在AI搜索叙事上，百度与谷歌采取了截然不同的策略。谷歌偏向保守，通过逐步嵌入生成式AI能力来 增强搜索体验，而百度则更为激进，力求用技术全面颠覆搜索。这两种路径各有优劣，谷歌的渐进式转 向更稳定，收入增长可持续；而百度的激进转型则更具探索性和未来性，但代价是短期的营收和利润压 力。 在AI浪潮席卷之下，互联网巨头百度的最新财报如同一面多棱镜，折射出转型期的复杂与挑战。2025 年第二季度，百度财报呈现出一种矛盾而鲜明的对比：一方面，AI新业务取得了突破性进展，非在线 营销收入首次跨越百亿元大关，实现了34%的同比增长；另一方面，公司整体营收与利润却遭遇了下 滑，显示出转型路上的阵痛。 百度智能云作为AI新领域的先锋，本季度收入同比增长27%，达到65亿元人民币，成为推动增长的重要 引擎。然而，这份成绩单并非没有代价。百度核心的在线营销业务收入，这一曾经的"现金奶牛"，已连 续五个季度出现同比下滑，本季度更是下降了15%，至162亿元人民币。这一趋势无疑给百度带来了巨 大的压力。 百度在AI搜索领域的激进转型尤为引人注目。据百度搜索业务负责人透露，百度正以前所未有的力度 推进搜索AI化，力求成为全球范围内最激进 ...

传媒/数字媒体 百度集团-SW（09888.HK） 2025Q2 利润好于预期，AI 搜索改造广告短期承压 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 85.000 | | 一年最高最低(港元) | 119.40/73.250 | | 总市值(亿港元) | 2,408.58 | | 流通市值(亿港元) | 2,337.64 | | 总股本(亿股) | 28.34 | | 流通港股(亿股) | 27.50 | | 近 3 个月换手率(%) | 23.51 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 百度集团-SW 恒生指数 相关研究报告 《智能云同比增速加快，关注广告复 苏节奏—港股公司信息更新报告》 -2025.2.20 《广告业务短期承压，有待宏观复苏 及AI产品变现—港股公司信息更新报 告》-2024.11.24 《广告持续承压，关注 AI 产品重构及 智驾商业化—港股公司信息更新报 告》-2024.8.24 张可（分 ...

8月20日，百度发布2025年第二季度财报，AI新业务收入首次超百亿，同比增长34%。花旗认为，超预 期增长或意味着人工智能云表现亮眼，鉴于其云业务和自动驾驶业务的积极发展，上调百度目标价至 143美元。 财报后，多家机构表示看好百度AI业务发展，中金维持百度跑赢行业评级，华泰在研报表示，AI搜索 转型加速，中长期看，百度在自动驾驶领域具备的领先成本优势或有助于其在海外市场实现更高的经济 效益及商业化价值，并成为公司估值中的重要组成部分。 ...

Core Viewpoint - Baidu's Q2 financial report demonstrates a significant transformation in its AI business, marking a shift from a decade-long technology investment to a scalable monetization phase, with total revenue reaching 32.7 billion yuan and core net profit increasing by 35% year-on-year [3][4][6]. Financial Performance - In Q2, Baidu's total revenue was 32.7 billion yuan, with core revenue at 26.3 billion yuan and a net profit of 7.4 billion yuan, reflecting a 35% year-on-year growth [3][4]. - AI new business revenue surpassed 10 billion yuan for the first time, growing by 34% year-on-year [3]. AI Business Growth - Baidu's AI new business, including smart cloud services, is showing strong growth, with global ride-hailing service "Luobo Kuaipao" achieving over 2.2 million service instances in Q2, a 148% increase year-on-year [3][4]. - The cumulative global service instances for "Luobo Kuaipao" exceeded 14 million, covering 16 cities worldwide [3]. Technological Innovation - Baidu has adopted a more aggressive approach to technological innovation compared to competitors like Google, leading the market in smart cloud business growth and undergoing a comprehensive AI transformation in its core search business [4][20]. - The company has transitioned from incremental improvements to disruptive restructuring in its search business, with over 64% of search results generated directly by AI as of July [19][20]. Competitive Positioning - Baidu's strategy emphasizes long-term technological investment over short-term gains, allowing it to build significant barriers in the evolving tech landscape [5][39]. - The company is positioned as a leader in the AI public cloud market, maintaining the top spot for six consecutive years, with a 14.9% market share in the large model platform market as of 2024 [23][31]. Ecosystem Development - Baidu's full-stack AI strategy integrates chip, framework, model, and application layers, providing end-to-end solutions rather than just computational power [23][30]. - The company has established a robust ecosystem that supports AI applications, evidenced by partnerships with major enterprises like China Merchants and State Grid [30]. Future Outlook - Baidu is focused on creating a new "AI as a Service" model, with innovations in digital human technology and a commitment to redefining the search experience [41][44]. - The company's long-term vision is supported by a stable cash flow from its smart cloud services and the rapid expansion of "Luobo Kuaipao" in international markets [43][46].

