According to JPMorgan’s report, Baidu’s share price has performed significantly better than its peers this year, mainly due to the launch of Wenxin Yiyan, a large language model generative AI product. JPMorgan expects that Baidu will not see positive news about the adoption and realization of Wenxinyiyan until the third quarter at the earliest, so it is expected that the stock price will consolidate at the current level in the near future to reflect the mixed revenue and profit outlook. For the first-quarter results, the bank expects revenue to be in line with expectations and there could be positive surprises in terms of margins and profits. From a 12-month perspective, the bank expects the stock price to rise due to the positive profit revisions of Baidu’s core business and iQiyi, as well as the adoption and realization of Wenxin Yiyan. JPMorgan lowered Baidu's adjusted earnings per share forecast for this year by 3%, with a target price of HK$180, which is equivalent to 18 times this year's forecast price-earnings ratio, and rated Overweight.