Core Insights - The AI application is at a commercialization inflection point, with significant sales growth expected in the coming years, particularly for companies like Lenovo that provide comprehensive AI solutions [1][2] - The Chinese AI market is projected to exceed 400 billion yuan by 2025, driven by large models, embodied intelligence, and smart driving as key growth engines [2] - Lenovo is positioned as a leading AI enterprise, focusing on both enterprise-level (B) and consumer-level (C) applications, which makes it attractive to capital markets [2][9] Industry Trends - The AI industry is transitioning from "technology validation" to large-scale application, with 433 large models registered and operational in China, indicating a shift from experimental to practical applications [2] - The global AI market has seen substantial growth, with a market size increase from $1.917 trillion in 2019 to $4.7327 trillion in 2023, and is expected to exceed $11.6 trillion by 2027 [2] - The Chinese government's strategic focus on AI, highlighted in the 2025 government work report, emphasizes the importance of AI in various sectors, aiming for over 70% penetration of new intelligent terminals and applications [5][6] Company Developments - Lenovo's recent financial report indicates continuous growth in its SSG business, marking 17 consecutive quarters of year-over-year revenue increase, with a strong position in the AI PC market [5] - The company is advancing its mixed AI capabilities, integrating personal and enterprise intelligence to enhance operational efficiency and customer engagement [3][8] - Lenovo's strategic initiatives align with national policies promoting AI integration into the economy, positioning the company for unprecedented growth opportunities [9]

新华财经上海9月19日电（记者郭慕清）"混合式人工智能是实现AI普惠的最佳路径，未来的超级智能将 通过'一体多端'来实现。"联想集团董事长兼CEO杨元庆在上海交通大学2025年度"计算机85基金暨杨元 庆教育基金"颁奖仪式上表示。 杨元庆谈到，当前AI发展主要有两个方向，一个是通过重度的算力和资源投入，推动大模型技术不断 突破，向通用型人工智能演变；另一个是侧重人工智能技术在各行各业的应用落地，实现AI普及普 惠。中国在AI应用领域发展潜力很大，"AI向实"是中国制造迈向全球价值链中高端的一次珍贵历史机 遇。 杨元庆表示，联想正在致力于实现混合式个人智能和企业智能，这其中涉及很多前沿AI技术的基础研 究。联想高度重视技术创新，重视产学研合作，非常乐于跟母校联手共同实现更多人工智能技术的研发 突破和技术创新，提升创新体系效能，共同推动AI创新与普惠，为国家科技发展做更多的事情。 记者了解到，2021年，联想集团跟上海交大签署了战略合作协议。双方还成立了智能设备联合实验室和 人工智能联合实验室。上海交通大学计算机学院常务副院长吴帆表示，现在是人工智能技术创新最好的 时代。校企合作能够加快AI创新的速度，既推动科研 ...

9月17日下午，上海交通大学2025年度"计算机85基金暨杨元庆教育基金"（以下简称"85基金"）颁奖仪 式在闵行校区举办。作为国内高校首个以众筹方式运营的教育基金，今年该基金也迎来10周年纪念。基 金发起人和核心捐赠人，联想集团董事长兼CEO、上海交大校董、81级计算机系校友杨元庆，参加了颁 奖仪式并与计算机学院常务副院长吴帆教授就人工智能前沿发展趋势、产学研融合创新等话题展开对 话。 国内高校首个众筹教育基金10周年 2015年5月，在母校即将迎来120周年校庆之际，杨元庆跟1985届计算机系的同学们，共同向母校捐赠成 立了"计算机85基金暨杨元庆教育基金"。基金下设"优秀学生奖学金"与"优秀青年教师奖"（2021年更名 为"孙永强青年学者奖"），分别通过奖励优秀本科生、硕士生、博士生，以及支持在专业领域表现突出 的青年教师，推动科研水平跨越式提升与人才梯队建设，为国家培养输送兼具创新能力与家国情怀的计 算机领域优质后备力量。 务副院长，在大小模型协同智能、分布式智能系统、大数据管理、智能博弈等领域取得了一系列科研成 果，还作为项目负责人承担科技创新2030"新一代人工智能"重大项目、国家自然科学基金、上 ...

杨元庆表示，联想正在致力于实现混合式个人智能和企业智能，这其中涉及到很多前沿AI技术的基础 研究。联想高度重视技术创新，重视产学研合作，非常乐于跟母校联手共同实现更多人工智能技术的研 发突破和技术创新，提升创新体系效能，共同推动AI创新与普惠，为国家科技发展做更多的事情。 责任编辑：何俊熹 杨元庆表示，当前AI发展主要有两个方向，一个是通过重度的算力和资源投入，推动大模型技术不断 突破，向通用型人工智能演变；另一个是侧重人工智能技术在各行各业的应用落地，实现AI普及普 惠。中国在AI应用领域发展潜力很大，因为我们不但拥有规模庞大的市场，还拥有门类齐全、产业链 完整的制造业体系，"AI向实"是中国制造迈向全球价值链中高端的一次珍贵历史机遇。 他认为，混合式人工智能是实现AI普惠的最佳路径。在混合式个人智能方面，未来会是"一体多 端"，"体"是指超级智能体，而"端"是指丰富多彩的智能终端。未来的智能终端将是智能体原生的，每 个终端上都有智能体，并且能够跨终端、跨平台实现数据打通和智能体协作。因此，智能终端不再是一 个个孤立的设备，而是被统合在属于用户个人的超级智能体之下，形成以"人"为中心的智能体协作网 络，以" ...

