金吾财讯 | 招银国际受邀参加2025百度(09888)世界大会（11月13日），大会重点内容总结如下：1）百度发布文心大模型5.0，并持续推动AI应用加速落地，主要方向包括核心产品重构（搜索、文库、网盘），以及开发新产品并推动功能升级（如数字人、无代码开发工具、商用超级智能体）；2）发布新一代昆仑芯M100和M300芯片，提及目前昆仑芯已在多行业落地交付，并对昆仑芯未来的产品推出规划给出较为详细的更新；3）更新萝卜快跑运营数据，其服务已经覆盖全球22座城市，周度全无人订单数已经达到25万，全球出行服务次数超1700万，并指引将持续推动全球扩张。
该机构认为，百度核心广告业务及在手现金是支撑公司估值的关键因素，而未来云业务运营指标上更清晰的能见度、自动驾驶出租车及AI相关新业务释放更多进展、在手现金的使用方式进一步优化以提高股东回报将有望推动公司估值重估。该机构基于SOTP估值模型的目标价为148.4美元，维持“买入”评级。
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