中国六部门：到2027年形成3个万亿元级消费领域 深挖存量方面，扩大特色和新型产品供给，包括促进绿色产品扩容迭代、推动农村消费品提质升级、大 力发展休闲和运动产品、推动健康产品创新发展、扩大历史经典名品影响力、拓展多元兴趣消费供给 等。 瞄准细分市场方面，精准匹配不同人群需求，包括丰富婴童产品供给、加强优质学生用品供给、扩大时 尚"潮品"供给、优化适老化产品供给等。(完) 广告等商务合作，请点击这里 方案从加速新技术新模式创新应用、扩大特色和新型产品供给、精准匹配不同人群需求、培育消费新场 景新业态、营造良好发展环境5方面部署了19项重点任务。 在拓展增量方面，加速新技术新模式创新应用，包括加快布局新领域新赛道、推广高效响应制造新模 式、强化人工智能融合赋能等。鼓励开发家庭服务机器人、智能家电和人工智能手机、电脑、玩具、眼 镜、脑机接口等人工智能终端，以智能产品为载体提供娱乐、健康、陪护等生活服务。 来源：中国新闻网 中新社北京11月26日电 (记者 刘育英)中国工业和信息化部等六部门联合印发《关于增强消费品供需适 配性进一步促进消费的实施方案》，提出到2027年，消费品供给结构明显优化，形成3个万亿元(人民 ...

Industry Goals & Targets - The plan aims to establish 3 trillion-level (万亿级) consumption areas and 10 hundred-billion-level (千亿级) consumption hotspots by 2027 [1] Technological Innovation & Application - Promotion of new tools such as generative AI and 3D digital design [1] - Encouragement of developing AI terminals including home service robots, smart appliances, AI phones, computers, toys, glasses, and brain-computer interfaces [1] - Accelerating the development of products like electronic ink screen notebooks, AI error correction notebooks, and electronic whiteboards [1] Healthcare & Wellness - Development of services such as traditional Chinese medicine healthcare and medicinal diet therapy [1] Cultural & Creative Industries - Support for enterprises to incubate local intellectual property (IP), innovate in the design of cultural and creative products and animation peripheral products, develop brand authorization, and launch a series of IP authorized products [1] - Encouraging traditional supermarkets, shopping centers, and commercial streets to design and transform to introduce "blind box stores" or collection-type trendy toys [1]

人民财讯11月26日电，工业和信息化部等六部门印发《关于增强消费品供需适配性进一步促进消费的实 施方案》，其中提出，强化人工智能融合赋能。推动人工智能在消费品全行业全领域全过程应用，推广 生成式人工智能、3D数字化设计等新工具。组织开展人工智能赋能消费品工业深度行，推动解决方案 供应商与生产企业深度对接。鼓励开发家庭服务机器人、智能家电和人工智能手机、电脑、玩具、眼 镜、脑机接口等人工智能终端，以智能产品为载体提供娱乐、健康、陪护等生活服务。支持企业、行业 协会建设智能家居体验中心、适老化产品体验中心、定制服装体验中心等，拓展多场景体验和增值服 务。支持各地开发历史经典产业数字艺术品，建设数字博物馆和云博物馆。 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 11 月 26 日 A 股反弹有望延续但仍存隐忧，短期震荡反复不改中期向好格局 请务必阅读最后一页的免责条款 1 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周一探底回升之后，周二 A 股市场高开高走全线反攻，展现出短期强劲的修 复动能，后市反弹仍有望延续。不过，在短期反弹态势确立的背景下，反弹的持 续性可能仍面临多重隐忧：一是外部环境的不确定性。12 月美联储是否降息仍存 分歧，政策路径的模糊性可能导致市场预期反复波动。此外，地缘政治因素也在 时不时扰动市场情绪；二是量能稍显不足。两市成交总额仍未能突破 2 万亿元关 口，缺乏足够增量资金支撑的反弹难以形成有效攻势。 整体上看，对于当前市场既不宜过度乐观，也不应过分悲观。即便短期震荡 反复，也不影响中期向好格局。操作上，短线高手可踏准板块轮动节奏，采取均 衡配置、高抛低吸或是占优策略。无论是科技成长方向（半导体芯片、泛 AI 主题 及机器人行业等），还是顺 ...

