Investment Rating - The investment rating for Lenovo Group (00992.HK) is "Buy" (maintained) [1] Core Views - The report highlights that Lenovo is expected to benefit from the accelerated penetration of AI PCs and strong demand for AI servers, despite short-term pressure on ISG profitability due to increased R&D investments. The non-GAAP net profit estimates for FY2026-2028 have been adjusted to $1.67 billion, $1.96 billion, and $2.30 billion respectively, reflecting year-on-year growth of 15.9%, 17.2%, and 17.5% [4][5] Financial Performance Summary - For FY2026 Q1, Lenovo reported revenue of $18.83 billion, a year-on-year increase of 21.9%, with a non-GAAP net profit of $389 million, also up 21.8%. The net profit margin remained stable at 2.1% [5] - The breakdown of revenue by business segments shows: - IDG: Revenue of $13.46 billion, with a year-on-year growth of 15.2% in PC shipments, significantly outperforming the industry [5] - ISG: Revenue of $4.29 billion, a year-on-year increase of 35.8%, with AI server revenue more than doubling [5] - SSG: Revenue of $2.26 billion, up 19.8%, with deferred revenue of $3.5 billion, indicating strong business predictability [5] Business Outlook - The report anticipates continued momentum in PC shipments and AI PC penetration, supported by the ongoing Windows 10 replacement cycle and reduced tariff impacts. The ISG segment is expected to return to profitability as demand for AI servers increases [6] - The SSG segment has gained attention due to rising enterprise AI demand, with its operating profit contribution exceeding 50% [6]

Core Viewpoint - Lenovo Group achieved significant growth in its China operations for the first quarter of the 2025/26 fiscal year, with both revenue and profit seeing substantial increases, driven by a strong focus on AI strategies and a shift towards non-PC business segments [1][2]. Group 1: Financial Performance - Lenovo's China operations reported a 36% year-on-year increase in revenue and a 43% increase in profit for the first fiscal quarter [1]. - Non-PC business revenue surpassed 54% of total revenue, marking a historic milestone for the company [1]. - The Intelligent Device Group (IDG) maintained a high market share in PCs, achieving record highs during the same period [1]. - The Intelligent Infrastructure Group (ISG) saw a 72% year-on-year revenue growth, with server revenue increasing by 81% [1]. - The Solutions and Services Group (SSG) also reported over 20% year-on-year growth in both revenue and profit [1]. Group 2: AI Strategy and Innovations - Lenovo is heavily investing in personal intelligence through the Tianxi personal super-intelligent system, which enhances the IDG business [2]. - The Tianxi system was officially launched in May and has been integrated into Lenovo's personal cloud, facilitating a new generation of human-computer interaction [2]. - Lenovo's AI PCs sold over 1 million units in the previous fiscal year, with sales in the current quarter nearing last year's total, accounting for over one-third of total notebook sales in China [2]. - In enterprise intelligence, Lenovo is innovating in AI infrastructure and solutions, introducing liquid cooling technologies and the Lenovo Wanquan AI all-in-one machine, which achieves a throughput of over 12,000 tokens per second [2]. Group 3: Market Expansion and Services - Lenovo is expanding its offerings for government and enterprise clients with solutions like xCloud smart cloud, ESG, and full-cycle AI services [3]. - For small and medium-sized enterprises, Lenovo is leveraging the Baiying intelligent system to enhance IT operations, AI office tasks, and AI marketing, aiming for cost reduction and efficiency improvements [3].

Financial Performance - Lenovo reported a 22% year-on-year revenue growth for Q2, reaching 136.2 billion yuan, marking a historical high for the same period [2] - The net profit under non-Hong Kong financial reporting standards increased by 22% to 2.816 billion yuan [2] - The IDG smart device business group generated revenue of 97.3 billion yuan, up 17.8%, while the ISG infrastructure solutions business group saw a revenue increase of 35.8% [2] Business Segments - Non-PC business revenue share rose to 47% in the current fiscal quarter [3] - The PC business achieved a market share of 24.6%, expanding by 3.9 percentage points compared to the second place, with all major regions exceeding double-digit growth [4] Market Trends - The global PC shipment volume grew by 6.5% year-on-year in Q2 2025, reaching 68.4 million units, with a notable 10% growth in the Chinese market after 11 quarters of contraction [3] - AI PC shipments accounted for over 30% of total PC shipments, surpassing previous forecasts [6] - The global server market is projected to grow by 44.6% in 2025, with significant growth expected in the US and China [6] Strategic Insights - Lenovo's global manufacturing layout, with over 30 manufacturing bases in more than a dozen countries, has mitigated the impact of tariffs [3] - The company emphasizes a "China + N" model to maintain competitive advantage in manufacturing costs [3] - Lenovo's AI infrastructure business revenue surged by 155% year-on-year, driven by growth in cloud and enterprise infrastructure [6]

