智通财经APP获悉，据国际数据公司(IDC)发布的《全球季度个人计算设备追踪报告》，2025年第三季度全球PC市场出货总量达到7590万台，同比增长 9.4%。 与过去多年不同，全球PC市场的重新繁荣并非是因厂商库存调整，而是进入了由人工智能驱动的新一轮市场爆发周期。IDC的这份报告中的数据显示，在 AI PC市场占据优势的头部厂商的市场份额加速攀升，在端侧AI的竞争格局中亦形成战略领先。 联想集团与惠普在PC市场的竞争已并非仅是基于销售规模，而更多是由抢夺端侧AI入口的战略驱动。 AI计算的初期阶段，核心能力集中在云端，但这种模式的固有缺陷已日益暴露：高昂的API调用成本、网络往返造成的高延迟，以及企业对敏感数据隐私 和主权的严格要求。 英伟达、OpenAI、微软等全球AI巨头已对端侧AI的巨大潜力形成共识：必须将算力竞争推向终端设备，将AI从"云端工厂"带至"物理世界"，而在AI终端 中，PC是数量规模最为庞大的。 稍早前，英伟达宣布将以50亿美元注资英特尔，其中一项重要的合作就是关于AI PC。按照黄仁勋的说法，由这次合作带来的"AI PC"市场规模可能达到 500亿美元。英特尔对英伟达的战略价值是可在 ...

Core Insights - The global PC market is experiencing a resurgence driven by artificial intelligence (AI), with a projected shipment of 75.9 million units in Q3 2025, representing a year-over-year growth of 9.4% [1][2] - Lenovo leads the market with a 25.5% share, significantly ahead of HP at 19.8%, and has shown a remarkable growth rate of 17.3%, far exceeding the industry average [1][2][8] - The competition among top manufacturers is increasingly focused on capturing the edge AI market, with companies like NVIDIA and OpenAI recognizing the potential of AI PCs as critical hardware for AI applications [3][4][5] Market Dynamics - The AI PC segment is expected to grow at a compound annual growth rate (CAGR) of 44% from 2024 to 2028, potentially capturing 70% of the total PC market by 2028 [7] - Lenovo's AI PC shipments accounted for over 30% of its total PC shipments in Q3 2025, solidifying its position as a leader in the AI PC market [8][9] - The shift towards AI PCs is reshaping the valuation logic for companies, with AI PCs being viewed as high-margin products compared to traditional PCs [9] Strategic Positioning - Lenovo's "hybrid AI" strategy aligns with the broader industry trend towards localized AI models and edge computing, positioning the company as a key player in the AI ecosystem [6] - The integration of AI capabilities into Lenovo's service offerings is expected to enhance overall profitability, with the services segment showing a 22% operating margin, significantly higher than hardware [9][10] - Lenovo's robust supply chain and operational resilience are critical competitive advantages, enabling the company to meet large-scale enterprise demands effectively [10]

Core Insights - Omdia's latest research indicates a 6.8% year-on-year growth in total shipments of desktops, laptops, and workstations, reaching 72 million units by Q3 2025, driven primarily by device upgrade demands as Windows 10 service termination approaches [1][4] Shipment Data - In Q3 2025, laptop shipments (including mobile workstations) are expected to grow by 4% to 57.2 million units, while desktop shipments (including desktop workstations) are projected to increase by 17% to 15.2 million units [1][4] - Lenovo leads the global PC market with a shipment of 19.4 million units, a 17% increase year-on-year, followed by HP with 15 million units (11% growth), Dell with 10.1 million units (3% growth), Apple with over 6 million units, and Asus with 5.8 million units (7% growth) [5][6] Upgrade Demand - The demand for PC upgrades remains strong among enterprises and consumers, particularly as the deadline for Windows 10 service termination approaches [4][6] - A survey indicated that only 39% of respondents believe their clients have completed PC upgrades, while 18% plan to continue using Windows 10 post-support termination, indicating a significant need for ongoing support and guidance from Microsoft and its partners [4] Future Outlook - Major industry players are expected to unveil new product roadmaps to stimulate PC purchasing demand, with upcoming releases of advanced PC chipsets from Qualcomm and Intel [6] - The 2026 International Consumer Electronics Show (CES) is anticipated to showcase new and attractive PC products, with a focus on "edge AI" technology [6]

