Core Insights - The conversation between Lenovo's Chairman Yang Yuanqing and NVIDIA's CEO Jensen Huang highlighted two major trends in the future of AI: enterprise-level AI will become the core battlefield, and hybrid AI will be a key breakthrough point [1] - AI is evolving from "generative AI" to "agent-based AI," enhancing reasoning and problem-solving capabilities, which opens up more possibilities for AI applications [1] - The collaboration between Lenovo and NVIDIA is set to deepen, focusing on the integration of public cloud models with customized enterprise open-source models [1] Group 1 - NVIDIA and Lenovo are jointly developing an enterprise-level AI system based on RTX Pro, with NVIDIA providing advanced chips for this revolutionary server [2] - Lenovo is expected to unveil technical details of this project at the upcoming Lenovo Global Innovation Technology Conference [2] - The partnership between NVIDIA and Lenovo has lasted nearly 30 years, with significant synergy between Lenovo's liquid cooling technology and NVIDIA's architectural innovations [2] Group 2 - The scale of collaboration in the AI field between the two companies has increased fivefold over the past few years, with the potential to double again in the next two years [2] - Jensen Huang emphasized that every company and industry is adopting AI, creating vast opportunities for collaboration [2] - Lenovo plans to continue leveraging its strengths in server development and factory construction to drive AI automation transformations in industries such as manufacturing and logistics [2]

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12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: | 2026年1月2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 | | | 上月底結存 | | | ...

Core Findings - Innovation has become the core driving force for the high-quality development of Chinese enterprises, with those investing in continuous innovation and achieving significant results leading the way in economic growth [1][9]. Group 1: Innovation Leaders - Lenovo Group ranks among the top ten in the "2025 China Science and Technology Innovation Enterprises Innovation Power TOP500" due to its breakthroughs in AI, VR, and new materials, showcasing its role as an innovation leader [2][8]. - Lenovo's "full-stack AI" strategy and "AI factory" solutions set a benchmark for innovation in China, demonstrating its commitment to driving industrial upgrades [2][8]. Group 2: Innovation Investment and Technical Accumulation - Lenovo invests over 5% of its revenue annually in R&D, establishing a global innovation research and development system with over 200 cutting-edge technologies [3]. - ZTE Corporation also shows significant innovation investment in chips, 5G, and cloud computing, contributing to China's communication technology autonomy [3]. Group 3: Innovation Outcomes and Industrial Applications - Lenovo's innovations translate into practical applications through products like AI PCs and AI workstations, showcasing the conversion of innovation into productivity [5]. - BYD has become a leader in the global new energy vehicle industry through innovations in battery technology, such as its blade battery and DM-i hybrid technology [5]. Group 4: Innovation Ecosystem and Industrial Empowerment - Lenovo is building an open and shared innovation ecosystem through platforms like "Lenovo Innovation Open Day" and "Lenovo TechWorld," collaborating with global AI chip manufacturers and industry applications [6]. - Alibaba and Baidu are also contributing to the innovation ecosystem, with Alibaba providing infrastructure through Alibaba Cloud and Baidu supporting AI development with its deep learning platform [6][12]. Group 5: Recognition and Impact - Lenovo's achievements in innovation have been recognized by various authoritative institutions, affirming its status as a benchmark for innovation in Chinese enterprises [7][8].

Core Insights - Personal AI is identified as a key direction for innovation and inclusivity, requiring collaboration across the entire industry chain for scalable, trustworthy, and sustainable evolution [2][3] - The current AI product and service architecture is primarily based on cloud-based large models, which lack capabilities for continuous perception, long-term memory, and autonomous decision-making, thus failing to create a truly personalized service loop [2] - The white paper released by Lenovo and IDC defines the current AI form as "Public AI," which significantly lowers the usage threshold and enhances efficiency, but still provides average services rather than personalized support [2] Industry Trends - Personal AI will adopt a hybrid architecture of edge and cloud to address user trust, cost control, response speed, and continuous companionship issues [3] - The rise of personal AI is reshaping the industry structure into a distributed three-layer architecture centered around individuals, consisting of integration, service, and capability layers [3] - Major companies like Intel, AMD, Qualcomm, MediaTek, Apple, and NVIDIA are launching next-generation chips optimized for AI inference, providing the necessary computational power for multimodal, continuous memory, and personalized services [3] Company Developments - Lenovo is actively developing and iterating its Tianxi personal super intelligent system (Tianxi AI) and various smart terminals embedded with Tianxi AI to enhance user experience [4] - The Tianxi AI has been upgraded to version 3.5 and is rapidly iterating, contributing to significant growth in Lenovo's AI mobile phones and tablets, with growth rates exceeding 90% and 100% respectively [4] - The AIoT product line is expanding with new categories such as AI glasses, AI headphones, and AI home products being introduced [4]

