大和分析师报告指出百度的广告业务收入在第三季度可能进一步下滑因百度的AI搜索货币化进程仍然谨慎。尽管其AI云和自动驾驶出租车的商业化仍在稳步推进但百度的广告业务面临“日益增大的压力”。这些分析师指出AI搜索的大规模货币化预计将在2025年底前实现。大和预计百度第三季度核心营销收入的同比降幅将从第二季度的15%扩大至24%从而将其核心营业利润推低至人民币21亿元为六年来最低水平。大和维持对百度的买入评级但将其目标价从93.00港元下调至92.00港元。
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