Core Viewpoint - Baidu has signed a strategic cooperation framework agreement with China Merchants Group to collaborate on cutting-edge AI technologies, including large models and cloud computing, across various sectors such as technology innovation, transportation logistics, comprehensive finance, and real estate [1] Group 1: AI Intelligent Cloud - Baidu's AI new business revenue surpassed 10 billion yuan for the first time in Q2 2025, marking a 34% year-on-year increase [1] - The intelligent cloud revenue grew by 27% year-on-year, with deep cooperation established with over 65 central enterprises [1] - The combination of "Baihe + Kunlun Chip P800" achieved a performance improvement of up to 13 times and a cost reduction of up to 95% in large-scale inference [1] Group 2: Kunlun Chip P800 - Kunlun Chip P800 shows significant advantages in optimizing inference cost-performance, with memory specifications improved by 20%-50% compared to mainstream GPUs [2] - The P800 chip can accommodate 32/64 acceleration cards in a single cabinet, achieving an 8-fold increase in bandwidth, resulting in a 5-10 times performance leap in MoE single-node training [2] - The P800 has passed the DeepSeek-V3/R1 adaptation test, confirming its reliability and usability in long-context inference scenarios [2] Group 3: Commercialization of Kunlun Chip - Kunlun Chip P800 has been successfully implemented in various fields, including winning a project with China Merchants Bank for AI chip resources, outperforming similar domestic chips [3] - The chip has secured a 10 billion-level order from China Mobile for 2025-2026 concentrated procurement [3] - Baidu's smart cloud has launched a government model solution 3.0, promoting the application of "AI + industry" in government scenarios [3] Group 4: Robotaxi Business - Baidu's Robotaxi service, "Luo Bo Kuaipao," saw a 148% year-on-year increase in service instances in Q2 2025, reaching over 2.2 million services [3] - The service has expanded internationally, partnering with Uber in the Middle East and Asia, and Lyft in Europe, covering 16 cities globally [3] - Baidu's Robotaxi has accumulated over 170 million kilometers of safe driving mileage, indicating significant potential for commercialization and value reassessment [4] Group 5: Digital Human Market - Baidu holds a 9.8% market share in China's AI digital human market, ranking first in 2024 [5] - The technology enables the creation of 3D hyper-realistic digital humans in 10 minutes and 2D digital human avatars in hours, with a lip-sync accuracy of 98.5% [5] - The digital human business has been applied across over 20 industries, including finance, education, media, tourism, and e-commerce, significantly enhancing service efficiency and reducing costs [5] Group 6: Financial Outlook - Baidu maintains a healthy net cash flow to support long-term AI strategic investments, with Robotaxi achieving breakeven in Wuhan [6] - The company has raised its revenue forecasts for 2025-2027 to 130.8 billion, 139.9 billion, and 148.3 billion yuan, respectively [6] - Non-GAAP net profit forecasts for the same period have also been increased to 18.2 billion, 20.5 billion, and 23 billion yuan, respectively [6]

Core Viewpoint - The article discusses the strategic partnership between Baidu and China Merchants Group, focusing on advancements in AI technologies and their applications across various sectors, leading to a significant revaluation of Baidu's market position and stock performance [4]. Group 1: AI Intelligent Cloud - Baidu's new business revenue from AI surpassed 10 billion yuan for the first time in Q2 2025, marking a 34% year-on-year growth [5] - The intelligent cloud revenue grew by 27%, with deep collaborations established with over 65 central enterprises [5] - The combination of the Wenxin Yiyan model, Baidu's AI computing platform, and Kunlun chips creates a closed-loop ecosystem, enhancing performance and cost efficiency [5] - The "Baihe + Kunlun P800" combination achieved a performance improvement of up to 13 times and cost reduction of up to 95% in large-scale inference [5] Group 2: Kunlun Chip - The Kunlun P800 chip offers a 20%-50% improvement in memory specifications compared to mainstream GPUs, optimizing for MoE architecture [6] - The chip's "super node" design allows for 32/64 acceleration cards with an 8-fold bandwidth increase, resulting in a 5-10 times performance leap in MoE single-node training [6] - The P800 has been successfully implemented in various sectors, including finance and telecommunications, demonstrating superior performance in multimodal inference [6][7] Group 3: Robotaxi - Baidu's Robotaxi service, "Luo Bo Kuaipao," saw over 2.2 million service instances in Q2 2025, a 148% year-on-year increase [8] - The service has expanded globally, partnering with Uber and Lyft, and has completed over 14 million rides, ranking first worldwide [8] - Comparatively, Baidu's driving mileage exceeds that of Waymo, indicating significant potential for value reassessment [8] Group 4: Digital Humans - Baidu leads the Chinese AI digital human market with a 9.8% market share as of 2024 [9] - The company has developed a multimodal digital human platform capable of generating realistic 3D digital humans in 10 minutes [9] - The digital human business spans over 20 industries, achieving over 50% market share in major state-owned banks and enhancing efficiency in various sectors [9]

