近日，财通证券发布首次覆盖研报，鉴于龙头地位稳固，AIPC、AI 服务器加速渗透，给予联想集团"增 持"评级。 AI PC市场预计将在未来几年快速增长，2024年被视为AI PC的市场元年，其出货量显著提升，并在 2027年达到全球PC市场渗透率 85%的高峰。销售额也将从2023年的141亿元增长至2027年的1312亿元。 从价格来看，AI PC的单价预计保持稳中有升。随着AI技术的普及和硬件成本的下降，AI PC 的性能和 性价比将进一步提升，加速其在消费市场的渗透和更新换代。整体看 AI PC 有望带动 PC 市场量价齐 升，也给公司整体业务带来更多可能性。 综上，分业务来看，1)IDG：PC 业务考虑到 AI PC 的加速渗透，以及疫情、Win10 更新带来换机潮力 度逐渐减小，手机业务有望持续拓品类、拓市场、提升高端机占比，预计FY25/26-FY27/28 IDG 收入增 速为 9.1%、5.8%、6.4%，经营溢利率为 7.4%、7.7%、8.0%； 报告中称，作为全球最大的PC厂商，根植于中国的真正全球化企业——联想集团正利用数字化转型驱 动长期增长。根据 IDC 数据，2025 年第二季度 ...

Core Viewpoint - The report from Caitong Securities highlights Lenovo Group's strong market position and growth potential driven by digital transformation and the acceleration of AI PC penetration, leading to an "overweight" rating for the company [1] Group 1: Lenovo Group's Market Position and Growth - Lenovo Group is the largest PC manufacturer globally and is leveraging digital transformation for long-term growth, with a projected global market share increase to 24.8% by Q2 2025 according to IDC data [1] - The AI PC market is expected to grow rapidly, with 2024 being considered the market's inaugural year, and shipments projected to reach a global penetration rate of 85% by 2027, with sales increasing from 14.1 billion yuan in 2023 to 131.2 billion yuan in 2027 [1] - The price of AI PCs is expected to remain stable or increase, enhancing performance and cost-effectiveness, which will further drive market penetration and upgrades [1] Group 2: SSG's Growth and Market Dynamics - SSG is benefiting from AI-enabled service solutions, with the overall IT service market in China projected to reach 377.9 billion yuan in 2024, growing by 3.8% year-on-year [2] - SSG has maintained the fastest revenue growth in the IT service market for eight consecutive years, driven by strategic initiatives and early AI adoption [2] - The integration of autonomous AI in enterprise software is expected to rise from less than 1% in 2024 to 33% by 2028, indicating a significant shift in decision-making processes [2] Group 3: ISG's Infrastructure Solutions and Revenue Growth - ISG has established comprehensive infrastructure solutions, with revenue from infrastructure solutions increasing by 36% year-on-year in Q1 FY25/26, driven by cloud investments and market expansion [3] - The AI server business has seen revenue growth of over 100% year-on-year, supported by strong product lines and advanced liquid cooling technology [3] - Revenue growth projections for ISG are 19.5%, 15%, and 15% for FY25/26 to FY27/28, with profitability expected to improve as the business scales [3] Group 4: Financial Projections and Profitability - SSG is expected to maintain double-digit revenue growth, with projections of 16.1%, 13.0%, and 12.0% for FY25/26 to FY27/28, and operating profit margins of 22.2%, 22.4%, and 22.6% [4] - The company plans to increase marketing expenditures for AI PC promotion while managing to reduce administrative costs through organizational adjustments [4] - Adjusted net profit growth is projected at 12.9%, 16.8%, and 16.0% for FY25/26 to FY27/28, benefiting from a lower effective tax rate due to a one-time tax credit [5]

