智通财经APP获悉，甬兴证券发布研报称，联想(00992)Q2业绩超出市场普遍预期，AI成为核心增长引 擎。看好联想集团通过混合式人工智能战略推动业绩持续增长的发展潜力，维持"买入"评级。 具体分业务线来看： 高附加值服务带动SSG板块业绩增长。2025/26财上半年SSG解决方案与服务业务集团营收同比+19%， 营业利润率上升至22%，推动营业利润同比+28%。受高端附加服务带动，支持服务收入同比实现双位 数增长。托管服务和项目与解决方案服务在方案服务业务集团的收入占比58.9%。 AIPC持续推动IDG板块业绩增长。IDG智能设备业务集团实现营收1081亿元，同比增长12%。在第二财 季，个人电脑业务在全球范围内实现了25.6%的创纪录市场份额，同比增长1.8个百分点。 AI个人电脑的渗透率已升至总出货量的33%，同时在全球Windows AI个人电脑市场中以31.1%的份额巩 固了领先地位。AI基础设施驱动ISG板块业绩改善。ISG基础设施方案业务集团2025/26财年第二财季实 现营收约293亿元，同比提升24%，其中AI基础设施营收显著跃升。主要由于人工智能基础设施需求的 上升、新的通信服务提供商（ ...

高盛发布研报称，维持对联想集团(00992)的正面看法，看好其在个人电脑市场的领先地位，产品组合 正向AIPC升级，以及在全行业面对内存成本上升时展现出更佳的供应链管理能力。高盛对联想服务器 业务发展看法同样正面，相信生成式AI需求增长，将为联想在AI基础设施及边缘AI设备领域带来机 遇，维持"买入"评级，目标价13.25港元。 计及截至今年9月底止第二财季业绩，该行将联想2026至2028财年收入预测上调1%至2%，以反映服务 器需求上升，考虑到服务器业务毛利率相对较低，将经调整经营收入预测上调最多1%，2027及2028财 年经调整净利润预测分别上调4%。 ...

高盛发布研报称，维持对联想集团(00992)的正面看法，看好其在个人电脑市场的领先地位，产品组合 正向AIPC升级，以及在全行业面对内存成本上升时展现出更佳的供应链管理能力。高盛对联想服务器 业务发展看法同样正面，相信生成式AI需求增长，将为联想在AI基础设施及边缘AI设备领域带来机 遇，维持"买入"评级，目标价13.25港元。 计及截至今年9月底止第二财季业绩，该行将联想2026至2028财年收入预测上调1%至2%，以反映服务 器需求上升，考虑到服务器业务毛利率相对较低，将经调整经营收入预测上调最多1%，2027及2028财 年经调整净利润预测分别上调4%。 ...

Summary of Lenovo's Conference Call Company Overview - **Company**: Lenovo (Ticker: 0992.HK) - **Market Position**: Leading position in the PC market with market share gains due to industry consolidation and product mix upgrades towards AI PCs [1][2] Key Points 1. Market Performance - Lenovo's PC shipments in the September quarter increased by 17% year-over-year, compared to 9% for the global market, raising its global market share from 24% to 26% [2] - The company aims to maintain or slightly increase PC shipments in the December quarter despite a high base in the September quarter [2] 2. AI and Infrastructure Strategy - Lenovo's strategy focuses on "One AI, Multiple Devices," integrating generative AI across various platforms including cloud computing, edge computing, and AI devices [3] - The company showcased its liquid-cooled HPC solutions at SC25, indicating a strong focus on high-performance computing and AI server growth [1][3] 3. Financial Projections - Revenue estimates for FY2026-2028 have been revised upwards by 1-2%, primarily due to increased server demand [4] - Adjusted operating income is expected to change by -2% to -3% for FY2026-2028, reflecting lower gross margins in the server business [7] 4. Earnings Revisions - The net income projections for FY2026-2028 have been adjusted to -4% / +4% / +4%, indicating a cautious outlook on profitability [7] - The target price for Lenovo has been reduced by 3% to HK$13.25, based on a target P/E multiple of 10.3x [8][13] 5. Competitive Landscape - Lenovo's net income growth is projected at 61% for FY2026, outperforming peers like Dell (18%) and HP (11%) [9] - The company maintains a competitive edge with strong procurement power and product mix upgrades, which are expected to support gross margins in PCs [2] 6. Risks and Challenges - Key risks include slower-than-expected market demand recovery, increased competition in smartphones and AI servers, and prolonged inventory digestion in PCs [14] Additional Insights - Lenovo's Managed Services and Project & Solutions are expected to benefit from rising demand for AI solutions and hybrid cloud services [3] - The company's focus on high-end general servers and AI infrastructure positions it well for future growth opportunities in the tech sector [4][3]

