昆仑芯给百度注入了一针强心剂。1月2日，百度港股大涨近10%，其美股涨幅更高达15%。1月6日，百 度港股收盘价达到146港元，创下近一年内的新高。 市场早就在等着昆仑芯上市，此前业内屡有传闻。2025年12月7日，百度对外回应称，"正就拆分昆仑芯 及上市进行评估"。 广告收入增长放缓、季度亏损后，百度亮出了芯片这张牌。 2026年1月2日，百度发布关于分拆昆仑芯独立上市的公告称，其AI芯片子公司昆仑芯已于1月1日通过 联席保荐人以保密形式向香港联交所提交上市申请。分拆后，其仍是百度的附属公司。 作为百度旗下自研芯片子公司，昆仑芯从2021年起正式独立运营，历经4年多时间的发展，如今已是市 场中的高级玩家。在外界眼中，它也是百度手中最值钱的AI业务"家底"。 眼下，国产芯片公司掀起的IPO浪潮还未结束，昆仑芯的同行摩尔线程、沐曦股份登陆A股后市值一度 突破3000亿元，但目前都已双双回调。此刻百度下场，应该也有借AI芯片热度"搏上一搏"的意味。但它 还能吃到这波市场红利吗？ 接下来百度的动作，更进一步坐实了这个消息。《财经天下》通过天眼查平台发现，2025年12月中 旬，"昆仑芯（北京）科技有限公司"企业名称 ...

Core Insights - OpenAI is preparing to integrate advertisements into ChatGPT, which could become a significant revenue source despite previous reservations from CEO Sam Altman about advertising in AI responses [2][3][4] - The company aims to balance ad integration with maintaining the quality and integrity of AI-generated content, as it faces financial pressures and competition from other tech firms [10][11] Group 1: Financial Implications - OpenAI's expenditures are projected to reach $2.5 billion in the first half of 2025, potentially escalating to $115 billion by 2029 if current trends continue [3] - With only about 5% of ChatGPT's nearly 900 million weekly active users subscribing to paid plans, the company is exploring monetization strategies for free users, aiming for an annual revenue per user of $2 by 2026 and $15 by 2030 [4][11] - OpenAI anticipates that by 2030, 20% of its total revenue will come from advertising-related income [4][11] Group 2: Advertising Strategies - OpenAI is developing a unique advertising model that focuses on "intent-driven monetization," where ads are integrated into conversational recommendations rather than traditional ad placements [4][5] - The company is testing various ad display prototypes, including sponsored content in the sidebar of ChatGPT and ads triggered by user interactions with specific queries [5][6] - OpenAI is also exploring "generative advertising," which tailors ad content based on user needs and conversation context, potentially increasing conversion rates [7] Group 3: Market Dynamics - The global digital advertising market exceeds $1 trillion, with Google and Meta holding significant shares; capturing even 5% of this market could yield $50 billion annually for OpenAI [11] - Traditional search engines are losing market share to AI tools, with Google's share dropping from 73% to 66.9% in six months, while Baidu's mobile search share fell from 94.72% to 58.6% [12][13] - AI search tools are becoming the primary information source for many users, particularly younger demographics, with a significant portion preferring AI over traditional search engines [13][14] Group 4: User Experience and Trust - Users favor AI search for providing direct answers without the clutter of paid placements, contrasting with traditional search engines where ads often dominate results [15][16] - The ability of AI to support multi-turn conversations enhances user experience, allowing for more natural interactions compared to keyword-based searches [16][17] - However, the introduction of ads raises concerns about user trust, as the line between objective recommendations and paid promotions may blur [11][18]

据悉，业务调整后，百度所有与搜索相关的业务，包括PC端与移动端，均已合并统一管理，搜索侧全 合在了一起。 对于上述调整，截至发稿百度方面未回应媒体问询。 责任编辑：宋雅芳 新浪科技讯 12月22日下午消息，据报道，百度MEG今日在内部启动新一轮调整，用户侧产运由李小婉 负责，技术研发由赵世奇负责；风控、效能及数据相关由王岳统筹。 新浪科技讯 12月22日下午消息，据报道，百度MEG今日在内部启动新一轮调整，用户侧产运由李小婉 负责，技术研发由赵世奇负责；风控、效能及数据相关由王岳统筹。 据悉，业务调整后，百度所有与搜索相关的业务，包括PC端与移动端，均已合并统一管理，搜索侧全 合在了一起。 对于上述调整，截至发稿百度方面未回应媒体问询。 责任编辑：宋雅芳 ...

