瑞银发表报告指，联想集团将于下月公布9月底止次财季业绩，预计销售维持健康。该行预计次财季销 售及设备都录得低双位数(low-teens)按年升幅，基建板块(ISG)按年升约20%至23%左右，服务板块(SSG) 录得高十位数(high teens)增长。 该行大致维持次财季列账盈测于4.4亿美元(原预期4.35亿美元)，但由于按市值入账权证等影响，上调经 调整纯利预测介乎1.5亿至2亿美元。该行延展估值基础至2027财年，大致维持2026及27财年每股盈测， 以预测市盈率维持11倍计，目标价由11港元上调至12港元，评级"中性"。 ...

Core Insights - The total shipment volume of desktops, laptops, and workstations is projected to grow by 6.8% year-on-year in Q3 2025, reaching 72 million units, driven by the demand for device upgrades as Windows 10 service termination approaches [1][3] - Lenovo has shown strong performance in Q3 2025, with a shipment increase of 17% year-on-year, solidifying its leading position in the global PC market [1][6] Industry Overview - The demand for PC upgrades remains high as the deadline for Windows 10 service termination approaches, with many users still on Windows 10 or using PCs older than five years [3][5] - A survey indicates that only 39% of B2B clients have completed their PC upgrades to Windows 11, suggesting significant work remains for Microsoft and its partners [5] Company Performance - Lenovo's Q3 2025 shipments reached 19.4 million units, capturing a market share of 26.7% [7] - HP ranked second with shipments of 15 million units, reflecting an 11% year-on-year growth, while Dell ranked third with a 3% growth [6][7] - Apple maintained its position with over 6 million units shipped for the fifth consecutive quarter, and Asus shipped 5.8 million units, marking a 7% increase [6][7] Future Outlook - Major industry players are expected to unveil new product roadmaps to stimulate PC purchasing demand, with Qualcomm and Intel announcing upgrades to their high-end PC chipsets [5][6] - The 2026 CES is anticipated to showcase new and attractive PC products, with a focus on "device-side AI" [6]

Core Viewpoint - The report from Credit Lyonnais anticipates Lenovo Group's revenue for the second quarter of fiscal year 2026 to grow by 13% year-on-year, with adjusted net profit expected to increase by 14% [1] Group 1: Financial Projections - Lenovo's IDG business revenue growth is expected to benefit from strong personal computer shipment volumes [1] - The target price for Lenovo has been raised from HKD 11.7 to HKD 12.8, while maintaining an "outperform" rating [1]

Core Viewpoint - Lenovo Group Chairman Yang Yuanqing expressed deep admiration and respect for the late physicist Yang Zhenning, highlighting his diverse interests beyond physics, including literature, music, and art, and his childlike curiosity in learning and sharing knowledge [1][2][3] Group 1 - Yang Yuanqing reminisced about his childhood encounters with Yang Zhenning, describing him as a legendary figure and a source of inspiration throughout his education [2][3] - The rich inner world of Yang Zhenning was emphasized, showcasing his gratitude for life's experiences and his thoughtful approach to celebrating milestones, such as his 90th birthday [3] - Yang Zhenning's reflections on life and education were noted, particularly his feelings about returning to his roots and the fulfillment he found in his journey [3]

Core Points - Lenovo Group Chairman Yang Yuanqing expressed deep condolences for the passing of physicist Yang Zhenning, highlighting his diverse interests beyond physics, including literature, music, poetry, painting, and calligraphy, which he approached with childlike curiosity and seriousness [1][5][6] Summary by Sections - **Personal Reflection**: Yang Yuanqing reminisced about his childhood admiration for Yang Zhenning, recalling how he and his friends welcomed Yang Zhenning upon his return to China and how he was a notable alumnus of Yang Yuanqing's high school [5][6] - **Life Philosophy**: Yang Zhenning's rich inner world and gratitude for life's experiences were emphasized, particularly during his 90th birthday celebration, where he prepared a presentation reflecting on his life journey and quoted Shakespeare about returning to childhood [6]

