计算机硬件和IT解决方案公司戴尔(DELL.US)将于本周二收盘后公布财报。分析师预计三季度戴尔营收 将同比增长11.2%至271亿美元，较去年同期9.5%的增幅有所提升。调整后每股收益预计为2.48美元。 过去30天内，覆盖该公司的分析师普遍重新确认了预估，表明他们预计业绩将符合预期。过去两年中， 戴尔已有三次未达到华尔街营收预期。 上一季度，戴尔营收达到297.8亿美元，同比增长19%，较分析师预期高出1.9%。这个季度表现强劲， 其下一季度营收指引超出分析师预期，全年营收指引也高于预测。 从硬件和基础设施领域的同业表现看，部分公司已公布第三季度业绩，这为市场提供了参考。迪堡金融 设备(DBD.US)营收增长2%，较预估高出1.7%，财报发布后迪堡金融设备累计涨幅达16.6%。 2025年行业前景仍因潜在贸易政策变动和企业税制讨论而蒙上阴影，这些因素可能影响商业信心与增 长。 虽然部分硬件和基建股在动荡环境中表现稳健，但该板块整体表现不佳，过去一个月股价平均下跌 8.3%。同期戴尔股价下跌24%，当前分析师平均目标价为162.38美元(现价123.06美元)。 ...

Core Viewpoint - The PC industry is experiencing a resurgence, with Lenovo leading the market and AI integration opening new growth opportunities for PCs [1][24][51]. Group 1: Market Performance - Global PC shipments reached 75.9 million units in Q3 2025, marking a 9.4% year-on-year increase and continuous growth for four consecutive quarters [1]. - Lenovo achieved a 25% market share in PC shipments for the first time, with total revenue reaching 146.4 billion RMB, a record for a single fiscal quarter [2][6]. - Lenovo's adjusted net profit grew by 25% to 3.66 billion RMB, indicating strong operational efficiency [12][13]. Group 2: Business Structure - Lenovo's revenue breakdown shows that Intelligent Devices (IDG) generated 108.1 billion RMB, accounting for 73.8% of total revenue, while Infrastructure Solutions (ISG) and Solutions and Services (SSG) contributed 29.3 billion RMB and 9 billion RMB, respectively [8]. - The AI segment has become a significant contributor, accounting for 30% of total revenue, reflecting a 13 percentage point increase year-on-year [3][35]. Group 3: AI Integration - AI is transforming Lenovo's business model, with AI PCs capturing 31.1% of the Windows AI PC market, reinforcing Lenovo's leadership [11]. - The company is pursuing a hybrid AI strategy, distributing computing power across edge, cloud, and endpoint layers, which differentiates it from competitors [37][39]. - Lenovo's AI PC sales have exceeded 2.8 million units, with a 30% share in the Chinese notebook market [40]. Group 4: Future Outlook - Lenovo anticipates continued strong demand for AI PCs, projecting a sustainable growth rate of 5%-10% in the global PC market [52]. - The company is entering a new growth cycle characterized by improved structure and higher quality, driven by the deep integration of AI technology and hardware [51].

Core Insights - Lenovo Group's AI-related revenue has reached 30% of total revenue, marking AI as a significant growth driver for the company [2][3] - The company's revenue for the second fiscal quarter of 2025/26 increased by 15% year-on-year to 146.4 billion yuan, setting a record for the quarter [3] - Adjusted net profit rose by 25% year-on-year to 3.66 billion yuan, indicating strong financial performance [3] AI Integration and Market Position - AI business revenue has increased by 13 percentage points year-on-year, reflecting its transition from a supportive role to a core growth line for Lenovo [3] - Lenovo's AI PC holds a 31.1% share in the Windows AI PC market, maintaining its position as the global leader [3] - The average selling price of AI PCs is approximately 5%-10% higher than traditional PCs, providing structural opportunities for margin improvement [5] Industry Challenges and Responses - The PC industry faces challenges such as rising storage prices, which are expected to persist into next year [6] - Lenovo has secured sufficient supply through strong supplier relationships and long-term contracts, allowing it to maintain competitive cost structures [6] - The company remains optimistic about maintaining profitability despite market uncertainties [6] Transformation and Growth Strategy - Lenovo's non-PC business revenue has increased from less than 20% in 2017/18 to nearly 50% currently, showcasing the effectiveness of its transformation strategy [7] - The infrastructure solutions business group saw a 24% year-on-year revenue increase, while the services business group achieved an 18% increase, indicating sustained growth [7] - Lenovo's strategic focus on smart home, smart office, and smart industry solutions is expected to drive future growth [7] Financial Performance and Market Outlook - Lenovo remains the largest PC manufacturer globally, with a market share of 25.5% and a shipment volume of 19.4 million units in Q3 2025 [5] - The company anticipates a 5%-10% growth in the global PC market, driven by the end of Windows 10 support and AI integration [5] - The infrastructure solutions business, despite recent losses due to increased investments in AI capabilities, is expected to contribute positively to overall profitability in the long term [8][9]

