Core Insights - Lenovo introduced significant innovations in Hybrid AI, including a new personal AI super agent, AI PCs, and smartphones at Tech World @ CES 2026 [1] - The company showcased proofs of concept for agentic-native wearables and next-generation enterprise AI infrastructure [1] - Lenovo emphasized its ongoing commitment to AI innovation across various domains, including devices, infrastructure, solutions, and services [1] Product Innovations - The new personal AI super agent is designed to enhance user experience and interaction with technology [1] - AI PCs and smartphones are part of Lenovo's strategy to integrate advanced AI capabilities into consumer devices [1] - The introduction of agentic-native wearables represents a forward-thinking approach to personal technology [1] Industry Collaborations - Lenovo announced breakthrough collaborations in the entertainment and sports sectors, indicating a strategic focus on industry partnerships [1] - These collaborations aim to leverage AI technology to create new experiences and solutions within these industries [1]

Core Viewpoint - Lenovo Group is collaborating with NVIDIA to develop an enterprise-level AI system based on RTX Pro technology, with NVIDIA providing advanced chips for the project [1] Group 1: Collaboration Details - NVIDIA's CEO Jensen Huang described the upcoming server as revolutionary and expressed eagerness to launch the product for large-scale enterprise market promotion [1] - Lenovo is expected to reveal technical details of this project at the upcoming Lenovo Global Innovation Technology Conference [1] Group 2: Future Prospects - The scale of collaboration between NVIDIA and Lenovo is projected to increase fivefold over the next two years [1]

Core Insights - The collaboration between Lenovo and NVIDIA in the AI sector has increased fivefold over the past few years, with NVIDIA's CEO Jensen Huang predicting the potential for another fivefold growth in the next two years [1][2] - The next phase of AI development is expected to focus on two main trends: enterprise-level AI becoming the core battlefield and hybrid AI as a key breakthrough [1][2] Group 1: AI Development Trends - Enterprise-level AI is anticipated to be the primary focus, with hybrid AI being a critical breakthrough point [1][3] - AI is evolving from "generative AI" to "agent-based AI," achieving breakthroughs in reasoning and problem-solving capabilities, which opens up more possibilities for AI applications [3] Group 2: Strategic Alignment and Product Development - Lenovo's hybrid AI strategy aligns with NVIDIA's vision, emphasizing that hybrid AI requires robust enterprise-level servers, which is a strength of Lenovo [3] - 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][3] - Lenovo is expected to unveil technical details of this project at the upcoming Lenovo Global Innovation Technology Conference on January 6 in Las Vegas [4]

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]

Group 1 - The company, Zhonglu B (200992.SZ), stated that there are currently no plans for a comprehensive offer to delist [1] - In 2024, the company's audited revenue from foreign operations reached 504 million yuan [1] - The company has not engaged in hedging operations as of now [1]