高盛发表7月亚太区策略报告，按盈利重评领先指标(Earnings revision leading indicator, ERLI)准则列出最 新的买入股(只列港股及中概股)名单： 腾讯(00700.HK)、阿里-W(09988.HK)、小米-w(01810.HK)、友邦(01299.HK)、拼多多(PDD.US)、港交所 (00388.HK)、中国平安(02318.HK)、快手(01024.HK)、国寿(02628.HK)、中国财险(02328.HK)、联想集 团(00992.HK)、金蝶国际(00268.HK)、瑞声科技(02018.HK)、中金公司(03908.HK)、比亚迪电子 (00285.HK)、名创优品(09896.HK) 7月4日，全球知名投行高盛发布的亚太区7月策略报告中，将联想集团（00992）纳入其基于盈利重评领 先指标 (Earnings revision leading indicator, ERLI)的港股及中概股买入名单。这一决策既反映了市场对联 想在AI产业链中全栈布局的认可，也与公司近期斩获的近2亿元轨道交通智能化订单形成共振，凸显其 在政企数字化与消费级AI终端的双重增长动 ...

Financial Performance - Oracle reported a total revenue of $57.4 billion for the fiscal year 2025, with a net profit of $12.4 billion. The fourth quarter revenue reached $15.9 billion, marking an 11% year-over-year increase [2] - Adobe's Q2 revenue was $5.87 billion, up 11% year-over-year, exceeding analyst expectations. Adjusted EPS was $5.06, a 13% increase, but investor concerns about future competition in AI remain [3] Company Changes - ByteDance's AI Lab head, Li Hang, has officially stepped down, transitioning to a consultant role. This change follows the integration of the AI Lab into the Seed team led by former Google DeepMind VP Wu Yonghui [3][5] - Kingsoft Cloud announced the resignation of CFO He Haijian, effective June 30, 2025, due to personal reasons [6] AI Talent Acquisition - Baidu launched its largest AI talent recruitment initiative, expanding job openings by over 60% compared to last year, focusing on cutting-edge AI fields [6] AI Product Developments - ByteDance's self-developed AI IDE "TRAE" has surpassed 1 million monthly active users, with over 80% of internal engineers utilizing it for development [7] - Volcano Engine released version 1.6 of its Doubao large model, introducing a pricing model based on input length, significantly reducing costs [9] - Alibaba's Tongyi Qianwen 3 model achieved over 12.5 million downloads in its first month, with over 130,000 derivative models created [10] Corporate Investments - Amazon plans to invest AUD 20 billion in expanding its data center infrastructure in Australia from 2025 to 2029, marking the largest global tech investment in the country [18] - Meta announced the acquisition of a 49% stake in Scale AI for $14.8 billion to enhance its AI capabilities [22][23] Market Trends - IDC forecasts that the Chinese graph database market will reach RMB 644 million in 2024, growing 17% year-over-year, with major players including Huawei Cloud and Ant Group [24] - The Ministry of Transport emphasized the need for collaboration in technology transfer within the transportation sector to enhance AI applications [27]

曙光数创 20250608 摘要 曙光数创是国内领先的液冷解决方案提供商，拥有超过 400 兆瓦的液冷 数据中心建设经验，市场份额占比 61%，连续多年位居行业第一，其母 公司中科曙光被海光吸收合并后，有望提升其整体竞争力。 曙光数创主力产品包括全静默式相变液冷解决方案（C8,000），该产品 在全球处于领先地位，并积极布局冷板式技术，主要客户涵盖政府、金 融机构、互联网运营商等领域。 2024 年曙光数创收入同比下降 74%至 0.97 亿元，主要受东数西算与 国家先进计算中心建设周期影响，但互联网中标额达 2.6 亿元，同比增 长两倍以上，海外市场拓展也在积极推进。 数据中心行业正经历从传统风冷向液冷的转变，单机柜功耗大幅提升， 推动了液冷技术的需求增长，预计 2025 年至 2027 年全球数据中心市 场规模将有显著增长。 曙光数创的核心产品 C8,000 系列采用浸没式相变液冷技术，具有较高 的技术壁垒，换热量已提升至 575 千瓦每个 rack，预计到 2026 年可达 到 750 千瓦每个 rack。 曙光数创成立于 2002 年，是最早提出液冷技术研究的公司之一。2013 年完 成了液冷模块产品 ...