网络上的"猎物" 微信现在很普及了，很多人习惯在网上晒自己的动态，或是表达心情，或是分享自然风光，或是针砭时弊。例如你今天去医院了，护士和医生都比较忙， 没有时间和你交流，你发文表达医院的服务还需要改进一些。 这本来就是个人心情的一个表达，但如果不小心被人截图传到其他微信群、微博或者贴吧等网络空间，可能会引发一次舆论轰炸，也许你会被"不懂 事""娇气""根本不了解医务人员的辛苦"等批评声包围，没有人在意你只是单纯提个意见。网络上，有些人是"杠精"，他们专门"挑刺"；有些人根本就 是"喷子"，不管你说什么都反驳你，批你一顿；有些人纯属在网络上发泄，甚至说一些与你观点无关的东西。你好像就是他们的"猎物"，等你一出现，大 家群起而攻之。你不知道他们是谁，他们唯一做的事情，就是等待他们的"猎物"出现，然后再集体"开火"。等"猎物"反应过来，他已经在"口水中淹 没"了，这会给人很大的心理压力。 随着更多人的娱乐重心逐渐转移到网络，很多小事件被发布到网上后，容易吸引大量关注，形成了网络暴力滋生的土壤。网络暴力致死致伤事件频发，例 如：一服装店的老板怀疑某个顾客在其经营的服装店试衣服时偷了一件衣服，该老板将顾客的照片上传到 ...

Group 1 - Baidu is undergoing significant layoffs, with reports indicating that some departments are seeing cuts of 30%-40% [2][5][9] - The layoffs are affecting not only older employees but also recent graduates, highlighting a shift in workforce dynamics [2][9] - Baidu is relocating its outsourcing teams to Xi'an, imposing job insecurity on lower-tier workers [2][11] Group 2 - Baidu's third-quarter financial results were disappointing, with a net loss of 11.2 billion RMB and a total revenue of approximately 31.2 billion RMB, marking a year-on-year decline of 7% [12][13] - The company's core revenue also fell by 7% year-on-year, with online marketing revenue dropping by 17.6% [12][13] - Baidu's advertising revenue has been declining for six consecutive quarters, indicating a troubling trend in its core business [12][13] Group 3 - The decline in Baidu's performance is attributed to changing user search habits and increased competition from platforms like Douyin and WeChat [13][15] - Baidu's market position has weakened, with its media index ranking dropping to ninth place, behind competitors [13][15] - The company has struggled to capitalize on the AI sector, with its AI cloud market share being significantly lower than competitors like Alibaba and Huawei [16][17] Group 4 - Baidu's missed opportunities in the mobile internet space have been a critical factor in its current struggles, as highlighted by past comments from CEO Robin Li regarding the challenges of adapting to new technologies [19][20] - Despite having innovative products, Baidu's approach has often been criticized for being reactive rather than proactive in the market [20][22] - Li's recent statements suggest a cautious approach to new projects, emphasizing the importance of technology's decisive role in future endeavors [23]

