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 ...

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 - Lenovo is committed to accelerating China's intelligent transformation through a "hybrid AI" approach, aiming to build a robust equipment library and enhance direct customer engagement [1] - Lenovo's PC market share has increased from 35.5% in the 2017/18 fiscal year to 40.6% in the first half of the 2025 fiscal year, maintaining its leading position [1][2] - The company's revenue in the first half of the 2025/26 fiscal year grew by 24% year-on-year, setting a new record for that period [2] Customer Engagement - Lenovo's direct customer engagement model has achieved an 80% coverage rate, directly reaching 90% of the 260,000 most important enterprise clients in China [1] - The company has directly engaged nearly 10 million small and medium-sized enterprises and over 245 million individual customers, representing 41% of the effective purchasing population [1] AI Infrastructure and Solutions - Lenovo's infrastructure business revenue has grown by 175% over the past two and a half years, making it the fastest-growing AI infrastructure provider in China [2] - The "Intelligent Army" initiative includes various intelligent agents across multiple business areas, contributing to significant sales growth, with over 1.8 billion yuan in sales during the "Double 11" shopping festival [2] AI Adoption Rates - The adoption rate of personal AI among individual customers has increased from 23% to 47%, while enterprise AI adoption has surged from 30% to 92% within the year [3] - Lenovo plans to enhance its personal AI, Tianxi AI, to version 4.0 by April next year, evolving from a "helper" to a "teammate" [3] Comprehensive AI Strategy - Lenovo has developed a full-stack AI capability covering AI infrastructure, solutions, and services, with a strategy that includes a comprehensive AI computing solution and various AI service offerings [4] - The company aims to integrate over 170 intelligent agents into its business processes within the fiscal year, with an expected AI penetration rate of over 24% in L4-level processes [4]

"我们的客户直营占比逐年提高，2025财年上半年达到80%，已经建立起最高效的客户直达通道。"刘军说。 图为联想集团执行副总裁兼中国区总裁刘军。（联想集团提供） 非PC业务强势崛起，营收占比近半。刘军表示，非PC业务茁壮成长，占比已经从2017/18财年的不足20%，快速增长到现在的接近50%。这为联想中国区画 出了一条亮丽的第二增长曲线。其中，基础设施业务总收入在过去的两年半增长175%，联想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。在AI解决方案与服务方面，擎天对内逐步深入赋能联想业务模式变革，对外成为方案服务业务拓展的"杀手锏"，带动联想登顶中国IT服务市场第 一名，且正不断拉大与第二名的差距。 转自：新华财经 新华财经北京11月24日电（记者王艳刚）联想集团执行副总裁兼中国区总裁刘军在联想中国群英会2025上表示，面对"人工智能+"时代新机遇，联想中国将 坚守"混合式AI加速中国智能化转型"使命，全力打造超强装备库，全面推进客户直营。 图为联想集团执行副总裁兼中国区总裁刘军。（联想集团提供） 数据显示，2025/26财年上半财年，联想中国区营收同比增长24%，创下财年上半年收 ...

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 - Alibaba Group's CEO, Wu Yongming, outlined the core strategic path for Alibaba Cloud in the AI era, focusing on open-source initiatives and the development of a "super AI cloud" to provide intelligent computing power globally [1] - The company is investing 380 billion yuan (approximately 53.5 billion USD) over three years to build AI infrastructure, aiming for a tenfold increase in global data center energy efficiency by 2032 [2] - Lenovo, as a leading global ICT infrastructure provider, is positioned to benefit significantly from Alibaba's strategic plans, showcasing its "full-stack AI" solutions at the 2025 Cloud Summit [1][2] Investment Opportunities - Lenovo's server business is expected to enter a "super order cycle" due to Alibaba's substantial investment in AI infrastructure, with Lenovo's server revenue growth reaching 74.8% globally and over 35% market share in China's AI cloud server market [2][3] - Lenovo's sixth-generation Neptune liquid-cooled servers can reduce data center power consumption by 40%, aligning with Alibaba's energy optimization goals [2] - In the first quarter of the new fiscal year, Lenovo's AI infrastructure business revenue grew by 155% year-on-year, driven by orders from Alibaba and ByteDance [3] Strategic Collaborations - Alibaba emphasized the "end-cloud collaboration" strategy, with Lenovo's terminal layout complementing Alibaba's AI model, enabling local operation and cloud updates [4] - Lenovo's AI PCs, which account for 27% of total notebook shipments in China, are designed to seamlessly integrate with Alibaba's AI services, presenting new market opportunities [4] - The collaboration between Lenovo's hybrid AI framework and Alibaba's AI model accelerates the transition from technology to application, enhancing both companies' positions in the AI industry [5] Long-term Outlook - The 380 billion yuan investment is expected to drive a surge in Lenovo's server orders and enhance profitability through liquid cooling technology [5] - In the long term, Lenovo's advantages in terminal access, data closure, and ecosystem collaboration will position it as a core partner in Alibaba's AI transformation [5] - Lenovo is poised to experience dual growth in performance and valuation in the burgeoning AI industry, leveraging its hardware capabilities and ecosystem positioning [5]

