21世纪经济报道记者孔海丽 近期科技圈弥漫着两种截然不同的情绪，一种是资本市场对"AI泡沫"破裂的隐忧，另一种是存储芯片成 本上涨引发的连锁反应。 在充满不确定性的当下，联想集团发布了2025/26财年第二财季业绩，营收1464亿元，同比增长15%； 净利润36.6亿元，同比增长25%，利润增速超越营收增速。 尤其值得注意的是，联想集团首次披露了AI业务占比，达到30%，同比提升13个百分点。 财报电话会上，联想集团董事长兼CEO杨元庆明确表示，AI不存在泡沫，需求将会持续增长，针对存 储芯片涨价问题，杨元庆透露，联想已具备成熟的应对机制。 当外界还在争论大模型是否过热、硬件厂商能否分得AI一杯羹时，联想的"含AI量"已经到了30%， 其"混合式人工智能"的战略，已经开始产生实质影响力。 30%的含义，从"账本"到"证明" 过去两年，关于AI的讨论往往滞留在"算力军备竞赛"的宏大叙事中。然而，对于投资者而言，技术只有 转化为营收，才具备商业意义。 本季度，联想集团的一大动作是首次拆解并披露了AI业务的收入构成。强烈的信号意义在于，AI不再 是辅助性的营销概念，而是成为了支撑业绩的核心支柱。 30%意味着在联想 ...

Core Insights - The article emphasizes that the Chinese smart terminal market is entering an AI-native era, where AI will reshape core values and interaction methods, driving deep innovation across ecosystems, scenarios, and categories, becoming a key engine for economic transformation and industrial upgrading [1][3]. Industry Trends - IDC predicts that by 2026, the shipment volume of smart terminals in China will exceed 900 million units, with traditional AI terminal penetration expected to surpass 93% by 2027, reflecting a 4% year-on-year growth [3]. - The transition from demographic dividends to "AI dividends" positions smart terminals as crucial carriers of new productive forces [3]. - The integration of AI with cutting-edge technologies like embodied intelligence, quantum technology, and 6G will drive the emergence of new economic models and innovations [3]. Company Performance - Lenovo has established a strong foothold in the AI terminal market, leading the global PC market with a shipment of 19.4 million units in Q3 2025, capturing a market share of 25.5% [4]. - Lenovo's AI PC business continues to lead globally, supported by its unique AI-native technology system and strong competitiveness in both consumer and commercial sectors [4]. Product Innovations - Lenovo's enterprise-level super intelligent agent, launched in May 2025, has generated revenue of 1.89 billion yuan, supporting over 1 million interactions daily and significantly improving user engagement and order conversion rates [5]. - The company is also focusing on emotional interaction, with over 40% of users expecting smart terminals to provide emotional support, shifting from function-oriented to understanding-oriented interactions [7]. Global and Local Strategies - Lenovo's global strategy includes a distributed manufacturing network across 11 countries, enhancing local delivery and reducing trade barriers, which has led to significant revenue growth in overseas markets [9]. - The company is exploring new terminal forms and vertical scenarios, such as AI notebooks and personalized learning agents, to capture growth in the education sector [10]. Supply Chain and Efficiency - Lenovo's AI-driven supply chain management has improved initial failure rates by 45% over five years, showcasing the effectiveness of its innovative quality management practices [12]. - The integration of AI across the entire value chain has led to enhanced marketing, sales, and service efficiencies, with significant improvements in customer engagement and service response times [12]. Competitive Landscape - IDC highlights that the core competitiveness of AI-native terminals will be defined by natural interaction, diverse forms, and scenario-based solutions, which Lenovo is addressing through its hybrid AI strategy [13]. - As the AI-native era accelerates, Lenovo's AI terminal business is expected to continue leading the market, setting a benchmark for Chinese smart terminal companies on a global scale [13].

