经济观察网 联想控股（03396.HK）股价在2026年2月23日出现显著上涨，主要原因与市场对其关联公司 联想集团近期动态的积极反应有关。 股价异动原因 根据中关村在线的报道，作为全球最大的个人电脑制造商，联想集团于2026年2月宣布，受人工智能驱 动数据中心建设导致DRAM供应短缺、成本持续走高的影响，计划自3月起上调部分台式机与笔记本电 脑产品的价格。这一举措被市场解读为联想集团能够将上游原材料成本压力有效传导至下游消费者，有 助于维持其盈利能力。受此消息影响，市场对联想集团及其控股公司联想控股的未来业绩预期有所改 善。 股票近期走势 截至2026年2月23日11:02，联想控股股价报8.95港元，较前一日收盘价8.38港元上涨6.80%。当日电脑器 材行业板块整体上涨2.69%，恒生指数上涨2.66%。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1: Company Developments - Lenovo Holdings completed an increase in its stake in Lenovo Group, acquiring approximately 115 million shares for about HKD 1.125 billion, raising its total ownership to 32.34% [1] - Lenovo Group launched its "Smarter AI for all" strategy at the CES 2026, introducing AI servers and the Lenovo Qira personal intelligent agent, with AI business revenue accounting for 30% [1] - Lenovo Group reported a 15% year-on-year revenue growth and a 25% increase in net profit for the second quarter of the 2025/26 fiscal year, achieving record highs [1] Group 2: Industry Environment - The Hong Kong Securities and Futures Commission has mandated a comprehensive review of the listing application process, affecting 70% of active projects, which may impose stricter scrutiny on Lenovo Holdings for any future capital operations [1] - Rising upstream chip costs and US-China trade tensions may pressure Lenovo Group's profits, necessitating attention to Lenovo Holdings' risk management strategies regarding its subsidiaries [2] - Lenovo Holdings has not announced any special dividend or buyback plans recently, but the upcoming annual report may reveal new capital allocation strategies [2]

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，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 聯想控股股份有限公司 Legend Holdings Corporation （於中華人民共和國註冊成立的股份有限公司） （股份代號：03396） 關於本公司附屬公司聯想集團有限公司截至2025年12月31日止九個月之 未經審核2025/26年財政年度第三季度之綜合業績公佈 本公司附屬公司聯想集團有限公司（股份代號：992）於2026年2月12日在聯交所網站 （http://www.hkexnews.hk/）公佈其截至2025年12月31日止九個月之未經審核2025/26年 財政年度第三季度綜合業績。 本公司股東及投資者在買賣本公司證券時務請審慎行事。 – 1 – 聯想集團截至2025年12月31日止三個月及九個月之未經審核綜合財務報表及去年同期的 比較數字之摘要如下： | | 截至2025年 | 截至2025年 | 截至2024年 | 截至2024年 | | --- | --- | --- | --- ...

FF301 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: 2026年1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: 聯想控股股份有限公司 呈交日期: 2026年2月5日 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03396 | 說明 | | | | | | | | | | 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 | | | 上月底結存 | | | | 1,271,853,990 | | 0 | | 1,271,853,990 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 1,271,853,990 | | 0 | | 1,271,853,990 | 足夠公眾持股量的確認(註4) I. 法定/註冊股本變動 | 1. 股份分類 | 普通 ...

