作为全球规模最大的资产管理机构之一，贝莱德的投资动向往往被视为国际长期资金配置风向标。市场 分析人士指出，在全球AI产业持续扩张、算力需求快速增长的背景下，具备硬件制造与算力基础设施 能力的企业正重新受到国际资本关注。 联想集团近年来持续加大在服务器及算力基础设施领域的投入。随着AI模型应用加速落地，数据中心 与服务器资本开支进入扩张阶段，硬件端企业的订单确定性和现金流稳定性受到市场重视。 业内人士认为，当前全球资本在科技板块内部出现结构性分化，高估值软件及轻资产板块面临估值波 动，而具备实体资产支撑与产业链地位的企业，或成为国际资金配置的重要方向。 根据香港联交所3月4日披露的文件显示，全球资产管理巨头 BlackRock, Inc. 于2月27日以每股均价 9.7193港元增持联想集团普通股2,031.72万股，涉资约1.97亿港元。 增持完成后，贝莱德持有联想集团股份数量增至7.5亿股，好仓比例由5.88%提升至6.04%。 此次增持为贝莱德在公开市场上的主动加仓行为。根据港股市场披露规则，持股比例超过5%需进行权 益披露，而持续提高持仓比例通常被市场视为中长期配置动作。 ...

Core Viewpoint - Lenovo Group is expected to report significant revenue and profit growth in Q4 2026, with projected revenue between $17.461 billion and $21.982 billion, representing a year-on-year increase of 2.8% to 29.4% [1][2]. Financial Projections - Projected net profit for Q4 2026 is estimated to be between $223 million and $445 million, showing a substantial year-on-year growth of 148.0% to 395.1% [1][2]. - Adjusted net profit is forecasted to range from $250 million to $485 million, with a year-on-year change of -10.2% to 74.2% [1][2]. Business Segment Performance - AI Business: Revenue from AI-related activities grew by 72% year-on-year, accounting for 32% of total revenue, indicating strong growth potential in personal AI and inference AI [4][5]. - PC Business: IDG segment revenue increased by 14% to $15.8 billion, with PC market share rising by 1 percentage point to 25.3%, and total shipments reaching 19.3 million units [4][5]. - ISG Business: Revenue from ISG grew by 31% to $5.2 billion, with AI server revenue achieving high double-digit growth; strategic restructuring is expected to yield over $200 million in annual cost savings over the next three years [4][5]. Overall Company Performance - Lenovo Group achieved total revenue of approximately $22.204 billion in FY2026 Q3, reflecting an 18% year-on-year increase, while net profit was $5.46 billion, down 21% year-on-year [4][5]. - The company has focused on efficiency optimization and high-end product offerings to drive growth, with adjusted net profit increasing by 36% year-on-year [4][5].

本文源自：金融界AI电报 据香港交易所披露，贝莱德（BlackRock）对联想集团有限公司的多头持仓比例于2026年2月27日从 5.88%增至6.04%。 ...

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2月28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: | 2026年3月4日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 1 頁 共 11 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 ...

"十五五"规划建议提出，全面实施"人工智能+"行动。在"人工智能+"与各行各业融合发展进程中，我国 应重点发力实体经济。"AI向实"，将为经济高质量发展注入持久动力。"人工智能+"实体经济是中国制 造迈向全球价值链中高端的一次重要历史机遇。要推动"人工智能+"赋能实体经济，首先要坚持混合式 人工智能技术路径，立足企业差异化的业务需求精准构建混合式人工智能解决方案；其次，要发展智能 终端等新兴产业和未来产业，打造新的经济增长极；最后，还要构建"人本智能"新型科技发展观，统筹 推进数据安全治理、人才体系建设与技术伦理规范，实现人工智能发展与安全的动态平衡。 （文章来源：每日经济新闻） ...

不过，我们预计联想将凭借其规模优势、均衡的地域布局、对高端及高增长细分市场的聚焦、严格的成 本控制、扎实的执行力以及对保守资本结构的承诺，缓解部分利润率压力并维持具韧性的财务状况。 关键评级驱动因素 状况稳健;表现强劲：联想的业务状况受益于其在全球PC领域稳固的市场领导地位，PC出货量保持全球 第一，并在2025年第四季度将市场份额扩大至25%(2024年第四季度为24%)。在截至2026年3月的财年前 九个月(2026财年前九个月)，联想创纪录的盈利水平得益于稳定的份额提升以及方案服务业务集团 (SSG)利润增强。智能设备业务集团(IDG)收入同比增长15%，SSG收入同比增长18%。基础设施方案业 务集团(ISG)亏损扩大，但按惠誉定义的EBITDA在2026财年前九个月仍同比增长27%至37亿美元。 3月1日，惠誉评级已确认中资企业联想集团有限公司(联想)的长期外币和本币发行人主体评级 为'BBB'，展望稳定。惠誉同时确认联想的高级无抵押评级为'BBB'，以及票息率5.831%、2028年到期 的6.25亿美元票据、票息率3.421%、2030年到期的10亿美元票据和票息率6.536%、2032年到期的 ...

