Core Insights - Lenovo Group's subsidiary, Lenovo New Vision, has partnered with Star Motion Era to launch a humanoid service robot smart exhibition hall solution [1] - The collaboration aims to create a dedicated service robot, "Pioneer Center Robot," utilizing the Star Motion Q5 humanoid service robot as a platform, focusing on the integration of technology and scenarios [1] Company Overview - Lenovo New Vision has extensive experience in exhibition and service hall scenarios, with its H203 series robots serving as "companion virtual guides" that offer features such as proactive greeting, intelligent obstacle avoidance, and autonomous charging [1] - Star Motion Era has significant advantages in humanoid robots and embodied intelligence technology, previously collaborating with Haier on smart home solutions and Beijing Century Jinyuan Shopping Center for smart shopping guide solutions [1]

北京商报讯（记者 魏蔚）8月20日，星动纪元和联想旗下公司联想新视界达成战略合作，双方联合推出 人形服务机器人智慧展厅解决方案，旨在打造以星动纪元人形服务机器人星动Q5为载体的智慧展厅场 景专属服务机器人 "派中心机器人"，以及对应的人形服务机器人智慧展厅解决方案。 在展厅、服务大厅等场景，联想新视界的H203系列（AGV移动款）的定位是 "陪伴式虚拟讲解员"，星 动纪元聚焦研发通用的具身大脑及通用的机器人本体。此次与联想合作打造的智慧展厅解决方案，基于 星动Q5联合研发。此前，星动Q5已与海尔打造智慧家庭解决方案，与北京世纪金源购物中心共同打造 智慧导购解决方案。 ...

【环球网科技综合报道】2025年8月20日，联想集团旗下联想新视界科技（北京）有限公司与北京星动纪元科技有限公司在联想集团全球总部（北京）举行 战略签约仪式，联合推出人形服务机器人智慧展厅解决方案。 此次合作旨在打造以星动纪元人形服务机器人星动Q5为载体的智慧展厅场景专属服务机器人 —— "派中心机器人"，以及对应的人形服务机器人智慧展厅解 决方案。该方案以 "技术 + 场景" 深度融合为核心，有望重新定义高端展厅服务的体验边界与行业标准。 联想新视界在展厅、服务大厅等场景深耕多年，其 H203系列（AGV移动款）作为 "陪伴式虚拟讲解员"，凭借主动迎宾、智能避障、自主充电等基础能力， 已为全国多家企业提供机器人讲解服务。而星动纪元在人形机器人、具身智能技术方面优势显著。 星动纪元成立于2023年8月，聚焦研发通用的具身大脑及通用的机器人本体，至今已发布全尺寸人形机器人星动L7、仿人五指灵巧手星动XHAND1、星动 XHAND Lite、以及人形服务机器人星动Q5四款产品。此次与联想合作打造的智慧展厅解决方案，便是基于星动Q5联合研发。此前，星动Q5已与海尔携手 打造智慧家庭解决方案，与北京世纪金源购物中心共 ...

Core Viewpoint - Macquarie's report indicates that Lenovo Group's first fiscal quarter performance in IDG and SSG exceeded expectations, maintaining a buy rating with a target price of HKD 13.10 [1][2] Group Summaries Intelligent Device Group (IDG) - Revenue increased by 18% year-on-year, surpassing Macquarie's expectations and market consensus by 6% [1] - Strong growth attributed to significant market share gains in key regions and an increase in average selling price (ASP) [1] - Smartphone revenue achieved double-digit growth, particularly strong in Japan and India [1] - Operating profit margin (OPM) rebounded by 0.3 percentage points to 7.1% [1] - The personal computer market is expected to see mid-to-high single-digit growth for the remainder of the year, driven by Windows 11 upgrades [1] Infrastructure Solutions Group (ISG) - Revenue grew by 36% year-on-year, exceeding Macquarie's expectations and market consensus by 5% and 11% respectively [1] - Growth driven by ongoing collaboration with cloud service providers (CSPs), double-digit growth in enterprise sector revenue, and over 100% growth in AI server revenue [1] Solutions and Services Group (SSG) - Revenue increased by 20% year-on-year, surpassing Macquarie's expectations and market consensus by 9% and 7% respectively [2] - OPM improved by 1.2 percentage points, benefiting from major cross-industry client contracts and higher adoption of the "capital expenditure to operational expenditure" model [2] - Significant growth in device-as-a-service and infrastructure-as-a-service, achieving double-digit and triple-digit growth respectively [2] Future Outlook - Macquarie remains optimistic due to several factors: 1) PC replacement cycles and AI upgrades are expected to enhance product mix [2] 2) Steady growth in service revenue (approximately 10%) is anticipated to yield above-average OPM [2] 3) Expansion in server revenue scale is expected to return ISG's OPM to positive territory as capacity increases [2] - Adjustments made to net profit forecasts for fiscal years 2026, 2027, and 2028, with increases of 8%, 12%, and 13% respectively, primarily driven by revenue growth in IDG and ISG [2]

