13 January 2026 | 10:58PM HKT Equity Research Lenovo (0992.HK): Dec-Q PC shipment outperformed; Global leader as more resilient under rising memory costs; Buy Lenovo delivered largely flat QoQ PC shipment in Dec-Q at 19.3m units (link), maintaining its largest market share globally with double digit shipment YoY at 14% (vs. 9.6% YoY of global PC shipment). The strong PC shipment growth echoes our positive view on Lenovo's leading market position in PC, and could also reflect consumption pull in under rising ...

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"数据重计算方法及电子设备"的专利， 公开号CN121327009A，申请日期为2025年8月。 专利摘要显示，本申请提供了一种数据重计算方法及电子设备，该方法包括：获得数据管道的变更信息 集，变更信息集包括至少一个变更信息，变更信息表征数据管道的结构变更或参数变更；基于变更信息 集和计算图确定变更信息集的关联节点和多个候选节点，计算图包括多个节点和连接节点的边，节点表 征数据管道的算子或数据单元，关联节点基于节点与变更信息集的相似度从多个节点中确定，候选节点 为与关联节点存在直接或间接连接关系的节点；基于候选节点、关联节点以及候选节点与关联节点之间 的影响权重从多个候选节点中确定失效节点集，影响权重表征候选节点受到变更信息集影响的程度。 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 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） ...

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The semiconductor sector is experiencing better-than-expected conditions, with price increases across multiple segments driven by rising AI demand. The industry is seeing a recovery in profitability as price hikes are being passed on to consumers [1]. - The CES 2026 event has showcased significant advancements in AR glasses, indicating a year of hardware innovation. Companies are encouraged to focus on AR glasses as they become independent smart devices with enhanced communication and computing capabilities [3]. - NVIDIA has introduced a new storage architecture that redefines the role of NAND Flash, significantly increasing its demand and value in AI applications. This shift is expected to benefit companies in the storage industry [4]. Summary by Sections Semiconductor Industry - The semiconductor industry is witnessing a supply-demand imbalance, particularly in storage and high-end PCB segments. Price increases are anticipated across various manufacturing stages, including wafer foundries and high-end packaging [1]. - The report highlights the potential for domestic semiconductor materials to replace imports, particularly in light of recent anti-dumping investigations against Japanese products [2]. AR Glasses and Consumer Electronics - CES 2026 has seen a variety of AR glasses, with advancements in full-color display technology enhancing user experience and application scenarios. Companies are advised to monitor developments in this area [3]. - The report emphasizes the importance of AR glasses as a platform for AI technology, suggesting a growing market for these devices [3]. Storage Industry - The introduction of NVIDIA's new storage processor platform is expected to revolutionize the role of NAND Flash, making it a critical component in AI processing. This change is likely to drive demand for storage-related companies [4]. - The storage industry is projected to benefit from ongoing AI demand, with a positive outlook for companies involved in NAND Flash production [4]. Key Companies and Recommendations - The report recommends several companies for investment, including: - Semiconductor: 中芯国际 (SMIC), 翱捷科技 (Aojie Technology), 德明利 (Demingli), 蓝思科技 (Lens Technology) [10]. - Storage: 德明利 (Demingli), 江波龙 (Jiangbolong), 佰维存储 (Baiwei Storage) [4][10]. - AR Glasses: 蓝特光学 (Lante Optics), 水晶光电 (Crystal Optoelectronics) [3].

1月9日，通用股份与联想集团在江苏无锡举行AI创新战略合作签约仪式，通用股份总经理顾萃、联想中国副总裁、华东大区总经理袁林等双方高层出 席。 此次合作聚焦轮胎全价值链智能化升级，双方将在智能制造与质量管控、数字化基础设施建设等领域深度协作。现场披露的全钢X光轮胎缺陷检测项目已 取得阶段性成果。 通用股份作为江苏省属大型企业子公司，深耕轮胎研发、生产与销售多年，拥有中国、泰国、柬埔寨三大生产基地，建有国家级技术中心与5G碳云智能 工厂。 此次合作聚焦轮胎全价值链智能化升级，双方将在智能制造与质量管控、数字化基础设施建设等领域深度协作。现场披露的全钢X光轮胎缺陷检测项目已 取得阶段性成果。 联想集团凭借AI 布局，在智能设备、基础设施及行业解决方案领域稳居全球领先地位。 此次跨界合作将推动轮胎产业智能化升级，为行业培育新质生产力树立标杆。 通用股份作为江苏省属大型企业子公司，深耕轮胎研发、生产与销售多年，拥有中国、泰国、柬埔寨三大生产基地，建有国家级技术中心与5G碳云智能 工厂。 联想集团凭借AI 布局，在智能设备、基础设施及行业解决方案领域稳居全球领先地位。 此次跨界合作将推动轮胎产业智能化升级，为行业培育新质 ...

