ISG：AI基建需求爆发，技术壁垒筑牢优势。FY2026H1，公司ISG业务营业收入达83.8亿美元，同比增 长29.6%，受云基础设施业务/企业基础设施业务双重拉动。AI服务器业务受益于全球AI训练与推理需 求，上半财年收入实现高双位数同比增长。海神液冷表现亮眼，第一财季收入实现双位数同比增长，第 二财季收入进一步实现三位数同比增长，凭借超100项专利形成竞争壁垒，巩固集团在基础设施和高性 能计算领域的领导地位。 SSG：高利润业务再创新高，"即服务"模式有望放量。FY2026H1，公司SSG业务营业收入创历史新 高，达48.1亿美元，同比增长18.9%，经营利润率达22%。运营服务与项目解决方案收入占SSG业务比提 升至58.9%，创历史新高。TruScale平台订单量实现三位数同比增长，得益于设备即服务（DaaS）和基 础设施即服务（IaaS）的成功推进，公司有望持续升级垂直行业解决方案，提升客户粘性，巩固SSG利 润引擎。 考虑联想集团各项业务持续受益于AI浪潮，AIDC、AIPC、个人及企业智能体驱动业绩稳健增长，维 持"买入"评级。 东吴证券发布业绩点评报告，分析称联想集团三大业务集团协同发力，A ...

智通财经APP获悉，甬兴证券发布研报称，联想(00992)Q2业绩超出市场普遍预期，AI成为核心增长引 擎。看好联想集团通过混合式人工智能战略推动业绩持续增长的发展潜力，维持"买入"评级。 具体分业务线来看： 高附加值服务带动SSG板块业绩增长。2025/26财上半年SSG解决方案与服务业务集团营收同比+19%， 营业利润率上升至22%，推动营业利润同比+28%。受高端附加服务带动，支持服务收入同比实现双位 数增长。托管服务和项目与解决方案服务在方案服务业务集团的收入占比58.9%。 AIPC持续推动IDG板块业绩增长。IDG智能设备业务集团实现营收1081亿元，同比增长12%。在第二财 季，个人电脑业务在全球范围内实现了25.6%的创纪录市场份额，同比增长1.8个百分点。 AI个人电脑的渗透率已升至总出货量的33%，同时在全球Windows AI个人电脑市场中以31.1%的份额巩 固了领先地位。AI基础设施驱动ISG板块业绩改善。ISG基础设施方案业务集团2025/26财年第二财季实 现营收约293亿元，同比提升24%，其中AI基础设施营收显著跃升。主要由于人工智能基础设施需求的 上升、新的通信服务提供商（ ...

高盛发布研报称，维持对联想集团(00992)的正面看法，看好其在个人电脑市场的领先地位，产品组合 正向AIPC升级，以及在全行业面对内存成本上升时展现出更佳的供应链管理能力。高盛对联想服务器 业务发展看法同样正面，相信生成式AI需求增长，将为联想在AI基础设施及边缘AI设备领域带来机 遇，维持"买入"评级，目标价13.25港元。 计及截至今年9月底止第二财季业绩，该行将联想2026至2028财年收入预测上调1%至2%，以反映服务 器需求上升，考虑到服务器业务毛利率相对较低，将经调整经营收入预测上调最多1%，2027及2028财 年经调整净利润预测分别上调4%。 ...

高盛发布研报称，维持对联想集团(00992)的正面看法，看好其在个人电脑市场的领先地位，产品组合 正向AIPC升级，以及在全行业面对内存成本上升时展现出更佳的供应链管理能力。高盛对联想服务器 业务发展看法同样正面，相信生成式AI需求增长，将为联想在AI基础设施及边缘AI设备领域带来机 遇，维持"买入"评级，目标价13.25港元。 计及截至今年9月底止第二财季业绩，该行将联想2026至2028财年收入预测上调1%至2%，以反映服务 器需求上升，考虑到服务器业务毛利率相对较低，将经调整经营收入预测上调最多1%，2027及2028财 年经调整净利润预测分别上调4%。 ...

1 December 2025 | 2:33PM HKT Equity Research Lenovo (0992.HK): AI across Cloud and Edge; Buy We remain positive on Lenovo post Sep-Q results (report link), given its leading market position in the PC market enjoying market share gains under industry consolidation, its product mix upgrade toward AI PCs, and its better management of the supply chain under a rising memory cost cycle. The company's ISG / Servers business is also in expansion with growth in HPC (high-performance computing) and AI servers. At SC2 ...

Core Viewpoint - The ongoing "super cycle" in storage chips driven by AI is exerting significant cost pressure on global PC and mobile manufacturers, leading to anticipated price increases across the board [1] Group 1: Company Responses - Dell Technologies has issued a price increase warning, indicating that costs will ultimately be passed on to end customers, with a possibility of repricing certain products [1] - HP's CEO has stated the company is prepared to raise product prices if necessary, noting that memory costs currently account for 15% to 18% of typical PC total costs [1] - Lenovo Group plans to follow suit with price increases to counteract rising storage prices, having already locked in production capacity for 2026 to manage costs [1] Group 2: Market Trends - Storage chip prices have surged by 50% cumulatively since the beginning of the price increase phase, with 512GB chips rising nearly 500 yuan since October [1] - Counterpoint Research forecasts that memory prices are expected to rise by an additional 50% by the second quarter of 2026, suggesting that price hikes for mobile and PC products are inevitable [1]

Core Insights - The event in Chongqing focused on the promotion of the low-altitude economy and featured a strategic cooperation agreement between the Chongqing Bishan District and Lenovo Group, aimed at integrating AI technologies into urban development and industry upgrades [1][3] Group 1: Strategic Cooperation - The agreement involves the deployment of Lenovo's "1+N intelligent body" technology architecture, which includes a unified central intelligent body and multiple specialized intelligent bodies for various vertical fields [3] - This initiative aims to enhance the integration of digital and real economies, accelerate innovation in the industrial chain, and establish a high ground for digital economic innovation applications [3] Group 2: Low-Altitude Economy Development - Bishan District is designated as a pilot area for low-altitude equipment industry development and has signed multiple projects related to the low-altitude economy [3] - The district is building a comprehensive service demonstration base for low-altitude commercial operations, focusing on a standardized service system for low-altitude unmanned aerial vehicles [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 11 頁 v 1.1.1 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 聯想集團有限公司 | | | 呈交日期: | 2025年12月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 11 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00992 | | 說明 | 港幣櫃台 | | | | | | 多櫃檯證券代號 | 80992 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 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"壳体及设备系统"的专利，授权公告号 CN223600129U，申请日期为2024年11月。 专利摘要显示，本申请提供一种壳体及设备系统。其中，壳体包括：壳本体，其设有第一连接部，第一 连接部用于使壳体与电子设备固定连接；第一物理接触点，设置于壳本体，第一物理接触点用于与电子 设备电连接。 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。 ...

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "A Scheduling Method, Electronic Device, and Storage Medium," with publication number CN121029374A, and the application date is June 2025 [1] - The patent abstract indicates that the scheduling method involves determining target resource information required for executing tasks, identifying normal processors in various computing nodes, and selecting candidate computing nodes based on performance parameters, including temperature [1] - The method aims to allocate tasks to the target computing node where the temperature of normal processors is below a specified threshold, enhancing efficiency in task execution [1] Group 2 - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 565 million Hong Kong dollars and has invested in 107 enterprises, participated in 5,000 bidding projects, and holds 1,751 trademark records and 5,000 patent records [2] - Additionally, Lenovo (Beijing) has 238 administrative licenses, indicating a robust operational framework and extensive involvement in various business activities [2]