深圳商报记者 周良成 深圳华强北是"中国电子第一街"，这里创造了无数财富传奇。而"巨人电脑"的老板鲍磊是华强北发展史 的见证者和"活化石"。他在华强北经营电脑生意已有34年，期间带领上百位安徽老乡来深圳创业。 目前鲍磊的店面分布在深圳各大电脑城。他清晰地记得第一次踏上深圳经济特区的场景："我是1991年 底从老家安徽六安来到深圳，当时国贸大厦是最高楼，上海宾馆已是市区边界，岗厦那边基本都是养蚝 的地方。" 当时鲍磊加入巨人集团，负责销售"巨人汉卡"。他解释道，当时电脑内存很小，没有办法运行图文并茂 的中文排版桌面印刷系统，而固化在汉卡自带的内存解决了这一问题。"汉卡相当于现在的显卡，是插 在主板扩展槽里的硬件。" 1997年巨人集团因资金链问题陷入危机，鲍磊成为深圳分公司最后一个离开的员工。在处理完公司楼花 延期及公司善后事宜后，从1998年开始，鲍磊从赛格电子市场"一米柜台"起家，开始了自主创业之路。 他告诉记者，创业之初，华强北"一米柜台"的月租金高达8000多元，但每月收入有一万多，每个月都能 有不少盈余。在没有快递的年代，华强北的电脑销售已经覆盖全国各地。"最开始卖显示器、组装电脑 和组建局域网，全国 ...

8月28日，联想集团创新开放日期间，联想集中对外推出了近200项AI技术与混合式AI产品组合。 在PC领域，联想自主研发的X-Engine端侧推理引擎提升了AI PC用户的端侧AI体验，支持主流大模型本 地化运行，实现生文速度提升50%、生图速度提升35%，同时内存占用降低30%，能耗降低50%。 用户无需依赖网络，可在ThinkBook、Yoga、ThinkPad等系列产品上，体验到如FlickLift（闪应） 的AI 交互：通过鼠标圈选、拖拽可在当前应用内直接调用AI功能，进行图片优化或创作。 "联想的未来十年，将聚焦混合式人工智能。只有个人智能、企业智能与公共智能相结合，共存互补， 混合并用，才是人工智能普及普惠的必由之路。"杨元庆此前表示，联想已经非常明确混合式AI的发展 战略。这个战略之下，联想各个业务都将实现转型和加速增长。（本文首发于钛媒体APP，作者 | 饶翔 宇 编辑 | 钟毅） 天禧个人超级智能体，则作为串联联想AI生态的软件中台，将分散的PC、手机、平板等终端融为一 体，同时具备AI操控、AI搜索、AI翻译、AI笔记、AI服务等五大功能。端云一体架构，让数据与算力 随用户需求流转，形成了 ...

HP gave a profit outlook for the current quarter that may beat expectations, showing firming demand for computers and interest in new machines that can run the latest AI software https://t.co/8wHwAVmf10 ...

当戴尔电脑在20世纪90年代实现股价269倍增长时，英特尔和微软正垄断着计算机行业的核心技术；当硅图公司（Silicon Graphics）因供应链失控从45美元 股价崩盘至13美元时，它仍是三维图形技术的全球霸主；当默克制药在生物技术革命中坚持垂直整合时，华尔街正疯狂押注新兴生物科技公司——这些看似 矛盾的商业现象背后，隐藏着当今投资世界最残酷的真相： 技术护城河正在失效，供应链已成为企业生死存亡的DNA，而决定其价值的核心指标，叫做"脉动速度"。 1.戴尔谜题：零专利企业的269倍增长奇迹 1998年，戴尔电脑的股价比90年代初暴涨了269倍，把英特尔、微软这些"技术大佬"都甩在身后。这简直是个商业奇迹——戴尔自己既不造芯片（依赖英特 尔），也不做操作系统（靠微软），还天天被懂行的消费者比价，周围全是IBM、惠普这样的巨头对手。它靠什么赢？其制胜法宝正是"供应链设计"： ·零成品库存：订单直达工厂，24小时组装发货 ·零分销层级：砍掉经销商，直连终端客户 2. 硅图惨案：技术巨头的链式崩溃 1995年的硅图公司如日中天：年赚20亿美金，股价冲上45美元，连《侏罗纪公园》的恐龙都是它"画"出来的。这家拥有顶 ...

