Core Viewpoint - Goldman Sachs expects Lenovo (00992) to benefit from the expansion of AI PC and server businesses, with investments in generative AI driving long-term growth, maintaining a "Buy" rating and raising the target price from HKD 12.48 to HKD 13.56 [1] Group 1: Financial Projections - The firm forecasts a compound annual growth rate (CAGR) of 11% for Lenovo's revenue from 2025 to 2027, primarily driven by the rise of AI PC products and an increase in market share [1] - The non-Hong Kong Financial Reporting Standards net profit estimates for 2026 to 2028 have been raised by 2%, 18%, and 18% respectively [1] Group 2: Market Performance - Lenovo's server business is continuously transitioning towards high-end products [1] - Global PC shipments increased by 15.2% year-on-year in the second quarter, outperforming the industry average growth of 6.5% [1] - Lenovo's market share rose from 23% to 24.8%, with AI PCs expected to help capture additional market share [1]

Core Insights - Lenovo Group plans to establish a regional headquarters in the iconic Majdoul Tower in Riyadh, Saudi Arabia [1] - The company has appointed a management team for the Saudi Arabian market, including Lawrence Yu as the head of the regional headquarters [1] - The new manufacturing base in Riyadh has completed the foundation excavation, and the steel structure of the first main factory has been constructed [1] Company Developments - Giovanni Di Filippo has been appointed as Vice President and General Manager of Lenovo Saudi Arabia [1] - Zoran Radumilo has been appointed as the Chief Technology Officer (CTO) for Lenovo Saudi Arabia [1] - The new factory is expected to begin trial production in 2026, with an anticipated annual output of millions of laptops, desktops, mobile phones, and servers [1]

智通财经APP获悉，高盛发布研报称，预期联想(00992)将持续受惠AI PC及服务器业务扩张，同时投资 于生成式AI将带动长期增长，维持"买入"评级，将目标价从12.48港元上调至13.56港元，目前预测集团 2025至2027年收入年均复合增长率将达11%，主要受到AI PC产品兴起及市占率提升的推动。 该行指，联想服务器业务持续向高端产品转型，PC在全球出货量在第二季同比增长15.2%，跑赢行业平 均的6.5%增幅，市占率由23%提升至24.8%，认为AI PC有助抢占市场份额，并将2026至2028年非香港 财务报告准则净利润预测上调2%、18%及18%。 ...

Core Insights - The CCF HPC China 2025 conference, themed "Green Computing and Super Intelligence Integration," was held in Ordos, showcasing Lenovo's heterogeneous intelligent computing platform and AI solutions, which received the "Product Innovation Award" for its technological advantages and customer acclaim [1][5][12] Group 1: Conference Overview - The CCF HPC China 2025 conference is one of the most influential events in the high-performance computing (HPC) field, focusing on academic leadership and industry integration, serving as a platform for technology discussions, result showcases, and ecosystem connections [2] - Lenovo's strategic management director, Huang Shan, presented on the integration of AI computing power, models, and applications, highlighting Lenovo's AI infrastructure's role in facilitating enterprise AI applications and industry transformation [2][8] Group 2: Industry Trends and Challenges - The rapid development of the AI industry has led to a significant increase in global computing power demand, with China ranking second globally in total computing power, which is crucial for supporting the digital economy [5][12] - Despite China's leading computing power scale, there is a lack of standardized and universal computing services, resulting in a mismatch between supply and effective utilization, necessitating efficiency improvements across computing layers [5][12] Group 3: Lenovo's Innovations - Lenovo's heterogeneous intelligent computing platform aims to unify the management of diverse computing resources, addressing the challenges posed by the coexistence of HPC and intelligent computing clusters, which can lead to resource wastage and increased management complexity [10][12] - The latest version of Lenovo's platform includes breakthrough technologies such as AI inference acceleration algorithms and self-healing systems, targeting key pain points in large model application deployment [10][12] Group 4: Product Highlights - Lenovo showcased the Lenovo Wenti WA7880 G3 model training and fine-tuning integrated machine, designed for easy deployment and adaptability, marking a significant step for enterprises in enhancing AI efficiency [10][12] - In the AI server segment, the Lenovo Wenti WA5480 G5 server was highlighted for its high computing power, reliability, scalability, and low energy consumption, contributing to reduced data center PUE and total ownership costs [12] - Lenovo's AI network and storage solutions, including the NE8770-64QC 400G core switch and ThinkSystem DE6000H storage, were also presented, emphasizing low latency and high performance for AI applications [12][13] Group 5: Future Directions - Lenovo aims to continue its "one horizontal and five vertical" strategic layout, focusing on technological innovation and ecosystem development to promote the integration of super intelligence and computing power, making AI more accessible, efficient, and sustainable [13]

