一批中国互联网企业正远赴1.7万公里之外，寻找遥远而丰饶的发展沃土。 2025年12月3日，TikTok宣布将投资约377亿美元在巴西东北建设大型数据中心综合体，这是其在拉丁美 洲的首个大型项目。该项目完全依靠当地风电场的清洁能源供电，且选址地作为海底电信光缆枢纽，能 高效连接南美与欧洲、非洲等地。 2025年9月，阿里云也宣布将在巴西新建数据中心，同时扩建在墨西哥的数据中心。此前2月，阿里云墨 西哥数据中心正式开服，该中心作为其在拉美区域的首个数据中心，上线了弹性计算、云存储等核心云 计算产品，契合当地企业数字化转型需求，完善了在空白市场的业务布局。 更早以前，老牌科技企业、阿里云重要供应商联想(00992)已经在拉美站稳脚跟。拉美市场在多产品线 稳居前列，PC市场连续多年占据区域第一，平板与手机均位列第二并持续缩小与领先者差距，服务器 业务以25%的年增长率稳居区域第二，E/SMB企业基础设施业务收入创历史新高。 2026年，世界杯揭幕战将于墨西哥城举行，全世界将能见证联想技术覆盖赛事全流程。这是联想与国际 足联FIFA技术合作的一部分。 不止是中国企业，国际互联网巨头也对拉美市场表现出强烈的兴趣，持续加 ...

Core Viewpoint - The Chinese PC market is experiencing a slowdown in growth due to reduced consumer subsidies, with a year-on-year increase of only 2% expected in Q3 2025. Lenovo stands out with strong performance, showing resilience in a challenging market environment, while other major players like Huawei and Softcom are facing declines [1][3]. PC Market Performance - The total shipment volume of the Chinese PC market reached 11.3 million units in Q3 2025, reflecting a 2% year-on-year growth. Lenovo led the market with a shipment of 4.4 million units, capturing 39% market share and achieving a 14% year-on-year growth, significantly outpacing the overall market [2][3]. - In contrast, Huawei's PC shipments fell to 1 million units, a 7% decline, reducing its market share to 9%. Softcom also saw a 13% drop in shipments, maintaining an 8% market share. Other competitors like Asus and HP showed minimal growth, with HP achieving only a 2% increase [3]. Product Segmentation - Lenovo's growth is attributed to a dual-driven strategy, with strong demand in the commercial market boosting its desktop (including workstations) and stable notebook business amidst weakening consumer subsidies. This diversified product strategy enhances Lenovo's resilience in a fluctuating market [3]. Tablet Market Growth - The tablet market in China is thriving, with a year-on-year growth of 9% expected in 2025, reaching 8.8 million units. Lenovo's tablet shipments surged to 900,000 units, marking a 71% increase and elevating its market share to 10%, positioning it as a significant player in this segment [4][5]. AI Integration and Future Outlook - The integration of AI technology is accelerating in both consumer and commercial markets in China. Lenovo is enhancing its product competitiveness by incorporating AI features into its PCs and tablets, which is expected to attract more users. Omdia forecasts that by 2025, 32% of PCs in Greater China will have AI capabilities, increasing to 46% by 2026 [6][7]. - Despite anticipated declines in the PC and tablet markets in 2026, Lenovo's strong foundation in the commercial sector, ongoing AI advancements, and robust tablet growth are expected to help it maintain its leading position [7].

其中在客户直达方面，政企业务直接触达中国26万家最重要客户的90%；中小企业客户从零开始直接触 达近千万；而在C端已直接触达超2.45亿客户，占有效购买人口的41%。 另外，"智能体军团"正为客户直达发挥关键作用。乐享作为业内首个深度融合AI与实体业务的企业超级 智能体，自6月份上线后周活用户已突破百万，创收超18亿元，"双11"期间贡献官网收入的32%。预计 2025/26财年内，联想中国区将有超170个智能体融入业务流程，更多"硅基员工"将与"碳基员工"协同工 作。 非PC业务中的智能设备、智能基础设施、解决方案及服务全面爆发。其中，智能设备中的联想moto手 机在线上小折叠品类中国市场份额继续保持第一；平板销量与销售额份额居中国市场第一阵营。AI基 础设施业务总收入过去两年半增长175%，服务器稳居市场第一阵营，并且是中国市场成长最快的AI基 础设施厂商。方案服务居中国IT服务市场第一，领先优势持续扩大，其中城市超级智能体"落地"10余 城，加速助力智慧城市迈入4.0阶段。 持续巩固AI领跑地位 本报讯(记者贾丽)11月27日，"WISE2025商业之王"大会在京举行。作为中国极具影响力的年度商业会 议 ...

