②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

Group 1 - The founder of Bawang Tea Ji, Zhang Junjie, is getting married to Gao Haichun, daughter of the founder of Trina Solar, with a combined market value of approximately 613 billion yuan for their respective companies [5][6] - DJI has officially entered the consumer-grade 3D printing market by investing in Smart Pie Technology, indicating a strategic move towards innovative technology [11] - Ant Group's CTO He Zhengyu stated that the Lingguang App and Alibaba's Qianwen App are not competitors but rather allies in the pursuit of AGI [8][9] Group 2 - Xiaomi's 500,000th car has rolled off the production line, achieving this milestone in just 602 days, marking a record for global new energy vehicle companies [15] - Star Motion Era has completed nearly 1 billion yuan in A+ round financing, led by Geely Capital, indicating strong investor confidence in the robotics sector [17][18] - Huawei and GAC have had multiple disputes during their collaboration on the Qijiang project, highlighting the challenges in automotive partnerships [20][21] Group 3 - NetEase reported a Q3 revenue of 28.4 billion yuan, with gaming revenue reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [23] - The new Xiangjie S9 MPV from Huawei's Hongmeng Zhixing will be launched, featuring a price range of 309,800 to 369,800 yuan, with a focus on high-end configurations [24][25] - Meizu Technology has clarified that it will not relocate its headquarters despite a building being listed for sale, emphasizing its commitment to its current location [27][28] Group 4 - Nvidia has warned that its potential $100 billion investment in OpenAI is not guaranteed, reflecting the uncertainties in large-scale tech investments [37][38] - Qualcomm has filed a complaint leading to a raid on Arm's Seoul office by South Korea's antitrust agency, indicating ongoing tensions in the semiconductor industry [38][39] - Google has introduced AI content detection features in its Gemini application, aiming to enhance transparency in AI-generated content [39][40]

Core Viewpoint - Lenovo Group has demonstrated resilience and growth despite pressure from hardware costs and initial investments, with significant revenue increases driven by AI-related business opportunities [1][5]. Financial Performance - For the second fiscal quarter of 2025, Lenovo reported total revenue of $20.45 billion, a 15% year-on-year increase, setting a new record for quarterly revenue [1]. - For the first half of the fiscal year, total revenue reached $39.28 billion, reflecting an 18% year-on-year growth, also a historical high [1]. - The net profit attributable to shareholders for the second quarter was $340 million, a 5% decrease year-on-year, with a gross margin of 15.4%, down 0.3 percentage points from the previous year [4]. Cost Challenges - Lenovo's position as a leading player in the global PC market makes it sensitive to fluctuations in storage costs, with its PC business market share increasing by 1.8 percentage points to 25.6% [3]. - The prices of NAND Flash and DRAM products have surged, with DDR5 memory prices increasing by 307% since September, leading to higher production costs for end devices [3]. - The cost of storage now accounts for over 20% of the bill of materials (BOM) for laptops, up from 10%-18% [3]. AI Business Growth - AI-related revenue accounted for 29% of total revenue in the first half of the fiscal year, a 15 percentage point increase year-on-year [6]. - AI PC shipments represented 33% of total shipments in the second quarter, with Lenovo holding a 31.1% share of the global Windows AI PC market [6]. - Revenue from AI servers and digital solutions saw double-digit growth, with solution service revenue increasing by 19% and operating profit rising by 28% [6]. R&D Investment - Lenovo's R&D expenditure increased by 8% in the first half of the fiscal year, focusing on hybrid AI strategies to convert technology into scalable revenue growth [6]. - The company aims to leverage its established supply chain to mitigate cost fluctuations in the short term while investing in AI development for long-term growth opportunities [6].

Major Events - Sanofi Pharmaceutical (01530) proposes to spin off Mandi International and independently list it on the main board of the Hong Kong Stock Exchange [1] - Youbao Online (02429) signs a trusted asset management platform service agreement with Ant Chain Technology [1] - Jianxi Technology-B (09877) reports 6-month clinical follow-up results for LuX-Valve Plus TRINITY study on patients with large valve rings [1] - Fuhong Hanlin (02696) announces that Hanshu® (Sru Li monoclonal antibody injection) combined with chemotherapy for gastric cancer neoadjuvant/adjuvant treatment has been officially included in the breakthrough therapy drug program by the National Medical Products Administration [1] - Kaizhile International (02122) partners with globally renowned toy company Jazwares to launch HELLO KITTY AND FRIENDS toys [1] Operating Performance - ZTO Express-W (02057) reports third-quarter net profit attributable to shareholders of 2.524 billion yuan, an increase of 5.32% year-on-year [1] - Lenovo Group (00992) announces interim results with a profit attributable to shareholders of 846 million USD, a year-on-year growth of 40% [1] - CSPC Pharmaceutical Group (01093) releases third-quarter results showing a profit attributable to shareholders of 3.511 billion yuan, a decrease of 7.06% year-on-year [1] - NetEase-S (09999) reports third-quarter net profit attributable to shareholders of approximately 8.616 billion yuan, a year-on-year increase of 31.77%, with a dividend of 0.114 USD per share [1] - Jingyou Pharmaceutical (00858) issues a profit warning, expecting a mid-term loss of approximately 450 million to 480 million HKD, transitioning from profit to loss year-on-year [1]

