【花旗：百度广告收入下降但AI云意外强劲搜索转型的负面影响或已触底维持买入评级】百度公布的去年四季度营收下滑，ADR隔夜大跌。花旗在报告中称，百度人工智能云收入意外强劲，但是核心在线广告收入同比下降，部分抵消了这一增长；展望未来，生成式AI搜索转型的负面影响或已触底，搜索广告收入料从今年二季度开始逐步改善。花旗分析师Alicia Yap在报告中表示，百度管理层有信心预计，强劲的云势头将持续到2025年，运营利润率将有所提高。通过将DeepSeek集成到百度大模型平台千帆，百度认为它提供了更多种类的模型选择，以支持各种规模的企业。维持百度买入评级，ADR目标价维持139美元不变。

金融界2025-02-19

百度公布的去年四季度营收下滑，ADR隔夜大跌。花旗在报告中称，百度人工智能云收入意外强劲，但是核心在线广告收入同比下降，部分抵消了这一增长；展望未来，生成式AI搜索转型的负面影响或已触底，搜索广告收入料从今年二季度开始逐步改善。花旗分析师Alicia Yap在报告中表示，百度管理层有信心预计，强劲的云势头将持续到2025年，运营利润率将有所提高。通过将DeepSeek集成到百度大模型平台千帆，百度...

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