Group 1 - Lenovo Group and Beijing Bank signed a strategic cooperation agreement to enhance collaboration in the field of artificial intelligence, aiming to promote AI accessibility across various industries and individuals [2][3] - Beijing Bank will provide comprehensive financial support to Lenovo, including technology finance, mergers and acquisitions finance, supply chain finance, cross-border finance, and personal finance, to facilitate the digital transformation of small and medium-sized enterprises [2] - Lenovo's Chairman and CEO emphasized that hybrid artificial intelligence is the best path for AI popularization, and the company is developing customized hybrid enterprise intelligent solutions to enhance efficiency and innovation for businesses [3] Group 2 - The partnership aims to deepen the mutual customer relationship between Lenovo and Beijing Bank, exploring joint development of enterprise-level products and personalized solutions based on shared customer needs [3] - Both companies will also explore long-term ecological cooperation with individual customers, enhancing their service offerings in the consumer market [3]

Group 1 - The core viewpoint of the article emphasizes the strategic alignment between China's "Artificial Intelligence +" policy and Lenovo's hybrid AI strategy, which aims to integrate AI into various sectors and achieve high application penetration rates by 2027 and 2030 [1][10] - The "Artificial Intelligence +" policy outlines a clear "action + support" framework, focusing on six key areas for AI empowerment and eight foundational supports to ensure a comprehensive ecosystem for future competition [2] - Lenovo's hybrid AI strategy, initiated in 2017, combines personal, enterprise, and public intelligence, positioning itself uniquely in the market by focusing on edge computing and AI capabilities at the device level [3][4] Group 2 - Lenovo's AI PC is defined as a crucial entry point for hybrid AI, featuring built-in personal models and a collaborative platform connecting various AI devices, aligning with the policy's goal of achieving over 70% penetration of new intelligent terminals [4][5] - The company is not solely competing in cloud-based AI but is building end-to-end infrastructure necessary for hybrid AI, including investments in AI edge computing and hybrid cloud solutions [5] - Lenovo's strategic partnerships and AI applications in various sectors, such as manufacturing and smart cities, demonstrate its commitment to practical AI implementation and efficiency improvements [6][7] Group 3 - Lenovo's financial performance reflects the success of its hybrid AI strategy, with a 22% year-on-year revenue growth to 136.2 billion RMB and a significant increase in AI server business revenue [8] - The diversification of Lenovo's revenue sources, with non-PC business revenue now accounting for 47%, indicates a shift towards more resilient AI services and solutions [8] - Market analysts are increasingly optimistic about Lenovo's growth potential, with several investment firms raising their ratings and target prices based on the company's strong position in AI products and infrastructure [9]

Group 1 - Lenovo launched nearly 200 AI technologies and hybrid AI products during its Innovation Open Day on August 28 [2] - The X-Engine edge inference engine enhances AI PC user experience, improving text generation speed by 50%, image generation speed by 35%, while reducing memory usage by 30% and energy consumption by 50% [2] - AI PC shipments now account for over 30% of total PC shipments, exceeding previous forecasts [3] Group 2 - The AI PC shipment share was expected to reach 25% by the end of this year, 50% next year, and 75% by the year after, but it has already surpassed these predictions [3] - AI PC shipments are projected to grow by 77% year-on-year by 2025, potentially reaching 70% of total PC shipments by 2027 [3] - Lenovo introduced various intelligent systems for enterprise applications, including sales intelligence, global supply chain intelligence, and marketing intelligence [3] Group 3 - The Lenovo Wanquan AI all-in-one machine achieves a maximum throughput of 12,000 tokens per second, with overall performance improved by 5-10 times [4] - The machine integrates a visual dialogue interface and knowledge management features, facilitating the deployment of private large models for enterprises [4] Group 4 - Lenovo's future strategy focuses on hybrid artificial intelligence, emphasizing the integration of personal, enterprise, and public intelligence [5] - This strategic direction aims for transformation and accelerated growth across all of Lenovo's business sectors [5]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group, indicating a positive outlook on the company's performance driven by its hybrid artificial intelligence strategy [4]. Core Insights - Lenovo Group's revenue for the first quarter of the 2025/26 fiscal year reached 136.2 billion yuan, marking a year-on-year growth of 22%, with net profit also increasing by 22% to 2.816 billion yuan [1]. - The Intelligent Devices Group (IDG) saw a revenue increase of 17.8% to 97.3 billion yuan, with the PC business holding a 24.6% global market share and achieving double-digit growth across all regions [2]. - The AI-optimized PC (AIPC) segment is gaining traction, with AIPC shipments accounting for over 30% of total PC shipments, and 27% in the Chinese market [2]. - The Infrastructure Solutions Group (ISG) reported a 36% revenue growth, driven by increased cloud infrastructure investments and strong server demand, although it recorded an operating loss of 8.6 million USD due to investments in AI capabilities [2]. - The Solutions and Services Group (SSG) experienced a 20% revenue growth, with a 1.2 percentage point increase in profit margin to 22%, supported by high-end services [3]. Financial Projections - The projected net profits for Lenovo Group from 2026 to 2028 are 1.665 billion USD, 1.875 billion USD, and 2.069 billion USD, representing year-on-year growth rates of 20%, 13%, and 10% respectively [4]. - Earnings per share (EPS) are expected to be 0.13 USD, 0.15 USD, and 0.17 USD for the same period, with corresponding price-to-earnings (P/E) ratios of 10.49, 9.32, and 8.44 [4]. - Revenue forecasts for the fiscal years 2025 to 2028 are 69.077 billion USD, 76.756 billion USD, 84.872 billion USD, and 93.406 billion USD, with annual growth rates of 21%, 11%, 11%, and 10% respectively [6].

