Group 1: PC Market Performance - In Q2 2025, the PC market in mainland China (excluding tablets) showed strong performance with shipments reaching 10.2 million units, a year-on-year increase of 12% [1][2] - Both consumer and commercial demand increased, with growth rates of 13% and 12% respectively [1] - Lenovo maintained its leadership position in the Chinese PC market, with desktop and laptop shipments totaling 3.4 million units, a 13% increase, and market share rising to 34% [1][2] Group 2: Tablet Market Performance - The tablet market also experienced significant growth, with shipments reaching 9.1 million units, reflecting an 18% year-on-year increase [1][4] - Lenovo's diversified product strategy allowed it to remain competitive, achieving a 54% annual growth rate in the tablet segment, increasing its market share to 8% [3][4] Group 3: AI PC Growth - The AI PC segment in mainland China saw explosive growth, with AI PC shipments accounting for 28% of the overall PC market in Q2 2025 [2] - Lenovo reported that AI PCs with "five AI features" made up 27% of its total notebook shipments in the Chinese market [2] - The penetration rate of AI PCs is expected to rise rapidly, reaching 34% in 2025 and further increasing to 52% in 2026 [4] Group 4: Future Outlook - Canalys forecasts a 2% year-on-year growth for the Chinese PC market in 2025 and a 3% growth in 2026, driven mainly by subsidies and replacement demand [4] - By the end of 2029, the Greater China region is expected to accumulate approximately 107 million AI PC shipments, laying a solid foundation for widespread AI application [4] - The government's "Artificial Intelligence +" initiative is anticipated to accelerate local AI infrastructure development and the commercialization of AI devices, benefiting companies like Lenovo [4]

Core Insights - The Chinese mainland PC market (excluding tablets) is projected to show strong performance in Q2 2025, with shipments reaching 10.2 million units, a year-on-year increase of 12% [1] - Lenovo continues to solidify its leadership position in the Chinese PC market, particularly in the AI PC segment, which is gaining significant traction [1][4] - The tablet market also experienced an 18% year-on-year growth, with shipments totaling 9.1 million units, showcasing Lenovo's competitive strategy [1] PC Market Performance - In Q2 2025, Lenovo's desktop and laptop shipments reached 3.4 million units, reflecting a 13% increase, and its market share grew to 34% [2] - The growth in the PC market is primarily driven by government consumption subsidies and strong procurement from state-owned enterprises and government [1][4] - AI PCs accounted for 28% of the overall PC market in Q2 2025, with Lenovo's AI PC shipments making up 27% of its total notebook shipments in China [2] Tablet Market Performance - The tablet market in China saw a total shipment of 9.3 million units in Q2 2025, with a year-on-year growth of 18% [3] - Lenovo achieved a 54% annual growth rate in the tablet segment, increasing its market share to 8% through its Tab series targeting gamers and creators [3] Future Outlook - Canalys forecasts a 2% year-on-year growth for the Chinese mainland PC market in 2025, driven by subsidies and replacement demand, with AI PC penetration expected to rise to 34% [4] - By the end of 2029, approximately 107 million AI PCs are projected to be shipped in the Greater China region, establishing a solid foundation for widespread AI application [4] - The government's "Artificial Intelligence +" initiative is expected to accelerate local AI infrastructure development and the commercialization of AI devices, benefiting companies like Lenovo [4]

Core Insights - The Chinese PC market (excluding tablets) is projected to show strong performance in Q2 2025, with shipments reaching 10.2 million units, a year-on-year increase of 12% [1][2] - Lenovo continues to solidify its leadership position in the Chinese PC market, particularly in the AI PC segment, which is gaining significant traction [1][4] - The tablet market also experienced an 18% year-on-year growth, with shipments totaling 9.1 million units, showcasing Lenovo's competitive strategy [1][3] PC Market Performance - In Q2 2025, Lenovo's desktop and laptop shipments reached 3.4 million units, reflecting a 13% increase, and its market share grew to 34% [2] - The growth in the PC market is primarily driven by government consumption subsidies and strong procurement from state-owned enterprises [1][4] - The AI PC segment accounted for 28% of the overall PC market in Q2 2025, with Lenovo's AI PC shipments making up 27% of its total notebook shipments in China [2] Tablet Market Performance - The tablet market saw a total shipment of 9.1 million units in Q2 2025, with Lenovo achieving a 54% year-on-year growth rate, increasing its market share to 8% [3] - Competitors such as Huawei and Xiaomi also showed significant performance, with Huawei leading the tablet market with a 28% share [3] Future Outlook - Canalys forecasts a 2% year-on-year growth for the Chinese PC market in 2025, driven by subsidies and replacement demand, with AI PC penetration expected to rise to 34% [4] - By the end of 2029, approximately 107 million AI PCs are expected to be shipped in the Greater China region, laying a solid foundation for widespread AI application [4] - The government's "AI+" initiative is anticipated to accelerate local AI infrastructure development and the commercialization of AI PCs, benefiting companies like Lenovo [4]

