伴随AI普惠时代的到来，AI正在成为新时代创新生产力的"核心引擎"。早在2017年，联想就前瞻布局人 工智能，提出"联想 智慧中国"的愿景。如今，联想城市超级智能体基于先进的大模型技术和多智能体 协同架构，构建了业界领先的"1+N智能体"技术体系。该体系融合了深度学习、自然语言处理、知识图 谱、边缘计算等前沿AI技术，形成了具备自主感知、智能决策、协同执行能力的城市级智能系统。 本报讯 （记者贾丽）9月25日，在中国互联网协会主办的"2025数字政府智能应用与创新发展大会"上， 联想集团有限公司（以下简称"联想"）城市超级智能体凭借其创新的技术架构和丰富的落地实践，荣 获"2025数字政府创新解决方案"奖项，成为数字政府建设领域的标杆方案。 本次大会以"数智驱动 政务创新"为主题，汇聚了来自全国各地的政府代表、科研机构专家学者、行业 领军企业负责人。 业内人士认为，联想城市超级智能体能够在众多优秀解决方案中脱颖而出，充分体现了其在数字政府建 设领域的技术领先性和创新价值。这一荣誉不仅是对联想在人工智能、大模型技术应用方面创新成果的 高度认可，更是对其以技术驱动城市治理智能化理念的充分肯定。 在技术发展路径上， ...

Core Points - The "Computer 85 Fund and Yang Yuanqing Education Fund" at Shanghai Jiao Tong University celebrates its 10th anniversary, highlighting its role in supporting talent cultivation and research innovation through a crowdfunding model [1][3][4]. Fund Overview - Established in May 2015 during the university's 120th anniversary, the fund was initiated by Yang Yuanqing and alumni from the 1985 Computer Science class, with an initial personal donation of 10 million RMB from Yang Yuanqing [3]. - The fund comprises annual donations from the 1985 alumni and social contributions, supporting scholarships for outstanding students and awards for exceptional young teachers [3][4]. - Over the past decade, the fund has awarded scholarships to 136 students and supported 11 young teachers, with a total disbursement of 6.304 million RMB by September 2025 [3]. Impact on Faculty and Research - The fund has contributed to the professional growth of young teachers, many of whom have become leaders in national research projects, exemplified by Wu Fan, who progressed from a young teacher to the Executive Vice Dean of the Computer Science School [4]. - The awards encourage recipients to embody the academic spirit of predecessors and to pursue original innovations that address national needs [5][7]. Yang Yuanqing's Contributions - Yang Yuanqing emphasizes the importance of broadening horizons in education, particularly in interdisciplinary fields like artificial intelligence, to foster innovation [7]. - His commitment to education is reflected in his substantial donations, including a 100 million RMB contribution for a high-performance computing center at Shanghai Jiao Tong University, which has supported numerous significant research projects [8][9]. Recognition and Ongoing Support - Yang Yuanqing has been recognized as one of the most committed major donors in Chinese higher education, ranking 6th on the "Qingyun Zhuangzhi List" in 2023 for his ongoing contributions to various educational institutions [11].

杨元庆表示，联想正在致力于实现混合式个人智能和企业智能，这其中涉及到很多前沿AI技术的基础 研究。联想高度重视技术创新，重视产学研合作，非常乐于跟母校联手共同实现更多人工智能技术的研 发突破和技术创新，提升创新体系效能，共同推动AI创新与普惠，为国家科技发展做更多的事情。 责任编辑：何俊熹 杨元庆表示，当前AI发展主要有两个方向，一个是通过重度的算力和资源投入，推动大模型技术不断 突破，向通用型人工智能演变；另一个是侧重人工智能技术在各行各业的应用落地，实现AI普及普 惠。中国在AI应用领域发展潜力很大，因为我们不但拥有规模庞大的市场，还拥有门类齐全、产业链 完整的制造业体系，"AI向实"是中国制造迈向全球价值链中高端的一次珍贵历史机遇。 他认为，混合式人工智能是实现AI普惠的最佳路径。在混合式个人智能方面，未来会是"一体多 端"，"体"是指超级智能体，而"端"是指丰富多彩的智能终端。未来的智能终端将是智能体原生的，每 个终端上都有智能体，并且能够跨终端、跨平台实现数据打通和智能体协作。因此，智能终端不再是一 个个孤立的设备，而是被统合在属于用户个人的超级智能体之下，形成以"人"为中心的智能体协作网 络，以" ...

