"Big Banks" Citigroup: Baidu demonstrates full-stack technical capabilities, maintains "Buy" rating

Citigroup published a research report stating that Baidu (09888.HK) held the Baidu Wenxin Moment conference in Shanghai yesterday (22nd), where it released the official version of the Wenxin large model 5.0, with a total of 2.4 trillion parameters. It adopts a native all-modal unified modeling technology, possessing all-modal understanding and generation capabilities, supporting various types of information input and output, including text, images, audio, and video. It is expected to achieve more effective underlying deep integration and collaborative optimization of multimodal data.

Citigroup emphasized that Baidu has demonstrated its full-stack integration capabilities in chips, cloud, models, and intelligent agents. Its self-developed Kunlun chip, cloud infrastructure, Wenxin large model family, and Qianfan intelligent agent platform have formed a high-performance proprietary AI infrastructure. Currently, Baidu's intelligent agent infrastructure serves over 460,000 customers, and Baidu Intelligent Cloud also serves over 65% of state-owned enterprises and systemic banks, 95% of mainstream automakers, and 50% of gaming companies. It believes that Baidu is well-prepared to continue enhancing its proprietary AI intelligence level, maintaining a "Buy" rating and giving Baidu (BIDU.US) a target price of $186 for its U.S. stocks