2025 年 9 月 18 日 公司研究 重估百度：不只是搜索，AI 全产业链布局下的价值挖掘 ——百度集团-SW（9888.HK）跟踪报告 买入（维持） 当前价：131.00 港元 作者 分析师：付天姿 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 联系人：宾特丽亚 binteliya@ebscn.com 021-52523681 市场数据 | 总股本(亿股) | 27.50 | | --- | --- | | 总市值(亿港元)： | 3603 | | 一年最低/最高(美元)： | 73.25/135.40 | | 近 3 月换手率： | 3.09% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 42.2 | 43.7 | 5.4 | | 绝对 | 49.0 | 59.5 | 57.7 | | 资料来源：Wind | | | | 相关研报 从美股科技公司资本开支看国内互联网行 业：AIDC 行情将如何演绎？——AI 产业前 瞻 ...

国内领先的具身智能研发机构北京人形机器人创新中心近期发布的具身世界模型、跨本体VLA模型， 底层应用的便是百舸AI计算平台。百舸AI计算平台为北京人形机器人创新中心提供了一站式高效能云 端集成开发环境，支持其开展全场景、全流程研发工作，帮助中心提效2倍。 2025年8月，《关于深入实施"人工智能+"行动的意见》（简称《意见》）发布，明确提出推动人工智能 与经济社会各行业各领域广泛深度融合，重塑人类生产生活范式，促进生产力革命性跃迁和生产关系深 层次变革，加快形成人机协同、跨界融合、共创分享的智能经济和智能社会新形态。 现在，百度智能云已支持了包括北京、上海、浙江、广东等创新中心在内的主要具身智能研发平台，也 为产业链上超过20家重点企业提供支持。 无论是央国企，还是快速成长的初创公司，百舸正以己之能全力支持"人工智能+"企业，把一流算力转 化为实实在在的创新成果，也吸引了越来越多客户，进而反推百度智能云高速发展。IDC发布的《中国 AI公有云服务市场份额，2024》报告指出，百度智能云依托"云智一体"战略，以24.6%的市场份额稳居 第一，连续6年、累计10次蝉联中国AI公有云市场冠军。 对于《意见》提出的" ...

Core Insights - The article highlights the transformative role of Baidu Intelligent Cloud in the competitive cloud computing landscape, emphasizing its strategic patience and focus on technology development rather than rapid market expansion [1][5]. Group 1: Strategic Positioning - Baidu Intelligent Cloud adopts a "cloud intelligence integration" strategy, focusing on building a comprehensive technology stack rather than engaging in price wars or rapid market share expansion [1]. - The company has developed foundational technologies such as Kunlun chips and the Baijie computing platform, which enhance AI computing efficiency [1][2]. Group 2: Technological Advancements - The launch of large models has reshaped the cloud computing market, allowing Baidu Intelligent Cloud to transition from a follower to a leader in the AI cloud sector [1]. - Baidu Intelligent Cloud's AI cloud infrastructure is built on four core elements: computing power, models, data, and engineering capabilities, which are integrated through the Baijie AI computing platform and Qianfan AI development platform [2]. Group 3: Industry Applications - Baidu Intelligent Cloud has demonstrated a deep understanding of industry needs, achieving significant competitive advantages across various sectors, including finance, energy, government, and manufacturing [4]. - The company has made notable advancements in embodied intelligence, enhancing model development efficiency through effective resource scheduling and acceleration of large model training [5]. Group 4: Financial Performance - In Q2 2025, Baidu Intelligent Cloud reported a 27% year-on-year revenue growth, reaching 6.5 billion yuan, indicating both technological breakthroughs and market recognition [5]. Group 5: Ecosystem Development - Baidu Intelligent Cloud's growth story exemplifies the synergy between technology empowerment and ecosystem building, providing essential infrastructure for the intelligent transformation of industries in China [7].

