Group 1 - The smart electric vehicle business of Xiaomi Group achieved its first quarterly profit, with a record high profit in Q3 2025, reporting revenue of approximately 113.1 billion RMB, a year-on-year increase of 22.3% [4][5] - The automotive segment saw a significant increase in revenue, reaching 283 billion RMB in Q3 2025, a year-on-year growth of 197.9%, driven by an increase in delivery volume and average selling price (ASP) [7] - The IoT and lifestyle products segment maintained year-on-year growth, achieving revenue of 276 billion RMB in Q3 2025, despite subsidy reductions [6] Group 2 - Top Group reported a revenue of 209.28 billion RMB for the first three quarters of 2025, a year-on-year increase of 8.14%, with a notable growth in the automotive electronics business [10] - The company’s Q3 2025 revenue reached 79.94 billion RMB, reflecting a quarter-on-quarter increase of 11.53%, primarily due to increased sales from key customers [10][11] Group 3 - Baidu Group's total revenue for Q3 2025 was approximately 311.74 billion RMB, a year-on-year decline of 7%, influenced by decreases in online marketing and iQIYI revenues [13][15] - The AI-driven marketing services within Baidu's core business saw a significant increase, with revenue reaching 28 billion RMB, a year-on-year growth of 262% [15] Group 4 - XPeng Motors reported a revenue of 203.8 billion RMB in Q3 2025, a year-on-year increase of 101.8%, with automotive revenue contributing 180.5 billion RMB [19][20] - The company expects Q4 2025 deliveries to reach between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3% [21] Group 5 - Lenovo Group reported a revenue of approximately 204.52 billion USD for FY2026Q2, a year-on-year increase of 15%, with AI-related business revenue accounting for 30% of total revenue [24][25] - The infrastructure solutions group within Lenovo saw a revenue increase of 24%, driven by new customer acquisitions and business transformations [26] Group 6 - The AIDC storage report indicates a high demand in the industry, with significant growth expected in the data center storage market, projected to reach 212 GWh globally by 2030 [28][29] - The report highlights that data center storage has shifted from being an optional configuration to a necessity, driven by increasing power density and load demands [29][30]

同时认为，联想集团AI基础设施业务强劲增长，今财季内，集团云基础设施业务收入创同期历史新 高，AI服务器收入亦实现高双位数增长。 中金发布研报称，维持联想集团(00992)目标价14.8港元及"跑赢行业"评级，仍有52%的上行空间，暂维 持2026-2027财年盈测不变，整体业绩超该行预期，主因三大业务集团及全区域市场均实现双位数收入 增长，AI相关收入业务收入占比同比升13个百分点至30%，及运营利润率的提升。 面对上游核心元器件涨价，该行认为，集团在上游储存供应紧张、涨价压力下，拥有灵活的供应链管 理、与关键元器件供应商长期合作关系，也建立了灵活的价格调整机制，具较强的风险吸收能力。集团 亦对2026下半财年PC收入实现双位数的同比增长有信心。 ...

11月24日，中科曙光盘中下跌2.02%，截至09:51，报93.84元/股，成交9.13亿元，换手率0.66%，总市值 1372.99亿元。 分红方面，中科曙光A股上市后累计派现19.22亿元。近三年，累计派现10.83亿元。 机构持仓方面，截止2025年9月30日，中科曙光十大流通股东中，华泰柏瑞沪深300ETF（510300）位居 第六大流通股东，持股2492.28万股，相比上期减少106.26万股。易方达沪深300ETF（510310）位居第 七大流通股东，持股2091.10万股，相比上期增加213.47万股。华夏沪深300ETF（510330）位居第九大 流通股东，持股1343.85万股，相比上期减少18.11万股。香港中央结算有限公司退出十大流通股东之 列。 责任编辑：小浪快报 资料显示，曙光信息产业股份有限公司位于北京市海淀区东北旺西路8号院36号楼，成立日期2006年3月 7日，上市日期2014年11月6日，公司主营业务涉及研究、开发、生产制造高性能计算机、通用服务器及 存储产品,并围绕高端计算机提供软件开发、系统集成与技术服务。主营业务收入构成为：IT设备 88.79%，软件开发、系统集成及 ...