智通财经APP获悉，瑞银发布研报称，展望截至9月底止第二财季，预测联想集团(00992)收入将按季增 长约10%，预期高端PC及AI PC销售可有助提升PC市占率。瑞银并将2026及2027财年收入增长预测从原 先各6%及3%，上调至各10%及8%，维持ISG及方案服务业务集团(SSG)业务较快增长预测，料2026财年 可分别同比增长25%及13%，目标价由10港元上调至11港元，维持"中性"评级。 联想截至今年6月底止首财季收入同比增长22%至188亿美元，按季比较亦增长11%，好过市场预期，主 要受智能设备业务集团(IDG)收入按季增长14%及基础设施方案业务集团(ISG)收入按季增长4%的带动。 ...

Core Insights - The global smartphone market is projected to ship 297 million units in Q2 2025, reflecting a year-on-year growth of 1.4% [1] - In China, the top five smartphone manufacturers are Huawei, vivo, OPPO, Xiaomi, and Apple, with Huawei reclaiming the top position after four years [1][3] - The U.S. market's top five manufacturers are Apple, Samsung, Lenovo, Google, and TCL, with Apple maintaining a significant lead in market share [1][4] China Market Summary - The total smartphone shipments in China for Q2 2025 reached 68.9 million units, marking a decline of 4.1% year-on-year, ending six consecutive quarters of growth [2] - Huawei led the Chinese market with a shipment of 12.5 million units, holding an 18.1% market share, despite a year-on-year decline of 3.4% [2][3] - Xiaomi was the only manufacturer among the top five to achieve positive growth, with a year-on-year increase of 3.4% [2][3] - Consumer confidence remains low, impacting overall market demand despite promotional events like "618" [2] U.S. Market Summary - The U.S. smartphone market experienced a growth of 3.7%, with total shipments reaching 25.7 million units in Q2 2025 [4][5] - Apple led the U.S. market with a shipment of 12.2 million units, capturing a market share of 47.6% and achieving a year-on-year growth of 14.8% [5] - Samsung followed with a shipment of 6.9 million units, reflecting a growth of 14.3% due to inventory increases and the introduction of AI features in mid-range devices [5] - Lenovo (Motorola) continued to expand its presence in the U.S. market with a year-on-year growth of 2.4% [5]

智通财经APP获悉，IDC最新研究显示，2025年第二季度(25Q2)全球智能手机市场出货量总计2.97亿 台，同比增长1.4%。作为全球两大核心市场，中国和美国的市场表现备受关注。二季度中国市场前五 名厂商为华为、vivo、OPPO、小米(01810)和苹果(AAPL.US)，其中仅苹果一家国外厂商，华为在四年 后重夺榜首位置。美国市场前五名厂商为苹果、三星、联想(00992)、谷歌和TCL。美国市场主要厂商 通过提前备货以及融合AI技术，推动了市场正向增长。然而，上半年提前释放的市场需求，可能对下 半年的增长预期造成压力。 中国市场 国补和"618"拉动出货，但消费者信心仍然低迷 美国市场 整体增长3.7%，增加库存效果显著 | 2025年第二季度,美国前五大智能手机厂商 -- 出货量、市场份额、同比增幅 | | | | | --- | --- | --- | --- | | 2025年第二季度 2025年第二季度 厂商 出货量(百万台) | | 市场份额 | 同比增幅 | | 1. Apple | 12.2 | 47.6% | 14.8% | | 2. Samsung | 6.9 | 26.9% | 1 ...