Core Viewpoint - The article emphasizes the transition of cloud computing from cost reduction and efficiency enhancement to directly creating value through AI integration, highlighting the importance of AI capabilities in driving business growth and innovation [3][5][10]. Group 1: AI Integration and Business Impact - A report from MIT indicates that 95% of companies attempting to use AI have not seen commercial returns, but the remaining 5% have generated significant value, with some startups achieving revenues of $20 million within a year by focusing on specific business pain points [3]. - Baidu's intelligent cloud has supported 65% of central enterprises and 80% of systemically important banks, showcasing its extensive reach and impact in various industries [5]. - Baidu's AI capabilities are being transformed into revenue-generating tools for enterprises, with AI new business revenue expected to exceed 10 billion yuan by Q2 2025 [14]. Group 2: Cloud Computing Evolution - The cloud computing landscape is shifting from resource leasing to supporting AI capabilities for training, deployment, and invocation, marking a new phase in cloud competition [17]. - Baidu's cloud strategy has evolved from "cloud intelligence integration" to "intelligent priority," focusing on redefining how enterprises utilize cloud services starting from AI [7][10]. - The competition among cloud providers is now centered on engineering capabilities, scene adaptation, and system integration rather than just model capabilities [8]. Group 3: Technological Advancements and Offerings - Baidu has upgraded its AI computing platform to version 5.0 and its Qianfan platform to version 4.0, enhancing multi-model high-concurrency scheduling and integrating various capabilities for enterprise services [10]. - The company has developed a digital employee and compliance analysis tools, aiming to standardize AI applications across industries [10]. - Baidu's self-developed Kunlun AI chips and training platforms provide a competitive edge in terms of cost efficiency and scheduling capabilities [8][9]. Group 4: Market Position and Future Outlook - Baidu holds a leading position in China's AI public cloud service market with nearly 25% market share and 15% share in the large model platform market [14]. - The company aims to convert complex AI capabilities into practical business solutions, addressing the dual challenges of finding new growth curves and ensuring secure development space in a competitive global landscape [18][19]. - Baidu's strategy includes comprehensive self-research across infrastructure, model frameworks, and engineering platforms to reduce reliance on external ecosystems [19].

Core Insights - The integration of AI and cloud computing is reshaping the technology and business landscape, marking a new starting point for the industry [2][4] - In 2024, China witnessed the emergence of 50 trillion-level parameter models, leading to a 74.1% year-on-year growth in intelligent computing power, significantly outpacing general computing growth [1] - Baidu's intelligent cloud has become a leader in the AI field, leveraging its comprehensive AI technology stack to drive innovation and transformation in cloud services [4][6] Industry Trends - The cloud computing sector is undergoing unprecedented changes due to the incorporation of AI technologies, which are redefining service architectures and value propositions [1][4] - The competitive landscape in cloud computing is shifting from cost-based competition to a focus on innovative solutions that address specific business challenges [4][6] Company Developments - Baidu has made significant advancements in AI, launching the first deep learning framework "PaddlePaddle" in 2016 and the AI chip "Kunlun" in 2018, establishing a robust foundation for its AI capabilities [4][5] - Baidu's intelligent cloud has achieved a 24.6% market share in China's AI public cloud market, maintaining its position as the leader for six consecutive years [6][7] - The "Cloud Intelligence Integration" strategy of Baidu's intelligent cloud is set to evolve further, aiming to enhance intelligence capabilities and expand its market penetration [6][7] Product Innovations - The Baidu "Baihe" AI computing platform has been upgraded to version 5.0, focusing on enhancing inference capabilities and optimizing resource utilization [6][7] - The "Qianfan" platform has transitioned to version 4.0, providing a one-stop enterprise service platform centered around AI agents, aimed at accelerating application deployment [7] Financial Performance - Baidu's intelligent cloud revenue grew by 27% year-on-year, contributing to the company's AI new business surpassing 10 billion yuan for the first time, with a 34% year-on-year increase [7]