Core Viewpoint - Macquarie's report indicates that Lenovo Group (00992) achieved strong operating profits in its IDG and SSG segments for the first fiscal quarter, exceeding expectations, and maintains a buy rating with a target price of HKD 13.10 [1][2] Group Summaries Intelligent Devices Group (IDG) - Revenue increased by 18% year-on-year, surpassing Macquarie's expectations and market consensus by 6% [1] - Strong growth attributed to significant market share gains in key regions and an increase in average selling price (ASP) [1] - Smartphone revenue experienced double-digit growth, particularly strong in Japan and India [1] - Operating profit margin (OPM) rebounded by 0.3 percentage points to 7.1% [1] - The personal computer market is expected to see mid-to-high single-digit growth for the remainder of the year, driven by Windows 11 upgrades [1] Infrastructure Solutions Group (ISG) - Revenue grew by 36% year-on-year, exceeding Macquarie's expectations and market consensus by 5% and 11% respectively [1] - Growth driven by ongoing collaboration with cloud service providers (CSPs), double-digit growth in enterprise sector revenue, and over 100% growth in AI server revenue [1] Solutions and Services Group (SSG) - Revenue increased by 20% year-on-year, surpassing Macquarie's expectations and market consensus by 9% and 7% respectively [2] - OPM improved by 1.2 percentage points, benefiting from major client contracts across industries and a higher adoption rate of the "capital expenditure to operational expenditure" model [2] - Significant growth in "Device as a Service" and "Infrastructure as a Service," achieving double-digit and triple-digit growth respectively [2] Future Outlook - Macquarie remains optimistic due to several factors: 1) PC replacement cycles and AI upgrades are expected to enhance product mix [2] 2) Steady growth in service revenue (approximately 10%) is anticipated to yield above-average operating profit margins [2] 3) Expansion in server revenue scale is expected to return ISG's operating profit margin to positive territory as capacity increases [2] - Adjustments made to net profit forecasts for fiscal years 2026, 2027, and 2028, with increases of 8%, 12%, and 13% respectively, primarily driven by revenue growth in IDG and ISG [2]

智通财经获悉，国际知名大行麦格理发布研报称，联想集团(00992)在第一财季的IDG和SSG实现了强劲 的营业利润，超出预期表现。维持买入评级，目标价至 13.10 港元。 麦格理观点认为，第一财季业绩超出预期收入同比增长 22%，分别较麦格理预期和市场共识高出 6% 和 8%。 因此，麦格理维持乐观态度，原因如下：1)PC更换周期和AI升级将推动产品组合改善；2)服务收入稳步 增长(约 10%)，有望带来高于平均水平的营业利润率(OPM)；3)服务器收入规模不断扩大，待产能提升 后，基础设施方案业务集团(ISG)的营业利润率将回归正值。(基于先前对联想的研究)。基于此，上调了 2026 财年、2027 财年和 2028 财年的非香港财务报告准则净利润预期，分别上调 8%、12% 和 13%，这 主要得益于智能设备业务集团(IDG)和基础设施方案业务集团(ISG)收入的增长，基于11 倍摊薄后的非香 港财务报告准则每股收益(计入可转换债券的摊薄影响)，维持买入评级，目标价至 13.10 港元。 该信息由智通财经网提供 智能设备业务集团(IDG)：收入同比增长 18%，分别较麦格理预期市场共识高出 6%、6%。 ...