存储芯片价格飙升影响正在波及全球，压力已经传导至科技硬件厂商，手机、PC、服务器制造商 或将持续面临挑战。 11月20日，联想集团发布了截至2025年9月30日的2025/26财年第二季度以及中期业绩，再次交出一 份创新高的成绩单：当季营收204.52亿美元，同比增长15%，创下季度历史新高；首次披露AI相关业务 收入情况，在总营收中占比提升至30%；全球个人电脑市场份额创新高，达到25.6%。 分业务来看，截至9月30日止的这一季度，智能设备业务集团收入151.07亿美元，基础设施方案业 务集团收入40.87亿美元，方案服务业务集团收入25.56亿美元，三大业务板块均收获同比增长。 智能设备业务增长主要受惠于人工智能计算机出货比例迅速上升及高端产品销售表现强劲。其中第 二财季，联想人工智能电脑渗透率提升至占总出货量的33%，并以31.1%的市场份额巩固在全球 Windows AI PC中的领导地位。 需要注意的是，尽管人工智能浪潮推动所有业务均录得双位数的同比增长，但供应链成本压力依然 在业绩中有所体现。 第二财季，联想集团公司权益持有人应占溢利为3.40亿美元，同比下降5%；毛利率下降0.3个百分 点至1 ...

Core Viewpoint - The article discusses Lenovo's strategies and outlook in response to challenges in the tech industry, particularly regarding AI and component shortages, emphasizing that while there may be short-term pressures, the overall direction of AI development is positive and not a bubble [3][6]. Group 1: AI and Market Dynamics - Lenovo's chairman, Yang Yuanqing, believes that the current AI development phase is not a bubble, as it is entering a stage of widespread application and infrastructure investment, similar to the internet boom [3][6]. - The demand for components such as memory and solid-state drives is experiencing significant growth, with price increases expected to persist throughout 2026 [3][6]. Group 2: Supply Chain Management - Lenovo is one of the largest buyers of components in the industry, maintaining close relationships with suppliers and securing optimal contracts to ensure supply stability for the upcoming year [4][5]. - The company is cautious about user demand growth exceeding forecasts, which could impact pricing strategies [6]. Group 3: Financial Performance - For the second fiscal quarter ending September 30, 2025, Lenovo reported a revenue increase of 15% year-on-year to 146.4 billion RMB, achieving a historical high for the quarter, with adjusted net profit rising 25% to 3.66 billion RMB [6][7]. - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, driven by AI devices, servers, and solutions [6][7]. Group 4: Business Segments - The IDG smart device segment generated 108.1 billion RMB, a 12% increase year-on-year, with AI terminal devices making up 36% of IDG's revenue, a nearly 17 percentage point increase [7]. - The ISG infrastructure solutions segment saw revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with AI server revenue experiencing high double-digit growth [7]. - Lenovo plans to launch a personal super-intelligent device globally in January, integrating various wearable and environmental sensing devices for enhanced user interaction [7].

Core Viewpoint - Lenovo Group has reported a significant increase in revenue and net profit, driven by its AI-related business, which now constitutes 30% of total revenue, marking a 13 percentage point increase year-on-year [2][4]. Financial Performance - For the second fiscal quarter of 2025/26, Lenovo's revenue reached 146.4 billion RMB, a 15% year-on-year increase, setting a record for the quarter [2][4]. - Adjusted net profit grew by 25% to 3.66 billion RMB, indicating strong operational resilience and strategic clarity in a complex environment [2][4]. AI Business Contribution - AI-related business revenue has become a substantial contributor to Lenovo's overall performance, highlighting its transition from a supportive role to a core growth driver [2][5]. - The company is witnessing accelerated AI penetration and diversification of application scenarios, evolving its business structure towards more resilient and higher-value offerings [2][5]. Strategic Initiatives - Lenovo is advancing its "one body, multiple ends" strategy in the personal intelligence sector, with plans to launch a personal super intelligence system at the upcoming innovation technology conference [5]. - The Intelligent Device Group (IDG) reported revenue exceeding 100 billion RMB, with a historic market share of over 25% in personal computers, maintaining industry-leading profitability [5]. Enterprise Solutions - In the enterprise intelligence sector, Lenovo aims to assist clients in transforming data into actionable insights, with a focus on hybrid infrastructure and AI model selection [6]. - The Infrastructure Solutions Group (ISG) achieved nearly 30 billion RMB in revenue, a 24% year-on-year increase, with strong order reserves in AI infrastructure [6]. Growth in Services - The Solutions and Services Group (SSG) experienced an 18% year-on-year revenue growth, with operational profit margins exceeding 22% [7]. - The share of project and solution services in SSG's overall revenue has risen to nearly 60%, indicating a shift towards more comprehensive service offerings [7].

