<p>凯西·伍德在周三做了一件近四个月来没有做过的事情。作为 Ark Invest 的创始人兼首席执行官，她增加了对 <strong>百度</strong>(BIDU -1.88%) 的持股。现在似乎是购买中国领先搜索引擎运营商的好时机。最近，随着分析师对百度的看好，该股正在上涨。</p>
<p>百度在关税贸易战中成为了一个意想不到的赢家。尽管最近增长乏力，百度却成为了中国对强大人工智能（AI）芯片进口限制的受益者。再加上一个标志性的本土品牌和极低的估值，百度可能成为市场最新的动量股。</p>
<h2>回到未来</h2>
<p>百度正处于低迷期。收入在过去六年中第四次下降。上个月的第二季度报告未能令人印象深刻。收入下降了 4%。在损益表的另一端，调整后的收益暴跌 35%。一个月前，该股几乎没有上涨，但自那时以来，百度的股价飙升了 53%。</p>
<p>你可以感谢中国对 <strong>Nvidia</strong> 的 H20 芯片和其他美国 AI 解决方案的进口限制，推动了百度的上涨。Nvidia 及其同行可能在今年夏天早些时候，当与白宫达成交易框架时，股价已经上涨。Nvidia 将向美国提供其在中国产生的 15% 的收入，以便重新进入世界第二大经济体。由于受到限制，它每季度损失数十亿美元，因此保留 85% 的高利润率 AI 训练芯片的收入总比没有好。</p>
<p>不幸的是，交易需要双方合作。本周来自中国的报道发现，北京的互联网监管机构阻止公司购买像 Nvidia 的中国专用 RTX Pro 6000D 芯片，这为本土解决方案的前景注入了活力。这正是百度一直在等待的机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>百度在人工智能领域是中国的先驱，早在它流行之前就已经开始布局。它在中国的 AI 相关专利申请数量超过 5700 项，领先于其他公司。虽然早期布局并不足够。其 AI 云业务在最新季度实现了 34% 的同比收入增长，但仍不足以将整体收入提升至正增长。由于其旗舰搜索引擎的在线广告业务持续低迷，几乎占据了百度核心收入的三分之二，推动整体业绩的难度很大。</p>
<p>分析师本周开始将各个因素联系起来。Arete 在周二将百度的评级从卖出上调至买入，这是一次罕见的双重升级。该公司认为，百度的昆仑 AI 芯片业务将受益于中国的供应短缺，考虑到与 Nvidia 的交易限制。两周前，新的目标价 143 美元似乎偏高，但经过两天的上涨后，该股现在距离这一目标仅有 4% 的涨幅。周三，<strong>Jefferies</strong> 的 Thomas Chong 将该股目标价从 108 美元上调至 157 美元，也提到了百度 AI 芯片的黄金机会。</p>
<h2>一只便宜的 AI 芯片股票</h2>
<p>经营国家最大的搜索引擎仍然有很多钱可赚。尽管收入可能在错误的方向上，但这仍然是一头值得榨取的摇钱树。其他业务——如其 iQIYI 视频流媒体服务——表现更糟。搜索为百度提供了在新兴行业进行大规模早期投资的手段，就像它在 AI 领域所做的那样，这可能是使其再次成为市场宠儿的关键。</p>
<p>与此同时，百度的估值比你想象的要便宜。尽管在过去一个月中上涨超过 50%，该股的交易价格仍低于调整后收益的 13 倍。利润目前确实在下降，但分析师预计明年将恢复底线增长。分析师预计，百度在 2028 年的交易价格仅为其利润目标的 9 倍，到 2029 年则低于 8 倍。股价的上涨自然也会推动这些倍数的上升，但华尔街的专业人士并没有考虑到如果百度的 AI 芯片业务继续蓬勃发展，它能够实现的盈利能力。AI 的利润率不会像搜索业务那样宽，但如果百度继续签约主要的中国客户，这可能会成为一个重要的贡献者。</p>
<p>如果你在寻找一只便宜的 AI 股票，而它在与 Nvidia 和贸易战的对抗中逐渐成为赢家，这可能就是它。Ark Invest 的伍德似乎这么认为。看看她是否会继续增持股份，值得关注，因为分析师们重新审视这只曾经的市场滞后股。</p>

百度

百度-SW

<p>阿克投资的首席执行官 Cathie Wood 增加了对百度的持股，暗示该股票可能存在买入机会。尽管最近收入有所下降，但由于中国对人工智能芯片的进口限制，百度的股价已上涨 53%，使其在贸易战中成为受益者。分析师们已上调了百度的评级，认为其人工智能芯片业务是增长动力。目前，该股票的估值较低，对于寻求便宜且具有增长潜力的人工智能股票的投资者来说，具有吸引力</p>