2025 年 9 月 3 日，权威市场研究机构 Counterpoint Research 最新数据显示，2025 年第二季度全球折叠 屏智能手机出货量同比激增 45%，实现显著复苏。这一增长态势的背后，中国市场的持续稳健表现与 美国市场的爆发式增长功不可没，而联想旗下摩托罗拉品牌凭借其最新的 Razr 60 系列翻盖手机，成为 推动这一增长的核心力量，尤其是在美国市场。 在中国市场，尽管整体保持强劲，华为凭借其超高端的 Mate X6 折叠屏手机（占该季度华为折叠屏出 货量的三分之一以上）引领市场，但摩托罗拉的全球影响力同样不容忽视。尤其是在美国市场，价格因 素成为关键驱动力，摩托罗拉的表现尤为亮眼。其 Razr 系列基础款零售价仅为 699 美元，成为美国市 场上性价比最高的折叠屏手机，且至今未有竞争对手能接近这一价格带。这一策略大获成功，推动美国 折叠屏手机出货量达到历史同期最高水平。 图为2024年第二季度与2025年第二季度全球可折叠智能手机出货量 从全球市场份额来看，2025 年第二季度的格局发生了显著变化。2024 年第二季度，三星以 45% 的份额 位居榜首，华为占 32%，摩托罗拉仅为 14 ...

2025 年 9 月 3 日，权威市场研究机构 Counterpoint Research 最新数据显示，2025 年第二季度全球折叠 屏智能手机出货量同比激增 45%，实现显著复苏。这一增长态势的背后，中国市场的持续稳健表现与 美国市场的爆发式增长功不可没，而联想旗下摩托罗拉品牌凭借其最新的 Razr 60 系列翻盖手机，成为 推动这一增长的核心力量，尤其是在美国市场。 图为 2024 年第二季度与 2025 年第二季度全球可折叠智能手机出货量 从全球市场份额来看，2025 年第二季度的格局发生了显著变化。2024 年第二季度，三星以 45% 的份额 位居榜首，华为占 32%，摩托罗拉仅为 14%；而到 2025 年第二季度，摩托罗拉的市场份额飙升至 28%，每四部售出的折叠屏手机中就有一部是摩托罗拉产品。报告称，因受到摩托罗拉崛起的压制，三 星的市场份额在2025年第二季度出现减半，从2024年的21%下滑至9%，尽管其最新一代 Galaxy Z Fold 和 Flip7 在第三季度创下了历史最高销量，但这并不能掩盖其在第二季度的颓势。 Counterpoint高级分析师Maurice Klaehne称： ...

Group 1 - The top three stocks with the highest short-selling ratios are China Resources Beer (100.00%), Lenovo Group (100.00%), and Anta Sports (100.00%) [1][2] - The top three stocks with the highest short-selling amounts are Alibaba (2.283 billion), Tencent Holdings (1.289 billion), and Xiaomi Group (1.113 billion) [1][2] - The top three stocks with the highest deviation values are China Resources Beer (50.97%), Lenovo Group (46.84%), and Tencent Holdings (44.51%) [1][2] Group 2 - The top ten short-selling ratio rankings include China Resources Beer, Lenovo Group, and Anta Sports, all at 100.00% [2] - The top ten short-selling amounts show Alibaba leading with 22.83 billion, followed by Tencent Holdings and Xiaomi Group [2] - The top ten deviation values highlight China Resources Beer and Lenovo Group with significant deviations from their average short-selling ratios [2]