我省首台自研自产自主品牌整机产品成功下线 "海南造"电脑实现"从0到1"突破 据悉，首批下线的计算机和服务器，得到了国内主流软硬件技术厂商不同形式的支持，也验证了国 内软硬件厂商以更开放的方式开展合作的可行性。目前，已有参与本次合作的厂商把国际业务总部落户 到海南。 接下来，省大数据发展中心将协同海南智海科技，与国内计算机终端、服务器、操作系统等软硬件 厂商，通过招商引资、品牌收购、联合研发、技术授权等方式，推动产业链相关企业签约，预估总投资 25亿元，相关项目分3—5年落地海南，全面匹配海南"向数图强"等战略方向，形成"区域中心+产业中心 +价值创新+出海基地"协同布局。 该产品由省大数据发展中心下属国资企业海南智海科技有限公司自研自产，该公司打造的智海科技 智造基地以整机产品研发、生产、制造为核心业务，旗下"海睿创"品牌涵盖台式电脑、笔记本电脑等终 端产品，"海寰"品牌则聚焦服务器、存储等企业级产品。 据介绍，这两类产品均针对热带地区高盐、高湿、高温的环境专项研发，精准解决了常规电脑终端 在该环境下易死机、易受腐蚀的行业痛点，目标用户辐射华南及东南亚区域市场。 当天签约环节，海南智海科技与三大通信运营商、 ...

没有股票账户的投资者可关注国泰中证计算机主题ETF联接A（160224），国泰中证计算机主题ETF联 接C（010210）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 国泰海通指出，DeepSeek推出的V3.1模型采用创新的"UE8M0"FP8架构，专为下一代国产芯片设计优 化，有望在AI算力领域形成硬件、软件、应用协同发展的生态。港交所研究延长交易时间及推进T+1结 算机制，将提升市场效率并利好金融IT领域，推动炒股软件与证券IT系统升级。此外，三款集中式数据 库通过安全可靠测评，显示信创数据库准入壁垒提升，市场份额将进一步向头部厂商集中。AI应用落 地持续加速，政策支持如上海推出的算力券、模型券等进一步推动行业发展。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从沪深市场中选取业务涉及计算机硬 件、软件及服 ...

Core Insights - Lenovo's Vice President Chen Zhenkuan emphasized the integration of computing power, models, and applications as the three main lines driving AI development, highlighting Lenovo's efforts in building diverse AI computing infrastructure [2] - Lenovo is collaborating with authoritative institutions to establish the industry's first high-performance training and inference service standards [2] - The company is leading the third generational upgrade of the PC industry through an "all-in-one multi-end" approach in AI terminals and transitioning from IT services to AI services with comprehensive upgrades in solutions and service capabilities [2] Computing Power - Lenovo offers a comprehensive product portfolio for AI full-scene server services, including large model training, inference, integrated training and inference, and edge inference [2] - The long-term development framework is structured as "1+3+N," which consists of one system architecture, three CPU platforms, and compatibility with multiple GPU manufacturers [2] Storage and Network Solutions - In the storage domain, Lenovo provides core storage solutions that are large-capacity, high-density, and energy-efficient, along with the latest all-flash software-defined storage [2] - The AI RoCE intelligent computing network solution has been launched to support high-speed, low-latency network requirements for AI scenarios [2] Heterogeneous Computing Platform - Lenovo's Wanquan Heterogeneous Intelligent Computing Platform has been upgraded to version 3.0, introducing four new innovative technologies to support model development trends [3] - The platform has demonstrated practical validation in customer scenarios, achieving a model floating-point computation utilization rate increase from 30% to 60% in national-level high-quality AI cluster scenarios [3] - The DeepSeek R1 model has achieved an extreme throughput of over 12,000 tokens per second in enterprise AI infrastructure scenarios [3] Industry Collaboration - Lenovo has partnered with the Heterogeneous Intelligent Computing Industry Ecosystem Alliance and various ecosystem partners to release the latest "2025 AI Solutions Empowerment White Paper," which outlines insights on industry trends and technological innovations [3]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a ten-year high, supported by both capital inflow and fundamental performance [2][3][4]. Market Performance - On August 18, the Shanghai Composite Index rose by 0.85%, closing at 3728 points, marking the highest level since August 20, 2015. The total market capitalization of A-shares surpassed 100 trillion yuan [2]. - Since the end of June, the A-share market has been on an upward trend, with daily trading volumes exceeding 2.8 trillion yuan. Small-cap and growth styles have outperformed, with notable increases in indices such as the ChiNext Index and the CSI 2000 [2][3]. Capital and Fundamental Support - The recent market performance is driven by capital inflow and earnings support, with a significant increase in trading volume and margin financing balances. The macroeconomic environment remains stable, with expectations of interest rate cuts from the Federal Reserve and ongoing supportive policies in China [3]. - The current earnings season is crucial, with a focus on industries showing strong fundamentals [3]. Valuation Analysis - The overall valuation of A-shares is considered reasonable, with the CSI 300's dynamic price-to-earnings ratio around 12.2 times, indicating it is not overvalued compared to historical levels. The market capitalization to GDP ratio remains relatively low among major global markets [4]. - The market's total capitalization to M2 ratio is approximately 33%, which is at the 60% historical percentile, suggesting a balanced valuation [4]. Investment Recommendations - Focus on sectors with high growth potential and earnings validation, such as AI/computing, innovative pharmaceuticals, military industry, and non-ferrous metals [5]. - Consider industries benefiting from increased retail participation, such as brokerage and insurance, as well as sectors aligned with government policies like photovoltaic energy [5].