Core Viewpoint - Lenovo Group has been awarded the highest AAA rating in the 2025 MSCI ESG ratings, reflecting its systematic practices and long-term investment in ESG [1][3] Group 1: ESG Performance - Lenovo Group has achieved the AAA rating for four consecutive years, demonstrating its robust ESG investment and performance, which highlights its risk management capabilities and long-term resilience in challenging environments [3] - The MSCI ESG rating is a critical benchmark for global investment managers, serving as a key reference for major investment institutions [3] - Lenovo is the first technology manufacturing company in mainland China to achieve the AAA rating, amidst a backdrop where many global tech firms struggle with ESG ratings due to complex supply chains [3][4] Group 2: Sustainable Development Initiatives - Lenovo has made significant progress in sustainable development strategies, focusing on net-zero transformation across the entire value chain, biodiversity protection, responsible AI governance, and corporate social responsibility [4] - The company has maintained leading positions in various ESG rating agencies, including an AA+ rating in the 2025 Hang Seng Sustainable Development Index and an A-grade in CDP climate change leadership [4] Group 3: Strategic Opportunities - The current global trade environment, characterized by tariff challenges and geopolitical tensions, alongside the AI technology wave, presents dual tests for Chinese enterprises, particularly in the tech manufacturing sector [5] - Lenovo's strong ESG performance is seen as a competitive advantage, enabling the company to convert challenges into strategic opportunities through increased investment in clean technology and digital transformation [5][6] Group 4: Competitive Edge - Lenovo's consistent ESG performance, including the MSCI AAA rating, has created a sustainable growth moat, allowing the company to capture new growth opportunities in the overseas green consumer market [6] - The company's commitment to achieving net-zero emissions by the fiscal year 2049/50 and its development of comprehensive net-zero solutions position it favorably in a market with increasing regulatory scrutiny [6][7]

Core Viewpoint - Lenovo Group has been awarded the highest AAA rating in the MSCI ESG ratings for 2025, marking its fourth consecutive year of achieving this rating, which highlights its robust risk management and long-term resilience in the face of challenges [4][5]. Group 1: ESG Performance - Lenovo Group is the first technology manufacturing company in mainland China to achieve the AAA rating, demonstrating its leadership in ESG practices within the complex supply chain of the technology hardware sector [5]. - The company excels in five key areas: corporate behavior, human capital development, data privacy protection, electronic waste recycling, and responsible procurement, and has also shown strong performance in corporate governance and clean technology usage [5][6]. - Lenovo has made significant progress in its sustainable development strategy, focusing on net-zero transformation across its entire value chain, biodiversity protection, responsible AI governance, and corporate social responsibility [5][6]. Group 2: Strategic Opportunities - The current global trade environment, characterized by tariff challenges and geopolitical tensions, alongside the AI technology wave, presents dual tests for Chinese enterprises, particularly in the technology manufacturing sector [6]. - Lenovo's strong ESG performance has become a valuable "technical ticket" and core competitive advantage for Chinese companies in the global market, enabling them to convert challenges into strategic opportunities [6][7]. - The company has committed to achieving net-zero greenhouse gas emissions across its value chain by the fiscal year 2049/50 and is developing comprehensive net-zero solutions to assist other enterprises in enhancing their carbon reduction capabilities [7]. Group 3: Market Positioning - Lenovo's consistent AAA rating from MSCI serves as an internationally recognized compliance guarantee, enhancing its brand trust in markets with stringent regulatory requirements, such as Europe [7]. - The company's focus on ESG not only reflects its long-term commitment but also transforms ESG into a new growth curve and unique market competitiveness, paving a sustainable growth path for China's high-tech manufacturing industry amid global uncertainties [7].

