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<Research>JPM: BIDU-SW (09888.HK) Pullback Creates Opportunity on Unchanged Kunlunxin's Fundamentals
Recommend 3 Positive 8 Negative 2 |
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The stock prices of BIDU-SW (09888.HK)'s US stock/ H-shares increased by approx. 85%/ 89% in total from August 2025 to mid-January 2026 each as the market entered a phase of value discovery around BIDU-SW's AI infrastructure, led by Kunlunxin, along with a broader revaluation at the group level, JPMorgan released a research report saying. Since 22 January 2026, BIDU-SW's US stock/ H-shares have pulled back by 24%/ 22% respectively. The broker believed that this pullback is primarily due to a shift in capital style of BIDU-SW to 'pure AI' listed companies such as Zhipu AI and MiniMax, rather than changes in the fundamentals of Kunlunxin. JPMorgan believed that this capital rotation creates an investment opportunity, as its research indicates that Kunlunxin's long-term profit potential is higher and more visible than that of Chinese listed model developers. Therefore, the broker rated BIDU-SW's US stock/ H-shares at Overweight, with target prices of US$200/ $195. AASTOCKS Financial News Website: www.aastocks.com |
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