Core Viewpoint - Zhongke Shuguang's Q3 2025 report shows impressive performance with steady revenue growth and a significant year-on-year increase in net profit excluding non-recurring items [1] Group 1: Financial Performance - The company reported robust revenue growth and a substantial increase in net profit year-on-year [1] - The non-recurring net profit showed a high growth rate compared to the previous year [1] Group 2: Product Development - Zhongke Shuguang recently launched the scaleX640 super node, which significantly enhances single cabinet computing power density [1] - The new product supports multiple brand acceleration cards and mainstream computing ecosystems, potentially establishing a new paradigm for domestic intelligent computing [1] Group 3: Strategic Initiatives - The company is actively advancing the merger with Haiguang Information, aiming to create a leading domestic computing power industry chain [1] - The goal is to achieve deep integration and synergy from chips to services, which is expected to significantly enhance core competitiveness [1] Group 4: Investment Rating - The company maintains a "buy" rating based on its strong performance and strategic initiatives [1]

人民财讯11月20日电，11月20日举办的业绩会上，联想集团董事长兼CEO杨元庆表示，明年1月6日将在 联想创新科技大会上在全球范围内推出个人超级智能体，不但能协同各类可穿戴与环境感知设备，还能 调度各种便携式设备和个人可信计算中枢，通过个性化的算法与模型，持续学习个人习惯、预测意图， 做到"思你所想，行你所愿"，最终成为你的个人智能双胞胎。 ...

在业绩发布会上，联想集团董事长兼CEO杨元庆表示，明年1月6号将在联想创新科技大会上推出个人超 级智能体。"它不但能协同各类可穿戴与环境感知设备，听你所听、见你所见、记你所记，还能够调度 各种便携式设备，通过个性化的算法与模型来持续的学习用户习惯、预测意图，最终成为用户的个人智 能双胞胎。"（新浪科技） ...

在业绩发布会上，联想集团董事长兼CEO杨元庆再度强调了对混合式人工智能战略的坚定信心，"我们 既为创记录的业绩感到自豪，也为我们的愿景满怀信心，更对广阔的市场机遇充满期待。我们相信通过 推进混合式人工智能战略，我们将为股东创造长期可持续的回报，更将实现千人千面千企千样的智能， 让人工智能真正惠及每一个企业和每个个人。"（新浪科技） ...

在业绩发布会上，联想集团董事长兼CEO杨元庆表示，在企业智能领域，基础设施市场也在经历重要变 迁。"AI计算的重心从在公有云上以训练为主，正在转向在本地数据中心和边缘侧，以推理为主。这一 转变之所以重要是因为基础设施的规模化扩展，必然也会推动终端设备与应用的爆发式增长，从而为我 们打开全新的市场空间。"他进一步表示，"在企业基础设施方面，我们正在针对大企业客户和中小企业 客户的不同业务模式进行完善乃至再造，我们有信心尽快让业务重回盈利性增长的快车道。我们将加速 释放混合式人工智能优势能力，打造人工智能模型、工厂、人工智能服务以及人工智能应用库，在关键 垂直行业和通用解决方案领域打造可复制和可扩展的人工智能解决方案。"（新浪科技） ...

财报显示，集团当季营收204.5亿美元，同比增长15%；经调整后净利润5.12亿美元，同比增长25%。 截至2025年9月30日止6个月，集团营收392.8亿美元，同比增长18%；经调整后净利润9.01亿美元，同比 增长24%。 北京商报讯（记者 陶凤 王天逸）11月20日，联想集团披露截至2025年9月30日的2025/26财年第二财季 业绩。 ...