Group 1 - The company is the largest PC manufacturer globally, with a market share of 24.8% as of Q2 2025, and operates in 180 countries with approximately 80,000 employees [1] - Revenue for Q2 2025 reached $18.83 billion, a year-on-year increase of 21.9%, exceeding Bloomberg's expectation of $17.56 billion, with all three business segments outperforming expectations [1] - Adjusted net profit attributable to shareholders grew by 22% year-on-year to $3.9 billion, surpassing Bloomberg's forecast of $3.5 billion [1] Group 2 - The IDG segment achieved revenue of $13.46 billion in Q2 2025, marking a year-on-year increase of 17.8%, the highest growth in 15 quarters [2] - The growth in revenue and operating profit in the IDG segment is attributed to the accelerated penetration of AIPC and growth in mobile business, alongside a recovery in commercial demand [2] - The company is expected to achieve revenues of $77.38 billion, $83.68 billion, and $91.23 billion from 2025 to 2027, with adjusted net profits projected at $1.63 billion, $1.90 billion, and $2.21 billion respectively [2]

或许，我们可以重新认识一下联想。 2025年Q2，全球PC市场交出一份超预期答卷：出货量 6840万台，同比增长6.5%。联想是其中的佼佼者，期间市场份额为24.8%，较去年同期增长1.8%， 稳居全球PC市场第一名；同时，其出货量达到1697万台，较去年同期增长15.2%，亦大幅跑赢行业增长均值。 但另一方面，毛利率从去年同期的16.6%下滑至14.7%，创下近几个财年的同期新低，而基础设施业务（ISG）虽录得36%的同比增速，却仍单季亏损8552 万美元——这种高增与亏损的矛盾，让投资者对 ISG业务盈利拐点的兑现节奏持续生疑。 具体业务层面，智能设备业务（IDG）贡献了过半的营收和大部分利润，PC全球市场份额升至24.8%；与此同时，非PC收入占比已达47%，基础设施业务 （ISG）以36%的增速远超整体，AI服务器收入更是同比翻倍。 PC业务上，联想还是那个稳居全球第一的王者。 但在今年初，公司董事会主席、首席执行官杨元庆却提出，联想要"第五次创业"、要押注"混合式人工智能"。 从1984年柳传志带领10位同事创立公司，到2004年收购IBM PC业务开启国际化，再到 2014年收购摩托罗拉和IBM服 ...

Investment Rating - The report assigns an "Accumulate" rating for Lenovo Group (00992) for the first time [2]. Core Views - Lenovo is the largest PC manufacturer globally, with a market share of 24.8% as of Q2 2025, and operates in 180 countries with around 80,000 employees [7][11]. - The company's revenue for Q2 2025 reached $18.83 billion, a year-on-year increase of 21.9%, exceeding Bloomberg's expectations [7]. - The adjusted net profit for Q2 2025 was $390 million, a 22% increase year-on-year, also surpassing Bloomberg's forecast [7]. - The report anticipates revenue growth driven by AI PC penetration and AI server expansion, projecting revenues of $77.38 billion, $83.68 billion, and $91.22 billion for 2025, 2026, and 2027 respectively [7][42]. Summary by Sections Company Overview - Lenovo is recognized as the largest PC manufacturer globally, with a significant global presence and a strategic focus on digital transformation [11]. - The company has a robust shareholder structure, with Lenovo Holdings being the largest shareholder [14]. IDG: AI PC Penetration - The Intelligent Devices Group (IDG) reported revenue of $13.46 billion in Q2 2025, marking a 17.8% year-on-year increase, driven by the growth of AI PCs and mobile business [21][26]. - The AI PC market is expected to grow significantly, with projections indicating a market penetration rate of 85% by 2027 [25]. SSG: Diversification Strategy - The Solutions and Services Group (SSG) achieved a revenue growth of 19.8% in Q1 FY25/26, driven by AI infrastructure and industry solutions [30]. - SSG is positioned as a leading player in the IT services market, maintaining the fastest revenue growth for eight consecutive years [27]. ISG: AI Server Growth - The Infrastructure Solutions Group (ISG) experienced a 36% year-on-year revenue increase in Q1 FY25/26, attributed to rising cloud investments and strong server demand [35]. - The company aims to become a leading provider of end-to-end infrastructure solutions, leveraging advanced technologies like liquid cooling [36]. Profit Forecast and Valuation Analysis - The report forecasts a compound annual growth rate (CAGR) of approximately 15.2% for adjusted net profit from FY24/25 to FY27/28, with projected adjusted net profits of $1.63 billion for FY25/26 [43][44]. - The report highlights a favorable valuation with a projected PE ratio of 10.7 for FY25/26, compared to an average of 19.4 for comparable companies [44].

