Core Viewpoint - Lenovo Group continues to experience double-digit revenue growth, with annual revenue reaching $69.077 billion, a 21% increase from the previous year, yet faces a disconnect between stock price and performance [1][2] Financial Performance - For the fiscal year 2024/25, Lenovo's total revenue was $69.077 billion, up from $56.864 billion, marking a 21% increase [1] - Gross profit for the year was $11.098 billion, a 13% increase, with a gross margin of 16.1%, down 1.1 percentage points year-on-year [1] - Operating expenses rose by 15% to $8.934 billion, while operating profit increased by 8% to $2.164 billion [1] - Net profit for the year was $1.462 billion, a significant 33% increase, with adjusted net profit reaching $1.441 billion, up 36% [1] Quarterly Performance - In the last quarter of the fiscal year, revenue grew by 23% to $16.984 billion, but operating expenses surged by 26%, leading to a 32% decline in operating profit to $0.331 billion [1] - Net profit for the quarter dropped 64% to $0.09 billion, attributed to non-cash losses from warrant valuations, while adjusted net profit increased by 25% to $0.278 billion [1] Business Segments - The Intelligent Devices Group (IDG) generated $50.534 billion, accounting for 73.2% of total revenue, with a 13% year-on-year growth [3] - The Infrastructure Solutions Group (ISG) saw a substantial 63% increase in revenue to $14.523 billion, although it reported an operating loss of $68.5 million for the year [4] - The Solutions and Services Group (SSG) achieved $8.457 billion in revenue, with a 13% increase, and an operating profit margin of 21.1%, the highest among all business groups [4] Market Outlook - Despite strong performance, investor sentiment remains cautious, with Lenovo's stock price declining significantly, reflecting concerns over future demand and market conditions [2][5] - The global PC market is expected to remain weak due to rising prices from tariffs and economic conditions, raising questions about the sustainability of growth in non-PC segments [5] - Lenovo's CEO expressed confidence in maintaining market share and profitability despite external challenges [5]

这是联想乐于见到的一份业绩报告。这家公司一直试图在维持整体营收增长的基础上，增加个人电脑产 品之外的收入来源，以此实现收入结构的多元化。 从各个细分业务来看，联想的主要营收板块——智能设备业务集团（IDG）全年营收实现双位数增长， 第四财季营收同比增长13%。其中，联想PC业务的全年份额达23.7%，与第二名差距扩大至3.6个百分 点，AI PC在中国市场笔记本总销量中占比达到了16%。 数据机构IDC则预计，2025年PC出货将同比增长4%，其中AI PC成为拉动需求的关键变量，到2027年AI PC将占全球PC出货70%的市场份额。随着硬件升级推动应用生态不断成熟，用户价值将进一步显现。 智能手机市场则受益于生成式AI普及驱动的换机周期逐步开启，正向疫情前水平回归。 而在PC业务之外，以服务器、存储业务为主的联想基础设施业务集团（ISG）全年实现营收1048亿元， 第四财季营收同比增长63%，连续第二个季度实现盈利。其中，联想的AI服务器业务实现了大幅增长， 海神液冷解决方案收入同比大增68%。 以数字化IT服务为主的联想方案服务业务集团（SSG）则实现了全年营收双位数增长，运营利润率超过 21%；第四财 ...

【环球网科技报道 记者 林迪】5 月 22 日，在联想集团 2024/25 财年全年暨 Q4 业绩发布会上，联想集团董事长兼 CEO 杨元庆对集团的超预期成绩进行了深入解读，并对未来战略布局和市场信心进行了详细阐述。 哪儿生产，产能怎么更合理地布局、优化，当然也包括价格的调整，从而使得我们不但不掉市场份额，还增加市 场份额，利润不但不掉，甚至能够改善。" 杨元庆指出，联想积极拥抱人工智能浪潮，全面布局 AI 服务与解决方案领域。"2025 年是超级智能体的元年，我 们在个人智能领域致力于让每个人都拥有自己的智能双胞胎，通过'一体多端'策略，不断完善天禧个人超级智能 体的功能；在企业智能领域，以乐享企业超级智能体为核心，打造'智能体矩阵'，推动企业运营效率提升。" 杨元庆在会上表示："上个季度我们取得了非常不错的业绩，包括营收增长了 23%，利润增长了 25%，这也推动 了联想全年的完美收官，我们去年收入增长超 21%，利润更是大幅增长了 36%。" 据介绍，这亮眼成绩背后，是联想集团各业务板块的齐头并进。基础设施业务（ISG）实现重大突破，下半年扭 亏为盈，全年营收超高速增长超 60%。移动手机业务（MBG） ...

