智通财经APP讯，浪潮信息(000977.SZ)发布公告，截至2025年11月25日，公司通过回购专用证券账户以 集中竞价交易方式累计回购公司股份365.85万股，占公司总股本0.25%，最高成交价69.80元/股，最低成 交价为53.71元/股，成交总金额2.25亿元(含交易费用)。本次回购股份方案已实施完成。 ...

智通财经APP讯，浪潮信息(000977.SZ)发布公告，截至2025年11月25日，公司通过回购专用证券账户以 集中竞价交易方式累计回购公司股份365.85万股，占公司总股本0.25%，最高成交价69.80元/股，最低成 交价为53.71元/股，成交总金额2.25亿元(含交易费用)。本次回购股份方案已实施完成。 ...

Group 1 - The core point of the article highlights the active performance of multiple stocks on the ChiNext and STAR Market, with 10 stocks reaching the "20cm" limit-up, including Pingao Co., which achieved a three-day consecutive limit-up with a total price increase of nearly 72.8% [1][4] - Pingao Co. has seen its stock price rise to 70.58 yuan, marking a historical high, and its year-to-date increase has expanded to 173.04%, outperforming 97.89% of the market stocks [2][3] - The trading volume for Pingao Co. significantly increased, with a total transaction amount of 694 million yuan, which is 7.9 times that of the previous day, setting a new record since its listing [2][3] Group 2 - The financing balance for Pingao Co. has increased by 4.4 million yuan, a growth of nearly 27.21% since November 20, with significant net purchases recorded during its limit-up days [3][6] - The article notes that 139 stocks on the ChiNext and STAR Market have recorded limit-up performances this year, with a notable concentration in the machinery, computer, pharmaceutical, and basic chemical sectors, collectively accounting for over 51% [7][9] - In the North Exchange, 24 stocks have also shown limit-up performances this year, primarily in the machinery and computer sectors, with machinery stocks making up 45.8% of the total [9][11]

Market Overview - The computer equipment sector increased by 1.14% on November 25, with Jia Yuan Technology leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Performers - Jia Yuan Technology (301117) closed at 48.17, up 20.00% with a trading volume of 285,900 shares and a transaction value of 1.322 billion [1] - Da Hua Intelligent (002512) closed at 5.49, up 10.02% with a trading volume of 1,319,200 shares [1] - Rui Ming Technology (002970) closed at 48.09, up 10.00% with a trading volume of 130,900 shares [1] - Other notable gainers include Zhongrun Optical (688307) up 9.16% and Hongquan Technology (688288) up 7.11% [1] Market Capital Flow - The computer equipment sector experienced a net outflow of 646 million from institutional investors and 203 million from speculative funds, while retail investors saw a net inflow of 850 million [2] - The overall trend indicates a divergence in capital flow, with retail investors showing increased interest despite institutional and speculative outflows [2] Individual Stock Capital Flow - Da Hua Intelligent saw a net inflow of 170 million from institutional investors, while speculative funds had a net outflow of 89.92 million [3] - Rui Ming Technology had a net inflow of 154 million from institutional investors, with speculative funds experiencing a net outflow of 123 million [3] - Jia Yuan Technology had a net inflow of 73.65 million from institutional investors, while retail investors contributed a small net inflow of 245,690 [3]

Core Viewpoint - Lenovo Group reported strong financial results for the second quarter of FY26, with revenue reaching 146.4 billion RMB, a 15% year-on-year increase, and adjusted net profit growing by 25% to 3.66 billion RMB, indicating robust operational resilience and strategic certainty in a complex environment [1] Group 1: PC Business - FY26Q2 PC revenue increased by 17% year-on-year, with a market share of 25.5% in PC shipments, up 1.7 percentage points compared to the previous year [1] - Lenovo's AI PC segment achieved a 31.1% share of the global Windows AI PC market, with AI PCs accounting for 33% of total PC shipments in FY26Q2 [1] Group 2: Smartphone Business - The activation of new smartphone models reached a historical high in FY26Q2, driven by strong sales of high-end models such as Razr and Edge [1] - Sales performance in the Asia-Pacific region and the high-end market in India showed significant improvement, with the company effectively leveraging its supply chain to mitigate storage price pressures [1] Group 3: ISG Business - FY26Q2 ISG business revenue was $4.087 billion, a 24% year-on-year increase, with cloud infrastructure revenue up 21% and enterprise infrastructure revenue up 30% [2] - AI server revenue experienced double-digit growth due to increased adoption and product iteration, while the Neptune liquid cooling solution saw a remarkable 154% year-on-year revenue increase [2] Group 4: SSG Business - FY26Q2 SSG business revenue reached a record high of $2.556 billion, an 18% year-on-year increase, maintaining double-digit growth for 18 consecutive quarters [2] - Support services revenue rose by 16%, with deferred revenue reaching $3.6 billion, up 17% year-on-year, indicating strong performance in operational and project solutions [2]