BARCELONA, Spain--(BUSINESS WIRE)--At MWC® 2026, Lenovo™ introduces a new generation of adaptive AI devices and forward-looking concepts designed for business professionals, creators, students, and gamers. Headlined by new modular PC architecture, a glasses-free 3D laptop concept, a foldable gaming handheld device, and the initial rollout of Lenovo Qira, Lenovo's showcase reflects a broader shift in personal computing toward systems that adapt intelligently to people and their environments. Across its portf ...

IDG：领先行业增长，有效化解零部件短缺及成本上涨。FY3Q26 该业务实现营收158 亿美元， YoY+14%。2025 年个人电脑全年市场份额为 24.9%，创历史新高，季度市场份额同比提升1pct 至 25.2%，保持了唯一一家市场份额突破25%企业的纪录；AI PC 营收实现高双位数同比增长。摩托罗拉 智能手机业务于本季度创下销量及激活量的历史新高。在存储等零部件短缺及成本上涨的挑战下，IDG 业务凭借优异的供应链管理能力及成本控制，进一步提高竞争力，实现了运营利润率的稳定和营业额的 进一步增长。 ISG：增长势头强劲，潜在订单储备充足。FY3Q26 该业务实现营收52 亿美元，yoy+31%，创历史新 高。人工智能服务器业务实现年比年高双位数的营业额增长，订单储备高达155 亿美元。得益于云基础 设施及企业基础设施业务客户采用率的提升，海神液冷技术方案的营业额年比年增长300%。集团对ISG 业务进行了战略性重组，从而在季内产生了一次性重组费用2.85 亿美元。通过优化成本结构、调整产品 组合及加强销售组织，预计未来三年将实现每年逾2 亿美元的成本节省，为实现可持续的盈利奠定基 础。 SSG：业绩持 ...

Lenovo Group Limited 聯想集團有限公司 （於香港註冊成立之有限公司） 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。 （港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992） 公告 (1) 修訂與富士通的持續關連交易的現有年度上限 及 (2) 續訂與富士通的持續關連交易 茲提述本公司於二零一七年十一月二日刊發的合營公告及於二零一八年五月二日、二零一八年 五月十八日、二零二零年二月二十一日、二零二三年三月三十一日、二零二四年三月二十八日 及二零二五年二月二十八日刊發的持續關連交易公告。除另有所指外，本公告所用詞彙具有持 續關連交易公告所定義的相同涵義。 修訂製造協議 (FIT) 截至二零二六年三月三十一日止財政年度的現有年度上限 董事會（包括獨立非執行董事）已批准修訂製造協議 (FIT) 截至二零二六年三月三十一日止財 政年度的年度上限。此修訂反映 FCCL 於本財政年度期間接獲大量的打印機訂單。 續訂持續關連交易 由於相關 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group [4][6] Core Insights - Lenovo Group demonstrated strong resilience in the face of supply chain challenges, achieving a record revenue of $22.204 billion for FY3Q26, representing an 18% year-over-year growth. Adjusted net profit reached $589 million, up 36% year-over-year [1][4] - All business segments reported double-digit year-over-year growth, with AI-related revenue increasing by 72%, accounting for nearly one-third of total revenue [1] - The company is expected to expand its leadership in AI PCs and benefit from the strategic restructuring of its ISG business, leading to profit recovery [4] Summary by Relevant Sections IDG (Intelligent Devices Group) - Achieved revenue of $15.8 billion in FY3Q26, a 14% year-over-year increase. The PC market share reached a historic high of 24.9% for 2025, with a quarterly market share increase of 1 percentage point to 25.2% [2] - The AI PC segment saw high double-digit revenue growth, while Motorola's smartphone business set historical highs in sales and activations [2] ISG (Infrastructure Solutions Group) - Revenue for FY3Q26 was $5.2 billion, marking a 31% year-over-year increase and a historical high. The AI server business experienced high double-digit revenue growth, with a backlog of orders amounting to $15.5 billion [3] - The company implemented a strategic restructuring, incurring a one-time restructuring cost of $285 million, which is expected to yield annual cost savings of over $200 million for the next three years [3] SSG (Solutions and Services Group) - Reported revenue of $2.7 billion in FY3Q26, an 18% year-over-year increase, achieving growth for the 19th consecutive quarter. The operating profit margin improved by 1 percentage point, exceeding 22% [3] - The growth rate in digital office and AI-related sustainable development areas is twice that of the market, contributing to sustainable revenue growth [3] Financial Forecast - Projected net profits for FY26, FY27, and FY28 are $1.757 billion, $2.011 billion, and $2.390 billion, respectively, with corresponding PE ratios of 9, 8, and 6 times [5][4]