10月12日，中国首批设立的国家公园——大熊猫国家公园迎来设立四周年。联想集团宣布，将基于 其在大熊猫国家公园四川片区推进的人工智能应用实践，打造业内首个"国家公园智能体"解决方案，旨 在以人工智能赋能"伞护物种"大熊猫及其栖息地的智慧保护，为实现人与自然和谐共生标贡献科技力 量。 从人海模式到精准守护，AI技术提升保护治理成效 大熊猫国家公园作为中国首个以单一物种命名的国家公园，跨四川、陕西和甘肃三省，幅员辽阔， 地形复杂，传统的"人海"巡护与管理模式正在技术的驱动之下迎来变革。其中四川片区是核心区域，也 正成为人工智能拓展生态保护广度与深度的试验田。 目前，联想集团正稳步推进大熊猫国家公园四川片区石棉托乌山、石棉栗子坪、茂县土地岭等多个 站点数字化系统的人工智能智慧化升级。针对不同站点的基础设施条件与创新需求，联想集团量身打造 了业内首个国家公园智能体。与传统的数智化解决方案相比，国家公园智能体全面覆盖国家公园管理、 巡护、科研以及公众等核心群体的差异化需求，打通各站点"数据孤岛"，通过集成数字孪生、计算机视 觉、多模态知识库与边缘计算等前沿技术构建起涵盖AI智慧管理、巡护、科研与科普的全链路能力体 系， ...

Core Viewpoint - The establishment of the "National Park Intelligent Body" by Lenovo Group aims to enhance the protection of the giant panda and its habitat through artificial intelligence, contributing to the goal of harmonious coexistence between humans and nature [1][4]. Group 1: AI Application in National Park Management - Lenovo Group is implementing AI technology in the Sichuan area of the Giant Panda National Park, transforming traditional management methods into a more precise and efficient system [2][6]. - The "National Park Intelligent Body" integrates various advanced technologies, including digital twins and computer vision, to address the diverse needs of park management, research, and public engagement [2][3]. Group 2: Monitoring and Data Management - The intelligent system will feature a comprehensive monitoring system that utilizes computer vision for the identification and dynamic analysis of various wildlife species, achieving over 95% accuracy in identifying giant pandas [3]. - An AI-driven three-dimensional geographic simulation system will enhance the precision, efficiency, and safety of daily inspections within the park [3]. Group 3: Broader Implications for Biodiversity - Lenovo Group's initiatives align with China's broader ecological civilization goals, contributing to the establishment of the world's largest national park system by 2035 [4]. - The collaboration between Lenovo and the Giant Panda National Park is seen as a model for integrating technology into ecological protection, promoting sustainable development [4][6]. Group 4: Previous Initiatives and Future Directions - Since 2021, Lenovo has launched various biodiversity protection projects across China and internationally, showcasing its commitment to ecological conservation [5]. - The ongoing AI upgrades in the Giant Panda National Park signify a shift from isolated digital solutions to a comprehensive "AI + National Park" approach, enhancing biodiversity protection efforts [6].

Core Viewpoint - Lenovo Group announced the development of the industry's first "National Park Intelligent System" solution, aimed at leveraging artificial intelligence to enhance the protection of the giant panda and its habitat in the Sichuan area of the Giant Panda National Park, contributing to the goal of harmonious coexistence between humans and nature [1][2]. Group 1: Technology Implementation - Lenovo is advancing the digital transformation of multiple sites within the Giant Panda National Park, including Shimianshan, Liziping, and Tudi Ling, through AI-driven upgrades tailored to the specific infrastructure and innovation needs of each site [1]. - The National Park Intelligent System integrates cutting-edge technologies such as digital twins, computer vision, multimodal knowledge bases, and edge computing to create a comprehensive capability system for AI-driven management, patrolling, research, and public education [1][2]. Group 2: Monitoring and Data Management - The intelligent system will establish an integrated monitoring system that utilizes computer vision technology for intelligent identification and dynamic analysis of various wildlife species, with an expected identification accuracy of over 95% for giant pandas, supporting biodiversity monitoring and habitat assessment [2]. - A distributed AI panda profiling system will enable the identification and personalized management of thousands of wild giant pandas, providing data support for population dynamics research and targeted conservation efforts [2]. Group 3: Future Outlook - Lenovo's collaboration with the Giant Panda National Park is positioned as a model for replicable and scalable "AI+" ecological protection initiatives, injecting technological momentum into the high-quality development of the national park system [2]. - The company plans to continue promoting the application of AI and other advanced technologies in ecological protection, contributing to biodiversity preservation both in China and globally [2].