Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

Core Insights - The article discusses the significant rise in server spending during the AI boom, comparing it to the internet bubble era, highlighting the differences in scale and market dynamics [2][4][5] Server Market Trends - IDC has ceased quarterly reporting of server data since Q4 2023, which raises concerns about transparency and the motivations behind this decision [4] - Server spending has not returned to the peak levels seen during the internet bubble, despite a brief recovery in proprietary systems spending [5][6] - The market has experienced fluctuations due to various economic factors, including the 2008 recession and the COVID-19 pandemic, which impacted server sales [5][6][7] Current Market Dynamics - Current server spending is significantly higher than in 1999, driven by GPU and XPU systems, with quarterly sales reaching $100 billion or more [7][10] - There is uncertainty regarding the sustainability of this spending, as many companies have yet to demonstrate revenue that matches the scale of their server investments [7][11] Future Projections - IDC's forecasts suggest that total server spending could reach approximately $3 trillion from 2014 to 2029, with AI-related server spending accounting for $21.8 billion [10] - The article emphasizes the challenges in chip production and the need for evidence of investment returns to support such high levels of spending [11] Company Performance - Dell Technologies leads the market with a revenue of $9.3 billion in Q3 2025, while ODM vendors have captured nearly 60% of global server revenue [12][14] - X86 server sales reached $76.3 billion, growing by 32.8%, while non-X86 server sales surged by 192.7% to $36.2 billion, indicating a shift towards Arm servers in large data centers [13]

联想生态路演季ThinkPad专场12月22日登陆深圳，现场将开放与ThinkPad产品负责人面对面 沟通的深度链接机会。这不仅是一场路演，更是加入ThinkPad产业链、抢占AI应用前沿的独 特机遇。 我们正身处边界消融的时代——实验室与产线、代码与产品、个体与生态的区隔正在技术浪潮中变得模 糊。 若问何处最能敏锐捕捉这一转变的脉搏，答案常常指向一个坐标：深圳。这里的空气里流动的不仅是湿 润的海风，更是电路板上流动的电流、算法中奔涌的数据，以及想法从萌发到量产之间，那种近乎本能 的紧迫感。"深圳速度"，正将蓝图直接转化为产品，带向全球。 在这样的土地上，创新不仅需要灵感，更需一套能将灵感高速转化为价值的系统性能力。这便是"联想 创新加速器"来到这里的原因——它并非简单的展示平台，而是一个深度耦合的"创新反应堆"：开放联 想在AI PC、智能基础设施及全球供应链的产业资源，为技术匹配场景、为产品对接通道、为创意注入 商业现实的动能。 联想生态所构建的，正是一座让硬核技术跨越鸿沟、走向市场的可靠桥梁，不仅助力钛方科技的触觉感 知技术实现了亿级消费电子市场的规模化落地，更协同Syrius炬星科技的机器人方案在联想 ...

Core Insights - Canon's decision to close its printer factory in Zhongshan, China by the end of 2025 marks a significant shift in the global laser printer market, dominated for decades by Japanese and American brands like Canon and HP [2] - The market landscape is changing, with domestic brands increasing their market share from approximately 10% in 2010 to over 40% today, while foreign brands have seen their share drop below 60% [2][10] - Canon's market share has decreased from 7.7% in 2018 to 3.9% in the first three quarters of 2025, while domestic brand BenQ has captured significant market shares of 23.5%, 25.8%, and 21.3% in the same period [2] Domestic Brand Growth - BenQ's entry into the printer market was driven by long-term commercial prospects and national strategic needs, particularly concerning supply chain and information security risks [3] - The company initially focused on consumables but soon recognized the limitations and shifted towards printer manufacturing, launching its first A4 monochrome laser printer in 2010 [4] - Despite facing aggressive pricing strategies from competitors, BenQ managed to grow its output from 53,000 units in May 2011 to over one million units by 2019, achieving an average annual growth rate of about 50% [4] Technological Advancements - BenQ has made significant strides in developing core components such as the laser scanning unit (LSU) and main control SoC chips, achieving independent research and development of these critical modules by 2018 [6][7] - The company has accumulated over 6,000 patents, establishing a technological moat that supports its competitive position in the market [7] - Lenovo has also transitioned from imitation to independent innovation, increasing its self-developed printer revenue share from less than 10% to 50% [7] Market Dynamics - The printer industry's business model relies on a "razor-and-blades" strategy, where original consumables generate ongoing revenue, with hardware sales often only breaking even [8] - Despite a decline in overall printer sales from 10 million units in 2000 to about 7 million units recently, domestic brands have continued to expand their market presence [9] - The shift in the global industrial landscape is evident as foreign brands relocate some production capacity, allowing domestic brands to take the lead in the supply chain [10] Competitive Landscape - Domestic brands are gaining market share due to lower prices (20%-30% cheaper than foreign brands) and features tailored to local needs, such as remote printing and Bluetooth/NFC connectivity [12] - The penetration rate of home printers in China is only about 10%, indicating significant growth potential as demand for home and small business printing continues to rise [14] - The competitive environment is intensifying, with profit margins shrinking and companies investing heavily in research and development to innovate and meet market demands [14] Future Outlook - Domestic brands are expected to focus on high-end products, AI ecosystems, and international expansion, particularly in Southeast Asia [13] - The industry is entering a phase of stock or even declining competition, with foreign giants like HP and Canon facing challenges [15] - The rise of Chinese printer brands is attributed to continuous innovation in core technologies, establishing independent intellectual property, and enhancing supply chain security [15]