Core Insights - The report titled "2025 China Corporate Social Responsibility Observation Report" focuses on the theme of "Upward Competition, Reshaping Responsibility Leadership," showcasing the current state and trends of corporate social responsibility (CSR) practices in China [1] - The report is based on a survey of 620 companies across various sectors, evaluating CSR across seven dimensions and implementing a veto system for companies with significant negative CSR events [1] - Key findings indicate that while the CSR development index for Chinese companies has improved, scores in economic and environmental dimensions remain low [1] Group 1: CSR Trends and Observations - The report identifies ten major observations, including the rising CSR development index, compliance pressures for overseas companies, and the integration of CSR into executive compensation and corporate strategy [1] - The emergence of "sustainable development services" as a new market opportunity is highlighted, along with the role of leading companies in promoting sustainability across the entire value chain [1] - Companies are increasingly focusing on low-carbon transformation, although challenges in carbon reduction persist [1] Group 2: Industry Insights - The report provides specific insights into various industries, noting that the internet and technology sectors are focusing on ethical practices and anti-corruption, while the automotive industry faces supply chain pressures [1] - The financial sector is addressing key issues through five major articles, and the renewable energy sector is experiencing dual pressures [1] Group 3: Leading Companies and Case Studies - Notable CSR case studies include Schneider Electric's transition from practice to empowering clients, and Lenovo's expansion into new growth areas through ESG and AI [1] - The report serves as a reference for companies looking to enhance their CSR efforts and navigate the challenges associated with sustainable development [1]

联想新视界H203系列（AGV移动款）作为"陪伴式虚拟讲解员"，为全国多家企业提供机器人讲解服 务。而星动纪元在人形机器人、具身智能技术方面优势显著。 8月20日，联想集团旗下联想新视界科技（北京）有限公司与北京星动纪元科技有限公司举行战略签约 仪式，联合推出人形服务机器人智慧展厅解决方案。联想集团副总裁、联想新视界总经理白欲立，星动 纪元创始人陈建宇、联合创始人席悦携双方核心团队出席并见证签约。 此次合作旨在打造以星动纪元人形服务机器人星动Q5为载体的智慧展厅场景专属服务机器人"派中心机 器人"，以及对应的人形服务机器人智慧展厅解决方案。该方案以"技术+场景"深度融合为核心，有望重 新定义高端展厅服务的体验边界与行业标准。 联想新视界的时空同步引擎是其在智慧展厅解决方案中应用的一项关键技术，能实现机器人动作、讲解 内容、大屏展示的毫秒级联动，达成"行至即讲、讲至即翻" 的沉浸式即时互动闭环。 在人形服务机器人智慧展厅解决方案中，依托多传感器融合算法，机器人能敏锐感知观众驻留、表情等 状态，并能即时主动问候"需要讲解吗？"。它搭载了44个自由度精准控制，可完成"45度角迎宾""精灵 手递水""凌空划展示意图" ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1][2][3]. Short Selling Ratios - The top three stocks by short-selling ratio are: - Sun Hung Kai Properties-R (80016) at 100.00% - Lenovo Group-R (80992) at 98.00% - Tencent Holdings-R (80700) at 87.44% [2][3]. Short Selling Amounts - The leading stocks by short-selling amount are: - Xiaomi Group-W (01810) with a short-selling amount of 2.084 billion - Tencent Holdings (00700) at 1.612 billion - Pop Mart (09992) at 1.110 billion [1][3]. Deviation Values - The stocks with the highest deviation values are: - Tencent Holdings-R (80700) at 47.80% - Lenovo Group-R (80992) at 41.56% - China Mobile-R (80941) at 40.57% [1][3]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling ratios, amounts, and deviation values, indicating a trend of increased short-selling activity in certain sectors [2][3].

