资本重仓百度李彦宏迎来新的十年周期起点

Ofweek光电信息网12-03 11:18

文 / 王新美编 / 顾青青出品 / 网界资本市场对百度的态度变得很耐人寻味，12月2日，百度港股已经连续三个交易日上涨，这种延续性行情，在当下偏谨慎的科技股氛围里算是少见的。而就在同一时间，多家机构的三季度13F持仓报告陆续披露，高瓴、花旗、Appaloosa这样的重量级投资机构都选择在三季度大幅增持百度，甚至直接把百度推到了“核心仓位”的级别。资本的动作往往比市场情绪更诚实，尤其是这些深度研究...

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网界资本市场对百度的态度变得很耐人寻味，12月2日，百度港股已经连续三个交易日上涨，这种延续性行情，在当下偏谨慎的科技股氛围里算是少见的。而就在同一时间，多家机构的三季度13F持仓报告陆续披露，高瓴、花旗、Appaloosa这样的重量级投资机构都选择在三季度大幅增持百度，甚至直接把百度推到了“核心仓位”的级别。资本的动作往往比市场情绪更诚实，尤其是这些深度研究、敢于逆周期的机构，他们的下注，实际上意味着他们已经看到了百度未来两三年的关键拐点。我们今天聊百度，不是“看个股涨了就追着表扬”，也不是跟着短线热点起哄，而是站在一个更长的周期里，看这家公司开始显现出来的那条“第二增长曲线”。过去两年，所有人都在盯着百度的大模型、文心生态、AI原生应用，但情绪起起伏伏，有时候甚至会把百度真正的基本盘忽略掉：它在AI时代的底层能力、生态布局、端到端产品化能力，其实已经越走越清晰。百度的价值不是靠几张PPT堆出来的，而是李彦宏坚持十几年“ALLINAI”之后，技术和应用的厚度终于开始回流到商业层面。网界分析认为，资本现在愿意集中仓位押在百度上，是因为百度在过去一年出现了三个现实变化：第一，模型能力和落地速度明显提升，从文生图、文生视频，再到Agent体系，百度的技术节奏正在变得更“产业化”;第二，企业级AI市场开始进入真正的采购周期，百度智能云在这个周期里明显是最有基础的那一位;第三，百度的现金流、盈利能力、基本盘的稳定性，都足以支撑它进行长期的技术投入。简单说，它是中国科技公司里为数不多“既能打长期仗，又能马上落地”的那种选手。但更关键的是，这次几家顶级机构的持仓变化，透露出一个长期逻辑：他们不是看百度一时的市场情绪，而是在押一件事——百度在中国AI产业中具备不可替代的基础设施属性。它不是“AI网红公司”，而是一家有算力、有框架、有生态、有数据积累、有产业通路的重型公司。AI不是讲故事，是把基础能力压在地上反复打磨，而百度过去十年干的就是这件事。当然，百度自己也非常清楚，现在的AI竞争已经不是“能不能卷出更大参数”，而是“谁能把AI技术真正变成企业、开发者、个人每天都会用的东西”。百度这半年的节奏，就明显往“可用性”“产品化”“服务化”“行业化”方向倾斜。AI技术再强，如果不能变成人人都在用的工具，那价值就会被大幅打折。而百度正在补的，就是这个价值闭环的最后一步。小编观察到一个细节：无论是大型机构还是中小投资者，在讨论百度时越来越少聊广告业务，而是把焦点放在百度大模型的“基本效率”和“商业端表现”上。这说明市场真正开始用AI公司的逻辑去看百度，而不是用互联网老逻辑去贴标签。这意味着百度的估值体系可能会迎来一轮结构性重估，而机构的集中建仓，很可能就是这场重估的前奏。资本市场有句话：“聪明钱不会告诉你它要做什么，但它的仓位会告诉你它已经在做什么。”这一次，高瓴、花旗、Appaloosa的动作，就是最直接的信号——他们在押百度的长期价值，而百度也的确在完成从“搜索时代巨头”向“AI原生时代基础设施公司”的跨越。这件事不靠吆喝，也不靠流量，它靠的是十几年的技术积累、组织坚持和产品路线的坚定。如果把时间线拉长，今天的百度，可能正站在它新的十年黄金周期的起点。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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资本重仓百度 李彦宏迎来新的十年周期起点

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资本重仓百度李彦宏迎来新的十年周期起点