Group 1 - Nvidia's CEO Jensen Huang announced that the U.S. has approved the sale of the H20 chip to China, and Nvidia will launch a new graphics card, RTXpro, designed for computer graphics, digital twins, and artificial intelligence [1] - Following this news, the Hong Kong stock market's computing power sector surged, with Lenovo Group's stock rising nearly 4% during the day and closing up 2.75%, rebounding 54% from its year-to-date low [1] - Nvidia's official statement indicated that the U.S. government has assured the company it will grant licenses, and Nvidia aims to start deliveries as soon as possible [1] Group 2 - Western Securities noted that as market sentiment improves and industry fundamentals recover, overseas AI computing power and application-related companies are showing strong rebound momentum, with stocks like Nvidia and Microsoft reaching historical highs [2] - In contrast, domestic AI industry chain companies, including chip manufacturers, algorithm service providers, and application solution companies, have not experienced similar rebounds, leading to a divergence in stock performance between overseas and domestic markets [2] - With the ongoing advancement of domestic AI models and accelerated monetization of AI applications, the investment value of the domestic AI chain is gradually becoming apparent, prompting a recommendation to increase focus on domestic AI chain companies such as Lenovo Group, Inspur Information, and Huaqin Technology [2]

WAIC 2025 世界人工智能大会 论坛：2025年7月26日-28日 上海世博中心 展览：2025年7月26日-29日 上海世博展览馆 当人工智能深度渗透文娱产业，一场关于技术赋能与人文坚守的行业变革正在上演。AIGC提升内容生产效率，却致创意同质化与版权困境；虚拟人实现 情感交互突破，却因伦理模糊引发数字身份焦虑；文旅视听借AI升级体验，却因文化差异与数据壁垒遇出海瓶颈；音乐疗愈等创新展现融合潜力，却受 限于临床标准缺失与产业转化断层。文娱行业亟需重构创意价值体系，破解标准化与个性化、效率与伦理、本土与全球的矛盾。 在此背景下，2025世界人工智能大会暨人工智能全球治理高级别会议聚焦AI艺术与文娱多元化赋能发展，将从听、看两方面呈现。 「智响未来」AI艺术与文娱论坛矩阵 WAIC 2025艺术与文娱板块将以多场重要论坛的构造，探索AI在艺术、文旅、游戏、传媒等领域的行业解决方案及前景展望。 重点议题 AIGC内容版权确权的技术方案与法律框架 虚拟人情感交互的伦理边界与商业化模式 邀请来自艺术、学术与产业的国内外重要嘉宾，围绕艺术实践的新范式、未来教育的重构、创造力的哲学基础以及政策支持与行业演进等多个维 ...

戴炜表示，呼和浩特具有科创资源集聚、算力底座坚实、应用场景丰富等优势，非常利于发展以绿色算 力、人工智能为支撑的新一代信息技术产业集群。联想方案服务将深度赋能呼和浩特市进入智慧城市 4.0阶段，抢先创建富有绿色可持续发展特征的高水准城市超级智能体。 此次合作标志着联想与呼和浩特市将联合打造以"智能中枢+绿色算力"为核心的智慧城市4.0模式，双方 将通过技术赋能治理、产业、生态、民生四大维度，推动"中国云谷"步入智慧城市4.0时代，为全国"人 工智能+"与碳中和目标协同推进提供前沿实践典范。 据了解，联想城市超级智能体采用"1+N智能体"架构，即由1个核心中枢协同多个领域智能体实现复杂 任务处理与服务供给，这个核心中枢负责感知、交互、认知、决策、规划、编排，并通过宏观层面实现 计算与资源调度，统筹各领域智能体协同运作，形成全局统筹+专业执行的协作体系。 今年以来，联想城市超级智能体已在福建武夷山、湖北宜昌、上海虹口等地相继落地，积累了丰富的实 践经验。IDC发布的《中国IT服务市场（2024下半年及全年）跟踪报告》显示，联想方案服务问鼎中国 IT服务市场，年营收复合增长率同样跃居市场首位。（记者战钊） 来源：光 ...

