每年的618购物季，不仅是上半年中国电商行业的高光时刻，也是所有平台与商家的存量搏杀。然而，大模型之家注意到，在喧闹的GMV排行榜 之外，一个更具深意的趋势正在悄然生长——企业如何在AI技术的加持下实现组织智能化跃迁。尤其是2025年，这场618更像是一场关于大模型 能力与业务融合深度的实战演练。 淘宝则依托"羚客"SaaS平台实现直播调度自动化，同时大规模上线AI主播与数字人直播。这种组合不仅显著降低了人力成本，更带动了转化率的 提升。同时，直播间内的智能互动系统也能实现商品推荐与问题应答，使每一场直播成为算法驱动的内容引擎。 不同于往年以促销为核心的节奏，今年的618，是AI真正站上舞台中央的一年。不只是电商平台内部的智能调度，更是触达至直播间里的数字 人、客服场景的智能体、营销系统的AIGC工具，乃至整个产业链的协同逻辑与资源配置。我们看到的，是一次关于企业AI战略执行能力的集中检 验，也是一次对AI商业价值变现路径的真实验证。 AI已不仅仅是电商背后的生产力工具，更是竞争中台。一个能否以AI驱动决策与服务流转的企业，开始在效率、体验乃至成本结构上，与传统逻 辑决裂。技术的加速跃迁，让这个行业不再只是快 ...

Group 1: Baidu's Digital Human Advancements - Baidu announced the creation of the industry's first super anchor digital human, Luo Yonghao, during its AI Day event [1] - The company introduced four major breakthroughs in persuasive digital humans, including the first dual digital human interactive live broadcast room, enhancing marketing conversion and consumer experience [1] - The digital human technology has made significant progress, allowing for multi-modal integration and the ability to handle complex tasks, achieving sales performance comparable to real humans [1] Group 2: Alibaba's AI Model Adaptation - Alibaba's Tongyi team has open-sourced the new Qianwen 3 quantitative model, fully adapting it to Apple's MLX framework, which is optimized for Apple hardware [2] - This adaptation injects new vitality into Apple's AI ecosystem, supporting localized AI operations on personal devices [2] - The integration of Qianwen 3 enhances Alibaba's AI capabilities and expands its application scenarios, boosting its influence in international markets [2] Group 3: Apple's AI Department Challenges - Reports indicate that John Giannandrea, Apple's Senior Vice President of AI and Machine Learning Strategy, is gradually fading from the company's core management and may soon leave [3] - Giannandrea, who joined Apple in 2018 from Google, has struggled to integrate into Apple's culture and has faced significant ideological differences with other executives [3] - The slow progress of Apple's AI projects and the failure to deliver key features on time have led to his recent demotion, highlighting the need for Apple to address internal cultural conflicts and invest more in AI infrastructure and talent [3]

Group 1 - The core point of the article is that Luo Yonghao will launch a digital human live streaming event on Baidu e-commerce on June 15, marking him as the first top streamer to utilize digital humans for sales [1] - The collaboration is facilitated by Baidu's breakthroughs in persuasive digital human technology, which opens up opportunities for partnerships with leading streamers [1] - Baidu e-commerce reports that there are currently over 100,000 digital human streamers across various industries, including e-commerce, education, and healthcare, significantly reducing live streaming operational costs by over 80% and increasing GMV by an average of 62%, demonstrating the commercial viability of digital human live streaming [1]

Core Viewpoint - The recent quarterly report from Baidu has positively influenced market sentiment, showcasing strong revenue and profit growth, particularly in its cloud and autonomous driving segments [1][4]. Group 1: Financial Performance - Baidu's total revenue for Q1 reached 32.5 billion yuan, with core net profit increasing by 48% year-on-year to 7.63 billion yuan [1]. - The cloud business exhibited impressive growth, with a year-on-year increase of 42% [3][17]. Group 2: Cloud Business Development - Baidu's cloud business has shown consistent growth over several quarters, driven by increased demand for AI-related cloud services [4][17]. - The launch of new large models, such as Wenxin 4.5 Turbo and Wenxin X1 Turbo, has enhanced Baidu's competitive edge by offering lower costs and superior performance compared to competitors [4][15]. Group 3: Autonomous Driving Segment - Baidu's autonomous driving service, "Luobo Kuaipao," provided over 1.4 million rides in Q1, marking a 75% year-on-year increase [7]. - The service has achieved significant safety milestones, with a cumulative testing mileage of over 130 million kilometers and an accident rate significantly lower than human drivers [9]. Group 4: Market Position and Future Outlook - Baidu is positioned as a leader in the AI application landscape, with expectations that 2025 will be a pivotal year for AI applications and autonomous driving [13][22]. - The company has established strategic partnerships, such as with Shenzhou, to enhance its autonomous driving rental services, indicating potential for commercialization [12]. Group 5: Investment Sentiment - Institutional investors are increasingly bullish on Baidu, with significant stock purchases noted from firms like Bridgewater and Fidelity, reflecting confidence in the company's growth prospects [21][22]. - The overall market sentiment is shifting towards companies with strong AI capabilities, with Baidu being a prime candidate for investment due to its robust performance and growth potential [22][23].

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][3]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the 4.5 Turbo model is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [1]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is estimated at 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10]. - The company’s sales revenue for FY23A was 134,598 million RMB, with a year-on-year growth of 8.8%. However, FY24A is projected to see a decline of 1.1% in sales revenue [11]. - The adjusted net profit margin is expected to stabilize around 19.6% by FY27E, with a return on equity projected at 7.6% [12].

