Richarl: Maintains a "buy" rating on BIDU-SW (09888) with a target price of 176 Hong Kong dollars.

Furui released a research report stating that at the Shanghai ERNIE Moment conference, BIDU-SW (09888) officially released ERNIE 5.0 and demonstrated its comprehensive Qianfan intelligent body platform, solving pain points for developers in terms of model, tool usage, intelligent body development, data services, and intelligent body operations. In addition, the application model empowers different industries, and the DIGIHUMAN technology excels in content, actions, and facial expressions. It is recommended to "buy" with a target price of 176 Hong Kong dollars. Baidu has officially released ERNIE 5.0, which performs strongly in full-modal understanding, creative writing, and instruction-following. It adopts a hybrid expert architecture with 2.4 trillion parameters and integrates diffusion model-based generation technology to achieve high-quality outputs, with a 240% improvement in pre-training speed. Qianfan provides a comprehensive intelligent body platform, focusing on solving challenges in performance, capability, and security. It has 1.3 million intelligent bodies and daily calls exceeding millions of times. Baidu stands out with a complete service suite, including models, tool usage, intelligent body development, data services, and intelligent body environment. The bank believes that Baidu's demonstration of its leading position in the field of full-modal AI technology and intelligent body infrastructure through ERNIE 5.0 and the Qianfan platform, as well as empowering multiple industries through application models, will promote deep integration of AI technology with industries and provide strong support and innovation capabilities for developers and businesses.