Core Insights - The article emphasizes that the Chinese smart terminal market is entering an AI-native era, where AI will reshape core values and interaction methods, driving deep innovation across ecosystems, scenarios, and categories, becoming a core engine for economic transformation and industrial upgrading [1][2] Industry Overview - IDC predicts that by 2026, the shipment volume of smart terminals in China will exceed 900 million units, with traditional AI terminal penetration expected to surpass 93% by 2027, reflecting a 4% year-on-year growth [2][3] - The transition from demographic dividends to "AI dividends" positions smart terminals as crucial carriers of new productive forces [2] - The integration of AI, computing power, and data elements, supported by policy, will drive new economic models and innovations, making AI a key tool for enterprises to enhance productivity [2][3] Company Positioning - Lenovo has established a strong competitive barrier in the smart terminal sector, leading the global PC market with a shipment of 19.4 million units and a market share of 25.5% in Q3 2025 [3] - Lenovo's AI PC business continues to lead globally, supported by its unique AI-native technology system and strong competitiveness in both consumer and commercial sectors [3] Product Innovations - Lenovo's enterprise-level super intelligent agent, launched in May 2025, has generated revenue of 1.89 billion yuan, supporting over 1 million interactions daily and significantly improving user engagement and order conversion rates [4] - The Tianxi personal super intelligent agent enhances user experience by providing proactive services and seamless collaboration across multiple devices [5] Market Trends - The demand for AI terminals is expected to drive significant growth in the smart service robot market, with a projected growth rate of 54% by 2026 [6] - Lenovo's global operations leverage a distributed manufacturing network to enhance local delivery and efficiency, significantly reducing delivery times and increasing market competitiveness [6][7] Strategic Initiatives - Lenovo is exploring new terminal forms and vertical scenarios, including AI notebooks and personalized learning agents, to capture growth in the education sector [7] - The company is also enhancing its supply chain efficiency through AI-driven quality management and intelligent supply chain control, leading to a 45% improvement in initial failure rates over five years [8] Competitive Landscape - IDC highlights that the core competitiveness of AI-native terminals will be defined by natural interaction, diverse forms, and scenario-based solutions, which Lenovo is addressing through its hybrid AI strategy [9] - Lenovo's integration of technology innovation, product deployment, ecosystem collaboration, and global capabilities positions it as a benchmark for Chinese smart terminal companies aiming for global expansion [9]

在AI产业发展重心从技术突破转向应用落地的当下，政策供给也在持续加大，促成这一进程的加速。 近日，国务院办公厅印发《关于加快场景培育和开放推动新场景大规模应用的实施意见》(以下简称 《意见》)，提出在人工智能领域加强关键核心技术攻关和推广应用，加快高价值应用场景培育和开 放，更好满足科技、产业、消费、民生、治理、全球合作等各领域发展需要。 11月9日，开源证券发布研报表示，我国在人工智能等新技术侧已经取得长足的进步，国家发布新政 策，有望促进AI等新技术新产品规模化商业化应用，进一步推动应用侧的发展。同时，市场分析认 为，这份文件将成为资本市场新的投资主线，加速资本从"概念炒作"向"应用落地"转变。联想集团等在 新场景拓展与落地应用效果方面拥有领先优势的企业，将进入业绩释放与估值提升的全新阶段。 应用落地的关键一环 从产业发展阶段来看，今年是AI应用落地的转折之年。 国际知名机构麦肯锡预计，2025年全年，推理将占据AI总算力消耗的80%以上，成为AI算力消耗的绝对 主导，训练算力占比则压缩至20%以内；其还预测，到2028年全球AI推理市场年复合增长率超40%，远 高于训练市场20%的增速。 其背后的本质， ...

Core Insights - Lenovo Group has established the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology and future industry sectors to drive innovation and capital infusion for technology transformation and industrial upgrading [1][2] - The CEO of Lenovo, Yang Yuanqing, emphasized that future AI will center around individuals and enterprises, necessitating a shift towards personalized and diverse intelligent forms, which requires breaking the limitations of single models and ecosystems [1][2] Group 1 - The Lenovo Shanghai Fund aims to integrate capital, industry, and research resources, enhancing Lenovo's full-chain layout in the AI industry while providing support for cutting-edge technology enterprises in Shanghai and nationwide [2] - Lenovo's venture capital arm has invested in over 300 innovative technology companies over nine years, with nearly 50% of these being recognized as "specialized and innovative" enterprises at the national and provincial levels [2] - The establishment of the Lenovo Shanghai Fund is expected to deepen Lenovo's mixed AI strategy and contribute to Shanghai's development as a hub for future industry innovation [2] Group 2 - Lenovo's "Tianxi Personal Super Intelligence" launched in May 2023 has achieved an average weekly active user rate of 40%, indicating strong engagement in the personal intelligence sector [1] - The company plans to advance a "one body, multiple ends" strategy in personal intelligence, developing various intelligent terminal forms and continuously enriching the application ecosystem [1] - In the enterprise sector, Yang Yuanqing predicts the emergence of "enterprise intelligent twins" through the coordination of multiple intelligent entities across value chain segments and vertical industries [1]