Core Viewpoint - Zhongke Shuguang (603019) reported a revenue of 5.85 billion yuan for the first half of the year, a year-on-year increase of 2.41%, and a net profit of 729 million yuan, up 29.39% year-on-year, indicating improved profitability in its main business [1] Group 1: Financial Performance - The company achieved a net profit of 7.29 billion yuan, reflecting a significant year-on-year increase of 29.39% [1] - The non-recurring net profit reached 5.69 billion yuan, marking a 55.20% year-on-year growth, primarily due to increased profits from joint ventures and reduced government subsidies [1] Group 2: Liquid Cooling Technology - Zhongke Shuguang has been researching liquid cooling technology since 2011, progressing through three stages: cold plate liquid cooling, immersion liquid cooling, and immersion phase change liquid cooling [1] - The company's immersion liquid cooling solutions save over 30% energy compared to traditional air-cooled data centers, with the first-generation C8000 solution achieving a power density of over 200 kW per cabinet and saving over 80% in room space [1] - The third-generation C8000 immersion liquid cooling solution is expected to exceed 750 kW in power density by 2024, while the C7000-F technology, set to be released in 2025, overcomes limitations in cooling capacity, safety, and system complexity [1] Group 3: Data Center and AI Integration - The company is involved in the construction of national-level data centers in Chongqing, Anhui, and Qingdao, with the China Petroleum Artificial Intelligence Computing Center being selected as a national demonstration project [1] - Zhongke Shuguang's subsidiary successfully won the bid for the Jinan Artificial Intelligence Integration Computing Power Center project [1] Group 4: High-End Computing Solutions - The company upgraded its Super Intelligence Integration Solution, deeply integrating high-performance computing with AI technology, enhancing model training efficiency and fault tolerance [2] - The ParaStor distributed storage series has won bids for six consecutive years in China Mobile's distributed storage procurement, leading in market share in various sectors [2] - The FlashNexus centralized all-flash storage ranked first globally in the SPC-1 test conducted by the International Storage Performance Council in February 2025 [2] Group 5: Cloud Computing Services - Zhongke Shuguang upgraded its cloud services from "City Cloud" to "Full-Stack Intelligent Cloud," establishing a comprehensive capability system [3] - The company launched innovative services such as password cloud and cloud PaaS, with its education cloud solution recognized as a typical application by the Ministry of Industry and Information Technology [3] - The company is constructing a "5A-level Intelligent Computing Center" and a national integrated computing power service platform [3] Group 6: Major Asset Restructuring - Zhongke Shuguang disclosed a significant asset restructuring plan, signing an agreement with Haiguang Information for a stock swap merger, with the transaction proposal officially disclosed on June 10 [3]

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" action, aiming for deep integration of AI with six key areas by 2027, with over 70% application penetration of new intelligent terminals and intelligent agents [2] - By 2030, AI is expected to fully empower high-quality development, with over 90% application penetration of new intelligent terminals and intelligent agents, making the intelligent economy a significant growth driver for China's economy [2] - Lenovo Group launched a super intelligent agent aimed at individuals, enterprises, and cities, shifting the human-machine relationship from "humans adapting to machines" to "machines serving humans" [2][3] Group 2 - In the personal intelligence sector, Lenovo introduced the Tianxi personal super intelligent agent, embedded in various AI terminals, creating a cross-platform and interconnected AI experience [3] - Since its launch in May 2025, Tianxi has been integrated into Lenovo's AI PCs, smartphones, and tablets, significantly boosting sales, with over 1 million units sold in the previous fiscal year [5] - In the enterprise intelligence domain, Lenovo's Lexiang super intelligent agent enhances organizational intelligence by autonomously completing tasks across various business functions, improving operational efficiency [6] Group 3 - The Lexiang intelligent agent has reduced content production costs by 25% and shortened product configuration time from 12 minutes to 2 minutes, with a goal of replacing 30% of tier-four business processes with intelligent agents this year [6] - In the urban super intelligent agent sector, Lenovo's architecture promotes collaborative governance and operation in smart cities, with strategic partnerships established in various cities [8] - Lenovo has also launched infrastructure support actions, including heterogeneous computing platforms and liquid cooling solutions, to provide computational support for AI development [8]