"多端"是指AI PC、AI手机、AI平板和AIoT，在新财年，联想将快速把天禧嵌入联想的各种终端设备。 刘军指出，大家会看到越来越多具有"聪明头脑"的联想个人智能设备出现在市场上，为个人用户的工 作、学习、生活，带来跨设备、跨生态的超级体验。 刘军认为，IT服务正快速向AI服务转变。"联想的抱负不会止步于IT服务市场第一，新的IT服务市场应 该是一个蓬勃发展的AI服务市场，我们在这个市场里正在加速前进。推动企业超级智能体的加速落地 应用，即是当前联想中国区的聚焦方向和目标。"（青云） 刘军表示，聚焦个人智能，联想的策略是"一体多端"。"一体"即天禧个人超级智能体，最近已经获 得"三大升级"。第一，升级到L3（联想将智能体的能力定义为5个级别，分别是L1的辅助级、L2的助手 级、L3的协作级、L4的专家级和L5的自主级）的高智能级别。第二，随着联想个人云的发布，天禧已 经升级为端-边-云协同一体的架构。第三，拥有了五大黄金功能，包括AI操控、AI搜索、AI翻译、AI笔 记、AI服务。"新的'摩尔定律'显示，智能体的能力每4个月就会翻一番。" 【环球网科技综合报道】5月23日消息，联想集团于日前发布2024/2 ...