Core Insights - Lenovo Group has established the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology and future industries to drive innovation and capital infusion for technology transformation and industrial upgrading [1][2] Group 1: Fund Establishment and Objectives - The Lenovo Shanghai Fund aims to integrate capital, industry, and research resources, enhancing Lenovo's full-chain layout in the AI industry while providing support for cutting-edge technology companies in Shanghai and nationwide [2] - The fund's core objective is to promote the integration of production, education, and research innovation, facilitating the commercialization of technological achievements [2] Group 2: AI Strategy and Developments - Lenovo's CEO, Yang Yuanqing, emphasized that future AI will center around individuals and enterprises, leading to personalized and diverse demands, which necessitates breaking through the limitations of single models and ecosystems [1] - Lenovo has already made early investments in the hybrid AI field, with its "Tianxi Personal Super Intelligence" achieving an average weekly active user rate of 40% since its launch in May 2023 [1] - The company plans to advance a "one body, multiple ends" strategy in the personal intelligence sector, developing various intelligent terminal forms and continuously enriching the application ecosystem [1] Group 3: Investment and Collaboration - Lenovo Capital has invested in over 300 innovative technology companies over nine years, with nearly 50% of these being recognized as "specialized, refined, distinctive, and innovative" enterprises [2] - More than 70 invested companies are collaborating around Lenovo's hybrid AI architecture, covering essential areas such as computing infrastructure, model development, and application implementation [2] - The establishment of the Lenovo Shanghai Fund is seen as a significant step in deepening Lenovo's hybrid AI strategy and supporting Shanghai's development as a hub for future industrial innovation [2]

Core Insights - Lenovo Group has established the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology and future industries to drive innovation and capital infusion for technology transformation and industrial upgrading [1][2] - The CEO of Lenovo, Yang Yuanqing, emphasized the importance of personalized AI solutions that cater to diverse needs, requiring a shift from single models to a hybrid AI architecture that supports a native application ecosystem [1][2] Group 1 - The Lenovo Shanghai Fund aims to integrate capital, industry, and research resources, enhancing Lenovo's full-chain layout in the AI industry while providing support for cutting-edge technology enterprises in Shanghai and nationwide [2] - Lenovo Capital has invested in over 300 innovative technology companies in nine years, with nearly 50% of these being recognized as "specialized and innovative" enterprises at national and provincial levels, ranking high among CVC investment firms [2] - Over 70 invested companies are collaborating with Lenovo on hybrid AI architecture, covering essential areas such as computing infrastructure, model development, and application implementation [2] Group 2 - The establishment of the Lenovo Shanghai Fund is seen as a strategic move to deepen Lenovo's hybrid AI strategy and contribute to Shanghai's development as a hub for future industry innovation [2] - The fund will facilitate the precise matching of technological achievements from universities and research institutions with the industrial needs of enterprises, accelerating the commercialization of scientific and technological results [2] - Yang Yuanqing highlighted that technological innovation is the cornerstone of Lenovo's development in the AI era, with the collaboration bringing together various forces from industry capital, local venture capital, and academic institutions [2]

Core Insights - Lenovo Group announced the establishment of the Lenovo Shanghai Fund with a first-phase scale of 1 billion RMB, focusing on cutting-edge technology and future industries to promote innovation through industry-academia-research integration [1] - The CEO of Lenovo, Yang Yuanqing, emphasized the need for personalized and diverse artificial intelligence (AI) solutions that are not limited to single models or devices, advocating for a cross-device and cross-application AI capability [1][2] - Lenovo has identified the trend of "hybrid artificial intelligence" and has made early investments in this area, with its "Tianxi Personal Super Intelligent Agent" achieving an average weekly active user rate of 40% since its launch in May 2023 [1][2] Company Strategy - Lenovo plans to advance a "one body, multiple ends" strategy in the personal intelligence sector, aiming to create various forms of intelligent native terminal devices and enrich the application ecosystem of super intelligent agents [2] - The company envisions that every enterprise will build multiple intelligent agents tailored to their unique applications across different sectors, coordinated by super intelligent agents, leading to the emergence of enterprise digital twins [2] - Continuous technological innovation is deemed essential for realizing the vision of hybrid artificial intelligence, which serves as a solid foundation for Lenovo's development in the AI era [2] Investment and Growth - Lenovo Capital has invested in over 300 innovative technology companies in its 9 years of operation, with 21 of these companies successfully going public [2] - Nearly 50% of the invested companies are recognized as "specialized and innovative" at the national and provincial levels, positioning Lenovo among the top in corporate venture capital [2] - More than 70 invested companies are collaborating with Lenovo on hybrid artificial intelligence architecture, covering various aspects such as computing infrastructure, models, and applications [2]

