金吾财讯 | 交银国际研报指，3 月16日，百度(09888)发布文心大模型4.5和X1，并在文心一言官网免费向用户开放，旗下产品矩阵也将陆续接入两款新型大模型。详细来看，文心4.5为自研原生多模态基础大模型，多项基准测试结果优于GPT 4.5和DeepSeek-V3，具备对文本、图像、音视频等混合数据的综合处理能力，语言能力显着增强，尤其是去幻觉、逻辑推理以及代码能力。文心4.5 API 调用价格仅为GPT 4.5 的不到1%。文心X1为首个自主运用工具的深度思考模型，在知识问答、文学创作、逻辑推理等方面表现优异，增加多模态支持，并能进行工具调用。该行指，随着大模型更新迭代并开源，以及DeepSeek技术突破利好云服务厂商底层IaaS及MaaS需求，该行预计百度云收入2025年维持增长趋势，同比增20%。文心4.5和X1发布后，3月18日收盘，百度股价上涨13%。AI云作为第二增长曲线价值显现，百度云业务估值将带动公司整体价值提升，维持买入评级。
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