<p>Cathie Wood did something on Wednesday that she hasn't done in nearly four months. The Ark Invest founder CEO added to her existing stake in <strong>Baidu</strong>(BIDU -1.88%). It seems like a good time to buy China's leading search engine operator. The stock is rallying lately, as analysts warm up to Baidu.</p>
<div class="lb-trans"><p>凯西·伍德在周三做了一件近四个月来没有做过的事情。作为 Ark Invest 的创始人兼首席执行官，她增加了对 <strong>百度</strong>(BIDU -1.88%) 的持股。现在似乎是购买中国领先搜索引擎运营商的好时机。最近，随着分析师对百度的看好，该股正在上涨。</p>
</div><p>Baidu is becoming an unlikely winner in the tariff trade war. Despite its recent sluggish growth, Baidu is emerging as a beneficiary of the import restrictions of potent artificial intelligence (AI) chips into China. Toss in an iconic hometown brand with a rock-bottom valuation, and Baidu could be the market's latest momentum play.</p>
<div class="lb-trans"><p>百度在关税贸易战中成为了一个意想不到的赢家。尽管最近增长乏力，百度却成为了中国对强大人工智能（AI）芯片进口限制的受益者。再加上一个标志性的本土品牌和极低的估值，百度可能成为市场最新的动量股。</p>
</div><h2>Back to the future</h2>
<div class="lb-trans"><h2>回到未来</h2>
</div><p>Baidu is in a funk. Revenue is declining for the fourth time in the last six years. Last month's second-quarter report failed to impress. Revenue declined 4%. The news only gets worse at the other end of the income statement, with adjusted earnings plummeting 35%. The stock was barely trading higher in 2025 a month ago, but Baidu has soared 53% since then.</p>
<div class="lb-trans"><p>百度正处于低迷期。收入在过去六年中第四次下降。上个月的第二季度报告未能令人印象深刻。收入下降了 4%。在损益表的另一端，调整后的收益暴跌 35%。一个月前，该股几乎没有上涨，但自那时以来，百度的股价飙升了 53%。</p>
</div><p>You can thank Chinese import restrictions on <strong>Nvidia</strong>'s H20 chip and other U.S. AI solutions for the rally in Baidu. Nvidia and its peers may have rallied earlier this summer when the framework of a deal with the White House was in place. Nvidia would offer the U.S. 15% of the revenue it generates in China as a way to get back into world's second-largest economy. It was losing billions in quarterly revenue with the restrictions, so keeping 85% of the revenue of high-margin AI training chips was better than nothing.</p>
<div class="lb-trans"><p>你可以感谢中国对 <strong>Nvidia</strong> 的 H20 芯片和其他美国 AI 解决方案的进口限制，推动了百度的上涨。Nvidia 及其同行可能在今年夏天早些时候，当与白宫达成交易框架时，股价已经上涨。Nvidia 将向美国提供其在中国产生的 15% 的收入，以便重新进入世界第二大经济体。由于受到限制，它每季度损失数十亿美元，因此保留 85% 的高利润率 AI 训练芯片的收入总比没有好。</p>
</div><p>Unfortunately it takes two to trade tango. Reports this week out of China find Beijing internet regulators blocking companies from buying chips like Nvidia's China-specific RTX Pro 6000D, jump-starting the prospects for homegrown solutions. This is the opportunity that Baidu has been waiting for.</p>
<div class="lb-trans"><p>不幸的是，交易需要双方合作。本周来自中国的报道发现，北京的互联网监管机构阻止公司购买像 Nvidia 的中国专用 RTX Pro 6000D 芯片，这为本土解决方案的前景注入了活力。这正是百度一直在等待的机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834139%2Fgettygamer.jpeg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Baidu was a Chinese pioneer in AI before it was cool. It has more AI-related patent applications -- topping 5,700 -- than any other company in China. Being early isn't enough. Its AI cloud business posted 34% year-over-year revenue growth in its latest quarter, but it wasn't enough to lift overall top-line results into positive territory. It's hard to move the needle when the sluggish online advertising business from its flagship search engine continues drum up almost two-thirds of Baidu's core revenue.</p>