Core Viewpoint - The article discusses the rapid evolution of AI PCs driven by consumer demand and the integration of smart manufacturing with digital retail, highlighting the importance of a responsive supply chain and the need for a robust developer ecosystem to enhance AI applications [5][46][48]. Group 1: Market Dynamics - In the lead-up to the 2025 "11.11" shopping festival, there was a surge in searches for the "RTX 5070" graphics card, indicating strong consumer demand for new AI-capable PCs [2][8]. - The collaboration between JD.com and Lenovo led to the rapid development of the Lenovo Y7000P 2025 AI version, showcasing a successful response to market demand through a C2M (Customer-to-Manufacturer) model [3][19]. Group 2: Supply Chain Innovation - The integration of JD.com's insights into Lenovo's production processes exemplifies a shift from traditional supply chains to a demand-driven model, enhancing efficiency and reducing costs [22][30]. - JD.com's "super supply chain" allows for real-time adjustments in production based on consumer demand, which is crucial for managing the complexities of AI PC manufacturing [23][28]. Group 3: AI PC Characteristics - Lenovo defines five key features of an AI PC: embedded personal models, strong local AI computing capabilities, personal knowledge bases, compatibility with various AI applications, and robust data privacy protections [11][12]. - The "Tianxi Personal Super Intelligence" developed for the Y7000P is designed to assist users in completing specific tasks, marking a significant advancement in AI PC functionality [12][48]. Group 4: Challenges and Opportunities - The AI PC market faces challenges such as high costs due to advanced technologies and a still-developing ecosystem for AI applications [14][15]. - The transition to AI PCs is accelerated by the end of support for Windows 10, pushing users towards devices that support Windows 11 and AI capabilities [9][10]. Group 5: Future Directions - Lenovo and JD.com plan to deepen their collaboration by building an AI ecosystem, enhancing C2M cooperation, and jointly promoting AI PCs to provide high-quality products at competitive prices [42][44]. - The article emphasizes the need for a thriving developer ecosystem to transition AI PCs from being merely functional to truly user-friendly [46][48].

Core Insights - The article highlights the rapid response of JD.com to consumer demand for the Lenovo Y7000P 2025 AI version, driven by the search interest in the RTX 5070 graphics card, indicating a strong market demand for AI PCs [2][3][8] Group 1: Consumer Demand and Product Development - JD.com identified a surge in searches for "RTX 5070" and related terms, signaling a strong consumer interest in new gaming laptops [2][3] - The collaboration between JD.com and Lenovo led to the development of the Y7000P 2025 AI version, featuring an RTX 5070 GPU, 16GB RAM, and 1TB SSD, which quickly became popular during the "11·11" shopping festival [3][19] - The integration of JD.com's consumer insights into Lenovo's production process allowed for real-time adjustments in manufacturing priorities based on anticipated sales [3][23] Group 2: Supply Chain and Manufacturing Innovations - Lenovo's manufacturing facility in Hefei operates with high automation, capable of producing customized orders efficiently, reflecting a shift towards flexible manufacturing [3][22] - The collaboration is described as a "deep integration of smart manufacturing and digital retail," where consumer demand drives production rather than traditional supply chain methods [5][23] - JD.com's "super supply chain" model enhances efficiency by ensuring that production aligns closely with real-time consumer demand, reducing waste and optimizing costs [19][27] Group 3: Market Trends and Future Outlook - The article notes that the AI PC market is expected to see a penetration rate exceeding 10% by the end of 2025, driven by the transition to Windows 11 and the demand for AI capabilities [6][8] - Lenovo defines the characteristics of an AI PC, emphasizing the need for local AI computing power, personal knowledge management, and data privacy [11][12] - The partnership between JD.com and Lenovo is set to continue evolving, focusing on building an AI ecosystem and enhancing consumer insights for future product development [30][32][34]