Core Insights - Lenovo Group plans to launch its first global "AI Super Intelligent Agent" during CES, which is positioned as a strategic application for the company. The brand name of this application has not yet been disclosed [1] - The AI Super Intelligent Agent is expected to have capabilities similar to the Doubao mobile assistant but will offer more comprehensive features and enable cross-device connectivity and coordination [1] - This application will not be an operating system but a system-level application that connects various AI capabilities and hardware terminals, assisting users in coordinating multiple intelligent agents in the background [1] Group 1 - Lenovo's AI Super Intelligent Agent can seamlessly operate across its Motorola smartphones, PCs, tablets, and wearable devices, enhancing the hardware ecosystem [1] - The application will interact with users through text, voice, and environmental perception, learning personal habits over time [1] - In comparison, Lenovo's embedded system-level permissions in smartphones or PCs may provide a competitive advantage over ByteDance's Doubao mobile application [2] Group 2 - Lenovo holds the highest global market share in the PC sector at 25.5% for the latest quarter [2] - The company’s Motorola smartphones shipped over 16 million units in the latest quarter, generating over $3.9 billion in revenue, with a global market share of 4.9%, ranking eighth in the global smartphone market [2]

Core Insights - Forbes China released the 2025 Top 50 AI Technology Companies list, highlighting Lenovo Group as a core representative of China's AI industry due to its strategic layout and execution capabilities [1][5][6] - Lenovo's CEO Yang Yuanqing was recognized in the "2025 Influential Entrepreneurs" list for his commitment to technology and promoting inclusive AI, aligning with Lenovo's "full-stack AI" strategy [1][7] Full-Stack AI Strategy: Industry Layout - Lenovo's "full-stack AI" strategy integrates various components from AI-embedded smart terminals to AI-driven infrastructure and native solution services, covering the entire AI industry chain [2][8] - In the smart terminal sector, Lenovo launched popular products like YOGA and ThinkPad, which incorporate personal large models and AI agents, transforming traditional computing tools into proactive intelligent partners [2][8] - Lenovo developed an "AI infrastructure" product and solution combination, featuring the Neptune water-cooling technology to address high power consumption in AI computing, ensuring technological leadership through partnerships with Nvidia and Intel [2][8] Solution Services - Lenovo's "Qingtian" intelligent engine simplifies complex AI technologies into easily deployable and subscription-based solutions, lowering the barriers for enterprises to adopt AI [3][9] - Collaborations with emerging domestic models like DeepSeek enable Lenovo to provide cost-effective intelligent upgrade paths for SMEs, while personal and enterprise intelligent systems empower various industries [3][9] Hybrid AI Ecosystem: Global Vision - Lenovo recognizes the future AI architecture will involve a hybrid model of public and private large models, leading to the creation of an open and collaborative hybrid AI ecosystem [4][10] - This open approach allows Lenovo to offer optimized AI solutions for diverse user types, solidifying its unique position in the global AI competitive landscape [4][10] Core Competitiveness - Lenovo's core competitiveness lies in its comprehensive and forward-looking strategic layout, covering the entire value chain from hardware to software and services, enabling it to capitalize on opportunities in AI PC upgrades and server demand [5][12] - The company's global operational capabilities, including extensive sales channels and strong partnerships with top tech firms, provide a competitive edge that local AI companies may struggle to replicate [5][12] - Lenovo's ability to closely integrate technology with application scenarios allows it to address user pain points effectively, showcasing its strong "technology-business" closed-loop capability [6][12]

格隆汇12月22日丨中鲁Ｂ(200992.SZ)在投资者互动平台表示,公司目前没有全面要约退市的计划。2024 年，公司经审计营业收入国外部分5.04亿元，目前未进行套期保值操作。 ...

