调4%以反映较为疲软的广告前景。（新浪财经） ...

Core Viewpoint - Morgan Stanley's previous expectation of a rebound in Baidu's core advertising business this year may be delayed, as the growth rate for core advertising in the second quarter is likely to further slow down [1] Advertising Business - Analysts, including Gary Yu, predict a 10% year-over-year decline in Baidu's advertising business for the second quarter, primarily due to the ongoing transformation towards AI advertising [1] - Confidence in the recovery path for the advertising business continues to weaken amid soft revenue and increased investments in AI and autonomous taxi services, which may pressure profit margins [1] Cloud Business - The cloud business is expected to maintain a growth rate of 20%-30%, but its scale remains limited compared to peers [1] Price Target Adjustment - The target price for Baidu's American Depositary Receipts has been lowered from $100 to $95 [1]