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2026-07-14 12:24:52 UBS published a research report expecting AI cloud infrastructure to continue serving as the core revenue growth driver for BIDU-SW (09888.HK) in 2Q26, with growth continuing to outpace the industry. Among them, subscription-based GPU cloud revenue maintained triple-digit YoY growth. As GPU cloud revenue contribution increases, its gross margin is higher than the overall cloud business, which will structurally support margin expansion of Baidu's cloud business in the long run. UBS expected the listing of Kunlunxin to remain the group's top priority. Adjustments to shareholder return policies such as share buybacks and dividend policies are believed unlikely to progress until the coming quarters. Regarding inclusion in the Southbound Stock Connect, although the timetable remains unclear, UBS estimated Baidu to actively pursue dual primary listing status, which may become another key catalyst in the coming quarters. UBS maintained Buy on BIDU-SW, lowering the TP from HKD175 to HKD165, and cut the US stock TP for Baidu, Inc. (BIDU.US) from USD180 to USD170. ~ AASTOCKS Financial News Website: www.aastocks.com | |