联想创投合伙人：宋春雨 从不追风口，到领跑超级智能体，联想为何敢于在AI战局中打出"全栈AI"这张牌？ 前不久，在联想Tech World 2025创新科技大会上联想董事长兼CEO杨元庆抛出了一个重磅概念："超级 智能体"。它不仅仅是一个简单的AI助手，而是具备"感知与交互、认知与决策、自主与演进"三大核心 能力的下一代AI形态。与之配套的，发布了覆盖全场景的超级智能体矩阵。 彼时，作为联想集团"科技瞭望塔"的联想创投也交出了一份颇具分量的AI投资成绩单。距其官宣20亿元 人民币投向AI终端生态的计划已经过去一年，他们完成对20多家AI企业的投资，累计出资超10亿元， 投资布局涵盖从算力到AI基础层再到应用层的各个环节。 这与此前面对大模型热潮时的"冷静观望"形成鲜明对比。大模型投资在国内蔚然成风时，钛媒体创投家 曾问联想创投专门负责 AI投资的首席投资官、高级合伙人宋春雨："你们投了哪家？" 他冷静地回答："我们还没有投资任何一家大模型企业，需要时间看清楚，哪家大模型团队更有通向 AGI 的实力。" 如今，他观点更明确："当前人工智能产业正处于一个分水岭式的进化阶段，DeepSeek的出现加速了AI 的普及 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and developments in various financial and commodity sectors, including futures, stocks, bonds, and foreign exchange. It also provides upcoming economic data releases and events. Summary by Directory Overnight Night - Market Trends - Domestic futures主力合约涨跌互现，烧碱、纸浆等涨超0.4%，SC原油、氧化铝等跌超1% [2] - International precious metal futures普遍收跌，COMEX黄金期货跌0.56%，COMEX白银期货跌1.39% [3] - International oil prices走弱，美油主力合约收跌1.23%，布伦特原油主力合约跌1.29% [4] - London basic metals收盘多数下跌，LME期锡、期镍、期铜均有不同程度跌幅 [5] - International agricultural product futures涨跌不一，美大豆、美玉米等有涨有跌 [6] Important Information Macro - Information - China's central bank will conduct 500 billion yuan of MLF operations on May 23, 2025 [9] - CFFEX is promoting the dual functions of financial futures [9] - SHFE will improve its product system and promote the R & D and listing of new varieties [9] - US initial jobless claims for the week ending May 17 were 227,000, a four - week low [10] - Iran vows a "devastating response" to any Israeli attack [11] - Trump's tax reform bill passed the House and is sent to the Senate, and the Senate passed a bill to end California's ban on fuel - powered vehicles [12] - Fed Governor Waller expects a rate cut in the second half of 2025 if tariffs decline [13] Energy and Chemical Futures - OPEC + is discussing a possible large - scale production increase in July [16] - China's urea production increased, and domestic soda ash inventory decreased [16] - Singapore's fuel oil, light distillate, and middle distillate inventories all rose [16] - SHFE adjusted the trading fees of natural rubber futures RU2509 contract [17] - US natural gas inventory increased, with a year - on - year decrease of 12.3% [17] - The US was not persuaded to lower the oil price cap at the G7 meeting [18] Metal Futures - Freeport Indonesia's Manyar smelter will resume production in June and reach full capacity in December [20] - CBA expects gold prices to reach $3,750 per ounce in Q4 due to rising safe - haven demand and a weakening dollar [22] - SHFE adjusted the trading fees of alumina futures AO2509 contract [22] - The global lead market had a supply shortage in March 2025 [22] Black - Series Futures - Rebar production increased, factory inventory rose, social inventory decreased, and apparent demand declined [24] - China's cumulative power generation installed capacity increased by 15.9% year - on - year as of the end of April [24] - Steel social inventory in 21 cities decreased in mid - May, with a narrowing decline [24] - Global crude steel production in April 2025 decreased by 0.3% year - on - year [25] - The average profit per ton of coke in independent coking plants varied by region [26] Agricultural Product Futures - Malaysia's palm oil production and exports are expected to increase in May [28] - Nigeria's palm oil prices may rise due to Indonesia's export tax increase [28] - Market rumors suggest the US government may grant small refinery exemptions, reducing biodiesel production and oil consumption [29] - IGC maintains the 2025/26 global soybean production forecast, with increased trade and consumption [29] - US soybean export net sales data for different periods [30] - Canada's rapeseed exports increased, and commercial inventory was reported [30] - The proportion of US soybean and corn planting areas affected by drought [30] - US cotton ON - call unpriced orders data [31] - Argentina's soybean sales accelerated in the first two weeks of May [31] Financial Market Finance - The CSRC will optimize the listing environment for technology companies and implement a more flexible IPO adjustment mechanism [33] - A - shares closed lower on Thursday, with some sectors rising and others falling [35] - Hong Kong stocks declined, but two new stocks had a strong performance in the dark - market trading [35] - CATL's H - shares will be included in MSCI indices [36] - Lenovo Group's Q4 revenue and profit increased [36] Industry - China's cumulative power generation installed capacity increased, with significant growth in solar and wind power [37] - The Cyberspace Administration of China will launch a special campaign to rectify online "black - mouth" against enterprises [37] - The world's first "Intelligent Grading of Humanoid Robots" standard was released [39] - Shanghai introduced measures to promote the high - quality development of the technology service industry [39] - A group standard for all - solid - state batteries was released [39] - TOP100 real - estate enterprises' land reserves decreased in 2024 [39] - China's narrow - sense passenger car retail sales are expected to increase in May [40] - The "JD Takeaway" platform was interviewed by the market supervision department [40] Overseas - Fed Governor Waller suggests a possible rate cut in the second half of 2025 if tariffs stabilize [41] - US manufacturing and service PMI data in May [43] - Harvard University's international student enrollment qualification was revoked [43] - US existing - home sales decreased in April, with a rising median price [43] - US initial jobless claims decreased to a four - week low [43] - Eurozone's May PMI data, with a decline in the composite PMI [44] - European Central Bank's meeting minutes and market expectations for a rate cut [44] - Japan's core machinery orders increased significantly in March [44] - Thailand's court ruled that Yingluck Shinawatra should pay compensation [46] International Stocks - US stocks closed mixed, with the S&P 500 and Nasdaq recording three - day losses [47] - European stocks closed lower due to concerns about bond yields and tax reform [47] - Berkshire Hathaway's Greg Abel met with Japanese trading company executives [48] - Kraken plans to allow non - US customers to trade stocks in token form [48] Commodity - International precious metal futures declined, affected by the US fiscal deficit, inflation, and the dollar [50] - International oil prices weakened, pressured by OPEC + production increase expectations and US inventory [50] - London basic metals mostly fell, with supply - chain changes [50] - OPEC + is discussing a production increase in July [51] - SHFE adjusted the trading fees of alumina and natural rubber futures contracts [51] Bond - China's bond market continued to fluctuate, with the central bank conducting reverse - repurchase operations [52] - A member of the Bank of Japan's council believes no intervention in the bond market is necessary [54] - US Treasury yields declined across the board [54] - European bond yields showed mixed trends [54] Foreign Exchange - The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [55] - The RMB ranked fifth in global payment currency in April [55] - Japan's foreign - exchange official stated that exchange rates should be determined by the market [55] - The US dollar index rose, and most non - US currencies fell [57] Upcoming Economic Data and Events - Economic data release schedule including UK consumer confidence, Japan's CPI, etc. [59] - Event schedule including Trump's dinner invitation, central bank operations, and corporate earnings reports [61]