Core Insights - Chinese technology companies are increasingly participating in the global operations of top-tier events like Formula 1 (F1), moving from brand exposure to deep infrastructure collaboration [1][4][10] Group 1: Participation of Chinese Technology in F1 - Lenovo has become an official partner of F1 since 2022 and will upgrade to "Global Technology Partner" in 2025, marking a significant milestone as the first Chinese tech company at this level [1][4] - The collaboration between Lenovo and F1 showcases how Chinese technology is integrating into the global industrial chain, emphasizing a shift towards foundational technological contributions [1][4] Group 2: Technical Collaboration and Infrastructure - The F1 Media and Technology Center (MTC) processes data from various race tracks, with Lenovo's hardware playing a crucial role in real-time content production, including workstations and display systems [3][4] - F1's IT Director highlighted the importance of stability and computing power in high-pressure environments, with approximately 650TB of data processed each race weekend [3][9] Group 3: Engineering Challenges and Solutions - F1 equipment must withstand extreme conditions, requiring high reliability and performance standards, which Lenovo addresses through a close product iteration mechanism [6][7] - The collaboration is characterized by a partnership approach rather than a traditional supplier relationship, focusing on joint problem-solving and system construction [7][10] Group 4: Data Processing and AI Integration - The MTC operates with around 150 personnel and utilizes hundreds of processing cores and high-speed storage to manage the growing data demands of each race [9][10] - The introduction of AI in event operations necessitates enhanced computing capabilities, with Lenovo's systems being integral to this evolution [9][10] Group 5: Market Growth and Future Prospects - F1 recognizes China as a significant growth market, especially with the return of the Chinese Grand Prix, indicating a mutual benefit in technology application and audience engagement [10] - The partnership between Chinese tech firms and global events like F1 is reshaping the infrastructure of sports globalization, with ongoing exploration of AI-assisted content production [10]

Core Insights - Lenovo Group reported a revenue of $20.452 billion for 2QFY26, representing a year-over-year growth of 14.6% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-over-year, while net profit attributable to shareholders declined by 5.1% to $340 million [1] - The company maintains a "Buy" rating with a target price of HKD 14, citing strong competitive advantages in shipment volume and supply chain management [1] IDG Segment - The Intelligent Devices Group (IDG) saw a revenue increase of 11.8% year-over-year, with an operating profit margin of 60% [1] - Lenovo's global PC market share rose by 1.8 percentage points year-over-year to 25.6%, leading the second-place competitor by 5.7 percentage points [1] - AI-driven PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to account for 33% of total PC shipments [1] ISG Segment - The Infrastructure Solutions Group (ISG) reported a revenue increase of 23.7% year-over-year, driven by demand for cloud and enterprise infrastructure [2] - AI server business experienced high double-digit revenue growth, with Neptune liquid cooling technology revenue soaring by 154% year-over-year [2] - Despite a $32.04 million operating loss, the operating profit margin improved by 0.3 percentage points year-over-year, indicating stabilization [2] SSG Segment - The Solutions and Services Group (SSG) achieved an 18.3% year-over-year revenue growth, marking the 18th consecutive quarter of double-digit growth [3] - Operating profit margin exceeded 22%, reflecting a 2.3 percentage point year-over-year increase [3] - Projects and solutions, along with operational services, accounted for 60% of SSG's overall revenue, showing a 1 percentage point increase year-over-year [3]

9.4%，联想增速高于行业，PC 出货量同比增长 17.3%，龙头优势持续扩大，市占率达到 25.5%，主要 得益于 AI PC 加速渗透和全球化供应链布局下的效率优势。根据公司官微，联想在全球 Windows AI PC 市场份额为 31.1%，稳居全球第一；具有 五大 AI 特征的 AI PC 产品在中国内地笔记本中的出货占比达到30%。展望后市，上游存储供应紧张、 涨价压力下，公司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，具备较强的风险吸收能力，公司对 2026下半财年 PC 收入实现双位数同比增长保有信心。 AI 基础设施业务强劲增长，运营利润亏损进一步收窄。2QFY26 ISG 收入同比增长 23.7%至 40.87 亿美 元，运营利润率为0.78%，同、环比提升 0.3ppt、1.2ppt，减亏明显。其中，云基础设施业务营收创下同 期历史新高，AI 服务器收入实现高双位数增长，订单储备强劲；企业基础设施业务则针对大企业和中 小企业客户的不同业务模式持续转型。 估值方面，维持 FY2026/27 盈利预测基本不变。基于 non-HKFRS 净利润口径，当前股 ...