（文章来源：证券时报网） 花旗研究报告指出，联想集团2026财年第一季度业绩超出了花旗及市场的预期，这得益于销售增长的加 速和税率的下降。对于第二季度的展望，集团预计收入将实现高个位数百分比的同比增长，这一稳健的 预测有望缓解投资者对终端需求不确定性的担忧。联想对个人计算机和服务器业务持乐观态度，并将商 业替换、AI PC采用率的提高以及服务器产品组合的扩展视为关键增长动力。基于公司稳健的基本面、 出色的执行能力以及具有吸引力的估值，花旗维持"买入"评级，并将目标价从13.3港元上调至13.6港 元。 ...

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the 2025/26 fiscal year, reaching 136.2 billion RMB, marking a historical high for the same period [1] - The company’s net profit also increased by 22% to 2.816 billion RMB, indicating a significant enhancement in profitability [1] - Lenovo's CEO emphasized the company's resilience and flexibility in supply chain management, overcoming challenges from tariff fluctuations and geopolitical issues [1] Revenue Growth Highlights - The Intelligent Devices Group (IDG) achieved revenue of 97.3 billion RMB, a 17.8% increase, surpassing market expectations [2] - The PC business recorded its fastest growth in 15 quarters, while the smartphone business revenue grew by 14% [2] - Non-PC business revenue now accounts for 47% of total revenue, highlighting its role as a key growth driver [2] AI and Infrastructure Development - Lenovo's AI infrastructure business saw a remarkable 155% year-on-year revenue growth, with liquid cooling technology solutions also experiencing nearly 30% revenue growth [2] - The company maintains a leading position in the global AI PC market, with AI PC shipments exceeding 30% of total PC shipments [2] - The "Tianxi" personal super intelligent agent has achieved an average weekly active user rate of 40% [2] Service and Support Growth - The Solutions and Services Group (SSG) reported a 19.8% revenue increase to 16.3 billion RMB, exceeding market expectations [3] - Support services revenue grew by 12.2%, while higher-value operational services and project solutions saw increases of 36% and 18.3%, respectively [3] Research and Development Investment - Lenovo continues to increase its R&D investment, with expenses rising over 10% year-on-year, positioning the company to capitalize on opportunities in the AI era [5] AI Strategy and Market Position - Lenovo's hybrid AI strategy focuses on AI-embedded smart terminals, AI-driven infrastructure, and AI-native solution services [6] - The company is innovating device forms, including rollable, foldable, and transparent screens, enhancing its product offerings in the AI PC market [6] - Lenovo has launched multiple general solutions and vertical industry solutions since the introduction of its hybrid AI advantages, driving high growth in its solutions and services business [8] Market Outlook and Analyst Ratings - Analysts believe Lenovo will benefit from increased consumer demand for AI PCs and rapid growth in AI infrastructure, with several firms raising their target prices and maintaining "buy" ratings [8]

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15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"一种天线 及电子设备"的专利，授权公告号CN115548652B，申请日期为2022年09月。 作者：情报员 本文源自：金融界 ...

基于公司稳健的基本面、强劲的执行力及具吸引力的估值，花旗维持"买入"评级，目标价从13.3港元上 调至13.6港元。 花旗发表研究报告指，联想集团6月底止2026财年第一季业绩超出花旗及市场预期，受益于销售增长加 快和税率下降。第二季指引上，集团预计收入将实现高个位数百分比按年增长，展望稳健，应有助于缓 解投资者对终端需求不确定性的担忧。联想对其个人计算机和服务器业务保持乐观，继续视商业替换、 AI PC采用率上升，以及服务器产品组合扩展为关键驱动因素。此外，公司灵活性和多元化营运亦应有 助于应对宏观波动。 ...