Core Insights - Lenovo Group reported FY2025 total revenue of $69.077 billion, a year-on-year increase of 21.5%, and a net profit attributable to shareholders of $1.384 billion, up 37.0% [1] - For Q4 FY2025, the company achieved revenue of $16.984 billion, a 22.8% increase year-on-year, but net profit attributable to shareholders fell to $90 million, a decline of 63.7% due to a $118 million loss related to derivative financial liabilities [1] - Non-HKFRS net profit for Q4 FY2025 was $278 million, a 25.1% increase year-on-year, aligning with expectations, and the non-HKFRS net profit margin improved by 0.2 percentage points to 2.1% [1] Industry Trends - The AI PC segment exceeded sales targets in its first year, with the company’s IDG revenue growing 13% to $11.81 billion [2] - According to IDC, global personal PC shipments increased by 4.9% in Q1 2025, with Lenovo's sales growing by 10.8%, capturing a market share of 24.1% [2] - Lenovo's AI PC sales surpassed FY2025 targets, ranking first globally in the Windows AI PC category, and achieving a 16% market share in China's notebook sales for Q4 FY2025 [2] - Non-PC business revenue accounted for 49% of total revenue in Q4 FY2025, with smartphone and tablet shipments increasing by 6% and 18% respectively [2] - The ISG segment achieved revenue of $4.12 billion in Q4 FY2025, a 63% year-on-year increase, with cloud infrastructure revenue growing by 92% [2] Future Outlook - The company anticipates synchronized expansion in domestic and international intelligent computing and traditional computing demands, with the ISG segment expected to achieve sustainable high growth through dual engines of cloud and enterprise infrastructure [3] - Adjustments to FY2026/27 non-HKFRS net profit estimates have been made, with a decrease of 2.6% and 7.8% to $1.649 billion and $1.913 billion respectively [3] - The current stock price corresponds to 9.3x and 8.1x FY2026/27 P/E ratios, with a target price of HKD 13.40, reflecting a 40% upside potential [3]

5月22日，联想集团交出了一份看似矛盾的成绩单：2024/2025财年第四季度营收同比增长23%至170亿 美元，创下历史新高；但按香港财务报告准则(HKFRS)计算的净利润却同比骤降64%至0.9亿美元。这一 数据引发了市场的高度关注。然而，若深入拆解财报结构便会发现，利润的剧烈波动实为会计准则下 的"技术性调整"，与企业真实经营质量无关。透过现象看本质，联想集团的实际经营成果正展现出强劲 的韧性。 认股权证为何造成净利润"失真" 引发净利润剧烈波动的核心变量，是联想于2025年1月发行的三年期认股权证。根据香港会计准则要 求，这类金融工具需按公允价值计量且其变动计入当期损益。本季度认股权证的公允价值变动对净利润 造成1.18亿美元的负面影响，直接导致表观利润缩水。 这种影响的特殊性体现在两方面： 1. 非现金属性：公允价值变动仅为账面估值调整，不涉及真实现金流； 2. 波动不可控：其价值随股价、利率、波动率等参数变化而波动，与实际经营无关。 这么解释可能还是不好理解，我们来举个例子： 假设2025年末，公司B的股价从10港元涨至15港元，权证的公允价值因股价上涨而升至2亿港元，此时 行权可能性增加，权证内 ...

IDC预计2025年全球基础设施市场将增长18%，达到2650亿美元，其中，AI服务器2025年市场规模将达 到1472亿美元，2024年-2027年复合年增长率将达到18%。这意味着，随着生成式AI和多模态模型的加 速落地，企业级AI基础设施投入将持续释放，相关算力、存储解决方案需求同步扩张，为基础设施方 案厂商带来广阔的发展空间。 5月22日，联想集团(HKSE：992)公布截至2025年3月31日的2024/25财年第四季度及全年业绩。全年营 收达到4985亿元人民币，实现同比21.5%的强劲增长，创历史第二高位，盈利提升更快，同比增长 36%。第四季度，ISG实现营收299.6亿人民币，同比增长63%，并连续第二个季度实现盈利。其中，中 国市场营收同比增长113%，海神液冷解决方案收入同比大增244%。 报告期内，联想发布新一代ThinkSystem V4服务器、ThinkEdge SE100 入门级AI推理服务器，提供多样 化解决方案；第六代Neptune海神液冷技术的推出，带来40%的能源效率提升；存储产品方面，迎来史 上规模最大的存储产品组合更新，并重磅发布 21 款存储产品及全新的数据存储解决 ...

Core Viewpoint - Lenovo Group reported strong financial results for the fiscal year 2024/25, achieving a total revenue of 498.5 billion RMB, a year-on-year increase of 21.5%, marking the second-highest revenue in its history [1][2] Financial Performance - The overall revenue growth for the fourth quarter was 23%, with all main business segments achieving double-digit revenue growth [1][2] - Net profit, calculated under non-Hong Kong financial reporting standards, increased by 25% year-on-year [1] - The company’s revenue exceeded 20% growth year-on-year, with net profit growth surpassing 30% [2] Business Segments - The PC core business continued to grow, expanding its market leadership and maintaining industry-leading profitability [3] - Lenovo's smartphone business achieved record revenue since acquiring Motorola, with significant growth in the Asia-Pacific and Europe-Middle East-Africa regions [3] - The Intelligent Solutions Group (ISG) successfully turned around its performance, achieving record revenue and establishing a billion-dollar scale in its Cloud Service Provider (CSP) business [3][4] Strategic Initiatives - The Solutions and Services Group (SSG) reported double-digit revenue growth, with operating profit margins reaching 21% [4] - AI-driven solutions and services began contributing to revenue growth, positioning the company as a leader in enterprise AI solutions [4][5] - Lenovo has developed a global operational system that integrates end-to-end processes, enhancing its ability to respond quickly and flexibly to market changes [5] Future Outlook - The company remains confident in its ability to strengthen competitiveness amid changing geopolitical and tariff policies, driven by operational excellence and continuous innovation [1][5] - Lenovo introduced the concept of super intelligent agents at the Lenovo Tech World event, launching its first personal and enterprise super intelligent agents [5]

