--- title: "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" description: "花旗在报告中指出，百度广告收入下降，但 AI 云业务表现强劲，部分抵消了广告收入的下滑。预计搜索广告收入将从今年二季度开始改善。花旗分析师 Alicia Yap 表示，百度管理层对云业务的持续增长充满信心，并维持买入评级，ADR 目标价为 139 美元。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/228770884.md" published_at: "2025-02-19T01:07:07.000Z" --- # 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 > 花旗在报告中指出，百度广告收入下降，但 AI 云业务表现强劲，部分抵消了广告收入的下滑。预计搜索广告收入将从今年二季度开始改善。花旗分析师 Alicia Yap 表示，百度管理层对云业务的持续增长充满信心，并维持买入评级，ADR 目标价为 139 美元。 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。 ### Related Stocks - [BIDU.US - 百度](https://longbridge.com/zh-CN/quote/BIDU.US.md) - [09888.HK - 百度-SW](https://longbridge.com/zh-CN/quote/09888.HK.md) - [C.US - 花旗](https://longbridge.com/zh-CN/quote/C.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Alibaba (BABA) Upgrades Qwen AI Model as China's Tech Giants Battle for Users | Alibaba has upgraded its AI model to Qwen3.5, enhancing its capabilities in text, image, and video processing. This move | [Link](https://longbridge.com/zh-CN/news/276055492.md) | | U.S. Removes List Linking Alibaba, Baidu to China Military | The Pentagon added several Chinese companies, including Alibaba and Baidu, to its Section 1260H list, linking them to Ch | [Link](https://longbridge.com/zh-CN/news/275920712.md) | | Tempus AI EVP Erik Phelps Sells Shares | Erik Phelps, EVP and Chief Admin. Officer of Tempus AI, sold 9,464 shares of Class A Common Stock on February 19, 2026, | [Link](https://longbridge.com/zh-CN/news/276495655.md) | | Annette Franqui Purchases 1,540 Shares of OFG Bancorp (NYSE:OFG) Stock | OFG Bancorp Director Annette Franqui purchased 1,540 shares of the company's stock at $42.06 per share, totaling $64,772 | [Link](https://longbridge.com/zh-CN/news/276494822.md) | | ConocoPhillips considers selling Permian assets worth $2 billion, Bloomberg News reports | Feb 20 (Reuters) - ConocoPhillipsis exploring a sale of some of its Permian Basin assets as part of a broader streamlini | [Link](https://longbridge.com/zh-CN/news/276478732.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。