开源证券发布点评报告称，分业务线来看，(1)IDG：实现收入151.1亿美元，同比增长11.8%，2025Q3联 想/行业PC出货量同比增长17.3%/9.4%(IDC数据)，联想持续优于行业，或表明此前所预期的win11换机 潮正逐步兑现。AI PC出货量占比达到33%，估算当前联想AI PC均价为800-850美元，较普通PC均价提 升明显，从而实现本轮换机行情中量价起升。opm为7.29%，同比微降0.04pct；(2)ISG：实现收入40.87 亿美元，同比增长23.7%，AI服务器收入同比高双位数增长，需求保持强劲。opm为-2.7%，亏损率环比 收窄，公司当前CSP订单充足，规模效应有望逐步呈现，期待后续实现可持续性盈利；(3)SSG：收入 25.56亿美元，同比增长18.1%，发展韧性较强，递延收益36亿美元(同比增长17%)提升业务可预见性。 opm为22.34%，同比提升1.91pcts。 据此，开源证券认为，联想有着丰富的零部件价格波动应对经验，同时公司也是市场上的大型买方，拥 有优于同行的议价能力与拿货能力，亦可通过新品推出、产品及客户结构调整、有限度的下游传导等方 式调节成本影响。 近 ...

分业务线来看，（1）IDG：实现收入151.1亿美元，同比增长11.8%，2025Q3联想/行业PC出货量同比增 长17.3%/9.4%（IDC数据），联想持续优于行业，或表明此前所预期的win11换机潮正逐步兑现。AI PC 出货量占比达到33%，估算当前联想AI PC均价为800-850美元，较普通PC均价提升明显，从而实现本轮 换机行情中量价起升。opm为7.29%，同比微降 0.04 pct；（2）ISG：实现收入40.87亿美元，同比增长 23.7%，AI服务器收入同比高双位数增长，需求保持强劲。opm为-2.7%，亏损率环比收窄，公司当前 CSP订单充足，规模效应有望逐步呈现，期待后续实现可持续性盈利；（3）SSG：收入25.56亿美元， 同比增长18.1%，发展韧性较强，递延收益36亿美元（同比增长17%）提升业务可预见性。opm为 22.34%，同比提升1.91 pcts。 据此，开源证券认为，联想有着丰富的零部件价格波动应对经验，同时公司也是市场上的大型买方，拥 有优于同行的议价能力与拿货能力，亦可通过新品推出、产品及客户结构调整、有限度的下游传导等方 式调节成本影响。 近日，联想集团公布截 ...

每经AI快讯，11月25日，液冷服务器概念盘中震荡拉升，欧陆通20%涨停，英维克触及涨停，科信技 术、思泉新材、科创新源、科士达、同飞股份跟涨。 ...

投资评级：买入（维持） | 日期 | 2025/11/21 | 初敏（分析师） | 杨哲（分析师） | | --- | --- | --- | --- | | 当前股价(港元) | 9.680 | chumin@kysec.cn | yangzhe@kysec.cn | | 一年最高最低(港元) | 13.600/6.570 | 证书编号：S0790522080008 | 证书编号：S0790524100001 | | 总市值(亿港元) | 1,200.77 | | | | 流通市值(亿港元) | 1,200.77 | | | | 总股本(亿股) | 124.05 | | | | 流通港股(亿股) | 124.05 | | | | 近 3 个月换手率(%) | 44.01 | | | win11 换机潮如期兑现，利润率稳健体现供应链韧性 win11 换机潮、AI PC 渗透率提升如期兑现，三大业务利润率稳定验证公司供应 链的韧性，我们上调 FY2026-2028 财年 non-gaap 归母净利润至 17.6/20.7/23.6 亿 美元（前次为 16.7/19.6/23.0 亿美元），同比增长 21.8%/ ...

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]