由于全球宏观经济下行，居民终端消费疲软，导致全球及中国PC市场的增长乏力，在这样的背景下，PC厂商亟需从 产品形态创新、新技术融合、需求场景进一步开发等角度寻求PC市场新的增长点。近几年随着AI在各端侧产品的大 规模落地应用，以及轻量化端侧大模型逐渐成为新的发展趋势。同时，PC被认为是端侧大模型最理想的运行载体之 一，进而刺激AI大模型与PC的快速融合发展，为全球PC市场带来了新机会。 2025年10月，半导体产业纵横研究部发布了《AI PC 产业研究报告》。 | 4.1 联想 ThinkPad X9 14 (Intel) | 30 | | --- | --- | | 4.1.1 设备介绍 | 30 | | 4.1.2 同模型不同量化大小对比 | 30 | | 4.1.3 同模型不同参数规模模型对比 | 31 | | 4.1.4 同机器不同推理设备对比 | 31 | | 4.2 联想小新 Pro16c AKP10 (AMD) | 32 | | 4.2.1 设备介绍 | 32 | | 4.2.2 同模型不同量化大小对比 | 32 | | 4.2.3 同模型不同参数规模模型对比 | 33 | | 4.2.4 同机 ...

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 紫金矿业(02899) | +10.00亿元 | +2919.40万股 | | 快手-W(01024) | +9.81亿元 | +1219.91万股 | | 泡泡玛特(09992) | +6.24亿元 | +239.02万股 | | 江西铜业股份(00358) | +5.35亿元 | +1497.80万股 | | 中兴通讯(00763) | +4.99亿元 | +1151.66万股 | | 联想集团(00992) | +4.48亿元 | +3806.00万股 | | 中国移动(00941) | +3.46亿元 | +407.66万股 | | 嗶哩嗶哩-Ｗ(09626) | +3.37亿元 | +156.20万股 | | 五矿资源(01208) | +2.77亿元 | +3792.41万股 | | 小米集团－Ｗ(01810) | +2.13亿元 | +434.01万股 | 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- ...

10月12日，中国首批设立的国家公园——大熊猫国家公园迎来设立四周年。联想集团宣布，将基于 其在大熊猫国家公园四川片区推进的人工智能应用实践，打造业内首个"国家公园智能体"解决方案，旨 在以人工智能赋能"伞护物种"大熊猫及其栖息地的智慧保护，为实现人与自然和谐共生标贡献科技力 量。 从人海模式到精准守护，AI技术提升保护治理成效 大熊猫国家公园作为中国首个以单一物种命名的国家公园，跨四川、陕西和甘肃三省，幅员辽阔， 地形复杂，传统的"人海"巡护与管理模式正在技术的驱动之下迎来变革。其中四川片区是核心区域，也 正成为人工智能拓展生态保护广度与深度的试验田。 目前，联想集团正稳步推进大熊猫国家公园四川片区石棉托乌山、石棉栗子坪、茂县土地岭等多个 站点数字化系统的人工智能智慧化升级。针对不同站点的基础设施条件与创新需求，联想集团量身打造 了业内首个国家公园智能体。与传统的数智化解决方案相比，国家公园智能体全面覆盖国家公园管理、 巡护、科研以及公众等核心群体的差异化需求，打通各站点"数据孤岛"，通过集成数字孪生、计算机视 觉、多模态知识库与边缘计算等前沿技术构建起涵盖AI智慧管理、巡护、科研与科普的全链路能力体 系， ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumer electronics market is experiencing a moderate recovery in demand in the first half of 2025, driven by AI innovations and policy support, but the performance of various segments is diverging [4][23] - The smartphone market is entering a phase of stock competition with a growth rate of approximately 1.28% in the first half of 2025, while the PC market is benefiting from a replacement cycle and AI innovations, showing a growth of 5.53% [6][10] - The semiconductor sector is witnessing a significant recovery, with a projected market size exceeding $700.9 billion in 2025, reflecting an 11.2% year-on-year growth [21] Summary by Sections Key Focus Areas - The consumer electronics industry is extensive, involving various components such as chips, panels, batteries, and assembly manufacturers, with the overall performance improving but still facing challenges due to geopolitical tensions and inflation [5][6] - The demand for consumer electronics is recovering moderately, with different segments showing varied performance; ODM manufacturers are under pressure to explore new business areas due to shrinking profit margins [4][5] Market Performance - In the first half of 2025, the global smartphone market saw a slight increase in shipments to approximately 601 million units, while the PC market reached 132 million units, reflecting a steady growth trend [6][10] - Wearable devices are rebounding, with a 13% year-on-year increase in shipments in Q1 2025, driven by market demand and new product launches [9] Financial Performance - The overall revenue of sample companies in the consumer electronics industry increased by approximately 20.96% in the first half of 2025, with ODM companies showing the highest revenue growth of about 40.72% [24][27] - The semiconductor sector's net profit increased significantly by approximately 52.68% year-on-year, driven by the recovery in the global semiconductor market [27] Capital Expenditure and Debt - Capital expenditure in the consumer electronics industry is recovering, with a year-on-year increase of about 11.76% in the first half of 2025, although the semiconductor sector saw a decline in capital expenditure for the first time [33][34] - The total debt of sample companies in the industry increased by 10.78% to approximately 1,344.719 billion yuan, indicating a slight rise in financial leverage [34][35] Research and Development - R&D expenditures across various segments are increasing, with the semiconductor sector maintaining the highest R&D expense ratio at 17.89% in the first half of 2025 [25][26] Operational Efficiency - The inventory turnover rate for ODM and panel industry sample companies is relatively high, while the semiconductor sector still requires attention regarding inventory management [30][31]