今日导读 1. 5 月 22 日 ， 昆 仑 万 维 面 向 全 球 市 场 ， 同 步 发 布 天 工 超 级 智 能 体 （ Skywork Super Agents）。它具有强大的deep research能力，在GAIA榜单上排名全球第一。 2. 5月22日，联想集团公布截至2025年3月31日的2024/25财年全年及第四季度业绩。集团全 年收入达到4985亿元人民币，实现同比21.5%的强劲增长，创历史第二高位；非香港财务报 告准则下的净利润同比大增36%，达104亿元人民币。 3.5月22日，据港交所文件，三一重工股份有限公司向港交所提交上市申请书。 宏观消息 1、人民银行副行长、国家外汇局局长朱鹤新5月22日在国新办新闻发布会上表示，债券市场"科技 板"支持发行人灵活分期发行债券、简化信息披露要求、减免债券发行交易的部分手续费。债券市 场"科技板"最需要支持的是股权投资机构，因为股权投资机构是投早、投小、投硬科技的主要力量， 主要存在轻资产、长投资周期等特点，靠自身发债融资的话会存在融资期限短、融资成本高的问题， 债券市场"科技板"可以解决这些问题；此外，我们还创建科技创新债券风险分担机制，由 ...

完整早报音频，请点击标题下方小耳机收听 【高合汽车卷土重来，黎巴嫩公司出资 1 亿美元】 5 月 22 日，据天眼查，江苏高合汽车有限公司 在 5 月 22 日成立，注册资本约 1.43 亿美元（约合人民币 10.3 亿元）。新公司位于江苏省盐城 市，是一家以从事汽车制造业为主的企业。据 21 世纪经济报道，新公司由高合汽车母公司华人运通 （江苏）技术有限公司（以下简称"华人运通"）持股 30.2% ，黎巴嫩初创公司 EV Electra Ltd. 持 股 69.8% ，后者出资个亿，认缴出资日期为 2025 年 12 月 31 日。这家黎巴嫩公司创立于 2017 年，其官网宣称是"黎巴嫩和阿拉伯世界的第一家电动汽车制造商"，曾计划年产 1 万辆。 ( 界面新 闻 ) 【雷军谈小米 YU7 定价： 19 万 9 是不可能的，将于今年 7 月正式上市】 在 5 月 22 日的小米 15 周年战略新品发布会上，小米集团董事长、 CEO 雷军发表演讲。发布会上，小米首款 SUV 车型 小米 YU7 亮相，定位豪华高性能 SUV 。小米 YU7 拥有小米 YU7 单电机后驱、小米 YU7 Pro 双 电机四驱、小米 ...

杨某在雅工作期间涉嫌违规经商办企业问题，在参加公开招录公务员考试和工作期间涉嫌故意隐瞒违法生育二孩问 题。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 三一重工 36氪获悉，据港交所文件，三一重工向港交所提交上市申请书，中信证券为独家保荐人。 小米YU7正式发布，零百加速3.23s，标准版续航达835公里 36氪获悉，5月22日小米YU7正式发布，搭载小米超级电机V6s Plus，最大马力可达690PS。0-100km/h加速3.23s，最高时速 253km/h，100-0km/h最短制动距离33.9m。小米YU7共有三个版本——单电机后驱的小米YU7，双电机四驱的小米YU7 Pro和最 高性能的小米YU7 Max，标准版续航达835公里。 发布会前，雷军在微博上表示，22日晚的发布会不会公布YU7的正式价钱， 也不会开启小定，YU7预计7月正式上市。 在会上，小米创始人、董事长雷军表示，有网友提到小米YU7定价19万9，"这是不 可能的，对标Model Y的配置，卖到30几万差不多。"他说，小米YU7将于今年7月正式上市，届时将公布售价。 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 随着特朗普的税收法案在众议院批准后提交参议院，投资者努力应对利率上升和美国通胀的担忧，美债抛售暂歇，美股基准股指盘中全线反弹、但收盘涨跌 不一。 苹果七连跌，科技七巨头中独跌，特斯拉反弹近2%。税法取消了重要的清洁能源税收抵免，光伏板块暴跌，Sunrun跌37%。房利美涨超50%。核电股Oklo盘 后拉涨超10%。小鹏汽车回落近8%。 美众院通过减税案后，美债收益率短线回升，美国市场开盘后收益率大体持续走低。 比特币史上首次盘中逼近11.2万美元，再创新高。 OPEC+讨论7月大幅增产，沙特出手惩戒"配额叛徒"。 小米发布会：自研玄戒O1芯片登场、芯片要对标苹果，YU 7七月上市，定价19万9不可能！雷军：小米玄戒研发投入行业前三，立项目标"最新 工艺""旗舰级别""第一梯队"。 历史性时刻：比亚迪欧洲销量首次超越特斯拉，4月销量飙升169%。 "全球最强编程模型"来了！Anthropic发布Claude 4，连干七小时性能稳定。 原油跌超2%，为三连跌。黄金创近两周新高后一度转跌超1%。 亚洲时段，创业板收跌近1%，北证50跌 ...