Core Viewpoint - The rise of AI has not killed search engines but rather expanded the overall market for search and advertising, as evidenced by Google's recovery in search market share and advertising growth in Q3 [4][8][22]. Group 1: AI's Impact on Search - AI has not eliminated search but has created a larger "cake" for both search and advertising, with traditional search engines benefiting from the increased user engagement driven by AI [9][17]. - The traditional search model, which relies on keyword matching, has limitations in addressing complex user queries, a gap that AI has begun to fill by providing more comprehensive answers [10][12][15]. - AI has transformed user search behavior, leading to longer and more detailed queries, which in turn enhances the quality of clicks and user intent [31][34]. Group 2: Google's Competitive Advantage - Google's integration of AI into its search engine has allowed it to maintain a competitive edge, leveraging its existing ecosystem to enhance user experience and engagement [19][25]. - The AI features in Google's search have been designed to complement traditional search habits, making it easier for users to access information without disrupting their established behaviors [21][22]. - Google's diverse product ecosystem, with over 20 billion monthly active users across multiple platforms, provides a significant advantage over competitors like Baidu and Tencent, which struggle with fragmentation and competition [42][44]. Group 3: Advertising Evolution - Despite initial concerns about AI's impact on advertising click-through rates, Google's Q3 financial results showed that the monetization rate of AI features is comparable to traditional search [28][29]. - AI has led to a higher quality of clicks, as users engage more deeply with content, resulting in improved conversion rates for advertisers [32][36]. - New advertising tools like AI Max are being developed to better understand user intent and enhance ad targeting, marking a shift towards more effective advertising strategies [38][41]. Group 4: Industry Comparison - The contrasting paths of Google and its Chinese counterparts highlight the importance of ecosystem strength in the AI competition, with Google benefiting from a more integrated approach [46][45]. - The challenges faced by domestic players in China, such as high competition and fragmented user experiences, hinder their ability to capitalize on AI advancements as effectively as Google [44][45].

以下文章来源于摩登中产 ，作者摩登中产 摩登中产 . 用摩登视角，解读复杂时代。 期待重逢。 作者/摩登中产 来源/摩登中产 (ID：modernstory) 是时候好好道个别了。 这 天 是 1 2 月 8 日 ， 岁 末 寻 常 的 一 天 ， 寒 风 正 袭 掠 城 市 ， 路 人 行 色 匆 匆 ， 远 天 依 旧 有 喧 嚣、博弈和烽烟。 然而，如果以这一天为路标，回首望去： 一 原来，天涯已关闭 9 5 8天 ，铁血已关停 1 3 7 8天 ，猫扑已死去 4年零7个月 ，射手网已 作别 1 0年 ，而距那场巨浪伊始已经 2 7年。 2 7年撩人心魄，重叠所有人的人生。0 0后是原住民，9 0后是亲历者，而8 0后是拓荒的 人。 6 0后和7 0后中，那些参与缔造它的人，也已垂垂老去。 马云行踪不定，李彦宏甚少发言，张朝阳开叉的风衣落着乌镇清冷的月光，丁磊黑胶唱 片还转着，只是往事杳不可闻。 尽吹散。 来时的路不断湮灭，而且是正在进行时。 2 0 2 3年抽样调查，此前十年的网页，已有6 6 . 5 %无法访问。而2 0 2 3年当年产生网页， 隔年已有3 8 %链接丢失。 新浪博客停运了，搜狐博客 ...

Core Viewpoint - Baidu is undergoing significant layoffs across multiple business units, which is directly linked to its declining performance and is seen as a strategic shift towards focusing on AI, smart cloud, and autonomous driving sectors [1][12]. Financial Performance - In Q3 2025, Baidu reported total revenue of 31.2 billion yuan, a year-on-year decrease of 7%, with a net loss of 11.2 billion yuan and an adjusted net profit of 3.8 billion yuan, down 36% year-on-year [1][12]. - The online marketing revenue, which constitutes a major part of Baidu's income, fell to 15.3 billion yuan, marking an 18% decline year-on-year, while non-online marketing revenue grew by 21% to 9.3 billion yuan, driven by the growth of the smart cloud business [2][13]. Business Segmentation - Baidu's core business is experiencing severe polarization, with online marketing revenue declining for six consecutive quarters, while non-online marketing revenue is on the rise [3][14]. - The online marketing revenue figures for the last six quarters are as follows: 19.2 billion yuan, 18.8 billion yuan, 17.9 billion yuan, 16.0 billion yuan, 16.2 billion yuan, and 15.3 billion yuan, with respective year-on-year changes of -2%, -4%, -7%, -6%, -15%, and -18% [3][14]. Market Dynamics - The search market in China is evolving, with users increasingly relying on super apps like Douyin, Xiaohongshu, and Weibo, which integrate search functions, leading to a decline in dependence on traditional search engines like Baidu [5][16]. - Baidu's app has reached 708 million monthly active users as of September 2025, showing only a 1% year-on-year growth, and its position among advertisers has dropped to ninth place, behind competitors like Douyin and Xiaohongshu [6][17]. AI Business Growth - Baidu's AI-related revenue is showing promising growth, with smart cloud infrastructure revenue reaching 4.2 billion yuan, up 33% year-on-year, and AI native marketing services revenue growing by 262% to 2.8 billion yuan, accounting for 18% of the core online marketing revenue [19][22]. - Despite the growth in AI, Baidu's overall performance remains under pressure due to ongoing losses in its core advertising business and the need for continued investment in AI development, which has exceeded 100 billion yuan since March 2023 [11][22].

