Core Insights - The AI sector is entering a phase of rapid innovation, with advancements such as DeepSeek's integration of algorithm innovation and engineering optimization, and the release of Llama 4 accelerating the deployment of multimodal large models [1] - Privacy and data security are significant challenges faced by the AI large model field, as discussed at the 2025 Lenovo Innovation Technology Conference [1] Group 1: Data Security and Privacy Protection - Lenovo's CEO Yang Yuanqing emphasized the importance of hybrid AI from the perspectives of personal data protection, enterprise data protection, personal privacy protection, and corporate intellectual property protection [3] - Yang stated that data security and privacy protection are foundational to the three main functions of "super intelligent agents," which represent non-negotiable value propositions and innovation principles [3] - The contradiction between the need for accurate responses and the desire to protect personal data is highlighted, suggesting that personal trusted computing can be a solution by utilizing users' own devices for data learning and inference [3] Group 2: Technological Advancements and Applications - Lenovo's CTO Tolga Kurtoglu noted that data security and privacy protection are crucial in developing "super intelligent agents," advocating for local processing of sensitive information on devices [4] - The need for robust data security measures when transferring data to the cloud is emphasized, along with the importance of anonymizing sensitive information [4] - Yang revealed that Lenovo plans to introduce Deepfake detection technology to mitigate the risk of personal image theft, showcasing the company's commitment to enhancing data security [4]

Group 1 - The core viewpoint emphasizes the importance of leveraging the advantages of a new type of national system to promote the healthy and orderly development of artificial intelligence in China, focusing on application orientation and self-reliance [1] - The domestic AI ecosystem is evolving with many Chinese AI models being open-sourced, attracting global developers and breaking Western technological monopolies, thus enhancing accessibility and contributing to the global open-source system [1] - The A-share market showed a strong performance on May 8, with the AI computing power sector experiencing slight adjustments, while several stocks in the Sci-Tech Innovation Board AI index saw significant gains [1] Group 2 - According to Dongfang Securities, the investment value in the AI sector lies in its potential to lead a new wave of technological revolution, particularly in computing power, algorithms, and application ecosystems [2] - The construction of computing power infrastructure is highlighted as a cornerstone for AI development, involving both hardware upgrades and software optimizations, such as the collaboration between Nvidia and TSMC to produce $500 billion worth of AI infrastructure in the U.S. [2] - Major companies are continuously launching new large models, showcasing breakthroughs in technology and broad applicability in various fields such as marketing, e-commerce, and design [2]

Summary of Conference Call Notes Company and Industry Involved - The report focuses on **Softcom** and its collaboration with **Tongfang** in the hardware sector, particularly in computing and intelligent computing centers. Core Points and Arguments - **Total Hardware Revenue**: In 2024, the combined hardware revenue of Softcom and Zhitu International is projected to reach **12.9 billion** yuan, representing a year-on-year growth rate of over **30%** [1] - **PC Market Share Growth**: By the second half of 2024, Softcom's market share in the PC segment is expected to increase from **4%** to **10%**, positioning it just behind Lenovo and surpassing Huawei [1] - **Annual Shipment Volume**: The total shipment volume for the year is estimated to be around **3.3 million** units, reflecting a year-on-year increase of **90%** [1] - **Government and Political Acceleration**: The report anticipates an acceleration in government and political trust innovation in 2025, with Tongfang holding a significant market share. A concentrated bidding process is expected in March, with anticipated confirmations in the second half of 2025 [1] - **Profitability Outlook**: Following the expected profitability of Tongfang's C-end in 2024, there is an optimistic outlook for achieving breakeven in the 2G2B segment in 2025 [1] Other Important but Possibly Overlooked Content - The collaboration between Tongfang and Softcom is perceived to be undervalued by the market, indicating potential for future growth and investment opportunities [1]

在今日举行的鸿蒙电脑技术与生态沟通会上，首款鸿蒙电脑正式亮相，而华为智慧办公将升级为鸿 蒙办公。在鸿蒙电脑应用适配方面，头部150个应用已经启动开发，预计到年底将支持超过2000个应 用。 ...

Core Insights - Lenovo's AI PC cumulative sales have surpassed 1 million units [1] - Server revenue has increased by 172% year-over-year, positioning the company back in the leading tier [1]

Group 1 - The annual general meeting of JLT Mobile Computers AB was held on May 7, 2025, where key decisions were made regarding the company's financial statements and dividend distribution [1] - The board members and the CEO were granted discharge for the management of the company for the year 2024 [2] - The board will consist of six members without deputies, with the re-election of five members and the election of one new member, Tommy Svensson [3] Group 2 - The total board remuneration was set at 700,000 SEK, with the chairman receiving 200,000 SEK and other members receiving 100,000 SEK each [4] - A nomination committee consisting of three members will be established, with one member appointed by each of the three largest shareholders [5] - The board was authorized to decide on a new issue of up to 2,871,200 shares, representing 10% of the company's shares as of the date of the annual meeting [6] Group 3 - JLT Mobile Computers is a leading developer and supplier of rugged mobile computing devices, with 30 years of experience in the industry [8] - The company operates globally from offices in Sweden, France, and the US, supported by a network of sales partners [8] - JLT has been listed on the Nasdaq First North Growth Market since 2002 under the symbol JLT [8]