Digital Consumption - The number of digital consumption users in China has surpassed 958 million, accounting for 85.3% of the total internet users, indicating that digital consumption is becoming a significant driving force for consumption [1] Company Developments - Alibaba has launched the new generation of its video model, Wanxiang 2.6, which supports various advanced features for professional film production and image creation [1] - Ford is recalling 32,160 units of its E-Transit models due to a detached axle issue that can lead to loss of drive power [2] - Kering Group has signed a joint venture agreement with private equity firm Ardian for a real estate project in New York, with a transaction value of $900 million, resulting in a net gain of $690 million for Kering [3] - AMD's CEO, Lisa Su, visited Lenovo's global headquarters to explore collaboration opportunities [3] - Volkswagen will cease production at its Dresden plant in Germany, marking the first time the company has shut down a domestic assembly plant in its 88-year history due to weak market demand and high tariffs [3] Investment and Financing - Youdao's AI answering pen has achieved sales exceeding 100 million yuan within a year of its launch [4] - VinFast has inaugurated its electric vehicle factory in Indonesia with a total investment expected to exceed $1 billion, aiming for an initial production capacity of 50,000 vehicles per year [5] - The "Shenyi Cloud AI Industry Investment Fund" has been established with an initial scale of 300 million yuan, focusing on AI infrastructure and applications [5] New Products - Meitu's WHEE has launched a "Material Editor" feature, providing a comprehensive solution for material creation [6] - Baidu's no-code application platform, "Miaoda," has generated over 500,000 commercial applications within eight months, creating economic value exceeding 5 billion yuan [7] - DreamTech has released its new foundational model architecture, Neural4D-2.5, which enhances AI model capabilities [8] - XPeng Motors has received an L3 autonomous driving road test license in Guangzhou, with plans to launch L4 capable vehicles by 2026 [9] Market Trends - A coalition of 20 app developers and consumer groups has urged EU regulators to take action against Apple's fee structure, claiming it puts European developers at a disadvantage compared to their U.S. counterparts [10] - Canva has introduced a conversational AI assistant to the Chinese market, simplifying the design process through natural dialogue [11] - The onshore and offshore RMB against the USD have reached their highest levels in over a year, with the offshore rate hitting 7.04 [12] - Singapore's Land Transport Authority has awarded contracts for 660 electric buses, with Chinese companies like BYD and Yutong winning bids [13] - The Bank of Thailand has taken measures to tighten transactions related to gold due to concerns over the rapid appreciation of the Thai baht [12] - South Korea's M2 money supply has increased for the seventh consecutive month, reaching 447.16 trillion won in October [12]

Core Insights - AMD's CEO Lisa Su and her executive team visited Lenovo's global headquarters in Beijing, showcasing Lenovo's latest products and technologies, including humanoid robots [1] - This visit is part of an ongoing relationship between AMD and Lenovo, which began with a collaboration announcement in the AI PC sector and further cooperation in AI server solutions [3] - Lenovo is also strengthening its relationship with NVIDIA, having recently visited NVIDIA's headquarters to discuss AI infrastructure and enterprise-level computing solutions [3] - Lenovo will host a technology innovation conference on January 6, 2026, in Las Vegas, where it will unveil its latest AI products and hybrid AI strategy, with notable attendees including NVIDIA's CEO Jensen Huang and AMD's Lisa Su [3] Group 1 - AMD's CEO Lisa Su visited Lenovo's headquarters, indicating a strong partnership [1] - The collaboration between AMD and Lenovo focuses on AI PC and server solutions [3] - Lenovo is also engaging with NVIDIA for AI infrastructure discussions [3] Group 2 - Lenovo's upcoming technology innovation conference will highlight its AI advancements [3] - Key industry leaders, including AMD and NVIDIA executives, will participate in the conference [3]

Core Insights - AMD's CEO, Dr. Lisa Su, visited Lenovo's global headquarters in Beijing on December 16, highlighting the collaboration between the two companies in the semiconductor and technology sectors [1] Group 1 - The visit included a tour of Lenovo's latest products and technological achievements, including humanoid robots [1]