Asia Pacific Equity Research 14 November 2025 Baidu.com (BIDU US & 9888 HK) Baidu World 2025: "AI in Action" Marks a Shift from Potential to Productivity We recently attended Baidu World 2025 in Beijing, where management unveiled a comprehensive AI stack, from chips and compute infrastructure to multimodal foundation models and agentic applications. Our key takeaways are twofold: 1) Baidu's new AI offerings redefine value creation for consumers, enterprises, and ecosystem partners through real-world product ...

此外，摩根大通大幅上调小鹏汽车港股目标价至195港元/股，瑞银上调中国宏桥目标价至38.60港元/ 股。 近日，不少外资发表观点，表示看好中国股市。瑞银称，中国股市估值和资金流状况良好，维持对中国 股票的"超配"评级。摩根资产管理、宏利资产管理、淡马锡等多位全球领先资管机构和主权财富基金的 高管表示，全球投资者对中国市场的长期配置价值愈发看好。 密集上调目标价 外资继续看好中国资产！ 11月14日消息，花旗将腾讯控股目标价上调至751港元/股，并重申"买入"评级；美银证券也维持腾讯控 股"买入"评级，目标价780港元/股。 摩根士丹利（大摩）将哔哩哔哩美股目标价由23美元/股上调至25美元/股，花旗上调哔哩哔哩美股目标 价至27美元/股；里昂上调哔哩哔哩目标价至29.1美元/股，并维持"跑赢大市"评级；大和将哔哩哔哩港 股目标价由220港元/股上调至245港元/股。 花旗研究报告指出，"百度世界大会2025"的主要亮点包括Ernie 5.0升级、数字人等，并揭示即将发布的 自研芯片昆仑芯和天池(TianChi)超节点。其中，昆仑芯M100将于明年初推出，M300计划在2027年上半 年发布。花旗维持百度美股" ...

外资继续看好中国资产！ 11月14日消息，花旗将腾讯控股目标价上调至751港元/股，并重申"买入"评级；美银证券也维持腾讯控 股"买入"评级，目标价780港元/股。 摩根士丹利（大摩）将哔哩哔哩美股目标价由23美元/股上调至25美元/股，花旗上调哔哩哔哩美股目标 价至27美元/股；里昂上调哔哩哔哩目标价至29.1美元/股，并维持"跑赢大市"评级；大和将哔哩哔哩港 股目标价由220港元/股上调至245港元/股。 此外，摩根大通大幅上调小鹏汽车港股目标价至195港元/股，瑞银上调中国宏桥目标价至38.60港元/ 股。 近日，不少外资发表观点，表示看好中国股市。瑞银称，中国股市估值和资金流状况良好，维持对中国 股票的超配评级。摩根资产管理、宏利资产管理、淡马锡等多位全球领先资管机构和主权财富基金的高 管表示，全球投资者对中国市场的长期配置价值愈发看好。 密集上调目标价 日前，花旗发布报告称，腾讯控股在推动营收与利润稳健、可持续增长的同时，积极在企业级及用户端 人工智能应用领域保持前沿布局，体现出卓越的执行力。花旗将腾讯控股目标价从735港元/股上调至 751港元/股，并重申"买入"评级，继续视其为首选及AI主题标的 ...

花旗发表研究报告指，百度世界大会2025的主要亮点包括Ernie 5.0升级、数字人等，并揭示即将发布的 自研芯片昆仑芯和天池(TianChi)超节点。当中昆仑芯M100将于明年初推出，M300计划在2027年上半年 发布。该行维持百度美股"买入"评级，目标价为166美元。 ...

Summary of Baidu.com Inc. (BIDU) Conference Call Industry and Company Overview - **Company**: Baidu.com Inc. (BIDU) - **Industry**: Technology, specifically focusing on AI, cloud computing, autonomous driving (Robotaxi), and semiconductor (Kunlun chips) Key Highlights 1. AI Initiatives and Capital Expenditure - Baidu management believes in a 'Reverse Pyramid' structure for the AI ecosystem, where infrastructure and chip layers capture more value than applications and large language models (LLMs) [3] - The company is committed to capital expenditure in areas that can drive significant commercial value, particularly for both business-to-business (B2B) and business-to-consumer (B2C) applications [3] 2. Launch of Ernie 5.0 - Baidu introduced Ernie 5.0, which features a multi-modal mixture of experts (MOE) structure aimed at better understanding the physical world and user intentions [4] - The company sees digital humans as superior interaction tools compared to traditional text-based chatbots, with applications in live-streaming e-commerce and brand advertising [4] 3. Kunlun Chips Development - Kunlun has outlined a five-year plan, with two new chips set to launch in early 2026 and early 2027, addressing both inference and training demands [5] - The company has established a 30,000 chip cluster and aims for 100,000 clusters by 2030, with a long-term goal of reaching 1 million clusters [5] - The Kunlun P800 has garnered orders from various sectors, including internet platforms, telecommunications, finance, airlines, and government [5][8] 4. Robotaxi Expansion - Baidu's Apollo Robotaxi has recently achieved 250,000 weekly rides, totaling 17 million rides since its launch [9] - The unit economics have proven profitable in Wuhan, leading to expectations of continued rapid global expansion, currently covering 22 cities [9] - Future growth may depend on regulatory progress in the domestic market, but Baidu is optimistic about long-term prospects and is exploring both self-operated and asset-light models in collaboration with third-party ride-hailing services [9] 5. Search Engine Revamp - Approximately 70% of search queries are now covered by AI-generated content, particularly through multi-modal responses that include images and videos [10] - AI agents and digital humans are highlighted as key growth areas within Baidu's mobile ecosystem, with potential for overseas expansion, such as licensing digital assistant technology in Brazil [10] Additional Insights - Baidu's confidence in Kunlun chips as a critical component of its cloud capabilities is bolstered by a strong product launch plan and improvements in chip design and efficiency [8] - The company maintains a constructive outlook on its AI initiatives, Robotaxi business model, and cloud capabilities, indicating a strategic focus on innovation and market expansion [1][3] Risks and Considerations - Key risks include competition in the AI cloud space, potential delays in the ramp-up of Robotaxi fleets domestically, and a decline in search advertising revenues that could negatively impact margins and cash flow [15]

对芯片、数据中心和云基础设施持续投入，以打造更好、更智能的下一代模型。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，在2月11日阿联酋迪拜举办的World Governments Summit 2025峰会上，百 度创始人李彦宏与阿联酋AI部长奥马尔·苏丹·奥拉马（Omar Sultan AI Olama）对谈时表示，尽管 技术进步、成本降低，但仍需持续投入AI基础设施，以确保处于技术创新的最前沿。"我们仍需对芯 片、数据中心和云基础设施持续投入，以打造更好、更智能的下一代模型。" "今天，创新速度比以往都快得多。摩尔定律中，每18个月，性能就会翻倍 ， 价格减半；如今，大 模型推理成本每年能降低90%以上。"李彦宏表示，回顾过去几百年历史，创新的本质是成本下降与 生产力提升，在AI、IT乃至更多领域，大多数创新都与降低成本有关，如成本降低一定比例，生产力 也能 同比例 提高。 同时，他谈及自动驾驶的落地应用，表示"技术进步非常快"，目前，自动驾驶比人开车安全10倍， Robotaxi可以大大降低交通事故死亡率。在中国的复杂路况下，萝卜快跑的实际 ...