Core Viewpoint - The "Artificial Intelligence +" initiative has been elevated to a strategic level, signaling a transformation that will reshape the economic structure and create trillion-level market opportunities across various industries [1][2]. Group 1: Strategic Goals and Implementation - The State Council has issued a plan with clear developmental goals for AI by 2027, 2030, and 2035, aiming to integrate AI deeply into various sectors of the economy and society [1][2]. - The initiative outlines six major actions and eight supporting measures to guide the application of AI, enhancing overall productivity and market vitality [2][3]. Group 2: Industry Opportunities - The shift in focus from large model development to vertical applications presents a significant opportunity for domestic companies to leverage their strengths in application and market integration [2][4]. - The "Artificial Intelligence +" action plan will facilitate the integration of AI infrastructure with vertical industries, providing essential support for industrial upgrades [3]. Group 3: Key Insights from Industry Leaders - Industry leaders emphasize the importance of high-quality data and valuable application goals for the successful implementation of the "Artificial Intelligence +" initiative [5]. - AI companies must focus on solving real-world problems and identifying structural bottlenecks within core industry processes to ensure AI becomes a necessity rather than an added value [6]. Group 4: Lenovo's AI Initiatives - Lenovo has established a comprehensive AI ecosystem, investing in over 270 AI companies and developing a full-stack intelligent technology system that includes hardware and software solutions [9][10]. - Lenovo's AI-driven manufacturing model has significantly improved production efficiency, reducing scheduling time from 6 hours to 1.5 minutes and increasing delivery efficiency by over 20% [7][11]. Group 5: Market Opportunities in AI Applications - The healthcare sector is seeing significant advancements through AI, with applications in drug discovery and surgical planning, demonstrating the technology's potential to enhance efficiency and reduce costs [14]. - The integration of AI in the renewable energy sector is also promising, as AI can optimize supply-demand balance in power systems, addressing bottlenecks in energy consumption [14]. Group 6: Future of Work and AI - The introduction of AI is expected to change the nature of work, enhancing knowledge acquisition and communication methods, while also creating new job opportunities in AI-related fields [18][19]. - Historical trends suggest that technological advancements typically lead to increased demand for labor rather than job losses, indicating that AI could serve as a powerful engine for job creation [19].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 聯想集團有限公司 | | | | 呈交日期: | 2025年9月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00992 | | 說明 | 港幣櫃台 | | | | | | 多櫃檯證券代號 | 80992 | RMB 說明 | | 人民幣櫃台 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | ...

近日，国际知名大行汇丰发表观点称，联想PC仍是现金牛业务，服务器业务也处于持续投入阶段，因 此维持"买入评级"，目标价至12.9港元，潜在涨幅18%。 商用级 PC：联想的管理层对商用 PC 更新周期持乐观态度。据管理层判断，目前全球市场仍有约 2.5 亿 台设备搭载 Windows 10 系统，这部分设备有望成为未来 PC 更新周期的核心增长动力。在 2026 财年 （FY26）之前，商用 PC 的更新换代还将持续支撑智能设备集团（IDG）业务的毛利率增长。 关税影响方面，联想已将销往美国市场的 PC 产品产能转移至越南，因此关税对其 PC 业务的影响有 限。尽管关税政策存在不确定性，但凭借全球化的生产布局，联想具备更强的灵活性以应对市场动态变 化。 ISG业务则处于持续投入的阶段，对于中小企业领域的战略性投入在增加，对AI服务器能力的强化投入 也在增加，以实现更优的运营杠杆效应。 汇丰认为，联想在消费级和商用级 PC 两大细分领域均展现出强劲势头： 消费级 PC：公司在多个市场的份额持续提升，且游戏 PC 需求旺盛（尤其在中国市场）。由于联想 PC 产品的激活率保持稳健，目前渠道库存处于健康水平。 ...

Core Insights - The AI industry is transitioning from a parameter competition to a focus on value return, emphasizing the importance of ROI as a key metric for businesses [1][2] Group 1: ROI and Application Value - This year marks the fifth anniversary of Lenovo's SSG, witnessing the shift of generative AI from a "fever phase" to a rational implementation stage, with ROI becoming the critical standard for measuring input-output [2] - Companies need to identify suitable tools and scenarios to effectively leverage AI technology, focusing on cost-effectiveness rather than merely pursuing larger model parameters [2] - In the B2B sector, the emphasis is on whether AI can deliver value in specific scenarios rather than the model's inherent capabilities [2][3] Group 2: Challenges and Solutions - The issue of hallucination rates remains a significant challenge in the application of large models, which cannot be completely eliminated in the short term [4] - Solutions to hallucination rates require a systematic approach, optimizing the entire process from model engineering to multi-modal interaction [4] - Lenovo's iChain supply chain AI demonstrates the effectiveness of a multi-agent collaboration approach, achieving a 90% accuracy in risk identification and reducing response time by four times [4] Group 3: Strategic Insights - The advancement of AI is not solely about technological breakthroughs but also involves a comprehensive system engineering approach, requiring a full-stack layout from infrastructure to industry-specific practices [6] - There is a notable difference in market preferences, with overseas clients favoring SaaS models for AI consumption, while domestic clients prioritize localization and hybrid deployment for data security and flexibility [6] - Lenovo's strategy of "internalizing and externalizing" its practices across 180 countries allows for tailored solutions that meet local demands [6]