Core Insights - Baidu reported a revenue of 31.2 billion yuan for Q3 2025, a year-on-year decline of 7.1% [1] - The company is focusing on AI transformation, with approximately 70% of search result pages now containing AI-generated content [1] - Baidu's AI business is approaching a revenue scale of nearly 10 billion yuan, with significant growth in various AI segments [2] Financial Performance - Baidu's core revenue was 24.7 billion yuan, down 7.0% year-on-year, with online marketing services revenue at 15.3 billion yuan, down 18.4%, and non-online marketing services revenue at 9.3 billion yuan, up 20.4% [1] - iQIYI reported a revenue of 6.7 billion yuan, a decline of 7.8% year-on-year [1] - Non-GAAP operating profit and net profit for Baidu were 2.2 billion yuan and 3.8 billion yuan, respectively, with non-GAAP operating profit margin and net profit margin at 9.0% and 15.6% [1] AI Business Update - The AI business includes three main segments: 1. Intelligent cloud infrastructure, generating 4.2 billion yuan in revenue, up 33% year-on-year [2] 2. AI applications, with revenue of 2.6 billion yuan, up 6% [2] 3. AI native marketing services, achieving 2.8 billion yuan in revenue, up 262% [2] Autonomous Driving - The autonomous driving service "萝卜快跑" achieved 3.1 million orders, a year-on-year increase of 212%, with an average of over 250,000 orders per week in October [3] - The service has expanded globally, with operations in 22 cities and partnerships with international transport operators [3] Future Projections - Revenue projections for Baidu from 2025 to 2027 are estimated at 128.3 billion yuan, 137.7 billion yuan, and 148.0 billion yuan, respectively, with non-GAAP net profits of 19.5 billion yuan, 19.6 billion yuan, and 23.8 billion yuan [3] - Target prices set at 147 HKD for Baidu's Hong Kong stock and 151 USD for its US stock, with a reiteration of a "buy" rating [3]

Core Insights - Baidu has established two new core departments: the Basic Model Research Department and the Application Model Research Department, both reporting directly to CEO Li Yanhong, indicating a strategic focus on AI development [3][5]. Group 1: Department Functions - The Basic Model Research Department, led by Wu Tian, will focus on developing high-intelligence, scalable general AI models, supporting all business lines with foundational AI technology [3][4]. - The Application Model Research Department, headed by Jia Lei, will specialize in tuning and exploring models tailored to specific business application scenarios, integrating general model technology with actual business needs [4]. Group 2: Leadership and Structure - Both new departments report directly to Li Yanhong, breaking from the previous structure where the model research department reported to the CTO, reflecting Baidu's heightened emphasis on large model business [5]. - Wu Tian and Jia Lei are both seasoned leaders with extensive experience in AI, having made significant contributions to Baidu's core products [3][4]. Group 3: Financial Performance - Baidu's Q3 2025 financial report showed total revenue of 31.2 billion yuan, a year-on-year decline of 7% and a quarter-on-quarter decrease of 5% [5]. - The company reported a net profit of 3.77 billion yuan, down 36% year-on-year and 21% quarter-on-quarter, with a net loss of 11.22 billion yuan [5]. - AI business revenue was disclosed for the first time, totaling 9.6 billion yuan, with a year-on-year growth of over 50%, and AI cloud revenue increased by 33% to 4.2 billion yuan [6]. Group 4: Strategic Implications - The restructuring and focus on AI core business suggest that Baidu aims to allocate more resources to enhance its AI capabilities and address potential shortcomings in current product performance [7].