Core Viewpoint - The integration of security and AI is essential for the future of digitalization, with 360 Group focusing on a dual development strategy of security and AI to drive transformation in the security industry [1][2]. Group 1: AI and Security Integration - 360 Group emphasizes that without AI capabilities, analyzing security big data is impossible [2]. - The company has developed AI search products and aims to combine AI with security to address new challenges posed by AI [2]. - The emergence of large models is seen as a milestone in AI development, but their application in enterprises has been limited due to insufficient reasoning capabilities and lack of independent operational abilities [2]. Group 2: Development of Intelligent Agents - Intelligent agents are viewed as an evolution of large models, addressing two main issues: autonomous understanding of tasks and the ability to use various tools through standardized APIs [2][3]. - The company predicts that general intelligent agents will be difficult to achieve, while specialized intelligent agents will be more viable [3]. - The development of intelligent agents will require collaboration among multiple foundational models and specialized knowledge [3]. Group 3: Multi-Agent Swarm Concept - 360 Group has introduced the concept of a "multi-agent swarm," which allows multiple intelligent agents to collaborate on complex tasks, enhancing their capabilities beyond individual agents [4]. - The performance of the multi-agent swarm has been impressive, achieving a task success rate of 95.4% [4]. - The company aims to provide the necessary infrastructure for enterprises to build their own intelligent agents and multi-agent swarms through its intelligent agent factory [4]. Group 4: Impact on Cybersecurity - Intelligent agents are expected to serve as virtual security experts, allowing companies to deploy numerous security agents to address talent shortages [5]. - The year 2025 is anticipated to be a pivotal year for the emergence of security intelligent agents [5]. - However, there are concerns that intelligent agents could also be exploited by hackers, leading to a new form of cyber warfare where machines and algorithms play a significant role [5].

● 本报记者 任明杰 在日前举行的第十三届互联网安全大会上，360集团（以下简称"360"）创始人周鸿祎在接受中国证券报 记者专访时表示，安全是数字化的底座，AI是数字化的顶峰，公司将坚持安全+AI双主线发展，以安全 与AI的深度融合推动安全行业变革。为此，公司推出了360安全大模型和360安全智能体。 对于智能体，周鸿祎认为，2025年既是智能体的安全元年，也是安全智能体的诞生之年，所以AI时代 呼唤安全智能体。安全智能体基于安全大模型的大脑增加了手和脚的作用，复刻人类高级专家的能力， 可以实现安全能力质的突破，打造新质的安全战斗力。 把AI和安全结合起来 "安全的大数据没有AI的能力是不可能分析出来的。"对于360为何进军人工智能赛道，周鸿祎如是表 示。 他告诉记者，360也在运营搜索引擎360搜索，在多年的研发中对人工智能、自然语言处理的技术有了很 多积累，最近也推出了AI搜索的产品，"我们希望把AI和安全结合起来，解决AI带来的新的安全挑战。 按照我们的理解，安全是数字化的底座，AI是数字化的顶峰，我们继续坚持安全+AI双主线发展，用安 全守护时代，用AI定义未来。" 近年来，大模型的出现成为AI发展 ...

Group 1 - The core viewpoint of the report indicates that overseas AI applications have accelerated significantly this year, driven by high demand and rapid growth in large model usage and revenue levels [1] - From the demand side, token consumption continues to grow at a high speed, while large model calls and revenue levels are increasing rapidly [1] - On the supply side, general applications based on LLM models, such as AI search, AI coding, and agents, have seen an initial explosion, alongside continuous iterations of multimodal model capabilities, with image and video generation applications showing potential for breakout success [1] Group 2 - Various vertical applications in marketing, customer service, recruitment, education, healthcare, and legal sectors are emerging continuously [1] - The report maintains a positive outlook on supply chain opportunities benefiting from overseas computing power demand and suggests focusing on domestic cloud and internet companies with AI infrastructure, model capabilities, and application scenarios [1] - Investment opportunities are highlighted in the areas of coding, agents, and the implementation of image/video generation applications [1]

