百度集团-SW2Q25前瞻:AI搜索改造快速推进中

华泰证券
18 Jul

我们预计百度持续推进的搜索产品AI改造或将在2025年内持续对百度核心的广告收入增长带来一定压力。伴随AI转型实践逐步迈入深水区,用户侧数据亦逐步出现边际改善趋势(MAU同比增速温和提升),建议持续关注改造进展及用户反馈。与此同时,近期公司自动驾驶业务在海外市场的积极入局或为其打开可观的中长期成长空间,建议持续关注公司与海外平台业务合作进展及商业化变现节奏。维持“买入”评级。百度核心2Q25前瞻:...

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