当地时间1月7日，谷歌母公司Alphabet迎来其资本市场的一个重要时刻，其股价逆市上涨2.43%，收报 321.98美元，市值增至3.88万亿美元，自2019年以来首次超越苹果公司，并拿下美股市值第二名的宝 座。 2025年以来，得益于在AI领域的卓越表现，Alphabet股价累计飙升逾60%，创下2009年金融危机以来的 最佳年度表现，并领跑美股七大科技巨头。反观苹果，去年其股价累计涨幅不足10%，在七巨头中仅略 高于亚马逊，其搭载AI功能的新一代Siri助手迟迟不能如期发布，加之硬件更新预期提前透支，导致市 场对其增长想象力的预期持续下降。 谷歌与苹果之间的的市值沉浮，显示出的不仅是市场对两家企业AI布局进展的"用脚投票"，更是AI时代 的到来，对科技巨头发展前景与产业话语权的深刻重构。当应用开发平台从Windows系统和个人电脑向 AI迁移，底层计算体系从以CPU为核心转向以GPU为核心，那些真正掌握AI核心能力的企业，才更有 可能在未来的科技变革中占得先机。 近日，谷歌母公司Alphabet以高达47.5亿美元对价，全资收购数据中心能源供应商Intersect的举措，即受 到业界广泛关注。作为大型科 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a record high for the quarter and significantly exceeding market expectations [1] - The Infrastructure Solutions Group (ISG) generated approximately 29.3 billion RMB in revenue, reflecting a 24% year-on-year increase, maintaining a growth trend over multiple quarters [1] - The ISG operating profit margin improved by 0.3 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, indicating a stabilization and recovery in business profitability [1] - The cloud infrastructure business achieved a historical high in revenue for the same period, with AI infrastructure business experiencing rapid growth and high double-digit revenue increase in AI servers, supported by strong order reserves for future deliveries [1] Industry Insights - The demand for high-performance computing is rapidly increasing, while energy consumption and heat dissipation challenges in data centers are becoming critical growth constraints [2] - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [2] - The "Sea God" liquid cooling solution features a 100% full-cover cold plate design, reducing system power consumption by 40% compared to traditional air cooling, with a PUE value dropping below 1.1 [2] - The newly launched "dual-loop" phase change immersion cooling system enhances heat dissipation capabilities, doubling the efficiency compared to traditional solutions, with a system PUE as low as 1.035 [2] - As the global AI landscape shifts towards a focus on inference over training, there will be a rapid increase in demand for local inference, industry-specific AI, and high-efficiency infrastructure [2] - Lenovo ISG has established a stronger competitive barrier in the hybrid AI infrastructure sector, leveraging its dual-track strategy covering both cloud and enterprise infrastructure, which is expected to continue driving high-quality growth momentum [2]

Core Insights - The domestic computing power ecosystem is evolving through collaboration across various sectors, from chips to servers and intelligent computing clusters, aiming for higher efficiency and application deployment [1][2][3] - Companies like DeepSeek are leading the charge in integrating domestic chips into practical applications, enhancing computational efficiency while reducing storage and data transmission costs [4][5] - The launch of the OISA 2.0 protocol during the conference marks a significant step in building a collaborative platform for GPU interconnectivity, supporting the scale-up of intelligent computing clusters [5][6] Industry Developments - The collaboration among domestic operators, internet companies, chip manufacturers, and research institutions is crucial for establishing a cohesive computing power industry chain [3][5] - The OISA 2.0 protocol supports up to 1024 AI chips with bandwidth exceeding TB/s and latency reduced to hundreds of nanoseconds, enhancing the performance of intelligent computing clusters [5] - The introduction of the GSE technology system by China Mobile aims to optimize the scale-out route for intelligent computing centers, focusing on high-capacity networking capabilities [6] Technological Innovations - The industry is addressing the challenges of heterogeneous computing by developing unified platforms that enhance ecosystem synergy [6][8] - The integration of high-performance computing and intelligent computing requires a deep restructuring of hardware architecture, emphasizing the need for collaborative innovation across various layers [8] - The focus on liquid cooling technologies is increasing, with cold plate liquid cooling systems being highlighted for their efficiency in high-density deployments [11][12] Market Trends - The demand for intelligent computing centers is rising, but challenges remain in infrastructure planning, model development efficiency, and deep integration of industrial applications [9][10] - The report emphasizes the need for a comprehensive standard system covering construction, development, and application processes in intelligent computing services [9] - Companies are actively developing full-stack solutions to meet diverse computing power demands across various industries, including education, energy, and healthcare [10] Future Directions - The industry is moving towards a collaborative ecosystem that promotes open protocols and integrated solutions, driving technological advancements in the domestic computing power sector [13] - The focus on energy efficiency and cost reduction through innovative cooling solutions is expected to play a critical role in the future of data center construction [11][13]

