Core Viewpoint - Lenovo has reported its best-ever performance amid rising storage prices, with AI revenue surpassing 30% for the first time, and CEO Yang Yuanqing has committed to sustainable double-digit growth [1] Financial Performance - For the third quarter of the fiscal year ending December 31, 2025, Lenovo achieved revenue of 157.5 billion yuan, a year-on-year increase of over 18%, exceeding market expectations [1] - Adjusted net profit grew by 36% year-on-year, with profit growth outpacing revenue growth [1] - The company anticipates that the global PC market may remain flat or slightly decline in terms of shipment volume, but revenue will continue to grow due to rising average prices [3] AI Revenue Growth - AI-related revenue increased by 72% year-on-year, accounting for 32% of total revenue, marking a significant shift in Lenovo's business model [1][2] - AI PC and AI server segments experienced high double-digit growth, while AI mobile and AI services saw triple-digit growth [2] Business Segments Performance - The Intelligent Devices Group (IDG) reported revenue exceeding 110 billion yuan, a 14.3% year-on-year increase [3] - The Infrastructure Solutions Group (ISG) revenue reached 36.7 billion yuan, a 31% year-on-year increase, marking a historical high [4] - The Solutions and Services Group (SSG) achieved double-digit growth for the 19th consecutive quarter [3] Supply Chain and Cost Management - Yang Yuanqing emphasized Lenovo's "scale advantage" and "diverse supply" capabilities, allowing the company to maintain stable supply and competitive costs despite rising component prices [4] - The company reported a 15% year-on-year increase in adjusted operating profit for the IDG segment, with PC shipments growing by 15% [4] Strategic Initiatives - Lenovo has initiated a strategic restructuring of the ISG, with a one-time restructuring cost of 285 million USD, focusing on AI-driven product development and sales capabilities [4][5] - The company aims to prepare for a shift in AI demand from training to inference, predicting that inference will account for 80% of future demand [5] Partnerships and Collaborations - Lenovo has strengthened partnerships with major chip manufacturers like NVIDIA, AMD, and Intel, with collaborative projects reaching multi-billion dollar scales [6] - The company has launched an AI cloud super factory plan in collaboration with NVIDIA, aiming to quadruple the scale of their partnership over the next few years [6] Internal AI Adoption - Lenovo is actively integrating AI into its internal processes, with plans to increase AI usage from 20% to 30-40% in various departments over the next year [6][7]

Group 1: Market Performance and Trends - The Shanghai Composite Index increased by 25.58% during the Year of the Snake, with the Shenzhen Component Index rising by 38.84%, the ChiNext Index by 58.73%, and the Sci-Tech Innovation Board Index by 64.20% [1] - Institutions predict that after the Spring Festival, the technology sector, particularly AI, is likely to regain its leading position in the market [1] - Historical data shows that the market generally performs well after the Spring Festival, with the Shanghai Composite Index rising in 7 out of the last 10 years during the first five trading days post-holiday [1] Group 2: Industry Developments - The precious metals market has entered a phase of consolidation after experiencing extreme volatility, with prices under pressure due to various macroeconomic factors [2] - Major automotive companies are increasingly investing in the robotics sector, with firms like Tesla and Chery transforming production lines to focus on robot manufacturing [2] - The pharmaceutical retail industry is undergoing a transformation driven by policy support, with a focus on industry consolidation and new business models [3] Group 3: Corporate News - Meituan expects a loss of approximately 23.3 billion to 24.3 billion yuan for the fiscal year 2025, a significant shift from a profit of about 35.8 billion yuan in 2024, primarily due to losses in its core local business segment [6] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for alleged violations related to financing and information disclosure [7] - Ningde Times, Luoyang Molybdenum, and Laopu Gold are set to be included in the Hong Kong Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [8]

扛住行业存储涨价行情，联想交付了"历史最佳"业绩，AI收入首破三成，杨元庆定调"双位数增长"可持 续。 2月12日，联想集团公布截至2025年12月31日的2025/26财年第三财季业绩，营收1575亿元，同比增长超 18%，高于市场一致预期，经调整后净利润同比增长36%，利润增速达到营收增速的两倍。 业界担忧，存储芯片、CPU等关键元器件价格大幅上涨，供应链持续波动，会导致市场需求下降。联想 集团董事长兼CEO杨元庆确认："我们并没有受内存供应短缺和价格上升的影响，不但继续高速增长、 比市场增长更快，还保持了更高的盈利水平。" 杨元庆表示："而且联想有供应链、运营、技术、产品创新的优势，我们承诺，不但是当前季度，甚至 未来几个季度，都可以继续保持双位数增长。" AI相关营收同比增长72%，占比升至32% 联想这一季最大的变化，体现在AI收入上。 本季度，AI相关营收同比增长72%，占集团总营收的比重首次突破三成，达到32%。这个比例意味着AI 在联想的业务中并不是一个"噱头"，它已经成了联想的第二增长曲线。 拆分来看，AI PC和AI服务器都是高双位数增长，AI手机和AI服务则是三位数增长。摩托罗拉的出货量 ...