Core Insights - Lenovo Group Limited has officially launched the Lenovo Baiying Intelligent Agent 2.0, marking the debut of the first L3-level AI service agent aimed at enterprises in China [2] - The new AI agent transitions from a "responsive assistant" to a "collaborative partner," redefining AI service boundaries for small and medium-sized enterprises (SMEs) [2][5] AI Application and Business Efficiency - The Lenovo Baiying Intelligent Agent 2.0 features L3-level capabilities that deeply integrate into high-frequency business scenarios, enabling practical AI service applications [2] - New applications such as IT Code On Demand and "Super Employee" enhance AI operations and office productivity, while upgraded AI marketing capabilities allow for "zero-threshold" professional design and communication [2][3] Addressing Pain Points for SMEs - Lenovo Baiying has identified and addressed the challenges SMEs face, such as complex and varied tool usage and the difficulty of integrating disparate tools [4] - Five core AI technology upgrades have been implemented, including proactive device awareness and enhanced communication efficiency, allowing the agent to autonomously plan and execute tasks without user intervention [4] Future Directions - The Lenovo Baiying Intelligent Agent 2.0 aims to serve as an inclusive tool for the intelligent transformation of SMEs, promoting the value proposition of "AI for all" [5] - Lenovo plans to continue refining the capabilities of the intelligent agent based on technological foundations and user needs, supporting SMEs in achieving high-quality development amidst the AI wave [5]

Core Insights - The application of AI in industrial scenarios is transitioning from "conceptual enthusiasm" to "implementation challenges" as companies seek structural growth opportunities driven by AI technology [1][2] - Lenovo's SSG Group reported a 19.8% year-on-year revenue increase to 16.3 billion yuan, achieving double-digit growth for 17 consecutive quarters, significantly outperforming the industry average [1][3] Investment Trends - Companies are increasingly investing in generative AI, moving from pilot projects to large-scale applications, driven by technological maturity and competitive pressures [3][4] - The evaluation of AI projects has become more pragmatic, with a focus on quantifiable business outcomes and ROI, rather than merely adopting AI for its own sake [4][5] Deployment Strategies - A hybrid deployment model combining local and cloud solutions is gaining traction, addressing data security concerns while allowing for flexibility and scalability [5][6] - Key industries such as manufacturing and supply chain are becoming primary areas for AI integration due to their complex processes and data-intensive nature [6][7] Market Evolution - The enterprise AI market is shifting from a focus on technological advancement to an emphasis on scenario adaptability and system collaboration [7][8] - Lenovo aims to provide end-to-end solutions that encompass data preparation, scenario handling, training, and management, facilitating rapid deployment and scalability [8][9] Future Directions - The future of enterprise AI is seen in the "inference market" and "intelligent agents," with a focus on applying trained models to generate measurable efficiency gains [9][10] - The integration of intelligent agents is viewed as a strategic pillar for enterprise AI, emphasizing the need for scenario-specific solutions rather than merely pursuing high-level technology [10]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, achieving record revenue of $18.83 billion, a 22% increase year-on-year, despite challenges from U.S. tariff policies and geopolitical tensions [1][2][9]. Financial Performance - Revenue reached $18.83 billion, up from $15.45 billion, marking a 22% year-on-year increase [2]. - Gross profit increased to $2.77 billion, an 8% rise from $2.56 billion, but gross margin decreased by 1.9 percentage points to 14.7% [2][9]. - Operating profit surged 59% to $785 million, with pre-tax profit nearly doubling to $622 million, a 99% increase [2]. - Net profit attributable to equity holders rose 108% to $505 million, with earnings per share increasing to 4.12 cents [2][9]. Business Segments Smart Devices Business Group - Revenue grew 18% year-on-year, with segment profit increasing by 15% [5]. - Achieved a global PC market share of 24.6%, up 1.7 percentage points from the previous year [5][4]. Infrastructure Solutions Business Group - Revenue increased by 36% year-on-year, driven by strong demand for cloud and enterprise infrastructure [6]. - Despite the fastest growth rate, the segment reported an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [6][7]. Solutions Services Business Group - Recorded a 20% year-on-year revenue growth, with segment profit margin rising to 22% [8]. - Strong demand for high-end support services contributed to double-digit growth in service revenue [8]. Regional Performance - Asia-Pacific (excluding China) saw a 39% year-on-year revenue increase, driven by strong demand for AI servers and smart devices [12]. - China experienced a 36% revenue growth, with significant contributions from the smart devices and infrastructure solutions segments [12]. - The Americas region reported a 14% revenue increase, supported by strong performance in PCs and smartphones [13]. Research and Development - R&D investment increased by 10% to $524 million, reflecting the company's commitment to AI innovation [10][13]. - The number of R&D personnel grew to nearly 20,000, representing 28% of the total workforce [13]. Future Outlook - Lenovo aims to strengthen its position in the hybrid AI infrastructure market, focusing on developing scalable AI-driven solutions [15].