Core Viewpoint - The establishment of the "Peking University - Legend Holdings Advanced Photonic Integration Technology Joint Laboratory" aims to merge cutting-edge academic wisdom with real industrial needs to foster breakthrough results in photonic integration technology, which is crucial for overcoming energy consumption bottlenecks and enhancing computational efficiency [1][3]. Group 1: Laboratory Establishment and Goals - The joint laboratory is a collaboration between Peking University and Legend Holdings, focusing on the integration of advanced photonic technologies to address significant technical challenges in the industry [1][3]. - Legend Holdings aims to become a participant and enabler in China's technology industry ecosystem, with a three-tiered innovation system that includes increased R&D investment, investment in cutting-edge technologies, and commercialization of early-stage technologies [3][4]. Group 2: Research and Development Focus - The laboratory will leverage Peking University's research capabilities and Legend Holdings' financial support to tackle core issues such as the "power wall" and "capacity crisis" that hinder the development of next-generation communication and intelligent computing systems [10][12]. - The collaboration is expected to yield significant results by 2025, with the potential for joint patents and innovations that can transform the industry [12][13]. Group 3: Collaborative Model - Legend Holdings proposes a "co-creation partner" model that differs from traditional venture capital approaches, aiming for deep involvement in the entire lifecycle of research projects from early planning to industrialization [8][9]. - This model allows researchers to remain engaged in their scientific pursuits while ensuring that their innovations are applied in practical, societal contexts [9][10]. Group 4: Long-term Vision and Impact - The partnership is seen as a starting point for further collaborations that can lead to a broader integration of cutting-edge scientific achievements with industry applications, fostering a sustainable innovation ecosystem [13]. - The success of this model could lead to the emergence of new companies similar to Ayar Labs, which has recently gained significant investment and valuation, indicating a shift towards optical interconnect technologies as a solution for future computing demands [12][13].

Core Insights - The firewall industry in China is a critical component of the network security system, serving as the first line of defense for enterprises and individuals. The industry is characterized by a diverse range of listed companies, primarily concentrated in the upstream and midstream segments of the supply chain [1][5]. Group 1: Company Overview - Major companies in the firewall industry include Sangfor (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [1]. - The highest revenue in the firewall industry for 2024 is projected to be from Lenovo, with revenue reaching 114.77 billion yuan, followed closely by Inspur with the same revenue figure [4]. - The registered capital is highest for NSFOCUS, while Tianrongxin is the oldest company in the industry. Ruijie Networks has the most bidding information, totaling 7,141 entries [8]. Group 2: Revenue and Profitability - In terms of revenue from firewall-related business, Sangfor is expected to generate 3.629 billion yuan in 2024, ranking second in the domestic market for unified threat management. Qihoo 360 follows with an expected revenue of 2.653 billion yuan [9]. - The gross profit margin for representative companies in the firewall industry is projected to be around 60% in 2024, with Sangfor achieving the highest margin at 79.31% and Hillstone Networks at 71.97% [11]. Group 3: Business Layout - The firewall business layout of listed companies shows a combination of regional focus and nationwide outreach, with technological innovation and scenario deepening being key characteristics. Sangfor focuses on South China, covering over 30 countries and regions, while Qihoo 360 is centered in Beijing, targeting government and state-owned enterprises [13][15]. - Companies like Tianrongxin and Venustech are also focusing on specific sectors such as industrial internet and government services, respectively, to enhance their market presence [15]. Group 4: Business Planning - Future business plans for firewall companies emphasize technological iteration and scenario deepening. Sangfor aims to integrate network security with cloud computing and transition to a subscription model by 2026 [17]. - Qihoo 360 plans to allocate 25% of its R&D budget to encryption firewall research, while Tianrongxin is focusing on smart solutions for industrial firewalls [17].

Group 1 - Anta Sports (82020), Lenovo Group (80992), and Kuaishou (81024) have the highest short-selling ratios at 100.00%, 78.04%, and 71.83% respectively [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with 2.968 billion, 1.700 billion, and 1.588 billion respectively [1][2] - China National Building Material (03323), Jiangsu Nanjing Highway (00177), and China Liansu (02128) have the highest deviation values at 33.68%, 31.58%, and 22.77% respectively [1][2] Group 2 - The top short-selling stocks by amount include Alibaba (09988) at 2.968 billion, Tencent Holdings (00700) at 1.700 billion, and Xiaomi Group (01810) at 1.588 billion [2] - The top short-selling ratios are led by Anta Sports (82020) at 100.00%, followed by Lenovo Group (80992) at 78.04%, and Kuaishou (81024) at 71.83% [2] - The highest deviation values are recorded for China National Building Material (03323) at 33.68%, Jiangsu Nanjing Highway (00177) at 31.58%, and China Liansu (02128) at 22.77% [2][3]