21世纪经济报道记者孔海丽 近期科技圈弥漫着两种截然不同的情绪，一种是资本市场对"AI泡沫"破裂的隐忧，另一种是存储芯片成 本上涨引发的连锁反应。 在充满不确定性的当下，联想集团发布了2025/26财年第二财季业绩，营收1464亿元，同比增长15%； 净利润36.6亿元，同比增长25%，利润增速超越营收增速。 尤其值得注意的是，联想集团首次披露了AI业务占比，达到30%，同比提升13个百分点。 财报电话会上，联想集团董事长兼CEO杨元庆明确表示，AI不存在泡沫，需求将会持续增长，针对存 储芯片涨价问题，杨元庆透露，联想已具备成熟的应对机制。 当外界还在争论大模型是否过热、硬件厂商能否分得AI一杯羹时，联想的"含AI量"已经到了30%， 其"混合式人工智能"的战略，已经开始产生实质影响力。 30%的含义，从"账本"到"证明" 过去两年，关于AI的讨论往往滞留在"算力军备竞赛"的宏大叙事中。然而，对于投资者而言，技术只有 转化为营收，才具备商业意义。 本季度，联想集团的一大动作是首次拆解并披露了AI业务的收入构成。强烈的信号意义在于，AI不再 是辅助性的营销概念，而是成为了支撑业绩的核心支柱。 30%意味着在联想 ...

Core Viewpoint - Lenovo Group is transitioning from a traditional PC manufacturer to a significant player in the AI industry, with its AI business now accounting for 30% of total revenue, indicating a strategic shift towards AI services and infrastructure [3][5][29]. Group 1: Business Transformation - Lenovo's market share in the PC sector has reached 25.5%, but this focus has overshadowed its growing non-PC business, which has contributed to significant revenue and profit growth [2][6]. - The company is implementing a hybrid AI strategy, positioning itself as a leading provider of edge AI solutions, catering to both B2B and B2C markets [5][13]. - The shift from hardware sales to AI service offerings is fundamental to Lenovo's business model transformation, aiming to create a comprehensive AI ecosystem [14][23]. Group 2: Financial Performance - Over the past three fiscal years, the proportion of non-PC business in total revenue has steadily increased, indicating a shift towards AI-related infrastructure and services [25]. - The Infrastructure Solutions Group (ISG) and Solutions Services Group (SSG) are driving revenue growth, with ISG experiencing a 24% year-on-year increase and SSG maintaining a profit margin exceeding 22% [26][27]. - Lenovo's AI-driven revenue growth has shown explosive potential, with AI PC revenue increasing by 197% and AI server revenue growing by over 150% [27][28]. Group 3: Market Positioning - Lenovo's hybrid AI strategy allows it to integrate AI capabilities across various devices, making it a key player in the AI ecosystem [12][20]. - The company aims to control the AI terminal market, positioning itself as a critical entry point for AI applications, similar to how Apple and Microsoft controlled their respective ecosystems [20][21]. - By embedding AI capabilities into its devices, Lenovo seeks to create a personalized AI experience for users, enhancing its competitive edge in the market [12][30].

新浪科技讯 11月20日上午消息，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营 收同比增长15%至1464亿元人民币，创下财季历史新高。经调整后的净利润同比增长25%，达36.6亿元 人民币。 在业绩发布会的提问环节，联想集团董事长兼CEO杨元庆表示，全球基于Windows10的 PC的更新还没 有完全结束，预计至少还要延续几个季度。 杨元庆认为，"除此之外，支撑PC市场增长更重要的因素还有人工智能。由于这两个因素的促进，我们 对明年全球PC市场的增长还是非常乐观的。从市场看，明年可能5%~10%的增长是可以期待的。" 责任编辑：江钰涵 ...

Core Viewpoint - Lenovo's Chairman and CEO Yang Yuanqing expressed confidence in the PC market's growth, attributing it to the transition to Windows 10 and the rise of AI PCs, expecting a growth rate of 5% to 10% in the PC market and maintaining a double-digit growth outlook for the year [1] Group 1 - The transition to Windows 10 is expected to continue driving device updates for several more quarters [1] - AI PCs are considered a significant factor supporting growth in the PC market [1] - Lenovo is confident in achieving double-digit growth for the fiscal year [1]