Core Insights - The rise of Chinese printer brands is not merely a result of low pricing or market exchange for technology, but rather a complex evolution involving core technology innovation and the establishment of independent intellectual property rights [16] Market Dynamics - Canon's decision to close its printer factory in Zhongshan, China by the end of 2025 symbolizes a significant shift in the global laser printer market, which has been historically dominated by Japanese and American brands like Canon and HP [2] - According to IDC, the market share of domestic brands in China's laser printer market has increased from approximately 10% in 2010 to over 40% today, while foreign brands' share has decreased to below 60% [2] - Canon's market share has declined from 7.7% in 2018 to 3.9% in the first three quarters of 2025, while domestic brand BenQ's market share has fluctuated between 21.3% and 25.8% during the same period [2] Competitive Landscape - The competition in the printer market has intensified, with domestic brands like BenQ and Lenovo gaining ground by focusing on supply chain security and addressing information security risks associated with networked printers [4][9] - BenQ has developed over 6,000 patents, creating a technological moat that supports its competitive position [8] Innovation and Development - BenQ's entry into the printer market in 2007 was driven by the long-term commercial prospects of printers and national strategic needs, leading to significant investments in R&D and supply chain development [4][5] - The company achieved a breakthrough in core components like the laser scanning unit (LSU) and SoC chips, enabling it to produce competitive products domestically [7] Pricing and Cost Structure - The pricing strategy of domestic brands is significantly lower than that of foreign brands, with original consumables from US brands priced around 300 RMB, while similar products from Lenovo are priced at approximately 100 RMB [10] - The cost of printing has decreased from 0.2-0.3 RMB per A4 page to 0.07-0.08 RMB due to the integration of supply chain and technological innovations [10] Future Outlook - The domestic printer market is expected to continue growing, with a current household penetration rate of only 10%, compared to 30%-40% in Western countries [15] - Domestic brands are focusing on high-end markets, AI ecosystems, and international expansion, particularly in Southeast Asia, to navigate patent barriers and enhance their market presence [13][16]

Core Viewpoint - The collaboration between Yili Group and Lenovo Group aims to enhance the nutritional support for students in Hohhot through the "Yili Nutrition 2030" public welfare project, demonstrating a commitment to community and youth development [1][4][6]. Group 1: Donation and Support - Yili Group announced a donation of 160,000 boxes of student milk to provide stable nutritional support for students in Tumotezuoqi [1]. - This initiative is part of Yili's ongoing commitment to the Third School of Hohhot, where it has provided nutritional support for many years [6]. Group 2: Technological Integration - The event featured Lenovo's first silicon-based employee, "LeXiang YiHao," engaging with students, showcasing the integration of technology in educational activities [7][8]. - Students participated in interactive activities, including AI-assisted learning sessions led by a lecturer from Tsinghua University, which brought traditional culture to life through technology [11]. Group 3: Sustainable Social Value Ecosystem - The joint action represents a step forward in Yili's understanding of future public welfare models, as it aligns with the establishment of a "Sustainable Social Value Ecosystem" with partners like Tencent and Lenovo [12][13]. - The collaboration aims to create a synergistic effect through the combination of nutrition and technology, contributing to a community of shared social value [13]. Group 4: Future Collaboration and Vision - Following the event, Yili and Lenovo engaged in discussions about digitalization, smart manufacturing, and green low-carbon initiatives, exploring further possibilities for collaboration [14]. - The overarching goal is to leverage nutrition and technology to foster sustainable development in education and society, with a commitment to extending this vision further [14].

Core Viewpoint - The Chinese blade server industry is experiencing a critical development phase driven by technological upgrades, deepening market applications, and supply chain localization, characterized by simultaneous expansion of market size and acceleration of domestic production processes [1] Industry Overview - Blade servers are a high-density server platform designed for specific application industries and high-density computing environments, allowing multiple "blade" modules to be inserted into a unified chassis, providing optimal space efficiency and energy efficiency for large data centers [4][6] - The evolution of the blade server industry in China has transitioned from early architectural exploration to market maturity, showcasing a trajectory from single functionality to multi-fusion [6] Market Size - The market size of the Chinese blade server industry is projected to reach approximately 15.07 billion yuan in 2024, reflecting a year-on-year growth of 2.8%, driven by strong demand from cloud computing and artificial intelligence [1][8] Key Enterprises - Unisplendour Corporation, through its subsidiary H3C, leads the blade server market, leveraging its unique position as the exclusive provider of HPE servers in China and its "plastic architecture" for resource pooling [10] - Inspur Information maintains a strong market share through continuous innovation in liquid cooling technology, while Huawei excels in AI computing scenarios with its self-developed Kunpeng chips [10] - Sugon focuses on high-performance computing and liquid cooling technology, establishing a competitive edge in the research and supercomputing sectors [10] Industry Development Trends 1. **Liquid Cooling Technology and AI Integration** - The industry is accelerating towards green and intelligent infrastructure, with liquid cooling technology expected to penetrate over 30% of the market by 2025, significantly improving energy efficiency [13] 2. **Market Concentration and Localization** - The competition is becoming increasingly oligopolistic, with domestic CPUs gaining traction in government and military sectors, while the supply chain is reducing reliance on imports [14] 3. **Edge Computing Expansion** - The blade server architecture is evolving towards a dual-mode of "centralized large clusters + distributed micro-clusters," adapting to the demands of edge computing driven by 5G and IoT applications [16]