Core Insights - Omdia's latest research indicates that the total shipment of desktops, laptops, and workstations is expected to grow by 6.8% year-on-year, reaching 72 million units by Q3 2025, driven by strong device upgrade demand as Windows 10 support ends [1][4] Shipment Growth - Laptop shipments, including mobile workstations, are projected to increase by 4% to 57.2 million units, while desktop shipments, including desktop workstations, are expected to rise by 17% to 15.2 million units [1][4] Market Dynamics - The end of Windows 10 support has led to heightened demand for PC upgrades among both enterprises and consumers, with a significant portion of users still on Windows 10 or using PCs older than five years [4] - A survey indicated that only 39% of enterprise customers have completed their PC upgrades, while 18% plan to continue using Windows 10 post-support, suggesting ongoing opportunities for Microsoft and its partners to promote transitions [4] Vendor Performance - Lenovo leads the global PC market with a shipment of 19.4 million units, a 17% increase year-on-year, followed by HP with 15 million units (11% growth), and Dell with 10.1 million units (3% growth) [5][6] - Apple and Asus follow with shipments of 6.6 million and 5.8 million units, respectively, with Apple maintaining over 6 million units for five consecutive quarters [6] Future Outlook - Major industry players are expected to unveil new product roadmaps to stimulate PC demand, with Qualcomm and Intel launching upgraded chipsets [6] - The upcoming CES 2026 is anticipated to showcase new and attractive PC products, with a focus on "edge AI" technology [6]

Core Viewpoint - Lenovo Group (00992.HK) announced that its board meeting will be held on November 19, 2025, in the United States to review and approve, if applicable, the unaudited financial performance for the six months ending September 30, 2025, referred to as the "second quarter performance" [1] Group 1 - The board meeting is scheduled to take place in the United States [1] - The meeting will focus on the review and approval of the unaudited financial results [1] - The financial performance period under review is for the six months ending September 30, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯想集團有限公司 主席兼首席執行官 楊元慶 謹啟 二零二五年十月二十一日 於本公告日期，執行董事為楊元慶先生；非執行董事為朱立南先生、趙令歡先生、黃 偉明先生、 Laura Green Quatela 女士及 Amit Midha 先生；及獨立非執行董事為 John Lawson Thornton 先生、 Gordon Robert Halyburton Orr 先生、胡展雲先生、楊瀾女士、 王雪紅女士、薛瀾教授及 Kasper Bo Roersted （別名 Kasper Bo Rorsted ）先生。 Lenovo Group Limited 聯想集團有限公司 ( 於香港註冊成立之有限公司 ) (港幣櫃台股份代號：992 /人民幣櫃台股份代號：80992) 董事會會議通告 謹通知聯想集團有限公司（「本公司」，及其附屬公司（「本集團」））之董事會會 議將於二零二五年十一月十九日在美國舉行，旨在 （其中 ...

Core Viewpoint - UBS reports that Lenovo Group (00992) is expected to announce its financial results for the quarter ending September next month, with healthy sales anticipated and low double-digit year-on-year growth projected for both sales and devices [1] Group 1: Financial Performance - The Infrastructure Solutions Group (ISG) is expected to see a year-on-year growth of approximately 20% to 23% [1] - The Services Solutions Group (SSG) is projected to achieve high teens growth [1] - The personal computer segment is anticipated to record low single-digit growth, outperforming the market, with an operating profit margin expected to be between 7% and 7.5% [1] Group 2: Earnings Estimates - UBS maintains its earnings estimate for the next quarter at $440 million, slightly up from the previous expectation of $435 million [1] - Adjusted net profit forecast has been raised to between $150 million and $200 million due to impacts from warrants accounted at market value [1] Group 3: Valuation and Target Price - UBS extends its valuation basis to the fiscal year 2027 while maintaining earnings per share estimates for fiscal years 2026 and 2027 [1] - The price-to-earnings ratio is projected to remain at 11 times, with the target price for Lenovo Group raised from HKD 11 to HKD 12 [1]