2月12日，联想公布了历史最高单季业绩，1575亿元营收、36%的净利润增速、三大业务全线双位数增 长，尤其是，AI相关营收同比高增72%，占比升至32%。 从前被"硬件巨头"标签束缚的联想，开始用AI改写故事基调。 当天，联想集团CFO郑孝明首次公开单独接受了包括21世纪经济报道等国内媒体在内的采访。 45分钟里，这位曾任职于花旗、高盛、美林的高管，没有过多谈论当季数字，而是花了大量时间解释底 层逻辑，联想为什么能应对存储芯片"历史上没见过"的上涨，以及联想在AI的战场做了什么。 这不是一场常规的财报解读。存储价格"史无前例"的暴涨、AI训练侧的资本狂潮、终端AI的形态未定， 联想站在哪里？ 郑孝明透露，联想当前的核心发展方向围绕AI全栈布局、ISG业务盈利性增长、把握存储价格周期红利 展开，同时依托全球化供应链和终端优势，抢抓AI时代的市场机会。 而郑孝明在采访中提到的一句话，或许比任何财务数据都更值得机构细读："我们不是完全硬件的厂商 了。" 应对存储暴涨 存储芯片的涨价，是2025年全球科技制造业最不可控的变量。 郑孝明对这场涨价潮的描述是"史无前例"。他在采访中说，有史以来没见过涨这么快的，而且还是 ...

Market Performance - COMEX gold futures rose by 2.17% to $5050.50 per ounce, while COMEX silver futures increased by 1.98% to $77.180 per ounce [1] - The three major US stock indices closed mixed, with the Dow Jones up 0.10%, the Nasdaq down 0.22%, and the S&P 500 up 0.05% [1] - Major tech stocks like Apple and Nvidia fell over 2%, while Google and Meta dropped more than 1% [1] Domestic Metal Market - The domestic metal market saw a general decline before the Spring Festival, with significant drops in prices for tin and silver [3] - Shanghai gold futures fell by 1.61% to 1110.10 yuan per gram, while Shanghai silver futures dropped by 5.52% to 19782 yuan per kilogram [3] - The decline in gold and silver prices is attributed to weakened market sentiment and risk appetite, exacerbated by a significant drop in US stocks [3][4] Employment Data Impact - The US non-farm payroll data for January showed an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000 [4] - This strong employment data has reduced the perceived necessity for the Federal Reserve to lower interest rates in the short term [4] - However, the total projected job growth for 2025 was revised down by 898,000, indicating that one month's data may not reflect a complete turnaround in the job market [4] Market Sentiment and Future Outlook - Analysts suggest that the gold and silver markets are currently in a "rebalancing" phase, with prices expected to remain volatile in the short term [5] - Long-term factors such as high global debt, geopolitical tensions, and structural shortages in silver are expected to support higher prices after adjustments [5] - The upcoming release of key macroeconomic data during the holiday period is anticipated to significantly influence precious metal prices post-holiday [6][7]

转自：扬子晚报 2月13日，上海市公安局闵行分局发布警情通报： 本文来 源： @警民直通车 -闵行 2026年2月13日，网上流传"上海市嘉定区金沙江西路与金运路附近的嘉闵线轨道交通工程施工区域突发 地面局部塌陷，并称不到四个月内第二次出现塌陷险情"。经公安机关查证，相关信息系谣言。经查， 罗某（女，49岁）为吸粉引流，利用AI生成和发布上述虚假信息，造成不良社会影响。目前，罗某已 被警方依法处以行政拘留。 警方正告：网络绝非法外之地。对于此类为博取流量编造不实信息、造谣生事的违法犯罪行为，公安机 关将依法严厉打击。请广大市民、网友不要随意转发未经证实的消息，共同维护健康清朗的网络环境和 良好社会秩序。 ...