<div class="lb-trans"><p>百度在人工智能领域是中国的先驱，早在它流行之前就已经开始布局。它在中国的 AI 相关专利申请数量超过 5700 项，领先于其他公司。虽然早期布局并不足够。其 AI 云业务在最新季度实现了 34% 的同比收入增长，但仍不足以将整体收入提升至正增长。由于其旗舰搜索引擎的在线广告业务持续低迷，几乎占据了百度核心收入的三分之二，推动整体业绩的难度很大。</p>
</div><p>Analysts are starting to connect the dots this week. Arete boosted its rating on Baidu from sell to buy on Tuesday, a rare double upgrade. The firm believes that Baidu's Kunlun AI chip business will be a beneficiary of supply shortages in China given the trading restrictions with Nvidia. The new price target of $143 seemed high two weeks ago, but after two days of pops the stock is now just a 4% gain away from hitting that goal. On Wednesday it was Thomas Chong at <strong>Jefferies</strong> raising his target on the shares from $108 to $157, also citing the golden opportunity for Baidu's AI chips.</p>
<div class="lb-trans"><p>分析师本周开始将各个因素联系起来。Arete 在周二将百度的评级从卖出上调至买入，这是一次罕见的双重升级。该公司认为，百度的昆仑 AI 芯片业务将受益于中国的供应短缺，考虑到与 Nvidia 的交易限制。两周前，新的目标价 143 美元似乎偏高，但经过两天的上涨后，该股现在距离这一目标仅有 4% 的涨幅。周三，<strong>Jefferies</strong> 的 Thomas Chong 将该股目标价从 108 美元上调至 157 美元，也提到了百度 AI 芯片的黄金机会。</p>
</div><h2>A cheap AI chip stock</h2>
<div class="lb-trans"><h2>一只便宜的 AI 芯片股票</h2>
</div><p>There is still a lot of money to be made in operating the country's largest search engine. Revenue may be heading in the wrong direction, but this is still a cash cow worth milking. Other businesses -- like its iQIYI video streaming service -- are faring even worse. Search provides Baidu with the means to make big early bets on emerging industries, like it did with AI that could be the ticket to make it a market darling again.</p>
<div class="lb-trans"><p>经营国家最大的搜索引擎仍然有很多钱可赚。尽管收入可能在错误的方向上，但这仍然是一头值得榨取的摇钱树。其他业务——如其 iQIYI 视频流媒体服务——表现更糟。搜索为百度提供了在新兴行业进行大规模早期投资的手段，就像它在 AI 领域所做的那样，这可能是使其再次成为市场宠儿的关键。</p>
</div><p>In the meantime, Baidu is cheaper than you probably think. Despite soaring more than 50% over the past month, the stock is trading for less than 13 times trailing adjusted earnings. Profits <em>are</em> going the wrong way right now, but analysts see a return to bottom-line growth starting next year. Analysts see Baidu trading for just 9 times their profit targets for 2028 and less than 8 come 2029. The shares moving higher will naturally also drive those multiples higher, but Wall Street pros aren't baking in the kind of profitability that Baidu can achieve if its AI chip business continues to take off. The margins won't be as wide in AI as its search business, but this could become a major contributor if Baidu continues to sign up major Chinese customers.</p>
<div class="lb-trans"><p>与此同时，百度的估值比你想象的要便宜。尽管在过去一个月中上涨超过 50%，该股的交易价格仍低于调整后收益的 13 倍。利润目前确实在下降，但分析师预计明年将恢复底线增长。分析师预计，百度在 2028 年的交易价格仅为其利润目标的 9 倍，到 2029 年则低于 8 倍。股价的上涨自然也会推动这些倍数的上升，但华尔街的专业人士并没有考虑到如果百度的 AI 芯片业务继续蓬勃发展，它能够实现的盈利能力。AI 的利润率不会像搜索业务那样宽，但如果百度继续签约主要的中国客户，这可能会成为一个重要的贡献者。</p>
</div><p>If you're looking for a cheap AI stock that is somehow becoming a winner at the expense of Nvidia and the trade war, this could be it. Ark Invest's Wood seems to think so. It will be interesting to see if she continues to build up her stake as analysts revisit the former market laggard.</p>
<div class="lb-trans"><p>如果你在寻找一只便宜的 AI 股票，而它在与 Nvidia 和贸易战的对抗中逐渐成为赢家，这可能就是它。Ark Invest 的伍德似乎这么认为。看看她是否会继续增持股份，值得关注，因为分析师们重新审视这只曾经的市场滞后股。</p>
</div>

Cathie Wood Just Bought Baidu Stock. Should You?

- Cathie Wood 增持百度股份，反映市场对其前景的看好。  
- 百度受益于美国对中国的进口限制，股价上涨 53%。  
- 分析师对百度的 AI 芯片业务前景持乐观态度。  

凯西·伍德刚刚买入百度的股票。你是否也应该跟进购买呢？