12月16日上午，美国超威半导体公司（AMD）董事会主席兼首席执行官苏姿丰率高管团队造访联想集 团位于北京的全球总部。多张流传于网络的照片显示，在联想集团多位高管陪同下，AMD一行参观了 包括人形机器人在内的多项联想最新产品与技术成果。 作为全球人工智能芯片产业中仅次于英伟达的第二大厂商，AMD在过去两年迅速提升其在AI算力市场 中的战略地位。《时代》周刊日前公布的2025年"年度人物"评选中，"AI的缔造者们"被选为年度人物， 其中包括英伟达首席执行官黄仁勋、xAI创始人埃隆·马斯克、AMD董事会主席兼CEO苏姿丰以及 OpenAI首席执行官萨姆·奥尔特曼。 苏姿丰与联想集团之间的互动并非首次。2025年3月，苏姿丰到访中国，其抵达后造访的第一家企业正 是联想集团。随后，双方宣布将在AI PC领域展开多项合作，并进一步加深在AI服务器方面的协同。 AMD与联想集团共同服务着包括微软、Meta、甲骨文在内的多家全球头部云计算与AI集群客户。 几乎在同一时间轴上，联想集团也在加速深化与英伟达的关系。据了解，约一个月前，联想集团全体董 事会成员及核心高管团队受邀访问英伟达位于美国加州的总部，双方围绕AI基础设施、 ...

Core Insights - The global server market revenue reached a record $112.4 billion in Q3 2025, marking a significant year-on-year increase of 61% [1][2] - Lenovo has emerged as a key player in the global server market, achieving a revenue growth of 26.1% year-on-year, securing its position among the top three vendors [1][2] Market Performance - Dell Technologies led the market with revenues of $9.3 billion, a growth of 37.2% compared to Q3 2024 [2] - Lenovo's revenue reached $4.0 billion, capturing 3.6% market share, while other competitors like Super Micro and Inspur experienced revenue declines of 13.2% and 10.5%, respectively [2] - The ODM Direct segment saw a remarkable growth of 112.2%, contributing significantly to the overall market expansion [2] Segment Analysis - The x86 server segment grew by 32.8% year-on-year, generating $76.3 billion, while non-x86 servers surged by 192.7% to $36.2 billion [3] - Embedded GPU servers accounted for over half of the total server market revenue, with a year-on-year growth of 49.4% [3] Regional Insights - The U.S. server market experienced the fastest growth at 79.1% year-on-year, driven by a surge in the accelerated server segment [3] - China's market grew by 37.6%, representing nearly one-fifth of the global quarterly revenue [3] - Other regions, including Asia-Pacific (excluding Japan), EMEA, and Japan, also reported healthy double-digit growth rates of 37.4%, 31.0%, and 28.1%, respectively [3]

Core Viewpoint - The report from CMB International indicates that the penetration rate of AI PCs is expected to exceed 2026, with product portfolio optimization likely to offset cost increases [1] Group 1: Lenovo - Lenovo's AI PC shipment penetration reached 33% in Q3 2025, with expectations for double-digit growth in the coming quarters [1] - Lenovo's PC revenue grew by 17% year-on-year in FY2Q26, achieving a historical global market share of 25.6% [2] - The company holds 7-8 months of memory inventory, significantly higher than competitors' 2-3 months, providing a buffer against rising costs [2] - Management is optimistic about the PC market achieving low single-digit growth in 2026, positioning Lenovo as a core leader in the AI PC trend [2] Group 2: Dell Technologies - Dell's client solutions group revenue grew by 3% year-on-year in F3Q26, with commercial PC sales increasing by 5% [2] - AI server orders surged to $12.3 billion, with backlog orders reaching $18.4 billion, a historical high [2] - Dell's direct sales model allows for quicker pricing adjustments compared to competitors, with a historical ability to recover about two-thirds of cost increases within 90 days [2] - The company expects the PC market to remain flat in 2026, driven by upgrades due to the end of Windows 10 support [2] Group 3: HP - HP's personal systems revenue grew by 8% year-on-year in FY4Q25, with shipment volume increasing by 7% [3] - The company provided a cautious outlook for FY26, lowering its operating profit margin guidance for personal systems to 5-7% due to cost pressures [3] - HP announced a cost-saving plan aiming for $1 billion in total savings by the end of FY28, with $300 million targeted for FY26 [3] - The company anticipates slight revenue growth in FY26, primarily driven by improvements in the AI PC portfolio and price increases rather than significant volume growth [3]

Core Viewpoint - Lenovo Holdings announced the acquisition of approximately 115 million shares of Lenovo Group, representing about 0.9285% of the issued share capital, for a total cash consideration of approximately HKD 1.125 billion, reflecting the company's confidence in Lenovo Group's future growth potential in the AI sector [1][2] Group 1 - The acquisition period is set from November 21 to December 9, 2025, with an average purchase price of approximately HKD 9.7653 per share [1] - After the acquisition, Lenovo Holdings will hold approximately 4.011 billion shares of Lenovo Group, accounting for about 32.34% of the issued share capital [1] - Lenovo Group is recognized as a leading global technology company, maintaining its position at the top of the global PC market and advancing its hybrid AI strategy [1] Group 2 - The board of Lenovo Holdings believes the acquisition terms are fair and reasonable, aligning with the overall interests of the company and its shareholders [2] - The strategic direction of Lenovo Group is highly compatible with Lenovo Holdings' commitment to technology innovation [2] - The company continues to view Lenovo Group's development potential positively, especially in the context of the AI wave [2]