Core Viewpoint - Qiaoyin City Management Co., Ltd. is focusing on transforming urban services through innovative AI-enabled solutions and expanding its business across multiple provinces in China [1][2] Group 1: Business Expansion and Innovation - In 2025, Qiaoyin launched the "Embodied Intelligent Urban Comprehensive Governance Service" model, establishing a complete governance capability system that transitions urban services from "passive response" to "active decision-making" [1] - The company expanded its operations to 27 provinces, enhancing its service offerings in 75 cities, with a significant focus on high-quality regions in East and South China, where over 90% of new service orders are concentrated [1] - Qiaoyin is diversifying its business into property management, new energy logistics, and recycling resources, laying a foundation for sustainable development [1] Group 2: AI and Technological Development - The company is building an AI ecosystem and has initiated the first national committee for unmanned driving and sanitation robots aimed at urban services, established in Hangzhou [1] - Collaborations with national teams in robotics and cloud computing are underway to promote China's urban comprehensive service solutions globally, engaging with representatives from Saudi Arabia, the UAE, Uzbekistan, Indonesia, and Thailand [1] Group 3: Future Outlook - The year 2026 marks the beginning of the "15th Five-Year Plan" for the country and the debut of Qiaoyin's new model, focusing on seven key business sectors including urban management, environmental innovation, and circular economy [2] - The company aims to enhance its operational management capabilities while prioritizing the improvement of people's quality of life [2]

Core Viewpoint - The launch of QQ AI's new feature "QQ Brainstorm Show" on Yuanbao provides users with a novel personal creation platform, allowing them to generate animated short videos using their photos and various templates [1][2]. Group 1: Feature Overview - The "QQ Brainstorm Show" allows users to upload personal photos to create Q-version virtual images and produce animated short videos in a fun style [1][2]. - Users can choose from a variety of video templates that include humorous skits, fantasy stories, and Spring Festival greetings [1][2]. - The feature enables users to generate videos starring their 3D avatars with a single photo upload and offers options for users to describe their own storylines for more creative outputs [1][2]. Group 2: Sharing Capabilities - Generated videos can be easily shared within the Yuanbao community, allowing users to connect and share their creations with friends [1][2].

Group 1 - The core viewpoint of the news highlights the significant stock performance of Bojie Co., Ltd. (博杰股份) driven by the liquid cooling concept sector, particularly following the financial report of its supplier, Vertiv [1] - On February 12, 2026, Bojie Co., Ltd. reached its daily limit up, reflecting strong investor interest and confidence in the liquid cooling server concept [1] - The company has signed a three-year agreement with its controlling shareholder to maintain stable control, which is crucial for investor confidence [1] Group 2 - In the recent week, Bojie Co., Ltd. experienced notable stock price fluctuations, with a drop of 1.94% on February 11, followed by a 10% increase to 83.03 yuan on February 12, and a slight rise to 83.91 yuan on February 13 [2] - The stock showed active trading with a turnover rate of 9.44% and a transaction amount of 849 million yuan, indicating strong market activity [2] - On February 12, there was a net inflow of 111 million yuan from main funds, suggesting renewed investor interest [2] Group 3 - The company's 2025 annual performance forecast indicates a projected net profit of 130 million to 160 million yuan, representing a year-on-year growth of 484.16% to 618.97%, primarily driven by AI server and new energy vehicle businesses [3] - The Q3 2025 report shows revenue of 1.117 billion yuan, a year-on-year increase of 35.61%, with a net profit attributable to shareholders of 106 million yuan, reflecting a staggering growth of 6760.54% [3] Group 4 - Over the past 90 days, multiple institutions have rated Bojie Co., Ltd. as a buy, with target prices ranging from 90 to 100 yuan, driven by optimism regarding AI server testing orders and growth potential in the robotics business [4]

Group 1 - The core viewpoint of the article highlights that the AI wave is driving a super cycle, leading to a significant increase in the value of the memory industry, which is expected to reach $551.6 billion by 2026, more than double the value of the foundry industry at $218.7 billion [2] - The memory industry's growth is attributed to supply constraints and soaring prices, which are expected to continue impacting the market [2] Group 2 - The article forecasts that by 2026, over 60% of global shipments of optical transceivers will be 800G or higher, driven by Google's new high-speed interconnect architecture to meet AI's massive computing demands [5] - The global smartphone production is projected to decline by 10% in 2026, with total production expected to drop to approximately 1.135 billion units due to rising memory prices, which may further weaken terminal demand [8][9] - Sharp's Kameyama K2 factory is set to halt operations in August, which may impact Apple's supply of IT panels and electronic paper, as the factory has been a key supplier for Apple [11] - The HBM4 validation is expected to be completed by the second quarter of 2026, with major suppliers like Samsung, SK Hynix, and Micron anticipated to form a supply structure for NVIDIA's HBM4 needs [12]