金吾财讯 | 百度集团(09888)股价疲软，截至发稿，跌3.56%，报85.4港元，成交额7.34亿港元。隔夜美股百度(BIDU)大跌7.48%，收报86.32美元。野村报告指，由于百度广告收入疲软，该行预测“百度核心”（不包括爱奇艺）第二季收入可能年减3%至259亿元人民币，较最新的华尔街预期低2%。百度已加快向搜寻用户提供人工智能生成内容的速度，但目前这些内容的变现能力有限。因此，用户时间从传统搜寻转向人工智能搜寻内容对其搜寻广告业务造成了显着冲击。野村认为，用户由传统搜寻向人工智能搜寻的迁移似乎是不可逆的，因后者提供了更卓越的体验，而人工智能搜寻的盈利模式仍不成熟。所有这些都表明，百度面临的挑战可能不只一两个季度。甚至，百度缺乏掌控这一迁移节奏的能力，无法按季管理其财务影响。该机构指进军人工智能搜寻领域对其盈利模式造成冲击，预计集团第二季广告收入或年减15%，低于市场预期的减10%。因此下调美股目标价2%，由95美元降至93美元。维持“中性”评级。
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