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 - Citigroup's report indicates that Baidu's advertising revenue may continue to face pressure in the second half of the year due to the company's rapid enhancement of AI search capabilities and weak advertising spending sentiment [1] Revenue Forecast Adjustments - Citigroup has lowered its core advertising revenue forecasts for Baidu by 6.1% for Q2 and 8.9% for Q3 [1] - The negative impact on core operating profit estimates has also been significant, with a reduction of 21% for Q2 and 24% for Q3 [1] Investment Rating and Price Target - Despite the downward adjustments, Citigroup maintains a "Buy" rating on Baidu and has raised its ADR target price from $138 to $140 [1]