Group 1 - Lenovo Group reported a revenue of $39.282 billion for the fiscal year 2025/26, representing an 18% year-on-year increase [1] - The profit attributable to equity holders reached $846 million, a 40% increase compared to the previous year [1] - Basic earnings per share were recorded at 6.89 cents [1] Group 2 - Revenue from artificial intelligence-related products accounted for 29% of total revenue, an increase of 15 percentage points year-on-year, driven by higher sales of AI devices, servers, and services [1] - Research and development expenditure increased by 8%, reflecting the company's commitment to accelerating its hybrid AI strategy [1] Group 3 - The Intelligent Devices Group saw revenue and operating profit grow by 15% and 13% respectively, benefiting from a rapid increase in AI computer shipments and strong sales of high-end products [1] - The global PC market share reached a record high of 25.6% in the second quarter [1] Group 4 - The Infrastructure Solutions Group's revenue grew by 30%, with AI infrastructure business experiencing high double-digit growth, supported by cloud and enterprise infrastructure strategies [2] - The Solutions Services Group achieved a revenue increase of 19%, setting a new historical high, with operating profit rising by 28% [2] - The second quarter revenue reached a historical high of $20.5 billion, surpassing records set during the COVID-19 pandemic, with a year-on-year growth of 15% [2]

Market Overview - The market experienced a strong rebound yesterday, with all three major indices rising collectively. The Shanghai and Shenzhen stock exchanges recorded a trading volume of 2.16 trillion, an increase of 146 billion compared to the previous trading day. The Shanghai Composite Index rose by 0.90%, the Shenzhen Component Index increased by 2.05%, and the ChiNext Index surged by 2.74% [1]. Investment Opportunities - CITIC Securities emphasized the importance of investment opportunities in the lithium battery equipment sector. From January to August 2025, investment in China's lithium battery industry chain has rapidly increased, with solid-state batteries emerging as the hottest investment track. Equipment companies have started delivering solid-state battery-related equipment to downstream manufacturers since June, and orders for solid-state equipment have seen significant growth in the first half of this year, indicating a notable acceleration in the industrialization process of solid-state batteries [2]. - Tianfeng Securities highlighted the potential in the AI terminal equipment industry chain. The Ministry of Commerce and eight other departments jointly issued guidelines to vigorously develop digital consumption, focusing on collaborative efforts on both supply and demand sides. The guidelines aim to accelerate innovation in AI terminal products, particularly in artificial intelligence smartphones, computers, wearable devices, and smart robots, while promoting the interconnectivity of smart home appliances and pilot projects for smart connected vehicles. This policy initiative is expected to stimulate the digital consumption market directly and create a virtuous cycle of "demand driving supply," thereby upgrading the upstream industry chain, including chips and sensors, and injecting new momentum into the consumer electronics industry [3].

Group 1 - The core viewpoint of the news is the promotion of digital consumption and the acceleration of AI product development, as outlined in the joint guidance issued by the Ministry of Commerce and other departments [1] - The guidance encourages companies to innovate and increase the supply of AI terminal products, including smartphones, computers, smart robots, wearable devices, and desktop 3D printers, to unlock new consumption potential [1] - The AI industry is experiencing a positive cycle in overseas markets, with domestic AI supply chains also accelerating, indicating a comprehensive coverage of the AI industry chain, which is expected to benefit in the long term [1] Group 2 - As of September 25, 2025, the CSI Artificial Intelligence Theme Index (930713) rose by 1.53%, with notable increases in constituent stocks such as Kunlun Wanwei (300418) up 12.66% and Yonyou Network (600588) up 8.63% [1] - The AI Artificial Intelligence ETF (512930) increased by 1.52%, with a latest price of 2.21 yuan, and has seen a cumulative increase of 3.03% over the past week as of September 24, 2025 [1] - The AI Artificial Intelligence ETF has a turnover rate of 3.35% and a transaction volume of 96.29 million yuan during the trading session, with an average daily transaction of 328 million yuan over the past month [2] Group 3 - The management fee for the AI Artificial Intelligence ETF is 0.15%, and the custody fee is 0.05%, making it one of the lowest in comparable funds [2] - The CSI Artificial Intelligence Theme Index includes 50 listed companies that provide essential resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [2] - As of August 29, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index accounted for 60.82% of the index, with companies like Xinyi Sheng (300502) and Zhongji Xuchuang (300308) being among the top contributors [2][4]