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].

Core Viewpoint - The strategic cooperation between General Tire and Lenovo Group aims to enhance the intelligent upgrade of the entire tire value chain through collaboration in smart manufacturing, quality control, and digital infrastructure development [1][3][8]. Group 1: Company Background - General Tire is a large state-owned enterprise in Jiangsu, specializing in tire research, production, and sales, with production bases in China, Thailand, and Cambodia, and has established a national-level technology center and a 5G carbon cloud smart factory [5][7]. - Lenovo Group is a global leader in AI deployment, excelling in smart devices, infrastructure, and industry solutions [9]. Group 2: Collaboration Details - The cooperation focuses on the intelligent upgrade of the tire industry, with both companies working together on smart manufacturing and quality control, as well as digital infrastructure [3][8]. - A significant achievement in this collaboration is the progress made in the all-steel X-ray tire defect detection project, which has reached a preliminary success stage [3][8].

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]

7B 参数的小模型虽然跑得快，但「脑容量」太小，面对复杂的图文逻辑经常一本正经地胡说八道；而 70B 甚至更大的模型虽然聪明，但部署和推理成本直接劝退 了客户。最后，你可能发现 30B 参数级的开源多模态模型（例如 Qwen-VL-30B）是个不错的选择。 30B 被称为大模型的黄金尺寸：它在理解能力上远超小模型，又比巨型模型轻量，是企业私有化部署的完美平衡点。 不过呢，你可能也会发现，「30B 参数」也是一个极具欺骗性的数字。 在纯文本时代，一张前沿的消费级显卡或许还能勉强塞下 30B 的推理。但在多模态（Vision-Language）场景下，事情完全变了。当模型需要处理高分辨率图像 时，视觉编码器会产生大量的视觉 Token；而为了让模型真正懂行业 Know-how，必须用数千张有标注图像进行 LoRA 微调。 这就意味着，除了模型本身的权重，我们还需要在显存里塞进梯度、优化器状态以及训练过程中的激活值。 原本以为只是「稍微大一点」的任务，瞬间撞上了物理学的墙。 这些方案不太行 编辑｜Panda 假如你是一个致力于将 AI 引入传统行业的工程团队。现在，你有一个问题：训练一个能看懂复杂机械图纸、设备维护 ...

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 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"通信方法及设备"的专利，授权公告号 CN114642069B，申请日期为2019年11月。 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。 作者：情报员 ...