据悉，全市场首只跟踪中证港股通信息技术综合指数（930977）的ETF产品——华宝基金旗下的中证港 股通信息技术综合指数ETF今日获批并即将发行。 据中证指数公司官网信息，中证港股通信息技术综合指数的编制方法为通过流通市值加权方法选取中证 港股通综合指数中一级行业"信息技术"的相关成分股，单个样本权重不超过 15%，其前十大成份股纳入 中芯国际、小米集团、联想集团、舜宇光学、商汤等。 华宝中证港股通信息技术综合ETF将支持"T+0"日内回转交易。据Wind统计，截至2025年9月末，华宝 基金旗下权益类ETF资产管理规模已达1266.25亿元，在同业中排名领先。在目前41只规模超百亿元的A 股/港股行业主题ETF中，华宝基金独占5只，这5只ETF最新规模合计高达1002.66亿元，是目前拥有百 亿规模A股/港股行业主题ETF数量最多的基金公司之一。 据Wind统计，截至2025年9月15日，中证港股通信息技术综合指数的成分股共41只，其前十大成份股权 重合计占比68.35%，重点配置港股半导体、电子、计算机软件板块。2023年以来截至今年9月15日，中 证港股通信息技术综合指数年化收益率达28.01%，明显高 ...

Core Viewpoint - The Hong Kong stock market experienced a collective decline on October 13, with technology stocks falling across the board, while the rare earth sector saw significant gains. The market is expected to face short-term fluctuations, but there are opportunities for low-cost asset acquisition amidst the adjustments [1][2]. Group 1: Market Performance - On October 13, all three major indices in the Hong Kong stock market fell, with technology stocks leading the decline and the rare earth sector rising significantly [1]. - The Hang Seng Technology Index ETF (513180) dropped over 3% in the afternoon, with major holdings like Xiaomi, Sunny Optical, Kuaishou, Xpeng Motors, NIO, Bilibili, and Lenovo Group among the biggest losers [1]. Group 2: Market Outlook - According to Huaxi Securities, the Hong Kong stock market is likely to experience some volatility in the short term, but there are opportunities for low-cost asset acquisition in undervalued stocks with good fundamentals that are less affected by U.S. tariff policies [1]. - Since September, the Hong Kong stock market has regained momentum driven by technology stocks, with current valuations at historical medians, making it attractive compared to A-shares and U.S. stocks [1]. - As of October 10, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 23.82 times, which is approximately at the 34.04% valuation percentile since the index's inception, indicating it remains in a relatively undervalued range [1]. Group 3: Future Trends - Looking ahead, the technology sector in Hong Kong is expected to benefit from current trends in AI, with potential for foreign capital inflow exceeding expectations against the backdrop of Federal Reserve interest rate cuts [2]. - The continuous increase in southbound capital suggests that a revaluation of the Hang Seng Technology Index is likely in the fourth quarter, providing an opportunity for investors without a Hong Kong Stock Connect account to access core Chinese AI assets through the Hang Seng Technology Index ETF (513180) [2].