Core Viewpoint - The article discusses the current state of AI search technology, highlighting a significant disconnect between technological advancements and user experience, leading to user dissatisfaction and a perception of regression in AI applications [5][7][11]. Group 1: AI Search Technology Developments - Baidu announced its largest overhaul in a decade during its AI Day, revamping its search product and ecosystem [6]. - Major tech companies, including Apple and Google, are also competing in the AI search space, indicating a trend towards significant changes in search technology [6]. Group 2: User Experience and Perception - Users express disappointment with AI search tools, feeling that they have regressed rather than improved, with high error rates and inaccuracies [10][14]. - A user named Ma Shao reported that AI search tools often provide incorrect information, leading to a loss of trust in these applications [14][25]. Group 3: Disconnect Between Development and User Needs - AI developers are criticized for focusing on commercialization rather than addressing actual user needs, resulting in a gap between product offerings and user expectations [11][12]. - The article emphasizes that many AI products are developed without proper market research, leading to a lack of innovation and relevance for ordinary users [37][40]. Group 4: The Spread of Misinformation - The inaccuracies in AI search results can lead to the spread of misinformation, as users may unknowingly trust incorrect data generated by AI models [28][30]. - An example is provided where a false apology from DeepSeek was circulated, demonstrating the potential for AI-generated misinformation to cause real-world consequences [29][32]. Group 5: Future Directions for AI Development - Experts suggest that for AI to better serve ordinary users, there needs to be a focus on genuine innovation and user-centered design in product development [39][41]. - The article concludes with a call for patience from users, as AI technology is still evolving and may eventually meet user needs more effectively [42].

Core Insights - Apple is in preliminary talks to acquire Perplexity, with executives like Adrian Perica and Eddy Cue involved, but the high valuation of $14 billion may deter Apple from proceeding with the acquisition [2][4] - Meta is also interested in Perplexity, having previously considered a deal before acquiring a stake in Scale AI for $14.8 billion [2][4] - Perplexity, founded in 2022, is recognized as the world's first conversational search engine, leveraging AI to provide direct, precise, and timely search results [5][6] Company Overview - Perplexity has gained significant attention from major tech companies like Apple and Meta, achieving a valuation of $14 billion within less than four years of its founding [4] - The company has been included in prestigious lists such as Fortune's Global AI Innovators and Forbes AI 50, highlighting its rapid growth and innovation in the AI search space [6] Market Trends - The rise of AI search engines like Perplexity is seen as a potential threat to traditional search engines, with a noted decline in Google search volume as users increasingly turn to AI services [8][9] - Perplexity has experienced rapid user growth, reaching 10 million monthly active users and processing 780 million searches by May 2023, with a projected growth to 1 billion queries per week within a year [9][11] Competitive Landscape - Despite its growth, Perplexity faces significant competition, particularly from Google, which has introduced AI features that mimic the capabilities of AI search engines [11] - Legal challenges regarding content scraping from major publishers pose additional risks to Perplexity's operational model [11] Conclusion - The rapid development of generative AI presents both opportunities and challenges for companies like Perplexity, attracting investment and interest from major players while navigating competitive and legal hurdles [12]

Group 1 - The core viewpoint of the articles highlights the rapid transformation of business landscapes due to AI advancements, with a focus on the efficiency revolution driven by DeepSeek and the significant reduction in computing costs [1] - Investors are keenly observing the AI application landscape and the integration of AI with hardware as the hottest investment trends for the latter half of 2025 [2] Group 2 - The chairman and CEO of Cheetah Mobile, Fu Sheng, emphasizes the high training costs of AI large models and the potential for these models to act as public resources, supporting ecosystem growth through stable revenues [4] - The industrial robotics sector in China holds a significant global market share of 51%, with various types of robots such as mechanical arms and cleaning robots being highlighted as key investment areas [5] - The service robot market, particularly in hotels and cleaning, is expected to see significant advancements in automation over the next 3 to 5 years [6] Group 3 - Zhang Yu from Qingzhi Capital notes that large models excel in language processing and image reasoning, with promising applications in embodied intelligence and life sciences, despite current challenges [7] - The life sciences sector is poised for transformation, with AI potentially revolutionizing drug development and enhancing medical applications through virtual doctor simulations [8] Group 4 - Chen Yu from Yunqi Capital is focusing on various vertical agents that offer flexibility and user-driven results, indicating investment opportunities in AI infrastructure and hardware [9] - Hu Bin from Yungce Capital believes that every industry has the potential to be restructured by AI, similar to the internet era, leading to the emergence of innovative startups [10] Group 5 - Wang Kangman from 3C AGI Partners differentiates between AI 1.0 and 2.0 eras, emphasizing the importance of sustainable infrastructure in the current AI landscape, particularly in inference chips and biological computing [11] - Hu Bin reiterates the favorable investment climate for AI applications, driven by enhanced reasoning capabilities and reduced costs of large models [12] Group 6 - Zhang Qian from Tianji Technology Investment is prioritizing application innovation over large model advancements, focusing on the commercial viability of AI applications across various sectors [13] - The AI programming field has seen a rapid increase in AI-generated code, rising from 0% to approximately 70%, indicating a strong trend towards AI disruption in business operations [13]