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][9]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the Wenxin 4.5 Turbo is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [9]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is expected to be 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10][11]. - The company’s operating profit is projected to be 21,430 million RMB in FY25, with a slight increase in operating margin to 15.6% [11]. - Baidu's total assets are expected to grow from 427,780 million RMB in FY24 to 457,698 million RMB in FY25, indicating a healthy balance sheet [11].

过去一年，大模型世界风云变幻。大模型厂商之间的竞争，令开发者不敢放心大胆做应用。李彦宏对开 发者说，"只要找对场景，选对基础模型，有时候还要学一点调模型的方法，在此基础上做出来的应用 是不会过时的"。他强调，"没有应用，芯片、模型都没有价值。模型会有很多，但应用才是王者。" 超出市场预期的是，百度在Create开发者大会上连发两大模型：文心大模型4.5 Turbo和文心大模型X1 Turbo，具备多模态、强推理、低成本三大特性。具体而言，文心4.5 Turbo，相比文心4.5，价格下降 80%；文心X1 Turbo，相比文心X1，在性能提升的同时价格再降50%。 李彦宏认为，当前开发者做AI应用的一大阻碍，就是大模型成本高、用不起。成本降低后，开发者和 创业者们才可以放心大胆地做开发，企业才能够低成本地部署大模型，最终推动各行各业应用的爆发。 文心X1 Turbo是基于4.5 Turbo的深度思考模型，在性能提升的同时，具备更先进的思维链，问答、创 作、逻辑推理、工具调用和多模态能力进一步增强。"有了这样超级能干的基础模型，我们就可以打造 出超级有用、超级有趣的AI应用来。"李彦宏表示。 一年一度的Creat ...

④活跃子行业， SW印制电路板（+2.95%）/ SW门户网站（+2.59%）/ SW 通信网络设备及器 件（+2.36%）/ 行情速递 ① 主板领涨， 中电鑫龙（+10.11%）/大立科技（+10.06%）/泰豪科技（+10.04%）/生意宝 （+10.03%）/天津普林（+10.02%）/ ②创业板领涨， 致尚科技（+20.00%）/幸福蓝海（+11.17%）/慧博云通（+8.54）/天利科技 （+7.07%）/思创医惠（+6.91%）/ ③科创板领涨， 仕佳光子（+18.36%）/科思科技（+7.97%）/艾森股份（+7.93%）/源杰科技 （+7.25%）/达梦数据（+7.01%）/ 海外新闻 国内新闻 ① 香港万得通讯社，人工智能终端产业发展研讨会在京召开/会议指出/人工 智能终端是人工智能技术落地应用的关键载体/加快人工智能终端产业发展/ 对发挥我国消费电子产业链条完备、制造能力强大、应用场景丰富优势/打造 全球科技竞争力/培育新的消费增长点具有关键作用/ ② 百度，在Create 2025百度AI开发者大会上/百度发布了多项关于模型、 应用、生态的技术与产品更新/包括最新的文心大模型4.5 Tu ...

记者/ 何己派 一手抓模型，一手抓应用，还要大搞生态，百度打出大模型新牌。 4月25日，Create2025百度AI开发者大会在武汉举办。百度创始人李彦宏登台，一口气讲了60分钟，发 了两大模型，多款AI应用，还要帮开发者全面拥抱MCP。 新亮相的两款模型，分别是文心大模型4.5 Turbo和深度思考模型X1 Turbo，具备多模态、强推理、低成 本三大特性。 其中，高说服力数字人，是他眼中"今年最令人激动的突破性应用之一"。 在电商直播场景下，传统的数字人文案枯燥、动作少、机器音重。李彦宏称，百度的高说服力数字人， 表现力媲美甚至超越真人。 其拥有"剧本生成"能力，能够做到表情、语气、动作都匹配台词内容实时调整，让数字人的情绪转折和 动作切换十分顺畅。 此外，该数字人具备"AI大脑"，能根据直播间实时热度和转化情况，灵活调度助播、场控、运营等角 色，共同促进转化，譬如适时切换镜头画面、调度图片、视频素材。 价格方面，文心4.5Turbo，每百万token的输入价格仅为0.8元，输出价格3.2元，相比文心4.5，价格下降 80%，仅为DeepSeek-V3的40%。 X1 Turbo更进一步，输入价格为每百万 ...

" 百度连发多款AI应用，覆盖AI数字人、代码智能体、多智能体协 作等热门赛道。 " 作者丨李希 4月25日，Create2025百度AI开发者大会在武汉隆重举办。百度创始人李彦宏发表了题为《模型的世界 应用的天下》的演讲。60分钟的演讲中，李彦宏发布 了两大模型，多款热门AI应用，并宣布将帮助开发者全面拥抱MCP。 当天发布的文心大模型4.5 Turbo和深度思考模型X1 Turbo，能力更强、成本更低。相比文心4.5，文心大模型4.5 Turbo速度更快，价格下降80%。文心大 模型X1 Turbo相比文心X1，性能提升的同时，价格再降50%。 与此同时，李彦宏连发高说服力数字人、通用超级智能体心响APP、内容操作系统沧舟OS等多款AI应用，覆盖AI数字人、代码智能体、多智能体协作等热门 赛道。另值得关注的是，百度发布了全球首个电商交易MCP，搜索MCP等MCP server，供开发者调用，帮助开发者全面拥抱MCP。 "所有这些发布，都是为了让开发者们可以不用担心模型能力、不用担心模型成本、更不用担心开发工具和平台，可以踏踏实实地做应用，做出最好的应 用！"面向现场5000名开发者和科技爱好者，李彦宏郑重 ...