交银国际发布研报称，百度集团(09888)致力于通过应用实现大模型的技术落地，持续探索商业化路径。虽短期集团核心业绩承压，但该行相信，随着AI搜索改造成果显现及商业化进程推进将逐季改善，并预计集团今年下半年广告业务或恢复同比正增长。百度现价对应2025年9.2倍市盈率，现金储备是市值50%，估值吸引，维持目标价107港元及“买入”评级。

报告表示，集团云业务作为集团第二增长力，受惠于GPU强劲需求拉动维持收入增长，该行预计今年首季年增23%。其核心业务经调整经营利润于首季料将环比小幅改善，主要因收入结构变动及云端业务利润改善。另外，自动驾驶作为百度第三增长力，该行预计将在今年继续拓展。

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