Core Insights - The report highlights a mixed performance in the Hong Kong stock market, with the Hang Seng Index and the Hang Seng Tech Index showing declines, while southbound capital inflows reached a three-month high [2][5] - Structural opportunities are emerging in sectors such as brokerage firms, renewable energy, and healthcare, with significant gains observed in specific stocks [3][4] Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index and the Hang Seng China Enterprises Index both dropping nearly 1%, while the Hang Seng Tech Index fell by 0.59% [2] - Trading volume increased to HKD 312.69 billion, with short selling rising to HKD 65.23 billion, accounting for 22.78% of total trading [2] - Southbound capital saw a significant rebound, with net inflows into Hong Kong stocks reaching HKD 35.88 billion, the highest single-day flow in three months [2] Sector Performance - Chinese brokerage stocks performed well, with notable increases in shares of CITIC Securities, China Galaxy, and CICC, with gains ranging from 7% to 11% [3] - The renewable energy sector, including companies like GCL-Poly and Shanghai Electric, continued to lead the market [3] - In the healthcare sector, AI and internet healthcare stocks showed remarkable performance, with Dingdang Health surging by 36.07% and JD Health rising by 11.67% [4] Company Analysis - Lenovo Group reported better-than-expected Q1 results, driven by AI, with its PC market share reaching a historic high of 24.6% and a 17.8% year-on-year revenue growth in its Intelligent Devices Group [9] - The Infrastructure Solutions Group saw a 36% year-on-year revenue increase, with AI server revenue doubling [9] - The Solutions and Services Group also experienced strong growth, with a 19.8% revenue increase, driven by high-end services like hybrid cloud and AI solutions [10] Investment Recommendations - The report suggests focusing on sectors showing structural strengths, such as healthcare, brokerage, and renewable energy, while being cautious of traditional sectors like banking and consumer goods that are under pressure [5] - Lenovo's projected adjusted net profits for the fiscal years 2025/26 and 2026/27 are expected to be USD 1.63 billion and USD 1.89 billion, respectively, with a target price of HKD 14.4, indicating a "buy" rating [10]

Core Viewpoint - Lenovo reported strong financial performance in Q1 FY26, with revenue of $18.83 billion, a year-on-year increase of 22.0%, exceeding Bloomberg consensus expectations by 7.2% [1] - The growth was primarily driven by robust demand for hybrid artificial intelligence solutions, although gross margin declined to 14.7%, down 1.9 percentage points year-on-year due to the suspension of H20 shipments in the domestic infrastructure business [1] Group 1: IDG (Intelligent Device Group) - IDG revenue grew by 18.0% year-on-year, with operating profit increasing by 15.0% year-on-year in Q1 FY26 [2] - The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2] - The PC business revenue rose by 20.0% year-on-year, maintaining a leading position in the Windows AI PC sector [2] Group 2: ISG (Infrastructure Solutions Group) - ISG revenue increased by 36.0% year-on-year, driven by capital expenditures from global CSP customers in AI and traditional servers [3] - Despite the revenue growth, ISG recorded an operating loss of $85.52 million due to the suspension of H20 shipments and increased R&D investments in AI products [3] - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3] Group 3: SSG (Solutions and Services Group) - SSG revenue grew by 20.0% year-on-year, with an operating profit margin increase of 1.2 percentage points [4] - The business achieved its 17th consecutive quarter of revenue growth, with strong performance in support services and AI solutions [4] - AI solutions are showing strong momentum, particularly in manufacturing and supply chain sectors, with expectations for double-digit revenue growth in FY26 [4] Price Target and Rating - The target price has been raised to HKD 16.0, reflecting a 4.4% increase from the previous target of HKD 15.3, corresponding to approximately 15 times FY2026E PE [1][4] - The company maintains a "Buy" rating based on the acceleration of AI product deployment and growth in global PC market share [4]

8月14日，联想集团公布2025/26财年第一季度业绩：当季营收同比增长22%至1362亿元人民币，创下历 史同期新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元人民币，盈利能力显著增强。 当前，随着AI落地的持续演进，全球AI基础设施需求延续高增长趋势。据行业机构测算，2025年全球 服务器市场预计同比增长44.6%，其中美国和中国市场将分别增长59.7%与39.5%；GPU服务器同比增长 更达46.7%。领先科技企业如谷歌、Meta相继上调资本开支预算，进一步释放行业需求韧性。 在此背景下，该季度，ISG基础设施方案业务通过有力执行云基础设施和企业基础设施并行发展的双轨 战略，营收实现了同比36%的强劲增长。尤其值得关注的是，AI基础设施业务保持爆发式增长，营收同 比增长155%，订单储备表现同样强劲，液冷技术方案亦实现近30%的收入增长。在中国市场，ISG保持 了超高速增长与盈利能力改善，营收同比增长76%，运营利润率同比提升3个百分点。 展望未来，联想将继续坚定推进人工智能基础设施的产品研发投入，并不断提升企业级基础设施的综合 竞争力。随着企业智能化转型的加速普及，市场对兼具高性能与灵 ...

当前，随着AI落地的持续演进，全球AI基础设施需求延续高增长趋势。据行业机构测算，2025年全球 服务器市场预计同比增长44.6%，其中美国和中国市场将分别增长59.7%与39.5%；GPU服务器同比增长 更达46.7%。领先科技企业如谷歌、Meta相继上调资本开支预算，进一步释放行业需求韧性。 8月14日，联想集团公布2025/26财年第一季度业绩：当季营收同比增长22%至1362亿元人民币，创下历 史同期新高；非香港财务报告准则下净利润同比增长22%，达28.16亿元人民币，盈利能力显著增强。 展望未来，联想将继续坚定推进人工智能基础设施的产品研发投入，并不断提升企业级基础设施的综合 竞争力。随着企业智能化转型的加速普及，市场对兼具高性能与灵活部署能力的混合式AI基础设施需 求持续上升。借助稳健的双轨战略、领先的技术积累以及全球客户基础，ISG业务将在中长期实现可持 续增长与盈利能力的持续改善。 在此背景下，该季度，ISG基础设施方案业务通过有力执行云基础设施和企业基础设施并行发展的双轨 战略，营收实现了同比36%的强劲增长。尤其值得关注的是，AI基础设施业务保持爆发式增长，营收同 比增长155%，订单储 ...