在百度8月20日香港股市收盘后公布业绩之际，该行预计市场重点关注以下几点 第一，搜索广告业务是否有好转迹象，特别是现在人工智能搜索已占搜索结果的大部分;第二，人工智 能举措和云业务需求，即人工智能训练/推理需求的增长以及2025财年的资本支出指引，公司近期在人 工智能领域的努力，包括人工智能智能体/视频生成模型，是市场的另一个关注点;第三，无人出租车业 务，预计的车队规模扩大情况和海外扩张前景;第四，新首席财务官上任后，股东回报政策的最新情况 以及2025财年的进展。 云业务 高盛发布研报称，维持百度集团-SW(09888,BIDU.US)"买入"评级。该行认为，百度在2025年年中对其 搜索业务进行了深度重塑。受强劲的人工智能需求和循环订阅模式的推动，云业务应保持稳健。百度阿 波罗正在全球迅速扩大其车队规模，随着规模进一步扩大并开始采用盈利的商业模式，该行相信市场将 开始看好其无人出租车业务。 高盛主要观点如下： 无人出租车业务 在过去三个月里，百度阿波罗通过与优步(Uber)、来福车(Lyft)合作，以及在中东、东南亚和欧洲进行无 人出租车测试，在全球迅速拓展业务版图。随着RT6车型的部署，预计今年其车队 ...

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Baidu Group, citing a significant transformation in its search business by mid-2025 driven by strong AI demand and a subscription model for its cloud business [1] Cloud Business - The cloud business is expected to grow by 25% year-on-year in 2025, aligning with the growth rates of leading competitors like Alibaba Cloud and Tencent Cloud [2] - Although earlier quarters saw growth partly reliant on project revenue, the second quarter showed strong subscription-based revenue driven by AI training and inference demand [2] Autonomous Taxi Business - Baidu Apollo has rapidly expanded its global footprint through partnerships with Uber and Lyft, and testing in the Middle East, Southeast Asia, and Europe [3] - The fleet size is expected to gradually increase with the deployment of the RT6 model, aiming to reach 2,000-3,000 vehicles by the end of 2025, with a focus on exploring a light-asset model in the second half of 2025 [3] Valuation - Using a sum-of-the-parts valuation method, the advertising/search business accounts for approximately 30% of the group's value, based on a 5x price-to-earnings ratio [4] - With net cash (including long-term investments) amounting to 90% of market capitalization, the downside risk for the stock price is considered limited [4] - Investors are expected to focus on potential actions regarding stock buybacks and dividend policies following the appointment of the new CFO [4]