Core Insights - Alibaba Group's CEO, Wu Yongming, outlined a strategic path for Alibaba Cloud in the AI era, focusing on open-source initiatives and the development of a "super AI cloud" to provide intelligent computing power globally [1] - The company plans to invest 380 billion yuan (approximately 53.5 billion USD) over three years in AI infrastructure, aiming to enhance global data center energy efficiency by tenfold by 2032 [2] - Lenovo, as a key supplier of servers for Alibaba Cloud, is positioned to benefit significantly from this investment, with its server revenue growth reaching 74.8% globally and a market share exceeding 35% in China's AI cloud server market [2][3] Investment and Market Opportunities - Lenovo is expected to secure new orders from Alibaba's substantial investment in AI infrastructure, potentially leading to explosive growth in its server business [3] - The introduction of Lenovo's sixth-generation Neptune liquid-cooled servers aligns with Alibaba's energy efficiency goals, reducing data center power consumption by 40% compared to traditional cooling methods [2] - Lenovo's AI infrastructure business saw a 155% year-on-year revenue increase in the first quarter of the new fiscal year, driven by orders from Alibaba and ByteDance [3] AI Ecosystem Development - Alibaba emphasized a "cloud-edge collaboration" strategy, with Lenovo's terminal-side developments complementing Alibaba's AI model, Tongyi Qianwen, which aims to operate locally while updating via the cloud [4] - Lenovo's AI PCs, which accounted for 27% of total notebook shipments in China, are designed to integrate seamlessly with Alibaba's AI services, providing low-latency local AI capabilities [4] - The collaboration between Lenovo's hybrid AI framework and Alibaba's AI model accelerates the transition from technology to application, enhancing the overall AI ecosystem [5] Long-term Strategic Positioning - The 380 billion yuan investment is expected to drive a surge in Lenovo's server orders and improve profitability through liquid cooling technology [5] - In the long term, Lenovo's advantages in terminal access, data loops, and ecosystem collaboration position it as a core partner in Alibaba's AI transformation [5] - Lenovo is poised to experience both performance and valuation growth in the burgeoning AI industry, leveraging its hardware capabilities and ecosystem positioning [5]

Core Viewpoint - HSBC maintains a "buy" rating on Lenovo, citing its PC business as a cash cow and ongoing investments in the server business, with a target price of HKD 12.9, indicating a potential upside of 18% [1] Group 1: PC Business Performance - Lenovo shows strong momentum in both consumer and commercial PC segments, with market share increasing in multiple markets and robust demand for gaming PCs, particularly in China [2] - The activation rate of Lenovo's PC products remains stable, and channel inventory is at a healthy level [2] - Lenovo's management is optimistic about the commercial PC upgrade cycle, with approximately 250 million devices globally still running Windows 10, which are expected to drive future growth in the PC upgrade cycle [2] Group 2: Impact of Tariffs and Production Strategy - Lenovo has shifted production capacity for PCs sold in the U.S. to Vietnam, limiting the impact of tariffs on its PC business [2] - Despite uncertainties in tariff policies, Lenovo's global production layout provides greater flexibility to respond to market dynamics [2] Group 3: Server Business Investments - The Infrastructure Solutions Group (ISG) is in a phase of continuous investment, with increased strategic investments in the small and medium-sized enterprise sector and enhancements in AI server capabilities to achieve better operational leverage [2]