Group 1 - The 2025 Green Computing (Artificial Intelligence) Conference was held in Hohhot, Inner Mongolia, focusing on building a green computing ecosystem and co-creating a new future for artificial intelligence [1][2] - This year is considered the inaugural year for AI applications, with intelligent agents expected to transition from exploration to large-scale implementation [1] - The demand for computing power is significantly increasing due to the rapid global popularity of large model products like DeepSeek, which have reduced training and inference costs through algorithm innovation and engineering optimization [1][2] Group 2 - Intelligent agents, as native applications of large models, are anticipated to experience explosive growth this year, driven by technological maturity, accelerated layouts by leading manufacturers, and favorable market demand and policy guidance [1] - The concept of a "super intelligent agent" is introduced as a new cognitive operating system that will lead the development of intelligent agents [1] - Hohhot is recognized for its strong foundation in building city super intelligent agents, and Lenovo plans to collaborate with the city on three fronts: co-building city super intelligent agents, operational cooperation for computing centers, and creating an empowering ecosystem for industry-specific intelligent agents [2]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect TMT Index, which has shown significant growth over various time frames, including a 3.32% increase in the past month, 17.53% in the past three months, and 27.89% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry companies [1] - The top ten weighted companies in the index include Xiaomi Group-W (15.3%), China Mobile (14.32%), Tencent Holdings (13.96%), and others, indicating a concentration in major players within the TMT sector [1] Group 2 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new TMT companies that rank in the top ten by market capitalization in the Hong Kong market [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a sector breakdown showing 55.48% in communication services and 44.52% in information technology [1]

Core Insights - The global PC shipment volume in Q2 2025 reached 67.6 million units, marking a year-on-year growth of 7.4% [1][2] - Notebooks, including mobile workstations, accounted for 53.9 million units shipped, with a growth of 7% year-on-year, while desktop shipments grew by 9% to 13.7 million units [1][2] Market Share and Performance - Lenovo maintained the top position in the global PC market with a market share of 25.1%, up from 23.4% in Q2 2024, representing an increase of 1.7 percentage points [3] - HP ranked second with a market share of 20.9%, down from 21.7% year-on-year, while Dell's market share fell to 14.5% from 16.0% [3] - Lenovo's shipment volume reached 16.974 million units, a significant increase of 15.2% compared to 14.732 million units in Q2 2024 [3] Strategic Insights - Lenovo's success is attributed to its comprehensive product range and precise iterations, particularly in the ThinkPad series for business and Yoga series for consumers [4] - The company has enhanced its global supply chain coordination, establishing localized production and channels in emerging markets like Southeast Asia and Latin America [4] - The competition in the PC market is expected to intensify around hardware performance, AI applications, and ecosystem development, with Lenovo and Apple showing stronger competitiveness among leading manufacturers [4]

IDC全球移动设备追踪部门研究副总裁让·菲利普·布沙尔表示，尽管美国市场因关税政策面临需求放缓 压力，但全球其他地区需求依然旺盛，旧设备更新换代与Windows 11系统升级潮共同推动了市场增 长。 联想在全球供应链管理方面的优势日益凸显。在权威机构Gartner发布的Top 25全球供应链排名中，联想 位居第八，较去年提升2位，超越沃尔玛、宝马等跨国企业，成为唯一入榜的亚太高科技制造企业。 凤凰网科技讯 7月10日，IDC最新发布的《全球季度个人计算设备追踪报告》显示，2025年第二季度全 球PC出货量达6840万台，同比增长6.5%，延续了市场回暖趋势。联想以1697万台的出货量和24.8%的市 场份额位居全球首位，同比增长15.2%，增速显著超越行业平均水平。 数据显示，联想的市场份额较去年同期提升近2个百分点，创下历史新高。相比之下，排名第二的惠普 出货量为1410万台，同比仅增长3.2%，市场份额为20.7%，较去年同期下降0.7个百分点。戴尔位列第 三，出货量980万台，同比下降3.0%，市场份额为14.3%，同比下滑1.4个百分点。 分析认为，联想的强劲表现得益于其"中国+N"的全球化制造布局和 ...