Core Insights - The Chinese tablet market saw a shipment volume of 8.49 million units in Q3 2025, representing a year-on-year growth of 10.9% [1] - Lenovo's tablet market share increased from 6.8% in Q3 2024 to 10.5% in Q3 2025, making it the fourth largest player in the market [1][2] - The top three players, Huawei, Apple, and Xiaomi, experienced a decline in market share compared to the previous year [1][2] Market Share Analysis - Huawei: 32.1% (down from 36.8%, a decrease of 4.6%) [2] - Apple: 24.2% (down from 26.2%, a decrease of 2.1%) [2] - Xiaomi: 10.7% (down from 11.3%, a decrease of 0.6%) [2] - Lenovo: 10.5% (up from 6.8%, an increase of 3.6%) [2] - Other brands: 14.4% (up from 11.5%, an increase of 2.8%) [2] Performance in Consumer and Commercial Markets - Lenovo's Y700 series led the small-size segment under 10 inches due to its performance advantages and gaming capabilities [2] - New products like the Xiaoxin Tablet 12.1 and Xiaoxin Pro GT enhanced Lenovo's mainstream product lineup [2] - In the commercial sector, Lenovo maintained stable shipment growth by focusing on education and large enterprise clients [2] Global Market Performance - Lenovo's global tablet shipments grew by 23% year-on-year, reclaiming the third position in the global market with a 9.1% market share [3][4] - The global tablet market saw a total shipment of 40.04 million units in Q3 2025, reflecting a 5.1% year-on-year growth [4] - Lenovo also led the Chromebook segment with a 54.6% year-on-year growth rate [3] Future Outlook - The growth rate of the Chinese tablet market is expected to slow down towards the end of the year due to the diminishing effects of the "national subsidy" policy and tightening regulations in some provinces [3] - Despite this, the ongoing improvements in hardware performance, application scenarios, and software ecosystems are anticipated to inject growth potential into the market [3]

Core Insights - The global tablet market has seen continuous growth for seven consecutive quarters, with a year-on-year increase of 5% to 40 million units in Q3 2025, driven by seasonal stocking and promotional activities [1][4] - Lenovo has emerged as a leader in the tablet market with a remarkable year-on-year shipment growth rate of 23%, surpassing Huawei to reclaim the third position globally with a market share of 9.1% [1][4] - In the Chromebook segment, Lenovo also leads with a year-on-year growth rate of 54.6%, indicating strong competitive strength in both tablet and Chromebook markets [1][4] Tablet Market Overview - The total global tablet shipments reached 40.041 million units in Q3 2025, reflecting a 5.1% increase from 38.091 million units in Q3 2024 [2] - Major competitors include Apple with a 0.4% growth, Samsung with a 0.1% growth, and Huawei with an 11.5% growth, indicating a slowdown in growth for leading brands [4] - Lenovo's success is attributed to its strategic regional focus and deep engagement in specific market segments, particularly in the EMEA region [4] Chromebook Market Overview - Lenovo's Chromebook shipments reached 1.404 million units in Q3 2025, capturing a market share of 33.0%, up from 22.0% in the previous year [3] - Other competitors in the Chromebook market include Acer and ASUS, with significant fluctuations in their year-on-year growth rates [3] AI Technology Impact - Lenovo's growth in the tablet market is significantly supported by the integration of AI technology, enhancing its product offerings and positioning in the market [4][6] - The company's collaboration with partners like NVIDIA and Intel is pivotal in transforming tablets into "AI terminals," reflecting a proactive approach to the global AI trend [4] - The overall demand for powerful AI-capable devices is expected to surge, with Lenovo poised to leverage its hybrid AI strategy and large shipment scale for competitive advantage [6]