证券研究报告 一周要闻与投资参考 （2025.11.17-11.23） 分 析 师：徐至 SAC登记编码：S0730525040001 发布日期：2025年11月23日 合规 诚信 专业 稳健 01 全国要闻与数据跟踪 02 河南经济与政策跟踪 03 债券市场运行跟踪 Contents 04 股票市场运行跟踪 05 券商板块周行情跟踪 目 录 全国要闻与数据跟踪 ◼ 11月17日，财政部发布2025年1—10月财政收支情况 ◼ 11月19日，上交所和深交所分别发布《基金自律监管规则适用指引第1号——指数基金（修订）》 ◼ 11月19日，财政部、中国证监会发布《开展会计师事务所从事H股企业审计业务名单增补工作的通知》 ◼ 11月21日，住建部召开全国城市更新工作推进会 ◼ 本周公布主要数据： ◼ 11月20日，中国人民银行授权全国银行间同业拆借中心公布新一期LPR ◼ 11月21日，国家能源局发布10月份全社会用电量数据 2025年1—10月财政收支情况 ◼ 11月17日，财政部发布2025年1—10月财政收支情况 | （一）一般公共预算收入情况。1-10月，全国一般公共预算收入186490亿元，同比增 | | ...

Core Insights - Lenovo Group's 2QFY26 performance exceeded expectations with revenue of $20.452 billion, a year-on-year increase of 14.6% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-on-year, while net profit attributable to shareholders declined by 5.1% to $340 million [1] - The strong performance was driven by double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [1][2] Business Segment Performance - The IDG segment reported revenue growth of 11.8% to $15.107 billion, with an operating profit margin of 7.3% [2] - Lenovo's PC shipment growth of 17.3% outpaced the global PC market's growth of 9.4%, increasing its market share to 25.5% [2] - The ISG segment saw revenue growth of 23.7% to $4.087 billion, with a reduced operating loss margin of -0.78%, indicating significant improvement [3] Market Position and Outlook - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position [2] - The company is confident in achieving double-digit year-on-year growth in PC revenue for the second half of FY2026, supported by strong supply chain management and long-term relationships with key component suppliers [2] - The AI infrastructure business is experiencing robust growth, particularly in cloud infrastructure and AI server revenue, which is seeing high double-digit growth [3] Financial Projections - Lenovo maintains its FY2026/27 profit forecasts, with the current stock price corresponding to a price-to-earnings ratio of 9.3x for FY2026 and 8.0x for FY2027 [3] - The target price is set at HKD 14.8, reflecting a potential upside of 52% based on FY2026/27 earnings multiples [3]

毛利率小幅回升，预计公司后续将有效应对存储涨价带来的影响。FY25/26Q2 公司毛利率为15.39%， 环比+0.66pcts，验证公司AI 服务器业务转型推进良好；公司供应链体系完善，且为业内较大的采购 商，在过去多轮部件涨价周期中积累了丰富且完备的应对方案，预计公司后续将有效应对存储涨价带来 的影响。 维持"买入"评级。我们维持此前盈利预测，预计公司FY25/26-FY27/28 财年实现收入794.9、915.5、 1052.4 亿美元，实现归母净利润16.7、20.3、24.3 亿美元，基于公司在PC 市场的领先地位和AIPC 产品 的不断推进，以及人工智能趋势下AI 服务器的强劲增长，我们维持"买入"评级。 风险提示：PC 景气度维持不及预期；AI 服务器产品研发、出货不及预期；关税问题等宏观环境波动。 机构：申万宏源研究 研究员：黄忠煌/王开元 公司发布FY25/26Q2 财报，超预期。FY25/26Q2 实现营业收入204.52 亿美元，同比+14.58%；实现调整 后的净利润5.12 亿美元，同比+25.18%，由于净利润受到认股权证公允价值变动的影响较大，因此重点 关注调整后的净利润。整体 ...