Core Viewpoint - The demand for cooling solutions is increasing due to the rising power density of AI chips and servers, with liquid cooling expected to replace air cooling as the mainstream solution by 2026, reaching a market size of $8.6 billion globally [2][3]. Group 1: Liquid Cooling Market Dynamics - The global AI liquid cooling market is projected to grow rapidly, with a forecasted market size of $8.6 billion by 2026, driven by the increasing power density of AI chips and servers [2][3]. - The power density of AI servers is expected to exceed 1MW per cabinet by 2029, highlighting the need for efficient cooling solutions [2][3]. - The liquid cooling market in China is anticipated to grow by 67% year-on-year in 2024, reaching $2.37 billion, with a CAGR of 46.8% from 2024 to 2029 [3][42]. Group 2: Advantages of Liquid Cooling - Liquid cooling systems offer higher cooling efficiency and reduced system power consumption compared to traditional air cooling, making them a preferred choice as power density increases [2][22]. - The cooling efficiency of liquid cooling is significantly higher than that of air cooling, with water's thermal conductivity being over 23 times greater than that of air [22]. - Liquid cooling allows for higher density deployment of computing units, reducing the physical space required and improving overall system performance [22][25]. Group 3: Industry Trends and Developments - Major cloud service providers are significantly increasing their capital expenditures, with the top four North American cloud companies expected to reach $366.1 billion in total capital expenditures by 2025, reflecting strong demand for AI infrastructure [7]. - Companies like Alibaba and ByteDance are ramping up investments in AI and cloud computing infrastructure, with Alibaba planning to invest over $50 billion in these areas over the next three years [8]. - The liquid cooling technology is being rapidly adopted by leading server manufacturers, with companies like Supermicro and HPE launching liquid-cooled server solutions [41][43]. Group 4: Liquid Cooling Technology Types - Liquid cooling can be categorized into indirect contact (cold plate cooling) and direct contact (immersion and spray cooling), with cold plate cooling being the most mature and widely adopted technology [3][30]. - Cold plate cooling systems are expected to lead the market due to their minimal impact on existing infrastructure and superior cooling performance compared to air cooling [3][30]. - Immersion cooling, while offering the best cooling performance, presents higher technical challenges and is still in the exploratory phase [3][30]. Group 5: Energy Efficiency and Cost Savings - Liquid cooling systems can significantly reduce energy costs in data centers, with potential savings in operational costs due to lower energy consumption compared to air cooling systems [25][29]. - The total cost of ownership (TCO) for liquid cooling solutions is expected to be lower than that of air cooling, as they can reduce the need for additional cooling equipment [25][29]. - As data center energy efficiency becomes a regulatory focus, liquid cooling solutions are positioned to meet stringent PUE requirements, enhancing overall energy utilization [17][20].

AI 服务器同比翻倍增长，手机销售增速持续高于市场。根据公司财报披露数 据，FY1Q2026 公司 AI 服务器收入较同期增长逾一倍，中国市场实现超高速 增长，通过全栈式 AI 驱动的基础设施产品战略，满足当地客户需求。公司 智能手机销量增速连续 8 个季度高于市场，中国以外市场份额达历史新高， 其中折叠屏手机市场份额达 51%，稳居第一（中国以外市场）。 证券研究报告 | 2025年08月20日 联想集团（00992.HK） 优于大市 业绩高速增长，PC+手机+服务器受益于 AI 发展 业绩高速增长，各业务收入均实现双位数增长。根据香港财务准则，FY1Q2026 公司实现营业收入 188.30 亿美元，同比+21.9%、环比+10.9%；实现净利润 5.05 亿美元，同比+107.6%、环比+462.2%。根据非香港财务准则计量（主要 剔除认股权证等对净利润的影响），FY1Q2026 公司净利润为 3.89 亿美金， 同比+21.6%、环比+39.9%，净利润仍实现高速增长。分业务来看，FY1Q2026 公司智能设备业务（IDG）、基础设施方案业务（ISG）、方案服务业务（SSG） 分别实现收入 134.5 ...