Core Insights - Lenovo Group plans to establish a regional headquarters in the iconic Majdoul Tower in Riyadh, Saudi Arabia [1] - The company has appointed a management team for the Saudi Arabian market, including Lawrence Yu as the head of the regional headquarters [1] - The new manufacturing base in Riyadh has completed the foundation excavation, and the steel structure of the first main factory has been constructed [1] Company Developments - Giovanni Di Filippo has been appointed as Vice President and General Manager of Lenovo Saudi Arabia [1] - Zoran Radumilo has been appointed as the Chief Technology Officer (CTO) for Lenovo Saudi Arabia [1] - The new factory is expected to begin trial production in 2026, with an anticipated annual output of millions of laptops, desktops, mobile phones, and servers [1]

Summary of Lenovo (0992.HK) Earnings Call Company Overview - **Company**: Lenovo (Ticker: 0992.HK) - **Industry**: Technology, specifically focusing on PCs and servers Key Points and Arguments 1. **Revenue Growth Projections**: Lenovo expects revenues to grow at a compound annual growth rate (CAGR) of +11% from calendar year 2025 to 2027, driven by the increasing demand for AI PCs and high-end servers [1][10] 2. **PC Shipment Performance**: Global PC shipments increased by 15.2% year-over-year in the June quarter, outperforming the global growth rate of +6.5% [1][9] 3. **Market Share Gains**: Lenovo's market share in the PC segment rose to 24.8% from 23.0% in the previous quarter, attributed to the success of AI PCs [1][9] 4. **Server Business Growth**: The Infrastructure Solutions Group (ISG) reported a revenue growth of +36% year-over-year, with a focus on high-end servers priced between US$10,000 and US$100,000 [1][9] 5. **R&D Investments**: The company is investing heavily in R&D, particularly in generative AI and AI servers, which is expected to support long-term growth despite a negative operating profit margin (OPM) of -2% in the June quarter [1][9] 6. **Earnings Revisions**: Net income estimates for FY2026-28 were raised by 2%, 18%, and 18% respectively, mainly due to higher revenue expectations from AI PCs and high-end servers [1][10] 7. **Operational Efficiency**: Lenovo aims to improve operational efficiency, projecting an operating expense (opex) ratio of 12.2-12.3% for FY2026-28, down from 12.9% in FY2025 [1][10] 8. **Deferred Revenue Indicator**: The company has US$3.5 billion in deferred revenue, indicating strong performance in its Solutions & Services Group (SSG) [1][12] 9. **Competitive Advantage**: Lenovo is positioning itself as a leader in the Windows AI PC market and aims to create an ecosystem of "One AI, Multiple Devices" [1][8] 10. **Valuation and Price Target**: The target price for Lenovo is raised to HK$13.56, reflecting a target P/E multiple of 11.9x based on CY2026 EPS estimates [1][18] Additional Important Insights - **Concerns Over OPM**: Despite the negative OPM, management remains optimistic about long-term growth and profitability, citing strategic investments and strong market momentum in China [1][9] - **Market Risks**: Key risks include slower-than-expected recovery in market demand, increased competition, prolonged inventory digestion, and challenges in product mix upgrades [1][19] - **Peer Comparison**: Lenovo's projected net income growth of 18% for FY2026 is higher than competitors like Dell (14%) and HP (6%) [1][16] This summary encapsulates the critical insights from Lenovo's earnings call, highlighting the company's growth strategies, market performance, and future outlook.