Core Viewpoint - Lenovo's CEO Yang Yuanqing expressed optimism about the growth of the PC market driven by AI technology, countering concerns about an AI bubble and emphasizing the ongoing demand for AI applications across various sectors [1][2]. Group 1: AI Bubble Debate - Yang stated that there is no AI bubble, highlighting that AI encompasses more than just large language models, including computer vision, autonomous driving, and industrial automation, with widespread applications still in the early stages [2]. - This perspective aligns with views from industry leaders and economists, such as Nobel laureate Michael Spence, who described current AI investments as a "rational bubble" where the cost of under-investment outweighs the risks of over-investment [2]. - NVIDIA's CEO Jensen Huang noted that the AI industry is in the early stages of building a multi-trillion-dollar intelligent economy, contrasting the current situation with the internet bubble era [2]. Group 2: Response to Storage Chip Price Increases - Yang addressed the cost pressures from the storage chip market, attributing them to increased demand driven by rapid AI development, and indicated that price fluctuations may continue into next year [3]. - Lenovo's strong supply chain management and long-term partnerships with suppliers allow the company to secure critical component supplies and mitigate cost impacts on profits [3]. - Analysts believe Lenovo's resilience during the storage chip price increase is due to its high proportion of enterprise clients, which focus on total cost of ownership rather than price sensitivity [3]. Group 3: PC Market Growth Prospects - Yang indicated that the upgrade cycle for Windows 10 PCs is not yet over, which will continue to support market growth for several quarters [5]. - The core growth driver for the PC market is the rise of AI PCs, which enhance user experience through localized AI features [5]. - Lenovo forecasts a 5%-10% growth in the global PC market by 2026, driven by the end of Windows 10 updates and the proliferation of AI PCs, with confidence in maintaining double-digit growth for the year [5]. Group 4: Strategic Outlook on AI Infrastructure - Lenovo is accelerating its focus on enterprise-level AI infrastructure, shifting the AI computing focus from public cloud training to local data centers and edge-side inference [6]. - The company plans to promote intelligent transformation for enterprise clients through hybrid AI solutions and customized services, which will open new market opportunities [6]. - This strategic shift is expected to help Lenovo's infrastructure business return to profitable growth [6].

第二，所有主要的CSP的客人都已经是联想的客户，在E/SMB上联想表现更突出，且成长速度非常快， 市场基本稳定；第三，技术上异构算力的调度和液冷是联想明显的差异化竞争优势。 责任编辑：江钰涵 在业绩发布会的提问环节，联想集团执行副总裁兼中国区总裁刘军表示，我们正在针对大客户和中小企 业客户进行不同业务模式的梳理和再造。 刘军从三方面透露了联想目前的战略进展：第一，已经完善了"一横四纵"的战略布局。一横是万全异构 智算平台，四纵是服务器、存储、数据网络和超融合，这是非常完善的基础设施的布局，联想已经完 成。 新浪科技讯 11月20日中午消息，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。 ...

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。 在业绩发布会上，联想集团董事长兼CEO杨元庆表示，在企业智能领域，基础设施市场也在经历重要变 迁。"AI计算的重心从在公有云上以训练为主，正在转向在本地数据中心和边缘侧，以推理为主。这一 转变之所以重要是因为基础设施的规模化扩展，必然也会推动终端设备与应用的爆发式增长，从而为我 们打开全新的市场空间。" 他进一步表示，"在企业基础设施方面，我们正在针对大企业客户和中小企业客户的不同业务模式进行 完善乃至再造，我们有信心尽快让业务重回盈利性增长的快车道。我们将加速释放混合式人工智能优势 能力，打造人工智能模型、工厂、人工智能服务以及人工智能应用库，在关键垂直行业和通用解决方案 领域打造可复制和可扩展的人工智能解决方案。" 责任编辑：杨赐 ...

11月20日早间，联想集团公布2025/26年财政年度中期业绩：集团的收入及权益持有人应占溢利分别同 比增长18%及40%，达390亿美元及8.46亿美元，创下集团上半年收入新高。第二季度，集团的收入录得 205亿美元的历史新高。董事会宣布派发中期股息每股8.5港仙，合共约1.354亿美元。（新浪财经） ...