其他业务：SSG持续推动利润率提升，手机持续获取北美外市场。联想SSG业务增长动力来自三方面： 1)IT支持服务：依托存量硬件设备增长及服务项目扩展，收入稳步提升;2)智能运维(DaaS)：通过设备租 赁及全生命周期管理服务，降低客户IT成本并增强联想现金流稳定性，非硬件收入占比提升至59%(同 比+5pcts)，未来依托设备侧能力及服务机制优势有望持续高增;3)智能解决方案：聚焦数字化办公、混 合云及可持续发展，受益于新IT服务市场10%的年均增速。手机业务方面，全球扩张成效显著， FY25Q3营收同比+21%，全球份额超6%，连续6个季度增长，亚太、欧洲及中东非洲市场贡献突出。战 略上，公司推动高端化(RAZR & Edge系列)提升均价，并借助AI打造"超级互联"生态，发布Moto AI及 大模型，实现PC、手机、平板等设备无缝协同。 智通财经APP获悉，中信证券发布研报称，伴随Windows 10停止更新与AI PC的发展，全球PC市场有望 在2025H2迎来复苏。联想集团(00992)或受益于北美数据中心持续投入及国内阿里等厂商的积极扩张， 规模效应不断促进下，ISG业务有望兑现更多利润。此外公司供 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][3]. Core Insights - The introduction of the AI Agent product Manus marks a significant advancement in human-machine collaboration, showcasing its ability to autonomously deliver results across various tasks [3]. - Manus has demonstrated superior performance in GAIA benchmark tests, outperforming similar products from OpenAI, particularly in complex problem-solving and tool utilization [3]. - The report emphasizes the growing demand for reasoning computing power as AI applications penetrate various sectors, presenting new opportunities for the related industry chain [3]. Summary by Sections Industry Overview - The report discusses the launch of Manus, a universal AI agent capable of connecting thought and action, which can perform tasks such as travel planning, stock analysis, and resume screening [3]. - Manus's innovative architecture and task handling capabilities are highlighted, with specific examples of its functionality provided [3]. Investment Recommendations - The report suggests focusing on companies that integrate AI into various sectors, including gaming (Kying Network, Giant Network), education (Century Tianhong, Southern Media), marketing (Easy Point Tianxia), advertising (Gravity Media, Focus Media), and large models (Tencent Holdings) [3]. - The report indicates that the acceleration of AI applications is expected to drive the development of edge AI applications and expand the scope of AI usage [3]. Key Companies and Earnings Forecast - The report includes a table of key companies with their stock prices and earnings per share (EPS) forecasts for 2023 to 2026, highlighting companies such as Century Tianhong, Tencent Holdings, Kying Network, and Southern Media [4]. - Notable EPS projections include Kying Network with an EPS of 1.13 in 2025 and Southern Media with an EPS of 1.14 in the same year [4].