这推动联想PC市场份额从2017/18财年的35.5%，攀升到2024/25财年的40%。2025/26财年上半年，以 40.6%再次创下同期历史新高。 基础设施业务总收入在过去的两年半增长175%，联想服务器是中国市场成长最快的AI基础设施厂商。 在AI解决方案与服务方面，擎天对内逐步深入赋能联想业务模式变革，对外成为方案服务业务拓展 的"杀手锏"，带动联想登顶中国IT服务市场第一名。 11月20日到22日，联想中国群英会2025在乌镇举办。联想集团执行副总裁兼中国区总裁刘军表示，"人 工智能+"时代新机遇下，联想中国将坚守"混合式AI加速中国智能化转型"使命，全力打造超强装备库， 全面推进客户直营，并秉承"创业5.0"精神锤炼硅碳融合战队，擎动九天，智慧中国。 近七年，联想中国区客户直营模式下客户覆盖率达80%；PC市场份额稳居榜首，2025年上半财年攀升 至40.6%；非PC业务占比近半，成为"第二增长曲线"。 "我们的客户直营占比逐年提高，2025财年上半年达到80%，已经建立起高效客户直达通道。"刘军介绍 说，其中政企直接触达中国26万家最重要客户的90%；中小企业从零开始直接触达近千万客户；C端直 ...

Core Viewpoint - UBS expects Lenovo Group's upcoming earnings report to meet expectations, with adjusted profits increasing year-on-year and stable sales growth [1] Financial Performance - ISG (Infrastructure Solutions Group) is projected to grow by approximately 20% year-on-year [1] - SSG (Solutions and Services Group) is expected to see high double-digit growth [1] - Lenovo's PC business growth is anticipated to exceed market levels, with a year-on-year increase in the mid to low double digits [1] - Operating profit margin is expected to remain stable at 7% to 7.5% [1] - The net profit forecast is maintained at $440 million, up from a previous estimate of $435 million, with adjusted net profit expected to exceed prior estimates by $150 million to $200 million due to the impact of warrants and convertible interest [1] Strategic Initiatives - The company is focused on adjusting its enterprise product mix in the infrastructure business to achieve profitability, although higher storage costs will delay significant positive contributions [1] - Lenovo aims to expand its AI business, which currently accounts for a low single-digit percentage of sales [1] Target Price Adjustment - UBS has raised Lenovo Group's target price to HKD 12 [1]

Core Insights - Lenovo Group has upgraded its small and medium-sized enterprise (SME) IT procurement platform, transforming it from a traditional one-stop IT procurement platform to a one-stop intelligent IT service platform, leveraging full-stack AI products, solutions, and services [1][2] - The upgrade includes three main enhancements: cost-effective procurement, comprehensive growth empowerment, and innovative service experiences, aimed at helping SMEs seize opportunities brought by AI for rapid business growth [1][2] Group 1 - The platform introduces unprecedented inclusive policies, including procurement subsidies of up to 25%, vouchers and points for new registered customers, and member-exclusive discounts of 20%, along with customizable hardware configurations and extended warranty services [2] - Lenovo's enterprise procurement aims to reduce the burden on SMEs by providing extensive benefits that facilitate easier and more cost-effective IT upgrades [2][3] Group 2 - The Lenovo Baiying Intelligent Agent offers AI services across three main scenarios: IT operations, AI office, and AI marketing, significantly reducing IT operational costs by 50%, doubling office efficiency, and enhancing customer acquisition efficiency through intelligent tracking and targeting [3] - Financial benefits include up to 60 days of payment terms, on-site services upon purchase, and flexible leasing options to alleviate financial pressure on SMEs [3] - Lenovo's innovative "AI as a Service" (AaaS) delivery model allows SMEs to access intelligent agent functionalities through a subscription model, simplifying the implementation of complex systems [3][4]