核心观点：我们认为公司广告基本盘业务下探幅度有望收窄，AI 搜索商业化助力广告业务拐点加快显现。虽然广告业务受阻，但是云业务正成为收入增长重要动能，受益于token 通胀看好云增速持续性。广告仍处于新旧业务动能切换期，同比继续下降但降幅收窄。我们测算25Q4 广告业务收入（传统业务+AI 原生营销服务）为150 亿元，基本符合彭博一致预期，同比下滑16%，但环比25Q3 降幅有略微收窄。25Q4 ...
Source Link核心观点：我们认为公司广告基本盘业务下探幅度有望收窄，AI 搜索商业化助力广告业务拐点加快显现。虽然广告业务受阻，但是云业务正成为收入增长重要动能，受益于token 通胀看好云增速持续性。广告仍处于新旧业务动能切换期，同比继续下降但降幅收窄。我们测算25Q4 广告业务收入（传统业务+AI 原生营销服务）为150 亿元，基本符合彭博一致预期，同比下滑16%，但环比25Q3 降幅有略微收窄。25Q4 ...
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