Core Insights - The global PC market is projected to see a year-on-year shipment increase of 7.4% in Q2 2025, reaching 67.6 million units, driven primarily by commercial PC deployments ahead of the Windows 10 service termination [1][3] Market Overview - Total shipments for Q2 2025 include 53.9 million notebooks (up 7%) and 13.7 million desktops (up 9%) [1] - The growth is attributed to large-scale commercial deployments as businesses prepare for the end of Windows 10 support, despite weak consumer demand due to macroeconomic uncertainties [1][3] Supply Chain Dynamics - The evolving tariff policies under the Trump administration are reshaping the global PC supply chain, leading to a significant shift in PC imports from China to Vietnam [3] - Uncertainties remain regarding potential tariffs on products manufactured in Vietnam using Chinese components, complicating the supply chain landscape [3] Market Leaders - Lenovo maintains its position as the global PC market leader with shipments of 17 million units, a year-on-year increase of 15.2% [3][4] - HP follows in second place with 14.1 million units shipped, reflecting a growth rate of 3.2% [4] - Dell ranks third with 9.8 million units, showing a decline of 3.0% [4] - Apple and Asus rank fourth and fifth, with Apple achieving a significant growth rate of 21.3% and Asus at 18.4% [3][4] Future Outlook - A survey indicates that over half of the channel partners expect their PC business to grow year-on-year in the second half of 2025, with 29% anticipating growth exceeding 10% [3] - The consumer PC market is expected to see growth in 2026 as delayed purchasing decisions from consumers are anticipated to align with natural replacement cycles of devices bought during the pandemic [3]

Canalys （现并入 Omdia ）最新数据显示， 2025 年第二季度，台式机、笔记本电脑 和工作站的总出货量同比增长 7.4% ，达到 6760 万台。其中，笔记本（包括移动工作站）出货 量达 5390 万台，同比增长 7% ；台式机（包括台式工作站）出货量增长 9% ，达到 1370 万台。 本季度的增长主要得益于 Windows 10 服务即将终止前的大规模商用 PC 部 署。然而，消费者需求相对疲软，因全球用户普遍面临不确定的宏观经济前景。特朗普政府多变且不明确的关税 政策持续带来不确定性。尽管第二季度 PC 设备尚未被纳入加征关税范围，但相关的间接影响仍可能阻碍 美国乃至全球 PC 市场的复苏进程。 Canalys （现并入 Omdia ）首席分析师叶茂盛（ Ben Yeh ）表示： " 特朗普政府不断演变的关税政策正在重塑全球 PC 供应链，并为市场复苏带来显著不确定 性。为规避潜在关税，美国 PC 进口已大幅从中国转向越南。尽管特朗普的对等关税再度被推迟至 8 月 1 日，且目前无论原产地为何， PC 仍被豁免于关税之外，但潜在的不确定 性依然存在。近期美越贸易协议规定，对越南商品征收 2 ...

Core Insights - The global PC shipments are projected to grow by 6.5% year-on-year in Q2 2025, reaching 68.4 million units [1][2] - Lenovo maintains its leading position with a shipment of 17 million units and a market share of 24.8%, showing a year-on-year growth of 15.2% [1][2] - The U.S. PC market is experiencing a slowdown due to the impact of import tariffs, while other regions show strong demand driven by device upgrades and the transition to Windows 11 [1][2][5] Company Summaries - **Lenovo**: - Q2 2025 shipments: 17 million units - Market share: 24.8% - Year-on-year growth: 15.2% [2] - **HP Inc**: - Q2 2025 shipments: 14.1 million units - Market share: 20.7% - Year-on-year growth: 3.2% [2] - **Dell Technologies**: - Q2 2025 shipments: 9.8 million units - Market share: 14.3% - Year-on-year decline: -3.0% [2] - **Apple**: - Q2 2025 shipments: 6.2 million units - Market share: 9.1% - Year-on-year growth: 21.4% [2] - **ASUS**: - Q2 2025 shipments: 4.9 million units - Market share: 7.2% - Year-on-year growth: 16.7% [2] Industry Trends - The overall PC market is facing challenges due to high inventory levels and uncertain demand outlook for Q3 and beyond [5] - The anticipated end of support for Windows 10 in October 2025 may drive further demand for PC upgrades [3] - Strong demand in regions outside the U.S. is primarily driven by aging devices and the transition to newer operating systems [1][5]