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在哈尔滨理工大学重大教学科研仪器设备更新项目中，包括一、二、四、十一、十四在内的多个采购项目结果相继揭 晓。总采购金额超6500万。本次采购的一大亮点是国产仪器厂商表现抢眼，磐诺、安益谱、安徽吸收谱、上海博迅、 大龙、中科科仪、宁波新芝 等企业均榜上有名。具体中标信息如下： 详细采购清单： 哈尔滨理工大学重大教学科研仪器设备更新项目（一）中标（成交）结果公告 | 品目 | 品目 | 采购标的 品牌 | | 规格型号 | 数量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 名称 | | | | （台/ 套） | 单价(元) | 总价(元) | | | 电动 | | | | | | | | | 及小 | | | | | | | | 2-1 | 型台 | 高能球磨 | 莱普艾克 | Hi-Energy/Mill | 1 | 155000 | 155000 | | | | 机 | | 8000D | | | | | | 式工 ...

来源：滚动播报 恒生科技指数跌超3%，成份股中，舜宇光学科技、比亚迪电子、快手、联想集团跌超5%。 ...

Core Viewpoint - The establishment of the "National Park Intelligent Body" by Lenovo Group aims to enhance the protection of the giant panda and its habitat through artificial intelligence, contributing to the goal of harmonious coexistence between humans and nature [1][4]. Group 1: AI Application in National Park Management - Lenovo Group is implementing AI technology in the Sichuan area of the Giant Panda National Park, transforming traditional management methods into a more precise and efficient system [2][6]. - The "National Park Intelligent Body" integrates various advanced technologies, including digital twins and computer vision, to address the diverse needs of park management, research, and public engagement [2][3]. Group 2: Monitoring and Data Management - The intelligent system will feature a comprehensive monitoring system that utilizes computer vision for the identification and dynamic analysis of various wildlife species, achieving over 95% accuracy in identifying giant pandas [3]. - An AI-driven three-dimensional geographic simulation system will enhance the precision, efficiency, and safety of daily inspections within the park [3]. Group 3: Broader Implications for Biodiversity - Lenovo Group's initiatives align with China's broader ecological civilization goals, contributing to the establishment of the world's largest national park system by 2035 [4]. - The collaboration between Lenovo and the Giant Panda National Park is seen as a model for integrating technology into ecological protection, promoting sustainable development [4][6]. Group 4: Previous Initiatives and Future Directions - Since 2021, Lenovo has launched various biodiversity protection projects across China and internationally, showcasing its commitment to ecological conservation [5]. - The ongoing AI upgrades in the Giant Panda National Park signify a shift from isolated digital solutions to a comprehensive "AI + National Park" approach, enhancing biodiversity protection efforts [6].

Core Viewpoint - Lenovo Group announced the development of the industry's first "National Park Intelligent System" solution, aimed at leveraging artificial intelligence to enhance the protection of the giant panda and its habitat in the Sichuan area of the Giant Panda National Park, contributing to the goal of harmonious coexistence between humans and nature [1][2]. Group 1: Technology Implementation - Lenovo is advancing the digital transformation of multiple sites within the Giant Panda National Park, including Shimianshan, Liziping, and Tudi Ling, through AI-driven upgrades tailored to the specific infrastructure and innovation needs of each site [1]. - The National Park Intelligent System integrates cutting-edge technologies such as digital twins, computer vision, multimodal knowledge bases, and edge computing to create a comprehensive capability system for AI-driven management, patrolling, research, and public education [1][2]. Group 2: Monitoring and Data Management - The intelligent system will establish an integrated monitoring system that utilizes computer vision technology for intelligent identification and dynamic analysis of various wildlife species, with an expected identification accuracy of over 95% for giant pandas, supporting biodiversity monitoring and habitat assessment [2]. - A distributed AI panda profiling system will enable the identification and personalized management of thousands of wild giant pandas, providing data support for population dynamics research and targeted conservation efforts [2]. Group 3: Future Outlook - Lenovo's collaboration with the Giant Panda National Park is positioned as a model for replicable and scalable "AI+" ecological protection initiatives, injecting technological momentum into the high-quality development of the national park system [2]. - The company plans to continue promoting the application of AI and other advanced technologies in ecological protection, contributing to biodiversity preservation both in China and globally [2].