展望未来，SSG将锚定"混合式人工智能优势集(Hybrid AI Advantage)"，全面提升平台能力、产品力与 全球交付效率。加快拓展超级智能体的场景拓展，增强客户粘性，拓宽高附加值服务的商业化路径，并 助力全球企业释放AI价值。 面向新财年，IDG持续推进"个人智能双胞胎"(Personal AI Twin)进展，拓展能力边界。未来，公司将推 出更多搭载"天禧"个人超级智能体的创新终端产品，并同步打造涵盖创作、学习、娱乐等场景的AI应用 生态系统，推动用户"一体多端"体验，加速释放AI时代的用户价值与业务潜力。 ISG实现单季营收近300亿人民币，同比增长63%，并连续第二个季度实现盈利。其中，中国市场营收同 比增长113%，海神液冷解决方案收入同比大增244%，其创新能力已在高频交易、能源、医疗等行业形 成示范效应。通过不断加码AI服务器、液冷方案和边缘计算布局，联想正加速打造面向AI时代的混合 式智能基础设施平台，并以此推动ISG的可持续盈利性高增长。 2025年5月22日，联想集团(00992)公布截至2025年3月31日的2024/25财年第四季度及全年业绩。第四财 季，集团所有主营业务实现双 ...

Computex 2025电脑展正在台北举行。 5月19日消息，英伟达（NVIDIA）供应商、服务器公司超微电脑（Supermicro）宣布推出超微新一代 DLC-2技术。 超微电脑创始人、CEO梁见后表示，过去3年，超微电脑公司营收增长4倍，动能来自液冷技术 （DLC）的成熟推进。而全新数据中心建设模组解决方案（DCBBS），结合新一代DLC-2技术，可以 实现节电、节水，比前一代提升40%，热量捕获率高达98%，噪音水平低至50db，还能降低高达20%的 资本支出。 值得一提的是，英伟达CEO黄仁勋也现身演讲。 上海淼算科技有限公司（简称"淼算科技"）成立于2023年7月，是一家以单相浸没液冷技术为核心企 业，公司总部位于上海，在武汉、香港、新加坡均设有分支机构，可以为全球客户提供从浸没液冷设备 的研发设计、生产制造、运输安装、后期运维的一站式服务和全栈式浸没液冷解决方案。 85后的徐彦斌是马来西亚人，少年时得到新加坡全额奖学金，在新加坡完成初高中，并在新加坡国立大 学化学系毕业后，2008年，他进入新加坡当地投行从事金融投资业务，主投IT和数字设备方向产业。 2018年，徐彦斌决定移居中国，先在北京定居 ...

Group 1: Business Performance and Financials - The company reported a significant increase in revenue and net profit for Q1 2025, attributed to a substantial growth in orders for new energy vehicles from Zhongzhi Yike, with revenue exceeding 700 million and net profit over 10 million compared to the previous year [14] - The company’s main business is primarily focused on the domestic market, with export business accounting for approximately 5% to 10% of total revenue, making the impact of US-China trade tensions manageable [6] - The company maintains a healthy financial position with a debt-to-asset ratio around 40% and sufficient cash flow, ensuring that the bankruptcy proceedings of its major shareholder do not adversely affect its operations [7][8] Group 2: Liquid Cooling Business Development - The liquid cooling segment is actively developing, with small batch orders and pilot projects showing good compatibility and stability [4] - The company has secured a 220 million yuan order for buses from Zhongzhi Yike, with revenue recognition expected as production progresses [2] - Collaboration with the Ningxia Zhongwei government on liquid cooling technology is ongoing, but no significant breakthroughs have been achieved yet [9][10] Group 3: Shareholder and Corporate Governance - As of May 9, 2025, the company has 80,870 shareholders [13] - The company’s major shareholder is undergoing bankruptcy proceedings, but this is not expected to hinder the transfer of control or impact major asset restructuring [7] - The company emphasizes maintaining independence in operations and governance despite the challenges faced by its major shareholder [7] Group 4: Future Outlook and Risks - The company has not provided specific earnings forecasts for 2025, adhering to disclosure regulations [11] - The management is focused on enhancing core competitiveness and transparency to improve stock performance, which is influenced by various external factors [6] - Investors are advised to remain cautious regarding investment risks associated with market fluctuations and the ongoing legal proceedings involving the major shareholder [8]