Core Insights - The report highlights a mixed performance in the Hong Kong stock market, with the Hang Seng Index and the Hang Seng Tech Index showing declines, while southbound capital inflows reached a three-month high [2][5] - Structural opportunities are emerging in sectors such as brokerage firms, renewable energy, and healthcare, with significant gains observed in specific stocks [3][4] Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index and the Hang Seng China Enterprises Index both dropping nearly 1%, while the Hang Seng Tech Index fell by 0.59% [2] - Trading volume increased to HKD 312.69 billion, with short selling rising to HKD 65.23 billion, accounting for 22.78% of total trading [2] - Southbound capital saw a significant rebound, with net inflows into Hong Kong stocks reaching HKD 35.88 billion, the highest single-day flow in three months [2] Sector Performance - Chinese brokerage stocks performed well, with notable increases in shares of CITIC Securities, China Galaxy, and CICC, with gains ranging from 7% to 11% [3] - The renewable energy sector, including companies like GCL-Poly and Shanghai Electric, continued to lead the market [3] - In the healthcare sector, AI and internet healthcare stocks showed remarkable performance, with Dingdang Health surging by 36.07% and JD Health rising by 11.67% [4] Company Analysis - Lenovo Group reported better-than-expected Q1 results, driven by AI, with its PC market share reaching a historic high of 24.6% and a 17.8% year-on-year revenue growth in its Intelligent Devices Group [9] - The Infrastructure Solutions Group saw a 36% year-on-year revenue increase, with AI server revenue doubling [9] - The Solutions and Services Group also experienced strong growth, with a 19.8% revenue increase, driven by high-end services like hybrid cloud and AI solutions [10] Investment Recommendations - The report suggests focusing on sectors showing structural strengths, such as healthcare, brokerage, and renewable energy, while being cautious of traditional sectors like banking and consumer goods that are under pressure [5] - Lenovo's projected adjusted net profits for the fiscal years 2025/26 and 2026/27 are expected to be USD 1.63 billion and USD 1.89 billion, respectively, with a target price of HKD 14.4, indicating a "buy" rating [10]

Core Viewpoint - Lenovo reported strong financial performance in Q1 FY26, with revenue of $18.83 billion, a year-on-year increase of 22.0%, exceeding Bloomberg consensus expectations by 7.2% [1] - The growth was primarily driven by robust demand for hybrid artificial intelligence solutions, although gross margin declined to 14.7%, down 1.9 percentage points year-on-year due to the suspension of H20 shipments in the domestic infrastructure business [1] Group 1: IDG (Intelligent Device Group) - IDG revenue grew by 18.0% year-on-year, with operating profit increasing by 15.0% year-on-year in Q1 FY26 [2] - The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2] - The PC business revenue rose by 20.0% year-on-year, maintaining a leading position in the Windows AI PC sector [2] Group 2: ISG (Infrastructure Solutions Group) - ISG revenue increased by 36.0% year-on-year, driven by capital expenditures from global CSP customers in AI and traditional servers [3] - Despite the revenue growth, ISG recorded an operating loss of $85.52 million due to the suspension of H20 shipments and increased R&D investments in AI products [3] - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3] Group 3: SSG (Solutions and Services Group) - SSG revenue grew by 20.0% year-on-year, with an operating profit margin increase of 1.2 percentage points [4] - The business achieved its 17th consecutive quarter of revenue growth, with strong performance in support services and AI solutions [4] - AI solutions are showing strong momentum, particularly in manufacturing and supply chain sectors, with expectations for double-digit revenue growth in FY26 [4] Price Target and Rating - The target price has been raised to HKD 16.0, reflecting a 4.4% increase from the previous target of HKD 15.3, corresponding to approximately 15 times FY2026E PE [1][4] - The company maintains a "Buy" rating based on the acceleration of AI product deployment and growth in global PC market share [4]