Core Viewpoint - Lenovo Holdings announced a series of acquisitions to purchase a total of 115,174,000 shares of Lenovo Group, representing approximately 0.9285% of the issued share capital as of the announcement date [1] Group 1: Acquisition Details - The acquisition period is set from November 21, 2025, to December 9, 2025, inclusive of both start and end dates [1] - The total cash consideration for the acquisition is approximately HKD 1,124,707,943, equivalent to about CNY 1,023,270,534 [1] - The average price per share for the acquisition is approximately HKD 9.7653, which is about CNY 8.8846, excluding related transaction costs [1]

联想集团是公司的重要附属公司之一，其作为全球领先的科技企业，连续多年稳居全球PC市场榜首， 在AI普惠浪潮下不断推进混合式人工智能战略，使AI逐步成为其核心增长引擎，2025/26财年联想集团 多季度营收与净利润实现历史新高，展现出强劲的经营韧性与增长势能，公司持续看好联想集团未来发 展潜力。与此同时，联想集团在AI及科技创新领域积淀深厚，与公司"坚持科技创新引领，重点聚焦实 体经济"的战略方向高度契合，符合公司投资战略布局。因此收购事项将有利于公司长远发展并最终使 股东受益。 格隆汇12月10日丨联想控股(03396.HK)宣布，2025年11月21日至12月9日(包括首尾两日)期间，公司透过 连串收购事项在公开市场由Honorific(公司的全资附属公司)收购合共约1.15亿股联想集团(00992.HK)股 份(约占联想集团于本公告日期已发行股本的0.9285%)，总现金代价(不包括相关交易费用)约为11.25亿 港元(相当于约人民币10.23亿元)。收购事项下每股联想集团股份的平均价格(不包括相关交易费用)约为 9.7653港元(相当于约人民币8.8846元)。收购事项所支付的代价由集团现有财务资源拨付 ...

Group 1 - Lenovo Holdings announced the acquisition of 115 million shares of Lenovo Group, representing approximately 0.9285% of the total issued share capital, for a total cash consideration of about HKD 1.125 billion [1] - The average price per share for the acquisition was approximately HKD 9.7653, excluding related transaction costs [1] Group 2 - Lenovo Group is a significant subsidiary of Lenovo Holdings and has maintained its position as a global leader in the PC market for several consecutive years [2] - The company is advancing its hybrid AI strategy, which is becoming a core growth engine, with record revenue and net profit achieved in multiple quarters for the fiscal year 2025/26 [2] - The acquisition aligns with Lenovo Holdings' investment strategy, focusing on technological innovation and the real economy, which is expected to benefit shareholders in the long term [2]

Core Viewpoint - Lenovo Holdings announced a series of acquisitions to buy back 115 million shares of Lenovo Group, representing approximately 0.9285% of its issued share capital, for a total cash consideration of about HKD 1.125 billion, with an average price per share of approximately HKD 9.7653 [1][2]. Group 1: Acquisition Details - The acquisition period is set from November 21, 2025, to December 9, 2025, inclusive of both start and end dates [1]. - The total cash consideration for the acquisition is approximately HKD 1.125 billion, excluding related transaction costs [1]. - The average price per share for the acquisition is approximately HKD 9.7653, excluding related transaction costs [1]. Group 2: Company Performance and Strategy - Lenovo Group is a significant subsidiary of Lenovo Holdings and has maintained its position as a global leader in the PC market for several consecutive years [2]. - The company has achieved historical highs in revenue and net profit for multiple quarters in the fiscal year 2025/26, demonstrating strong operational resilience and growth potential [2]. - Lenovo Group's focus on AI and technological innovation aligns with Lenovo Holdings' strategic direction of leading through technological innovation and focusing on the real economy, making the acquisition beneficial for long-term development and shareholder value [2].

Core Viewpoint - Lenovo Group reported a strong growth in the first half of the 2025/26 fiscal year, with revenue and net profit (under non-Hong Kong financial reporting standards) increasing by 18% and 24% respectively. All three major business groups achieved double-digit year-on-year growth, demonstrating the effectiveness of the hybrid AI strategy [1][5]. Group Summaries IDG Group - The Intelligent Devices Group (IDG) saw a revenue increase of 15% year-on-year, with the global market share of personal computers reaching a historic high of 25.6%, up by 1.8 percentage points. The AI PC penetration rate rose to 33% of total PC shipments, maintaining a leading position in the global Windows AI PC market with a share of 31.1% [2][5]. ISG Group - The Infrastructure Solutions Group (ISG) experienced a significant revenue growth of 30% year-on-year, driven by strong demand for AI servers. The proprietary Neptune liquid cooling technology saw revenue more than double year-on-year, supported by over a hundred patents developed over the past decade, creating competitive advantages in the liquid cooling sector. However, the group reported an operating loss of $118 million, which widened due to increased strategic investments in product development and business expansion [3][5]. SSG Group - The Solutions and Services Group (SSG) achieved a revenue growth of 19% year-on-year, reaching a historic high with an operating profit margin of 22%. Support services, operational services, and project solutions all showed steady growth, with operational and project solutions services accounting for 58.9% of total revenue. The order volume for TruScale doubled year-on-year, reflecting the successful promotion of Device as a Service (DaaS) and Infrastructure as a Service (IaaS) [4][5]. Investment Forecast - The company maintains its profit forecast, expecting revenues for the fiscal years 2026-2028 to be $76.911 billion, $84.379 billion, and $92.349 billion respectively, with net profits of $1.694 billion, $1.913 billion, and $2.196 billion, corresponding to current P/E ratios of 9, 8, and 7 times. The "Buy" rating is upheld [1][5].

Core Viewpoint - Lenovo is frequently impacted by various macroeconomic concerns, which affects its stock performance [1] Group 1 - Lenovo is categorized as a stock that is often hindered by ongoing macroeconomic issues [1]