百度回港“升级”倒计时：从二次上市到双重主要上市，AI故事能否撑起估值

华夏时报网07-17

在AI竞赛进入深水区之际，百度正加速将资本市场重心向港股回迁。7月16日，百度集团宣布董事会已授权管理层推进将香港联交所的上市地位由“二次上市”自愿转换为“双重主要上市”，相关流程预计于2026年内生效。当天，百度方面向《华夏时报》记者确认了上述消息。　　与此同时，百度旗下AI芯片业务主体昆仑芯的赴港IPO进程也在同步推进。然而，在AI行业资本开支激增、竞争格局日趋白热化的背景下，百度在港股市场的...

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Valuation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89888":0.6,"09888":1.98,"BIDU":1.98,"TCHI":0.6},"content_text":"在AI竞赛进入深水区之际，百度正加速将资本市场重心向港股回迁。7月16日，百度集团宣布董事会已授权管理层推进将香港联交所的上市地位由“二次上市”自愿转换为“双重主要上市”，相关流程预计于2026年内生效。当天，百度方面向《华夏时报》记者确认了上述消息。　　与此同时，百度旗下AI芯片业务主体昆仑芯的赴港IPO进程也在同步推进。然而，在AI行业资本开支激增、竞争格局日趋白热化的背景下，百度在港股市场的AI叙事能否真正支撑其股价与估值，依然是投资者关注的核心命题。美东时间7月16日，百度美股收于112.82美元，微涨1.2%。　　从“二次”到“主要”　　百度此前在香港资本市场采取的是二次上市机制。　　据《华夏时报》记者了解，2005年8月5日，百度在纳斯达克证券交易所上市，2021年3月23日，百度在香港交易所主板二次上市，至今已超过五年。　　有业内人士告诉本报记者，港股二次上市对监管要求相对简单，上市成本也较低，两地股价紧密联动；而双重主要上市监管要求严格，两地股价表现也相对独立。此外，一个重要的区别是，二次上市的股票无资格被纳入港股通，双重主要上市的股票符合相关规则后可被纳入。　　作为港股重要的AI科技公司，吸引更熟悉其业务逻辑的内地投资者，是百度将香港转为主要上市地的重要动因之一。　　7月17日，百度在港股收盘于106.5港元，跌3.45%，总市值约2899亿港元，全市场排名30开外；但在科技互联网公司中仅位于腾讯、阿里、小米、美团和京东之后，市盈率（TTM）为156.5倍。　　不过从市值规模看，百度目前和赛道头部公司差距较大。截至7月17日港股收盘，腾讯以4.2万亿港元市值位居港股第一，阿里巴巴市值2.16万亿港元，在港股排名第六。同期，小米市值6931亿港元，美团市值超过5000亿港元，京东市值约3278亿港元。　　有市场人士分析认为，若流程推进顺利并满足港股通纳入条件，百度有望赶上今年9月港股通调整窗口，届时南向资金将成为其重要的增量资金来源。百度公告也称，双重主要上市一旦生效，将提升公司证券流动性、扩大投资者基础，并为公司对接两个资本市场提供更大灵活性。　　不过透镜研究创始人况玉清在跟本报记者交流时认为，股价高低并不是百度选择将港股转为主要上市地的核心原因，“美股市场跟港股市场的估值壁垒基本上不存在，主要还是地缘政治风险的考虑。如果美股那边摘牌，它在港股又不是主要上市地位，交易流通性各方面都会受到限制。将港股作为双重主要上市地，能够分散对抗这些风险。”　　群雄逐鹿下的突围之考　　在希望吸引更多南向资金的背后，百度也希望在港股市场讲明白自身的AI故事。　　今年1月，百度发布正式公告，宣布其AI芯片业务昆仑芯已于1月1日以保密形式向港交所提交主板上市申请，并披露香港联交所已确认百度可进行建议分拆。此后百度股价一路攀升，并在1月23日盘中达到了161.2港元的52周最高点。而以7月17日收盘价粗略计算，百度股价相较这一高点已经缩水34%。　　据市场传闻，昆仑芯赴港上市的目标估值高达500亿美元。作为对比，其在2025年7月完成的最新一轮（D轮）融资中，投后估值约为210亿元人民币（约合30亿美元）。需要提及的是，今年5月昆仑芯还正式启动科创板上市辅导备案。　　上述市场人士认为，百度纳入港股通，叠加百度在昆仑芯、AI云、基础模型、智能体、无人驾驶等方向形成的全栈AI布局，市场对百度AI业务价值的关注度将显著提升，进而推动股价表现进一步转强。　　不只是资本市场，AI也是百度目前在产业市场最重要的叙事。　　继去年Q4财报单独披露AI收入后，今年Q1财报显示，百度AI业务的分量在持续增加。　　5月18日，百度发布2026年Q1财报，当期其总营收321亿元，剔除爱奇艺外的一般性业务收入260亿元，同比增长2%。其中，AI业务收入136亿元，占百度一般性业务收入的52%，比上一季度提升9个百分点。　　财报显示，百度Q1资本开支同比基本翻倍，达到58.39亿元，约为上一季度的3倍。截至今年Q1，百度的现金及投资总额为2793亿元，经营现金流为27亿元。百度创始人李彦宏在当晚财报会上还表示，百度将坚定投入文心大模型。　　但作为国内率先发力AI大模型的厂商，百度一直面临着对手们的强烈竞争。例如今年一季度，阿里资本支出约269亿元，腾讯的资本开支约319亿元。有业内人士与《华夏时报》记者交流时认为，这些资本开支也都主要投向了AI基础设施等方向。　　而在AI助手领域，据QuestMobile数据，截至2026年3月，AI原生App月活用户规模达到4.4亿，其中，豆包以3.45亿月活位居第一，千问、DeepSeek分别以1.66亿和1.27亿月活位居二三位，元宝以约0.57亿月活位居第四。　　顺福资本创始人李明顺在与本报记者交流时认为，百度目前在AI领域面临的市场竞争压力较大，“它的优势在于技术积累，但如何将技术积累和产品策略以及整个品牌形象全面提升，是个挑战。”　　回港双重主要上市，将为百度打开了吸引南向资金的通道，但提升估值的关键还在于其AI业务能否突出重围。（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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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