转自：证券时报 人民财讯11月22日电，据兴图新科消息，11月21日，2025中国5G+工业互联网大会在武汉召开。展会期 间，兴图新科与中国信科旗下长江计算联合展出视频智算一体机"超影系列"。该系列产品搭载兴图新科 自研的DPU零载加速卡，通过底层硬件创新应对存储成本上升等痛点，助力合作伙伴抢占视频服务器时 代发展先机。 ...

Core Viewpoint - The CEO of Lenovo Group, Yang Yuanqing, believes that there is no bubble in AI and anticipates sustained growth in AI demand across various sectors, including large language models, computer vision, autonomous driving, and industrial automation [1][2] Group 1: AI Business Growth - Lenovo's AI-related business revenue has increased to 30% of total revenue in the second fiscal quarter of 2025/26, marking a 13 percentage point year-on-year increase [1] - The company has launched over 200 AI technologies and hybrid AI product combinations, with its self-developed X-Engine significantly optimizing AI generation speed and energy consumption [1] Group 2: Enterprise AI Infrastructure - Lenovo is accelerating its layout in enterprise-level AI infrastructure, shifting the focus of AI computing from public cloud training to local data centers and edge-side inference [2] - The company aims to drive intelligent transformation for enterprise clients through hybrid AI solutions, customized services for vertical industries, and AI model factories, which is expected to open new market opportunities [2] Group 3: Market Challenges and Responses - Yang noted that the rapid development of AI technology has led to a surge in global demand for key components such as memory, flash storage, and solid-state drives, resulting in short-term price volatility [2] - Lenovo has established mature mechanisms to respond to the cost pressures arising from the recent imbalance in the storage chip market [2]

2025.11. 21 中资企业出海浪潮下，联想与F1的合作案例展现了中国科技融入全球产业链的方式正在从品牌露出 转向基础设施级别的深度合作。 本文字数：2699，阅读时长大约4分钟 作者 | 第一财经 陈玺宇 全球商业文明的跨文化流动，正在通过技术合作与产业协作的方式不断被重塑。 作为连接中国与世界的财经媒体，第一财经发起"全球商业文明系列"，通过走访国际机构与关键行 业，观察技术与制度在跨国体系中的嵌入方式。位于伦敦近郊的一级方程式赛车（F1）媒体与技术 中心（MTC）近日向包括第一财经在内的多家国际媒体开放，为理解中国科技企业如何参与全球顶 级赛事提供窗口。 来自各站赛道的画面、声音、遥测数据和图形信号汇聚在伦敦F1媒体与技术中心，经处理后再分发 至全球数百家转播机构。F1官方资料显示，目前F1拥有约7亿忠实粉丝，全年累计收视人次约600 亿。在这套跨洲协作、实时响应的现代内容生产体系中，中国科技企业的参与度正在上升。联想自 2022年起成为F1官方合作伙伴，并将在2025年起升级为"全球技术合作伙伴"，是该合作级别中首家 中国科技企业。 伦敦F1媒体与技术中心大厅（第一财经记者陈玺宇摄） 中国技术走进 ...

Core Points - The company announced the convening of its second board meeting and annual shareholder meeting to discuss changes in registered capital and business scope [1] - The company completed the relevant business registration changes and articles of association filing on November 21, 2025 [1] Group 1 - The second board meeting was held on April 24, 2025, and the annual shareholder meeting on May 16, 2025, to review proposals for changes in registered capital and business registration [1] - Subsequent meetings on July 29, 2025, and August 19, 2025, also addressed changes in registered capital and business scope [1] - The completion of the business registration changes and articles of association filing was finalized on November 21, 2025 [1]