Core Viewpoint - The ongoing "super cycle" in storage chips driven by AI is exerting significant cost pressure on global PC and mobile manufacturers, leading to anticipated price increases across the board [1] Group 1: Company Responses - Dell Technologies has issued a price increase warning, indicating that costs will ultimately be passed on to end customers, with a possibility of repricing certain products [1] - HP's CEO has stated the company is prepared to raise product prices if necessary, noting that memory costs currently account for 15% to 18% of typical PC total costs [1] - Lenovo Group plans to follow suit with price increases to counteract rising storage prices, having already locked in production capacity for 2026 to manage costs [1] Group 2: Market Trends - Storage chip prices have surged by 50% cumulatively since the beginning of the price increase phase, with 512GB chips rising nearly 500 yuan since October [1] - Counterpoint Research forecasts that memory prices are expected to rise by an additional 50% by the second quarter of 2026, suggesting that price hikes for mobile and PC products are inevitable [1]

FF301 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 第 1 頁 共 11 頁 v 1.1.1 | 截至月份: | 2025年11月30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: | 2025年12月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 11 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 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 ...

BANGALORE, India, Nov. 27, 2025 /PRNewswire/ -- Lenovo today announced expansion of its Neptune liquid cooling technology across its data center portfolio, advancing sustainable infrastructure for the age of AI. Designed to address the rising compute and energy demands of modern data centers, Lenovo Neptune enables servers to operate with about 40% lower power than air-cooled systems, ensuring consistent performance while lowering environmental impact.Lenovo continues to strengthen its leadership in energy- ...

Core Viewpoint - Lenovo Group has pledged a donation of 10 million Hong Kong dollars to support emergency relief efforts for residents affected by a fire incident in Hong Kong [1] Group 1 - The donation will be used for emergency rescue, supply of living materials, medical assistance, and subsequent recovery efforts [1] - Lenovo Group has mobilized its volunteers to actively participate in the support work [1] - The company plans to collaborate closely with relevant departments to explore technological solutions to assist in rescue and rebuilding efforts [1]

Core Viewpoint - Lenovo Group has donated 10 million Hong Kong dollars to support emergency relief efforts for residents affected by a fire incident in Tai Po, Hong Kong [1] Group 1 - The donation is aimed at providing emergency assistance, supplies, medical aid, and follow-up recovery efforts for the affected residents [1] - Lenovo Group has mobilized its volunteers to actively participate in the support work [1] - The company plans to collaborate closely with relevant departments to explore technological solutions to assist in rescue and rebuilding efforts [1]

联想集团向香港大埔宏福苑五级火灾事件捐款1000万港元，用于受灾居民的紧急救援、生活物资补给、 医疗救助及后续善后工作。 联想集团对事件深切关注，对受灾居民及家庭致以深切慰问，并对全力投入救援工作的消防及救护人 员，以及所有迅速响应的前线救援团队，表达由衷感谢与崇高敬意。他们在危难时刻展现的专业精神与 无私付出，为小区带来重要支持。政府的全力救灾、香港各界的一呼百应，正汇聚更大能量合力应对。 联想集团已动员集团义工积极参与支持工作，并将与相关部门紧密跟进，探讨以科技方案协助救援及重 建工作，与香港市民同心同行，全力救灾。 ...