Core Insights - Lenovo Group has established a regional headquarters in Saudi Arabia, located in the iconic Majdoul Tower in Riyadh, which houses several public investment funds, government agencies, and tech companies [1][4] - The company is also constructing an advanced manufacturing facility in partnership with Saudi Eniat, expected to begin trial production in 2026, with a capacity to produce millions of laptops, desktops, mobile phones, and servers annually [2][5] - The new manufacturing base is projected to create 15,000 direct jobs and 45,000 indirect jobs, contributing an estimated $10 billion to Saudi Arabia's non-oil economy by 2030 [2][5] Company Strategy - Lenovo aims to strengthen its global presence and capitalize on growth opportunities in Saudi Arabia and the broader Middle East and Africa region [5] - The company’s CEO emphasized leveraging its leading supply chain and innovation capabilities to support Saudi Arabia's Vision 2030, which focuses on economic diversification, industrial development, technological innovation, and job growth [5]

作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 本文源自：金融界 金融界2025年8月20日消息，国家知识产权局信息显示，联想（北京）有限公司取得一项名为"天线模组 及电子设备"的专利，授权公告号CN223245889U，申请日期为2024年09月。 专利摘要显示，本申请提供一种天线模组及电子设备，涉及电子设备技术领域。其中，该天线模组包 括：第一天线；第二天线，通过切换开关与第一天线连接；主射频通路，通过第一通路和第二通路与所 述切换开关连接；如果第一天线作为主射频天线，所述第一天线通过所述第一通路与所述主射频通路连 接；如果第二天线作为主射频天线，所述第二天线通过所述第一通路或所述第二通路与所述主射频通路 连接。 ...

本文源自：金融界 作者：情报员 专利摘要显示，本申请公开了一种交互处理及电子设备，方法包括：响应于获得目标输入数据，从目标 知识库中检索与所述目标输入数据匹配的第一记忆数据和第二记忆数据，所述目标输入数据是输入至目 标应用的数据，所述目标应用是能够提供人工智能服务或调用至少一个处理模型提供人工智能服务的应 用；以及，参考所述第一记忆数据和所述第二记忆数据对所述目标输入数据进行生成处理，以得到匹配 目标用户意图的目标响应结果；其中，所述第一记忆数据和所述第二记忆数据在所述目标知识库中的配 置参数不同，所述目标用户意图至少基于所述目标输入数据确定。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 金融界2025年8月20日消息，国家知识产权局信息显示，联想（北京）有限公司申请一项名为"一种交互 处理方法及电子设备"的专利， ...

智通财经APP获悉，中金发布研报称，AI芯片及服务器功率密度攀升，Vertiv(VRT.US)预计至2029年， 单个AIGPU机柜的功率将超1MW，单AIPOD的功率将超500kW，对散热系统提出挑战，而当机架密度 上升至20kW时，液冷散热的优势凸显。根据IDC，2024年我国液冷服务器市场规模同比增长67.0%达 23.7亿美元，预计2024-2029年CAGR有望达46.8%；测算2025/2026年全球AI服务器液冷市场规模有望达 30.7亿美元/85.8亿美元。建议关注技术领先的系统方案商、核心零部件厂商以及积极布局液冷技术的服 务器厂商。 中金主要观点如下： 产业链上游(冷板、CDU、快速接头等)、中游(服务器厂商、解决方案商)加速布局，下游云厂商率先规 模化应用，英伟达GB200及GB300NVL72加速产业生态形成，市场空间广阔。根据IDC，2024年我国液 冷服务器市场规模同比增长67.0%达23.7亿美元，预计2024-2029年CAGR有望达46.8%；中金测算， 2025/2026年全球AI服务器液冷市场规模有望达30.7亿美元/85.8亿美元。 标的方面 建议关注技术领先的系统方案 ...