智算新纪元，盛会再启幕。8月22日，作为我国算力产业风向标的2025中国算力大会在山西省大同市正 式举办。大会期间，政产学研用各方代表齐聚古都大同，聚焦算力网络新趋势，共话算力产业新未来。 作为全球领先的算力基础设施和服务提供商，联想集团连续第三次受邀参会。 联想集团副总裁、中国基础设施业务群总经理陈振宽在大会主论坛发表《联想全栈AI 让AI成为创新生 产力》主旨演讲，并宣布正式发布《2025 AI方案赋能白皮书》，与生态伙伴携手共探智能时代新机 遇。 片来源：企业供图 （2025中国算力大会联想展台） 据了解，在颇具影响力的算力大会颁奖环节，联想万全大模型训推一体解决方案斩获"年度重大突破成 果奖"。这也是联想连续第二年斩获殊荣，不仅凸显了联想AI基础设施全球领先的技术实力，更是对联 想行业领跑地位的权威认可。 片来源：企业供图 （联想集团副总裁、中国基础设施业务群总经理陈振宽发表主旨演讲） 本次参展，联想也带来了AI大潮下的最新进展。围绕"混合式AI 让AI成为创新生产力"主题，联想集中 呈现了面向企业与个人客户的包含AI终端、AI基础设施和AI解决方案及服务在内的全栈AI创新成果与 最佳实践。 其中AI ...

Core Insights - Lenovo Group is undergoing a profound restructuring of its capital narrative, driven by the gradual removal of tariff barriers and the AI technology revolution [1] - Despite a challenging external environment, Lenovo reported a revenue of 498.5 billion RMB for the fiscal year 2024/25, a year-on-year increase of 21.5%, and a net profit of 10.4 billion RMB, up 36% [1][2] - The company achieved double-digit revenue growth across all main business segments, marking one of its best-performing years in history [1][2] Globalization Strategy - The recent US-China Geneva trade agreement has significantly reduced the comprehensive tariff rate on consumer electronics from 145% to 30%, positively impacting Lenovo's global supply chain cost structure [2] - Lenovo's "global resources + local delivery" model has strategic potential, with over 30 manufacturing bases across 11 global markets, allowing for efficient capacity allocation and risk mitigation [2] - The company's beta coefficient has decreased from 1.2 to 0.8, indicating a 33% reduction in volatility, showcasing its defensive blue-chip characteristics [2] Valuation and Market Position - The valuation of Lenovo's business segments, including IDG, ISG, and SSG, is estimated at 120 billion, 50 billion, and 130 billion RMB respectively, totaling over 300 billion RMB, indicating significant undervaluation compared to its current market cap of approximately 100 billion RMB [3] - The market is beginning to recognize Lenovo's evolution from a hardware manufacturer to an AI service provider, which is expected to lead to a revaluation of its price-to-earnings (PE) ratio [2][3] AI Innovations - Lenovo introduced a matrix of super intelligent agents at the Tech World conference, emphasizing a shift from tools to cognitive operating systems that enhance human cognitive abilities [4] - The personal intelligent agent, "Tianxi," has been upgraded to improve user satisfaction and engagement, demonstrating the potential for AI to evolve based on user feedback [4] - The "Leisure Enterprise Super Intelligent Agent" redefines workplace productivity by integrating various roles such as product manager and supply chain expert into a single AI solution [5] Infrastructure and Computing - Lenovo's hybrid computing infrastructure, based on a four-layer architecture, significantly enhances computational efficiency and stability, with AI inference acceleration algorithms improving performance by 5-10 times [9] - The company collaborates with major data centers to enhance model training efficiency, showcasing its adaptability and broad applicability in various scenarios [9] Business Model Transformation - Lenovo is transitioning from a hardware profit model to an ecosystem value network, similar to Apple's approach, by integrating high-end AI terminals and subscription-based services [11] - The introduction of a super factory customization delivery model allows for rapid deployment and customer satisfaction, reducing traditional AI project timelines by 80% [12] - The data-driven service optimization creates a feedback loop that enhances user experience and opens new revenue opportunities [12] Market Outlook - The global AI agent market is projected to grow from $5.1 billion in 2024 to $47.1 billion by 2030, with a compound annual growth rate (CAGR) of 44.8%, indicating significant market potential for Lenovo's AI initiatives [14] - Lenovo's super intelligent agent strategy has the potential to replicate the disruption caused by smartphones over feature phones, positioning the company as a leading player in the AI era [15] - The easing of tariff pressures and improved supply chain stability are expected to enhance Lenovo's profit margins and facilitate the global expansion of AI-driven product lines [16]