Core Insights - The global tablet market experienced a 5% year-over-year growth in Q3 2025, reaching 40 million units shipped, marking the seventh consecutive quarter of growth [1][3] - Lenovo led the industry with a remarkable 23% year-over-year increase in tablet shipments, surpassing Huawei to reclaim the third position in the global tablet market with a 9.1% market share [1][2] - Lenovo also excelled in the Chromebook segment, achieving a 54.6% year-over-year growth rate, highlighting its strong competitive position in the tablet sector [1][2] Market Performance - The overall tablet market growth was driven by seasonal stocking ahead of overseas holidays and promotional events in the Asia-Pacific region, particularly during the Double 11 sales [3] - Lenovo's tablet shipments reached 3.7 million units, significantly benefiting from its expansion in the commercial tablet business across Europe, the Middle East, and Africa (EMEA) [3] AI Integration - Lenovo's high growth in the tablet market is attributed to the comprehensive empowerment of its terminal products through AI technology, collaborating with partners like NVIDIA and Intel to transform tablets into "AI terminals" [4] - In the PC market, Lenovo achieved a market share of 25.5% with a year-over-year growth rate of 17.3%, outperforming the market average of 9.4% and all major competitors [4][5] Future Trends - The demand for terminal devices with strong AI capabilities is expected to surge, with Lenovo establishing a first-mover advantage in the emerging edge AI market through its "hybrid AI" strategy and large shipment volumes [6]

Core Insights - The forum held in Chongqing focused on the theme "AI Chain New Journey, Quality Enjoying the World," emphasizing the importance of quality in the context of new globalization and rapid AI development [1] - Lenovo has been hosting the Supplier Quality Forum annually since 2014, highlighting its commitment to quality as a cornerstone of its business and competitive advantage [1] Group 1: Quality Management Achievements - Lenovo's Vice President announced significant improvements in quality metrics over the past five years, including a 45% reduction in initial failure rates and a 21% reduction in warranty failure rates, along with a 31% increase in user satisfaction [2] - The "Extreme Left Shift" quality management philosophy aims to identify and mitigate quality risks from the earliest stages of product development, rather than at manufacturing or post-sale [2][3] Group 2: Collaborative Innovations - Lenovo's collaboration with Wistron in Chongqing has led to a modern manufacturing base that emphasizes quality control from the research and development stage, marking a shift from reactive to proactive quality management [3] - Joint efforts with BOE have resulted in innovative solutions to critical issues in product design and manufacturing, showcasing the importance of collaborative innovation in the consumer electronics industry [3] Group 3: Digital Transformation and AI Integration - Lenovo is entering the 2.0 phase of its digital transformation, driven by AI, which is seen as a new engine for quality competitiveness [5][6] - The company is enhancing its quality ecosystem by integrating AI capabilities across the entire supply chain, aiming for self-sensing, self-executing, self-decision-making, and self-adaptive quality management [6] Group 4: Global Operations and Market Growth - Lenovo's mobile business has seen significant growth, with a 45% year-on-year increase in the global foldable smartphone market, and Motorola's market share doubling to 28% [8] - The establishment of "lighthouse factories" and the implementation of AI-driven quality management have led to substantial reductions in quality losses and improved decision-making accuracy in production [7][8] Group 5: Future Directions - Lenovo aims to continue driving digital transformation in global industries, collaborating with suppliers to build a high-quality, resilient, and sustainable supply chain ecosystem [10] - The company emphasizes the importance of quality in the context of new globalization, advocating for a shift from GDP to GNP thinking among Chinese enterprises to enhance global competitiveness [9][10]

Core Insights - The forum themed "AI Chain New Journey, Quality Enjoying the World" was held in Chongqing, where Lenovo Group gathered over 500 suppliers and industry experts to discuss building a resilient, sustainable, and win-win industrial ecosystem in the context of new globalization and rapid AI development [1][5]. Group 1: Quality Management Achievements - Lenovo Group has significantly improved its quality metrics over the past five years, with initial failure rates and in-warranty failure rates improving by 45% and 21% respectively, and user satisfaction (Net Promoter Score/Product Satisfaction Index) improving by 31% [4]. - The "Extreme Left Shift" quality management philosophy has been pivotal in these improvements, emphasizing early intervention in the product lifecycle to identify and mitigate quality risks [6][4]. Group 2: Collaboration and Innovation - Lenovo has collaborated with Wistron for over 24 years, establishing a modern manufacturing base in Chongqing, which has led to a shift from reactive to proactive quality management [8]. - The partnership with BOE has also resulted in innovative solutions to address critical quality issues, showcasing the importance of collaborative innovation in the consumer electronics industry [8]. Group 3: Digital Transformation and AI Integration - Lenovo's global supply chain has entered a new phase of digital transformation driven by AI, focusing on enhancing quality management through intelligent systems [10][12]. - The company is implementing AI across its quality ecosystem, connecting data from over 600 suppliers to enable proactive quality management and decision-making [12][13]. Group 4: Market Performance and Global Strategy - Lenovo's mobile device segment, particularly the Moto foldable phones, has seen significant growth, with a 45% year-on-year increase in global shipments and a market share increase from 14% to 28% [16]. - The company emphasizes the importance of reliability and user experience in competing with top international brands, advocating for a shift in focus from GDP to GNP in global operations [18]. Group 5: Future Outlook - Lenovo aims to continue driving digital transformation in the global supply chain, collaborating with partners to build a high-quality, resilient, and sustainable ecosystem [21].