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the "first stock of large models," marking a significant milestone in its development and showcasing Lenovo Holdings' role in empowering AI startups [1] - Lenovo Holdings has made substantial investments in AI, with over 270 AI companies supported, establishing itself as one of the most comprehensive investment institutions in the field [2][9] Investment and Growth - Lenovo Holdings has been a key investor in Zhiyu, participating in multiple funding rounds and providing strategic support, which has accelerated Zhiyu's commercialization process [3][4] - Zhiyu's revenue is projected to grow significantly, with a compound annual growth rate of 130% from 2022 to 2024, reaching 312.4 million yuan by 2024 [4] Ecosystem and Collaboration - Lenovo Holdings has facilitated collaborations between Zhiyu and its own product lines, creating integrated solutions that combine hardware and large models, enhancing application in various sectors such as manufacturing and education [3] - Other AI companies backed by Lenovo Holdings, such as Moer Thread and Muxi, have also successfully entered the capital market, indicating a broader trend of AI integration across industries [5][6] Technological Advancements - Moer Thread and Muxi have achieved significant breakthroughs in AI chip technology, establishing themselves as leaders in the high-end GPU market [6] - Companies like Xiaoma Zhixing and Xidi Zhijia have made strides in autonomous driving, showcasing successful commercial applications of AI technology [6][7] Strategic Vision - Lenovo Holdings emphasizes the importance of "patient capital" in driving AI commercialization, focusing on long-term value creation and strategic investments [8] - The company aims to enhance its AI ecosystem by fostering collaboration across the industry, integrating technology and innovation to accelerate market validation and product deployment [9][10]

Core Insights - Lenovo Holdings, in collaboration with various educational and research institutions, is conducting AI training programs in Tongren City, Guizhou Province, aimed at enhancing digital literacy and skills among local vocational school students, young teachers, and government officials [1][3]. Group 1: AI Training Initiatives - The training for young officials includes insights from experts on the future of AI and digital talent development, emphasizing the need for composite talents in the next five to ten years [3]. - The focus on education highlights how AI can empower teaching, address resource shortages, and facilitate personalized education that aligns with market demands [3]. Group 2: Local Talent Development - Experts from Lenovo and the Higher Education Press conducted hands-on demonstrations of AI capabilities, encouraging students to integrate AI tools into their professional studies [5]. - Training for teachers emphasizes the transition from knowledge transmitters to facilitators of learning and environment designers, focusing on capability development [5]. Group 3: Strategic Collaborations - Lenovo Holdings engaged with local government and business representatives to discuss AI industry development and provide references for planning industrial growth in the region [5]. - The company’s Assistant President introduced its AI industry layout and ecological investments, suggesting a demand-driven approach for early AI integration in local development [5]. Group 4: Ongoing Initiatives - The activities are part of Lenovo's "Rural AI Empowerment Plan," aimed at making AI technology accessible and applicable to local contexts, thereby driving rural revitalization [6]. - Lenovo plans to maintain communication with local stakeholders to support the high-quality economic and social development of the region [6].

Group 1 - Lenovo Holdings, in collaboration with various educational and research institutions, is conducting AI training sessions in Tongren City, Guizhou Province, aimed at enhancing digital literacy and skills among local vocational school students, young teachers, and government officials [1][2] - The training emphasizes the transformation of teachers' roles from knowledge transmitters to facilitators of learning and environment designers, focusing on capability development [1] - Lenovo Holdings' Assistant President introduced the company's AI industry layout and ecological investments, providing references for local industrial development planning [2] Group 2 - The initiative is part of Lenovo Holdings' "Rural AI Empowerment Plan," which aims to lower technical barriers and adapt AI technology to local contexts, promoting inclusive technology benefits for rural revitalization [3] - Future collaborations are planned between Lenovo Holdings and local authorities to support the high-quality development of the local economy and society [4]