联想中国区业绩实现强劲的"开门红"。8月14日，联想集团发布2025/26财年第一季度（2025年4月-6月）财报，联 想集团执行副总裁兼中国区总裁刘军在接受媒体采访时表示，联想中国区实现营业额和利润的双双大幅增长，非 PC业务收入过半，取得历史性突破。 首先是在AI基础设施领域，联想万全异构智算平台升级到3.0，新增了AI推理加速算法集、AI编译优化器、专家并 行通信算法、AI训推慢节点故障预测与自愈系统等创新技术，覆盖了模型预训练、后训练和推理AI全流程需 求。"万全平台可以看成是智算中心的操作系统，可以统一纳管不同算力，兼容多种技术架构。"刘军表示，丰富 的技术创新使联想能够基于同样的硬件平台，为用户提供更好的计算性能，比如推理性能提升5-10倍、推理延时 降低3倍以上等。 数据显示，联想中国区在集团第一财季的营业额和利润分别实现36%和43%的同比增长，非PC业务收入超过 54%。其中，IDG（智能设备）业务中PC在中国市场的份额保持高位并继续突破，创同期历史新高；ISG（智能基 础设施）业务营收同比增长72%，其中服务器同比大幅增长81%；SSG（解决方案与服务）业务营收和利润双双实 现超20%的同 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.00, up from the previous HKD 15.30, reflecting a 4.4% increase [1][5]. Core Insights - The company reported a 1QFY26 revenue of USD 18.83 billion, representing a year-over-year increase of 22.0%, exceeding Bloomberg consensus estimates by 7.2%. The Non-HKFRS net profit attributable to shareholders was USD 389 million, also up 22.0% year-over-year, driven by strong demand from global mixed AI developments [1][5]. - The gross margin for 1QFY26 was 14.7%, a decline of 1.9 percentage points year-over-year, primarily due to the suspension of H20 shipments in the infrastructure segment and changes in product mix [1]. Summary by Segment IDG (Intelligent Devices Group) - IDG revenue grew by 18.0% year-over-year in 1QFY26, with operating profit increasing by 15.0% year-over-year. The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2]. - The PC business revenue increased by 20.0% year-over-year, maintaining a leading position in the Windows AI PC sector [2]. ISG (Infrastructure Solutions Group) - ISG revenue rose by 36.0% year-over-year in 1QFY26, driven by continued capital expenditures from global CSP customers in AI and traditional servers. However, the segment recorded an operating loss of USD 85.52 million due to the suspension of H20 shipments and increased R&D investments [3]. - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3]. SSG (Solution Services Group) - SSG revenue increased by 20.0% year-over-year in 1QFY26, marking the 17th consecutive quarter of growth. The segment's revenue from support services and AI solutions showed strong performance, particularly in manufacturing and supply chain sectors [4]. - The overall contribution of these services to SSG's total revenue increased by 3 percentage points to 58% [4]. Financial Projections - The company expects revenue growth of 0.7%, 2.3%, and 3.8% for FY2025, FY2026, and FY2027, respectively. Non-HKFRS net profits are projected to be USD 1.69 billion, USD 1.89 billion, and USD 2.12 billion for FY2026, FY2027, and FY2028, reflecting year-over-year growth rates of 17.6%, 11.3%, and 12.4% [5][9].

今日截至10点00，科创人工智能ETF华夏（589010）上涨0.34%。持仓股方面，30只成分股有25只 飘红，迎来普涨行情。澜起科技领涨2.97%，天准科技、凌云光双双上涨超2%，奥普特、石头科技等跟 涨。流动性方面，盘中换手6.04%，成交金额达450万元，量能释放节奏稳定。 消息方面，联想的三大主营业务集团都把握住了AI带来的结构性增长机遇：IDG智能设备业务集团 实现营收973亿元，同比增长17.8%，其中PC业务创下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%的增长；SSG方案服务业务集团收入增长19.8%至163亿元，运营利润率达22.2%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：董萍萍 ） 长城证券认为，AI大算力浪潮催生新动能，芯片国产替代坚定推进，重点关注AI产业链相关公司 及"龙头低估"&"困境反转"企业。1）国产AI服务 ...