美银证券发表报告指，百度-SW(09888.HK) 已自主打造了完整的AI全栈基础设施与服务，包括具备吸引第三方客户能力的自研AI芯片、全球领先的无人驾驶计程车、快速增长的云业务、先进的大模型、多场景应用落地。
报告指，百度在投资者会议上提到，认为AI将带来实质性收益，主要体现在公司拥有真实世界场景与应用，能够切实从AI中创造增量商业价值；在GPU时代，百度云凭借全栈服务能力及自研AI芯片，取得明显竞争优势。
报告指，第三季，百度AI相关业务收入按年增长50%至100亿元人民币，已经占百度核心业务总收入约40%。该行预计AI相关业务将保持高速增长，逐步抵消传统业务的下滑，并带动百度核心业务总收入于2026年第二季重新转正。重申对百度(BIDU.US) “买入”评级，目标价151美元，H股目标价148港元。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-12-01 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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