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the fiscal year 2025/26, with revenue reaching a record high of $18.83 billion, representing a 22% year-over-year increase, despite challenges from U.S. tariff policies and geopolitical tensions [1][2][10]. Financial Performance - Revenue for the first quarter was $18.83 billion, up from $15.45 billion in the same period last year, marking a 22% increase [2]. - Gross profit increased to $2.77 billion, an 8% rise from $2.56 billion, but gross margin decreased by 1.9 percentage points to 14.7% [2][10]. - Operating profit surged by 59% to $785 million, while net profit attributable to equity holders rose by 108% to $505 million [2][10]. - Basic and diluted earnings per share were $0.0412 and $0.0365, respectively, reflecting increases of $0.0213 and $0.0173 [2][10]. Business Segments Performance Smart Devices Business Group - Revenue grew by 18% year-over-year, with segment profit increasing by 15% [6]. - The group achieved its fastest revenue growth in 15 quarters, holding a 24.6% share of the global PC market, up 1.7 percentage points from the previous year [6][4]. Infrastructure Solutions Business Group - Revenue increased by 36% year-over-year, driven by strong demand for cloud and enterprise infrastructure [7]. - Despite the growth, the segment reported an operating loss of $86 million due to investments in AI capabilities and infrastructure transformation [7][8]. Solutions Services Business Group - Recorded a 20% year-over-year revenue growth, with segment profit margin rising to 22% [9]. - The group benefited from strong demand for high-end support services and saw significant growth in TruScale orders, particularly in infrastructure as a service [9]. Regional Performance - The Asia-Pacific region (excluding China) saw a 39% year-over-year revenue increase, driven by strong demand for AI servers and successful market strategies [14]. - China also experienced double-digit growth, with a 36% increase in revenue, supported by strong performance in PCs and tablets [14]. - In the Americas, revenue grew by 14%, bolstered by strong PC and smartphone sales [15]. Research and Development - R&D investment increased by 10% to $524 million, reflecting the company's commitment to AI innovation [11][15]. - The number of R&D personnel rose to nearly 20,000, accounting for 28% of the total workforce [15]. Future Outlook - Lenovo Group aims to strengthen its position in the hybrid AI infrastructure market, focusing on developing scalable AI-driven solutions [18].

Group 1 - Lenovo Group reported a strong Q1 performance for the fiscal year 2025/26, with total revenue reaching 136.2 billion RMB, a year-on-year increase of 22%, marking a historical high for the first fiscal quarter [1] - The net profit, calculated according to non-Hong Kong financial reporting standards, also grew by 22% year-on-year, reaching 2.82 billion RMB, with all main business segments achieving double-digit growth [1] - The non-PC business revenue share increased to 47%, indicating a continuous optimization of the business structure [1] Group 2 - The ISG infrastructure solutions business saw a significant revenue increase of 36% year-on-year, driven by a dual-track strategy focusing on cloud infrastructure and enterprise infrastructure [1] - AI infrastructure business revenue experienced explosive growth, increasing by 155% year-on-year, with strong order reserves [1][2] - In the Chinese market, ISG revenue grew by 76%, and operating profit margin improved by 3 percentage points [1] Group 3 - The market for enterprise IT infrastructure is rapidly evolving, with new technology revolutions creating new demands and expanding the market [2] - Lenovo has successfully anticipated these changes and adapted by increasing investments, as evidenced by a fourfold revenue increase in ISG business over the past decade [2] - The company remains committed to investing in traditional enterprise business model transformations, cloud computing, and AI infrastructure innovation despite short-term profit pressures [2] Group 4 - Nomura Securities has a positive outlook on Lenovo's AI server business, expecting it to secure more orders in the Chinese market, and has raised the target price to 14 HKD with an upgraded rating to "Buy" [3] - The demand for high-performance and flexible hybrid AI infrastructure is increasing as enterprises accelerate their intelligent transformation [3] - With a robust dual-track strategy, leading technological capabilities, and a global customer base, Lenovo's ISG business is expected to achieve sustainable growth and better profitability in the medium to long term [3]