1、穿戴/IoT：AI眼镜、摄像头耳机依旧为穿戴设备关注焦点，各类新型IoT品类融入AI。 4、PC/手机：联想推出跨多端超级智能体，芯片企业迭代端侧芯片。 1）智能眼镜：今年热度不减，超50家企业参展且中国大陆企业是主力，外观美化、轻量化、全天佩 戴、多模态交互、多芯方案等是升级方向，同时也有新品聚焦运动、视听障解决等细分领域。2）耳 机：本届CES可看到耳机产品的创新重点由单一音频性能升级，转向音质+AI+多模态的综合能力演 进，AI能力深度嵌入耳机形态，部分产品展示集成摄像头、环境感知与多麦克风阵列的创新新品，伴 随上半年苹果AI摄像头耳机推出，其他品牌也有望跟进。3）新型IoT：智能影像设备、3D打印机、 NAS等品类关注度提升，越来越多的创业公司开始进入相关赛道，此外AI家居、AI录音卡、AI显示器 等亦看到创意新品推出。 2、汽车：AI驱动汽车全链路智能化升级，高阶自动驾驶有望迎来规模化落地。 芯片厂商中，英伟达发布Alpamayo系列开源AI模型，打造开放模型、仿真框架与数据集一体的生态系 统，有望加速技术渗透及自动驾驶行业商业化落地。高通与谷歌持续深入合作，并与零跑打造双骁龙 8797域控平台 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Lenovo Group (00992) is expected to see a 12% year-on-year increase in revenue for the last fiscal quarter, driven by growth in its smart devices and infrastructure solutions businesses [1] Group 1: Revenue Projections - Lenovo's smart devices business revenue is projected to grow by 8% [1] - The infrastructure solutions business is expected to see a revenue increase of 22% [1] Group 2: Profit Forecasts - For the third quarter of the fiscal year ending December 2026, Lenovo's non-HKFRS net profit is anticipated to rise by 11% year-on-year to $480 million [1] - The total net profit is expected to reach $670 million [1] Group 3: Market Dynamics - The PC business profit margins are likely to be impacted by rising memory prices [1] - However, Lenovo's strong bargaining power is expected to result in more resilient financial performance compared to its peers [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Lenovo Group (00992) is expected to see a revenue growth of 12% year-on-year for the last fiscal quarter, driven by strong performance in its smart devices and infrastructure solutions businesses [1] Revenue Projections - Lenovo's smart devices business revenue is projected to grow by 8% year-on-year [1] - The infrastructure solutions business is expected to see a revenue increase of 22% [1] Profit Forecast - The non-HKFRS net profit for Lenovo is anticipated to grow by 11% year-on-year to reach $480 million for the third quarter of the fiscal year ending December 2026, with total net profit expected to be $670 million [1] Market Position and Resilience - Despite the anticipated impact of rising memory prices on the profit margins of Lenovo's PC business, the company is expected to demonstrate greater resilience compared to its peers due to its strong bargaining power [1]

Group 1 - The global PC market is expected to see a 10.1% increase in total shipments in Q4 2025, reaching 75 million units, leading to an annual total of 279.5 million units, a year-on-year growth of 9.2% [1] - In Q4 2025, notebook shipments (including mobile workstations) are projected to reach 58.6 million units, with an annual growth of 8% to 220.4 million units. Desktop shipments (including desktop workstations) are expected to be 16.2 million units, with a 14.4% annual growth to 59 million units [1] - Lenovo leads the global PC market in Q4 2025 with a shipment of 19.3 million units and a market share of 25.8%, followed by HP (20.6%), Dell (16.7%), Apple (9.4%), and Asus (7.1%). Dell has the highest year-on-year growth rate at 26%, while Apple has the lowest at 1.9% [1] Group 2 - For the entire year of 2025, Lenovo maintains its position as the top vendor with 70.9 million units shipped and a market share of 25.4%, followed by HP (20.6%), Dell (15.0%), Apple (9.9%), and Asus (7.2%) [2] - Apple leads in year-on-year growth rate for 2025 at 16.4%, while Dell has the lowest growth rate at 7.2% [2] - Omdia's chief analyst indicates that in 2026, supply-side pressures will become more significant due to unresolved device replacement demands, affecting actual shipment volumes based on suppliers' procurement capabilities and negotiation leverage [2] - A survey conducted by Omdia in November 2025 shows that 57% of B2B channel partners expect growth in their PC business in 2026 compared to 2025, indicating a healthy demand environment for suppliers who can effectively manage supply [2]

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1749条，专利信 息5000条，此外企业还拥有行政许可238个。 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。 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"用于SRS配置和传输的方法和装置"的 专利，授权公告号CN113812193B，申请日期为2019年5月。 本文源自：市场资讯 作者：情报员 ...

Core Insights - The global PC shipments are projected to grow by 9.6% year-over-year in Q4 2025, reaching 76.4 million units, marking a strong end to a turbulent year for the PC market [1][5] - Factors influencing the PC market include the end of Windows 10 support driving upgrade demand, uncertainties around tariff policies leading to preemptive inventory stocking, and a tightening memory supply impacting pricing and availability [1][2][4] Market Overview - The PC market is expected to experience significant volatility in the coming year due to rapid changes in the memory market, with potential price increases and adjustments in average memory configurations to extend existing inventory usage [2][4] - The average selling price (ASP) of PCs is anticipated to rise in 2026 as manufacturers prioritize mid-to-high-end product supply to cope with increasing component costs, particularly memory prices [4] Company Performance - Lenovo led the market in Q4 2025 with shipments of 19.3 million units, capturing 25.3% market share, reflecting a 14.4% increase from Q4 2024 [5] - HP Inc. and Dell Technologies followed with shipments of 15.4 million (20.1% market share, up 12.1%) and 11.7 million (15.3% market share, up 18.2%) units respectively [5] - Apple and ASUS reported shipments of 7.1 million (9.3% market share, up 0.2%) and 5.4 million (7.1% market share, up 10.9%) units respectively [5] Yearly Shipment Data - Total PC shipments for 2025 reached 284.7 million units, an 8.1% increase from 263.3 million units in 2024 [6] - Lenovo maintained a leading position with 70.8 million units shipped in 2025, holding 24.9% of the market, while HP Inc. and Dell Technologies shipped 57.5 million (20.2% market share) and 41.1 million (14.4% market share) units respectively [6]