Core Viewpoint - UBS reports that Lenovo Group (00992) is expected to announce its fiscal quarter results for the period ending September, with healthy sales anticipated and low double-digit year-on-year growth projected for both sales and devices [1] Group 1: Financial Performance - Lenovo's Infrastructure Solutions Group (ISG) is expected to see a year-on-year growth of approximately 20% to 23% [1] - The Services Solutions Group (SSG) is projected to achieve high teens growth [1] - The company is expected to maintain its fiscal quarter revenue estimate at $440 million, slightly up from the previous expectation of $435 million [1] Group 2: Valuation and Price Target - UBS extends its valuation basis to the fiscal year 2027 while maintaining earnings per share estimates for 2026 and 2027 [1] - The target price for Lenovo Group has been raised from HKD 11 to HKD 12 [1] Group 3: Market Position and Profitability - Lenovo's personal computer segment is expected to grow at a low single-digit rate, outperforming the market [1] - The operating profit margin is anticipated to be between 7% and 7.5% [1] - Adjusted net profit forecast has been increased to between $150 million and $200 million due to impacts from warrants accounted at market value [1]

Core Insights - Lenovo Group has commenced construction of its regional headquarters in Riyadh, Saudi Arabia, marking a significant step in its AI strategy in the Middle East [1][2] - The establishment of the headquarters aligns with Saudi Arabia's Vision 2030, which aims to position the country as a global leader in AI by 2030 [1][3] - The new headquarters will focus on AI research collaboration, smart solution implementation, and AI talent development, serving as a central hub for innovation in partnership with local ecosystems [1][2] Company Developments - The regional headquarters will be operational by March next year and will work in synergy with Lenovo's existing manufacturing facility in Riyadh, which is set to produce millions of localized products by 2026 [2] - The collaboration with local partners, including Alat and the Public Investment Fund, emphasizes Lenovo's commitment to integrating into Saudi Arabia's future development plans [2][3] Industry Context - Saudi Arabia is prioritizing AI as a key driver for its digital transformation, with significant market demand emerging across various sectors such as smart cities, renewable energy, and healthcare [3] - The AI industry in Saudi Arabia is attracting global tech giants, with substantial investments being made, including a $6 billion strategic agreement with the U.S. and significant funding from the Public Investment Fund for AI startups [3] - Lenovo's proactive positioning in the Saudi AI market aims to provide comprehensive support from AI hardware to solutions, enhancing its influence in the EMEA region [3]

Core Insights - Lenovo Group has officially commenced construction of its regional headquarters in Riyadh, Saudi Arabia, marking a significant step in its AI strategy in the Middle East [1][3] - The establishment of this headquarters aligns with Saudi Arabia's Vision 2030, which aims to position the country as a global leader in AI by 2030 [1][5] - The new headquarters will focus on AI research collaboration, smart solution implementation, and AI talent development, serving as a central hub for innovation in partnership with local ecosystems [1][5] Group 1 - The headquarters is strategically located in the Majdoul Tower to facilitate connections with the Saudi Public Investment Fund (PIF), government entities, and global tech partners, enhancing the local AI industry's development [3][6] - This initiative complements Lenovo's existing manufacturing facility in Riyadh, which is set to produce millions of localized products, including laptops and servers, by 2026 [3][5] - The new headquarters will create a synergistic "R&D-manufacturing-application" mechanism, focusing on customized development and production of AI servers and edge computing devices to meet local infrastructure needs [3][5] Group 2 - The establishment of the regional headquarters is seen as a pivotal moment in Lenovo's growth in the Middle East and Africa, reinforcing its commitment to Saudi Arabia and enhancing collaboration with key partners [5] - Saudi Arabia's push for digital transformation under Vision 2030 prioritizes AI as a core driver, creating substantial market demand across various sectors, including smart cities and renewable energy [5][6] - Lenovo aims to provide comprehensive support for Saudi Arabia's AI industry by integrating global technology resources with local market needs, while also fostering local AI talent through training and collaborative research [5][6]