Group 1 - Lenovo and the Chinese Football Association have launched the first AI Command Center for football events in China, marking a significant step towards the integration of AI and sports [1][2] - The AI Command Center features a large-screen visualization and intelligent interaction model, covering three core functions: event status, event supervision, and command scheduling [1] - The center's operational management capabilities include real-time display of standings for 16 Chinese Super League teams, match schedules, and weather conditions across different regions [1] Group 2 - The establishment of the AI Command Center is expected to inject strong development momentum into the intelligent, professional, and international aspects of Chinese football [2] - Lenovo's full-stack AI has already been implemented across various industries, including manufacturing, education, and finance, showcasing its versatility [2] - Industry experts view Lenovo's push into "AI + Sports" as an expansion of its intelligent business sector, indicating ongoing growth in the AI ecosystem [3]

Core Insights - Lenovo Group Limited reported a revenue of 146.4 billion yuan for the second fiscal quarter of 2025/2026, representing a year-on-year growth of 15% and an adjusted net profit of 3.66 billion yuan, up 25% year-on-year [1] - AI-related business revenue now accounts for 30% of total revenue, an increase of 13 percentage points year-on-year, indicating a strong focus on AI as a growth driver [1] Group 1: AI Strategy and Market Position - The company aims to leverage AI for growth in both personal and enterprise intelligence, with a strategy of "one body, multiple ends" in personal intelligence, coordinating multiple devices [1] - Lenovo plans to launch a personal super intelligent device globally in January 2026, showcasing its commitment to innovation in AI [1] - In the enterprise sector, Lenovo is advancing AI-native operational technology platforms to reshape business processes, particularly in manufacturing and retail [1] Group 2: Market Trends and Predictions - The demand for AI infrastructure is surging, driven by large language models, leading to explosive growth in AI computing power [2] - According to Gartner, AI PCs (AIPC) are expected to account for 31% of global PC shipments by 2025, with Lenovo's AIPC revenue share in its IDG smart device business rising to 36%, a 17 percentage point increase year-on-year [2] - Lenovo holds a 31.1% market share in the global Windows AIPC market, maintaining its position as the leader [2] Group 3: Supply Chain and Component Pricing - The company anticipates that the shortage and price increase of core components will persist throughout the next year, but it is well-prepared to manage these challenges [3] - Lenovo has established a mature supply chain and long-term contracts with key component suppliers to ensure adequate supply in the coming year [3] - The company has mechanisms in place to adjust prices while maintaining competitiveness, thereby protecting its gross and net margins [3]

Core Viewpoint - Lenovo Group has demonstrated resilience and growth despite pressure from hardware costs and initial investments, with significant revenue increases driven by AI-related business opportunities [1][5]. Financial Performance - For the second fiscal quarter of 2025, Lenovo reported total revenue of $20.45 billion, a year-on-year increase of 15%, setting a new record for quarterly revenue [1]. - For the first half of the fiscal year, total revenue reached $39.28 billion, reflecting an 18% year-on-year growth [1]. - The net profit attributable to shareholders for the second quarter was $340 million, a decrease of 5% year-on-year, with a gross margin of 15.4%, down 0.3 percentage points from the previous year [4]. Market Position - Lenovo holds a 25.6% share of the global PC market, an increase of 1.8 percentage points year-on-year, maintaining its leading position [3]. - The company’s AI-related revenue accounted for 29% of total revenue in the first half of the fiscal year, up 15 percentage points year-on-year [5]. Cost and Supply Chain Management - Rising prices of key components, particularly in storage, have increased production costs, with storage costs now comprising over 20% of the bill of materials for laptops [3]. - Lenovo has established long-term relationships with core suppliers to secure capacity and mitigate cost fluctuations, which helps stabilize gross and net profit margins [4][6]. AI and Infrastructure Growth - The AI-related business has been a highlight, with double-digit growth in AI server revenue and a 19% increase in revenue from digital solutions [5]. - The company is investing in AI research and development, with an 8% increase in R&D spending aimed at hybrid AI strategies [6].