Core Viewpoint - Lenovo Group is focusing on quality management and innovation in the context of new globalization and rapid AI development, aiming to build a resilient, sustainable, and win-win industrial ecosystem through collaboration with over 500 suppliers and industry experts at the 2025 ICT Industry High-Quality Development Forum [1][2]. Group 1: Quality Management Achievements - Lenovo has improved its initial failure rate and in-warranty failure rate by 45% and 21% respectively over the past five years, with user satisfaction (Net Promoter Score/Product Satisfaction Index) improving by 31% [3]. - The "Extreme Left Shift" quality management philosophy has been pivotal in these improvements, emphasizing early intervention in the product lifecycle to identify and mitigate quality risks [6]. Group 2: Collaboration and Innovation - Lenovo has established a modern manufacturing base in Chongqing in collaboration with Wistron, focusing on quality control from the R&D stage and achieving significant advancements in quality management through joint innovation [8]. - The company is also working closely with BOE in Chongqing to address critical quality issues, implementing improvements in product design and manufacturing processes [9]. Group 3: Digital Transformation and AI Integration - Lenovo's global supply chain is entering a new phase of digital transformation driven by AI, with a focus on enhancing quality management capabilities across the entire ecosystem [10]. - The company is developing an intelligent quality management system that integrates AI to improve decision-making and risk identification, achieving a 70% reduction in quality losses since 2018 [11]. Group 4: Market Performance and Global Strategy - Lenovo's Moto foldable phones have seen a 45% year-on-year increase in global market shipments, with the brand's market share doubling from 14% to 28% in the same period [14]. - The company emphasizes the importance of high reliability and user experience to compete with top international brands, advocating for a shift from GDP to GNP thinking in global operations [18]. Group 5: Future Outlook - Lenovo aims to continue driving digital transformation in global industries, collaborating with suppliers to build a high-quality, resilient, and sustainable supply chain ecosystem [20].

Core Insights - The permanent retirement of top Kuaishou streamer Xinba has led to significant upheaval within his billion-dollar live-streaming empire, raising questions about the future of his company and the live-streaming industry as a whole [1][3][27] Group 1: Xinba's Retirement and Company Dynamics - Xinba announced his permanent retirement from live streaming due to severe lung issues, claiming his lung function is comparable to that of a 95-year-old [1] - Despite his health claims, Xinba continues to exert control over the company, as evidenced by his participation in his wife's live stream shortly after his retirement announcement [3][6] - The transition of management and control within the company appears complex, with Xinba still holding a 95% stake in the parent company, indicating potential behind-the-scenes influence [13][29] Group 2: External Challenges and Investigations - Xinba was reportedly detained for over 10 hours by authorities in Hangzhou regarding issues related to product safety and compensation disputes, although the company denied these claims [6][16] - The company is facing scrutiny from tax authorities, with a notice issued to Guangzhou Xinxuan Network Information Technology Co., Ltd., indicating potential regulatory challenges ahead [6][16] Group 3: Business Operations and Financial Performance - Following Xinba's retirement, his wife, Churui Xue, took over the main account and achieved impressive sales figures, with over 10 billion yuan in sales within four hours during her first live stream [9] - The company has experienced significant changes, including a shift in its operational strategy and potential layoffs, with reports suggesting a possible 50% to 80% reduction in staff [15][16] Group 4: Product Quality and Brand Trust Issues - The company is grappling with product quality concerns, particularly regarding its self-branded products like "Cotton Password" sanitary napkins, which have been linked to health risks due to excessive levels of harmful substances [18][19][21] - The ongoing investigation into the safety of these products poses a significant threat to the brand's reputation and could lead to severe financial repercussions if confirmed [19][22] Group 5: Industry Trends and Future Outlook - The live-streaming e-commerce industry is transitioning from a focus on individual influencers to a more structured model where brands and products take precedence, indicating a shift in consumer behavior [27][28] - The company may need to adapt its business model to reduce reliance on individual personalities and enhance its supply chain and operational capabilities to remain competitive in a maturing market [29][32]