Core Insights - Lenovo's Tech World 2025 emphasizes a more relatable approach, showcasing AI products that cater to everyday users rather than just high-tech concepts aimed at enterprises [1][9] - The event featured notable personalities, including celebrity Da Zhangwei, who demonstrated personal AI capabilities, indicating a shift towards consumer-friendly AI applications [1][4] Group 1: AI Product Development - Lenovo is transitioning towards scaling AI products, focusing on the development of "super intelligent agents" that feature multimodal perception and autonomous execution capabilities [9][10] - Two super intelligent agents were launched: "Tianxi" for personal use and "Lexiang" for enterprises, both capable of multimodal interactions [9][10] Group 2: Strategic Collaborations and Innovations - Lenovo is collaborating with Tsinghua University and Wuwenchin Qiong to develop a reasoning acceleration engine, enhancing application performance while reducing power consumption [10] - The company introduced advanced AI infrastructure, including the upgraded "Wanquan 3.0" platform, which addresses inference demands and slow node issues in large-scale clusters [19] Group 3: New Product Launches - Lenovo unveiled four new devices equipped with super intelligent agents, including the AI foldable smartphone Moto Razr 60 Ultra AI, the AI tablet Yoga Pad Pro 14.5, and the rollable screen AI PC ThinkBook Plus Rollable [10][14] - The gaming handheld Legion 9i AI was also introduced, featuring AI capabilities for enhanced graphics rendering [14] Group 4: Infrastructure Enhancements - Lenovo's advancements in cooling technology include the "Flying Fish" bionic cooling design and a dual-circuit phase change immersion cooling system, significantly improving heat dissipation capabilities [19] - The company is also focusing on ensuring data security in AI applications, introducing Deepfake detection technology integrated into their super intelligent agents [10] Group 5: Market Outlook - Lenovo's CEO Yang Yuanqing highlighted uncertainties in the market, particularly due to geopolitical factors and U.S. tariff policies affecting high-tech products, but indicated that product pricing would remain stable for now [19][20]

（文章来源：每日经济新闻） 流动性方面，科创综指ETF华夏盘中换手6.96%，成交2.74亿元。拉长时间看，截至5月6日，科创综指 ETF华夏近1月日均成交1.38亿元，排名可比基金第一。规模方面，科创综指ETF华夏最新规模达39.39 亿元，创成立以来新高，位居可比基金首位。 消息方面，备受期待的2025年联想创新科技大会（TechWorld）于今日在上海世博中心盛大开幕。这一 盛会不仅是科技爱好者的聚集地，更是展示未来科技趋势的重要平台。此次大会将重点展示联想在智能 设备、人工智能和云计算等领域的最新进展，尤其是在提升用户体验方面的努力。在此次大会中，联想 集团副总裁、中国基础设施业务群总经理陈振宽发布了浸没式液冷领域取得的技术创新成果——"飞 鱼"仿生散热设计和"双循环"相变浸没制冷系统，为用户提供更绿色的算力。在单相浸没方面，联想推 出"飞鱼"仿生散热设计，通过模拟鱼在水中游动的姿态，降低热阻与流阻，成功突破了散热器性能瓶 颈，最大支持功耗提升20%，帮助用户以最小的代价解决下一代600W芯片的散热难题，该项技术已在 产品中实现应用。 科创综指ETF华夏（589000）及其联接基金（A/C：02371 ...