Guangfa Securities: Maintain a "Buy" rating on Baidu Group-SW (09888.HK), with AI becoming the driving force for performance growth.

According to the Wisepoint Financial APP, Everbright Securities has released a research report stating that they continue to have a positive outlook on the AI ecological value of Baidu Group-SW (09888.HK). They maintain a "buy" rating, with Baidu's core business revenue in Q3 2025 reaching 24.66 billion yuan, exceeding expectations by 1.5%. AI-related revenue for the first time exceeded 10 billion yuan, with a year-on-year growth of over 50%. Luobo Kuai Pao is accelerating its global expansion, with AI-native advertising becoming the second growth curve for traditional search.