Core Insights - The global server market revenue reached a record $112.4 billion in Q3 2025, marking a significant year-on-year increase of 61% [1][2] - Lenovo has emerged as a key player in the global server market, achieving a revenue growth of 26.1% year-on-year, securing its position among the top three vendors [1][2] Market Performance - Dell Technologies led the market with revenues of $9.3 billion, a growth of 37.2% compared to Q3 2024 [2] - Lenovo's revenue reached $4.0 billion, capturing 3.6% market share, while other competitors like Super Micro and Inspur experienced revenue declines of 13.2% and 10.5%, respectively [2] - The ODM Direct segment saw a remarkable growth of 112.2%, contributing significantly to the overall market expansion [2] Segment Analysis - The x86 server segment grew by 32.8% year-on-year, generating $76.3 billion, while non-x86 servers surged by 192.7% to $36.2 billion [3] - Embedded GPU servers accounted for over half of the total server market revenue, with a year-on-year growth of 49.4% [3] Regional Insights - The U.S. server market experienced the fastest growth at 79.1% year-on-year, driven by a surge in the accelerated server segment [3] - China's market grew by 37.6%, representing nearly one-fifth of the global quarterly revenue [3] - Other regions, including Asia-Pacific (excluding Japan), EMEA, and Japan, also reported healthy double-digit growth rates of 37.4%, 31.0%, and 28.1%, respectively [3]

Core Insights - The global server market revenue reached a record $112.4 billion in Q3 2025, marking a significant year-on-year increase of 61% [1][2] - Lenovo has emerged as a key player in the global server market, achieving a revenue growth of 26.1% year-on-year, securing a market share of 3.6% and ranking third alongside Inspur Technology [1][2] Company Performance - Lenovo's revenue in Q3 2025 was $4.004 billion, up from $3.175 billion in Q3 2024, demonstrating a strong competitive advantage in the market [2] - Other major players like Super Micro, Inspur, and Hewlett Packard Enterprise experienced revenue declines of 13.2%, 10.5%, and 2.3% respectively, highlighting Lenovo's robust growth amidst a challenging environment [2] Market Trends - The x86 server revenue grew by 32.8% year-on-year to $76.3 billion, while non-x86 server revenue surged by 192.7% to $36.2 billion in Q3 2025 [3] - Embedded GPU server revenue increased by 49.4%, accounting for over half of the total server market revenue, driven by the rapid adoption from hyperscale data center operators and cloud service providers [3] Regional Insights - The U.S. server market saw the fastest growth, increasing by 79.1% compared to Q3 2024, primarily due to a 105.5% surge in the accelerated server segment [3] - China's market grew by 37.6%, contributing nearly one-fifth of the global quarterly revenue, while the Asia-Pacific region (excluding Japan), EMEA, and Japan also experienced healthy double-digit growth rates [3]

Core Viewpoint - The report from Zhaoyin International indicates that the penetration rate of AI PCs is expected to exceed 2026, with product portfolio optimization likely to offset rising costs [1] Group 1: Lenovo - Lenovo's AI PC shipment penetration reached 33% in Q3 2025, with expectations for double-digit growth in the coming quarters [1][2] - Lenovo's PC revenue grew by 17% year-on-year in FY2Q26, achieving a global market share of 25.6%, a historical high [2] - The company holds 7-8 months of memory inventory, significantly higher than competitors' 2-3 months, providing a buffer against rising costs [2] Group 2: Dell Technologies - Dell's Client Solutions Group (CSG) revenue grew by 3% year-on-year in F3Q26, with commercial PC sales increasing by 5% [3] - AI server orders surged to $12.3 billion, with backlog orders reaching $18.4 billion, a record high [3] - Dell's direct sales model allows for quicker pricing adjustments, historically recovering about two-thirds of cost increases within 90 days [3] Group 3: HP - HP's Personal Systems revenue grew by 8% year-on-year in FY4Q25, driven by gains in commercial and high-end consumer markets [4] - The company provided a cautious outlook for FY26, lowering its operating profit margin guidance for personal systems to 5-7% [4] - HP announced a cost-saving plan aiming for $1 billion in total savings by FY28, with $300 million targeted for FY26 [4]