来源：环球网 黄山表示，"当前，AI应用的算力底座架构已逐步走向异构融合，企业需要强劲、可靠、高能效的算力 底座，也需要集群管理软件平台来完成多元异构算力的池化、调度、管理、调优等工作，将算力真正发 挥出来，帮助企业实现算力需求的全生命周期管理，进而加速推动AI算力普惠。" 面对企业对人工智能应用的规模迅速扩大，许多企业面临高性能计算（HPC）集群与智能计算集群并存 的局面。两套集群系统的并存导致资源分散管理，不仅引发了资源的闲置与浪费，还增加了管理的复杂 性和负担。在超智融合的趋势下，实现HPC集群与智能计算集群的统一管理和调度成为一项挑战。 据介绍，作为联想AI基础设施"一横五纵"战略中的核心，联想万全异构智算平台可以统一纳管异构算 力，实现对异构计算集群的管理调度，让客户轻松获得融合、稳定的通用、AI和科学算力。最新的3.0 版本新增了AI推理加速算法集、AI编译优化器、AI训推慢节点故障预测与自愈系统、专家并行通信算 法等四大突破性创新技术，直击大模型应用落地的关键痛点，不断突破算力效率极限。（青云） 【环球网科技综合报道】8月18日消息，联想携联想万全异构智算平台、联想AI解决方案、联想科学计 算整 ...

证券研究报告 | 季报点评 gszqdatemark 2025 08 18 年 月 日 业绩超预期，持续推动 AI 战略 联想集团 25-26Q1 财季业绩超预期。Q1 财季公司实现 188.3 亿美元收 入，同比增长 22%。分业务看，IDG/ISG/SSG/分部间抵消收入分别为 135/43/23/-12 亿美元，占比 71%/23%/12%/-6%，PC 及非 PC 业务分别 占 53%/47%。IDG/ISG/SSG 业务同比增速分别为 18%/36%/20%，各项 业务均保持高增速。盈利方面，Q1 财季毛利率录得 14.7%，同比/环比下 降 1.8pct/1.6pct；IDG/ISG/SSG 经营利润率分别为 7.1%/-2.0%/22.2%。 其中 ISG 业务亏损扩大，主要系 AI 服务器收入同比翻番，CSP 业务毛利 率较低。得益于卓越的运营和良好的费用控制，公司费用率环比明显收窄， 使得公司归母净利润同比大幅增长 108%至 5.05 亿美元，归母净利润率 录得 2.7%，同比/环比分别提升 1.1%/2.2%。 PC 基本盘快速增长，手机业务双位数增长。Q1 财季，联想集团 PC 收入 ...

值得一提的是，智通财经APP在《联想集团(00992)25/26财年第一季度业绩超预期增长营收再创同期历 史新高》指出，在全球AI竞赛正如火如荼的市场环境中，联想集团三大主营业务集团均把握住了AI所 带来的结构性增长机遇，本财季联想三大主营业务集团均实现双位数增长，加速AI价值的兑现：IDG智 能设备业务集团实现营收973亿元人民币，同比增长17.8%，其中PC业务更是创下15个季度以来最快增 速；ISG基础设施方案业务集团营收实现35.8%的强劲增长；SSG方案服务业务集团收入增长19.8%再创 新高，运营利润率达22.2%，核心利润引擎地位进一步稳固。 联想集团(00992)午前涨近5%，截至发稿，涨4.81%，报11.34港元，成交额7.32亿港元。 消息面上，近日，联想集团发布2025/26财政年度第一季业绩，收入188.3亿美元，同比增加22%；毛利 27.74亿美元，同比增加8%；权益持有人应占溢利5.05亿美元，同比增加108%；每股基本盈利4.12美 仙。公告称，于25/26财年首季，集团研发投资同比增长10%，带动混合式人工智能策略的发展，并加 强集团产品组合的人工智能能力。 ...