"全球化大趋势不会发生根本性改变，但同时企业也需要适应现在世界上出现的新挑战、新要求。"5月7 日，联想集团董事长兼CEO杨元庆在接受南都湾财社记者等媒体采访时表示，企业未来的全球化要结合 稳定来发展，能整合全球优质资源的企业更具竞争力，而非局限于单一市场和资源的企业。 今年3月时，在联想集团2025/26财年誓师大会上杨元庆表示，联想将第五次创业，这也是联想的"创业 5.0"时代。杨元庆透露，未来十年，联想的战略等方面的资源都围绕人工智能这一主题来展开。联想将 聚焦于混合式人工智能。 5月7日，杨元庆宣布推出"超级智能体"技术，杨元庆表示超级智能体是提高生活质量和生产力水平的下 一个引爆点，超级智能体是初代智能体的下一个阶段。 第三，自主与演进，它结合用户意图和先验的知识，将复杂任务能够分解为子任务，并派发给相应的领 域智能体，然后自主地编排执行顺序、规划这些步骤，基于智能体互联协议来调用跨生态的工具来主动 执行任务，并且通过自我学习来不断地演进和升级。 此外对于近期大众关注的安全问题，联想针对AI换脸的恶意攻击，联想将推出"深度伪造检测"防诈技 术，实时发现AI换脸风险。该技术也将作为重点安全能力之一，集 ...

Group 1 - Lenovo officially launched a comprehensive super intelligent matrix at the Tech World 2025 conference, which includes personal, enterprise, and city super intelligent agents, along with a new generation of inference acceleration engines [1] - The exponential growth of edge AI is driven by a dual spiral of computing power and model capability, as explained by Lenovo's CEO Yang Yuanqing [1] - The inference acceleration engine, developed in collaboration with Tsinghua University and Wuneng Chip, addresses industry pain points related to model lightweighting and inference efficiency [1] Group 2 - The core foundation of the enterprise super intelligent agent is based on a computing power support system, utilizing a hybrid computing infrastructure built on a "edge-cloud-network" four-layer architecture [2] - This architecture supports data collection, storage, and processing, enabling the training of enterprise AI models and their deployment on edge devices or terminal hardware for distributed inference [2] - Lenovo's first enterprise super intelligent agent, "Lenovo Lexiang," integrates comprehensive business data and knowledge assets, achieving intelligent solutions across the entire supply chain to marketing [2]

Core Insights - JLT Mobile Computers reported a recovery in demand during the first quarter of 2025, with significant order intake and improved financial performance compared to previous quarters [8]. Financial Performance - Order intake reached 59.7 million SEK, a substantial increase from 33.7 million SEK in the same period last year [8]. - Net sales were recorded at 36.0 million SEK, slightly down from 37.7 million SEK [8]. - Operating profit improved to 0.9 million SEK, up from 0.8 million SEK in the previous year [8]. - Profit after taxes increased to 0.7 million SEK, compared to 0.5 million SEK last year [8]. - Positive cash flow of 2.0 million SEK was reported, a significant improvement from a negative cash flow of -1.7 million SEK in the previous year [8]. Market Dynamics - The company secured several major deals, including a significant order from a leading US food producer worth 22 million SEK, contributing to the high order intake [8]. - More than two-thirds of sales during the quarter were made to US customers in USD, although the weaker USD negatively impacted the gross margin, which fell to 38% from 44% [8]. Inventory Management - JLT continued to reduce inventory, which decreased to 33 million SEK, down by 7.4 million SEK from the same period last year and 4.9 million SEK from the beginning of the year [8].

（文章来源：每日经济新闻） 流动性方面，科创综指ETF华夏盘中换手6.96%，成交2.74亿元。拉长时间看，截至5月6日，科创综指 ETF华夏近1月日均成交1.38亿元，排名可比基金第一。规模方面，科创综指ETF华夏最新规模达39.39 亿元，创成立以来新高，位居可比基金首位。 消息方面，备受期待的2025年联想创新科技大会（TechWorld）于今日在上海世博中心盛大开幕。这一 盛会不仅是科技爱好者的聚集地，更是展示未来科技趋势的重要平台。此次大会将重点展示联想在智能 设备、人工智能和云计算等领域的最新进展，尤其是在提升用户体验方面的努力。在此次大会中，联想 集团副总裁、中国基础设施业务群总经理陈振宽发布了浸没式液冷领域取得的技术创新成果——"飞 鱼"仿生散热设计和"双循环"相变浸没制冷系统，为用户提供更绿色的算力。在单相浸没方面，联想推 出"飞鱼"仿生散热设计，通过模拟鱼在水中游动的姿态，降低热阻与流阻，成功突破了散热器性能瓶 颈，最大支持功耗提升20%，帮助用户以最小的代价解决下一代600W芯片的散热难题，该项技术已在 产品中实现应用。 科创综指ETF华夏（589000）及其联接基金（A/C：02371 ...