Core Insights - Lenovo Group reported a significant revenue increase of 15% year-on-year, reaching 146.4 billion RMB, marking a historical high for the second quarter of the 2025/26 fiscal year [1] - Adjusted net profit grew by 25% year-on-year to 3.66 billion RMB, indicating a profit growth rate that significantly outpaced revenue growth [1] AI Business Performance - Lenovo disclosed that AI-related business revenue now accounts for 30% of total revenue, a substantial increase of 13 percentage points compared to the same period last year [3] - The CEO emphasized that AI has transitioned from a supportive role to a core growth driver within Lenovo's business framework [3] Supply Chain and Cost Management - The CEO addressed concerns regarding rising chip and storage costs, asserting that while some investment bubbles may occur during initial innovation phases, AI is entering a more inclusive stage [4] - Lenovo's position as a major component buyer and long-term contracts with key suppliers ensure sufficient supply for the upcoming year, mitigating potential impacts on gross and net profits from rising component prices [4] PC Market Outlook - The CEO noted that the end of Windows 10 support will continue to drive PC replacement demand for several quarters [5] - Lenovo anticipates a global PC market growth of 5% to 10%, driven by both the demand for AI PCs and the Windows 10 transition [5] - AI PC shipments accounted for 33% of Lenovo's total PC shipments, with a leading global market share in the Windows AI PC segment [5] Personal and Enterprise AI Solutions - Lenovo's "Tianxi AI" strategy is progressing, with the latest version focusing on personal AI capabilities and a growing ecosystem of nearly 4,500 partners [6] - The Infrastructure Solutions Group (ISG) reported a revenue increase of 24%, driven by a dual strategy targeting cloud service providers and small to medium enterprises [7] - The Solutions and Services Group (SSG) has achieved double-digit growth for 18 consecutive quarters, emphasizing results-oriented solutions [7] Globalization and Support for Chinese Enterprises - Lenovo aims to leverage its global experience and supply chain resilience to assist Chinese tech companies in expanding internationally [8] - The company is committed to supporting advanced manufacturing development through its global manufacturing network and ecosystem [8]

Core Insights - AI has become a substantial contributor to Lenovo's performance, with AI-related business revenue accounting for 30% of total revenue, a year-on-year increase of 13 percentage points [1] - Lenovo's revenue for the second fiscal quarter of 2025/26 reached 146.4 billion RMB, a 15% year-on-year growth, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, with all three main business segments achieving double-digit growth [1] AI Contribution to Growth - The significant rise in AI revenue share is attributed to double-digit growth in Lenovo's AI infrastructure and triple-digit growth in AI computers and services [3] - AI terminal revenue now constitutes 36% of the Intelligent Devices Group (IDG) revenue, with AI PCs accounting for 33% of Lenovo's total PC shipments [3] - The global PC market saw a 9.4% year-on-year increase in Q3 2025, driven by Windows 11 upgrades, pandemic-related device refresh cycles, and an emerging AI-driven replacement cycle [3] Performance of Business Segments - IDG revenue reached 108.1 billion RMB, a 12% year-on-year increase, with operating profit growing by 11% [4] - Lenovo achieved a 25% market share in the global PC market, with shipments of 19.4 million units, a 17.3% year-on-year increase [4] - The Infrastructure Solutions Group (ISG) reported nearly 30 billion RMB in revenue, a 24% year-on-year growth, with AI server revenue experiencing high double-digit growth [4] Future AI Developments - Lenovo plans to launch multiple inference servers to drive ISG growth, supported by strong demand for AI infrastructure and a dual-track strategy for cloud and enterprise infrastructure [5] - The Solutions and Services Group (SSG) revenue increased by 18% year-on-year, maintaining double-digit growth for 18 consecutive quarters, with AI services being a significant growth driver [5] AI Market Perspective - The AI industry is transitioning from a training phase to a focus on inference, with predictions indicating a 44.6% year-on-year growth in the global server market by 2025 [4][5] - Lenovo's strategy includes developing hybrid architecture enterprise intelligence solutions to convert data into actionable results in key sectors like manufacturing and retail [7] Supply Chain Management - Lenovo has signed long-term supply contracts with key component suppliers to ensure stable supply and maintain gross margins amid rising chip and storage costs [8] - The company is transitioning from a traditional PC manufacturer to an "intelligent computing service provider," indicating a strategic long-term shift [8]

21世纪经济报道记者孔海丽 近期科技圈弥漫着两种截然不同的情绪，一种是资本市场对"AI泡沫"破裂的隐忧，另一种是存储芯片成 本上涨引发的连锁反应。 在充满不确定性的当下，联想集团发布了2025/26财年第二财季业绩，营收1464亿元，同比增长15%； 净利润36.6亿元，同比增长25%，利润增速超越营收增速。 尤其值得注意的是，联想集团首次披露了AI业务占比，达到30%，同比提升13个百分点。 财报电话会上，联想集团董事长兼CEO杨元庆明确表示，AI不存在泡沫，需求将会持续增长，针对存 储芯片涨价问题，杨元庆透露，联想已具备成熟的应对机制。 当外界还在争论大模型是否过热、硬件厂商能否分得AI一杯羹时，联想的"含AI量"已经到了30%， 其"混合式人工智能"的战略，已经开始产生实质影响力。 30%的含义，从"账本"到"证明" 过去两年，关于AI的讨论往往滞留在"算力军备竞赛"的宏大叙事中。然而，对于投资者而言，技术只有 转化为营收，才具备商业意义。 本季度，联想集团的一大动作是首次拆解并披露了AI业务的收入构成。强烈的信号意义在于，AI不再 是辅助性的营销概念，而是成为了支撑业绩的核心支柱。 30%意味着在联想 ...