Core Insights - The shift in enterprise infrastructure requirements has moved from "cost reduction and efficiency enhancement" to "direct value creation," with AI cloud becoming a new profit center rather than a cost center [2] - The core elements of AI cloud identified by the company are computing power, models, data, and engineering capabilities, which together form a unified and continuously evolving AI cloud infrastructure [2] AI Computing - The focus of AI computing is shifting from pre-training to post-training, with reinforcement learning becoming a key paradigm for AI computation this year [3] - The upgraded Baidu AI computing platform, Baijie 5.0, enhances model training and inference efficiency through faster communication, lower latency, and improved resource utilization [3] - The largest open-source model parameters have reached 1 trillion, and with the Kunlun super node, it can run trillion-parameter models in just a few minutes [3] AI Development - The core of AI development is now centered around Agents, with the Baidu Qianfan platform upgraded to version 4.0, providing over 150 state-of-the-art models for enterprise and developer use [4] - The newly launched Baidu Steam Engine video generation model has topped the Vbench global video generation leaderboard and is now integrated into the Qianfan 4.0 platform [4] - Qianfan 4.0 has released a series of industry-specific models to address the limitations of general models in terms of effectiveness and cost-effectiveness [4] Model Fine-tuning - The RFT (Reinforcement Feedback Tuning) toolchain introduced in Qianfan 4.0 reduces the data requirement for model fine-tuning from thousands to just hundreds of data points, lowering the technical and data barriers for enterprises [5] User Engagement and Applications - The Qianfan platform has over 460,000 enterprise users and more than 1.3 million Agents developed, aimed at helping clients create better commercial applications [6] - Baidu Intelligent Cloud has developed ready-to-use Agents, including a compliance analysis capability that generates SOP detection tasks from standard operation videos [6] - The collaboration with Yashi Education has led to the development of a digital English coach, utilizing Baidu's end-to-end voice semantic model and digital human capabilities [6] Future Outlook - The restructuring of value creation methods is expected to evolve the industry chain, marking the beginning of a "super cycle" for AI [6]

Group 1 - The core viewpoint of the articles emphasizes that Baidu Smart Cloud is setting a new benchmark in the cloud computing industry, positioning AI cloud as a critical infrastructure for the intelligent economy era [1][3] - Baidu Smart Cloud's two major platforms, the Baichuan AI Computing Platform and the Qianfan Enterprise-level AI Development Platform, have undergone significant upgrades [1][3] - The Baichuan AI Computing Platform 5.0 has achieved breakthroughs in network architecture, computing power, inference systems, and integrated training and inference, aiming to enhance AI computing efficiency for enterprises [1][3] Group 2 - The Qianfan platform has entered its 4.0 era, focusing on addressing challenges in Agent development during the AI-native era, providing a comprehensive service platform for developers [3] - Baidu Smart Cloud introduced the innovative application "Wu Yanzu Digital English Coach," which integrates advanced AI technologies to offer a new English learning experience [3] - The collaboration with Yashi Education to develop the "Wu Yanzu Digital English Coach" showcases Baidu's deep expertise in AI technology and its forward-looking approach to integrating AI with education [3]

Group 1 - Tencent Hunyuan announced the open-source end-to-end video sound effect generation model HunyuanVideo-Foley [1] - Huawei Cloud's overall computing power scale increased by nearly 250% year-on-year [1] - Google will invest an additional $9 billion in Virginia, USA, for cloud computing and AI infrastructure development [1][3] Group 2 - The launch of the AI large model AlphaCD, designed for gene editing tools [1] - The release of the Baihe AI computing platform version 5.0, with the Kunlun chip super node officially enabled [1] - OpenAI will improve ChatGPT to better recognize and respond to users' emotional issues [1][3]