这是一场发生在拉斯维加斯，却可能影响未来科技走向的对话。 2026年CES期间，联想集团史上最大规模的年度技术创新大会"Lenovo Tech World"也同期举办，他们点 亮了Sphere——目前地球上最具沉浸感的球形建筑。 现场，联想集团董事长兼CEO杨元庆（YY）与英伟达创始人兼CEO黄仁勋（Jensen）展开了关于AI未 来的重磅对话，并宣布了一项重磅合作——"联想人工智能云超级工厂"。 联想集团董事长兼CEO杨元庆表示，这一计划将帮助云服务提供商极大缩短"time to first token"AI部署 的时间，同时可迅速扩展规模至十万枚GPU，支持万亿参数级别的智能体和大语言模型。 英伟达最新发布的Vera Rubin将是该合作的重要组成部分。黄仁勋称，英伟达加速计算平台将为这一计 划提供强大支撑，包括最新发布的下一代训练与推理系统——NVIDIA Vera Rubin。 黄仁勋称，凭借联想在全球范围内设计、制造、集成与部署的端到端能力，云服务提供商能够加速行 动，企业也能在生产环境中真正信赖人工智能。 这不仅是两家公司的联手，也是AI真正走向"人本智能"的关键点。 "联想制造了世界上大部分的计 ...

记者丨孔海丽 编辑丨骆一帆 这是一场发生在拉斯维加斯，却可能影响未来科技走向的对话。 2026年CES期间，联想集团史上最大规模的年度技术创新大会"Lenovo Tech World"也同期举 办，他们点亮了Sphere——目前地球上最具沉浸感的球形建筑。 现场，联想集团董事长兼CEO杨元庆（YY）与NVIDIA创始人兼CEO黄仁勋（Jensen）展开了 关于AI未来的重磅对话，并 宣布了一项重磅合作——"联想人工智能云超级工厂"。 联想集团董事长兼CEO杨元庆表示，这一计划将帮助云服务提供商极大缩短"time to first token"AI部署的时间, 同时 可迅速扩展规模至十万枚GPU ，支持万亿参数级别的智能体和大 语言模型。 知识的AI，既不够安全，也不够懂你。 这是杨元庆提出的核心论断：混合式人工智能（Hybrid AI）。 杨元庆表示，人工智能的新纪元应该是"个人智能、企业智能与公共智能"三者的共存互补。 英伟达最新发布的 Vera Rubin将是该合作的重要组成部分。 黄仁勋称，英伟达加速计算平台将为这一计划提供强大支撑，包括最新发布的下一代训练与推 理系统——NVIDIA Vera Rub ...

让AI可靠 21世纪经济报道记者孔海丽拉斯维加斯报道 这是一场发生在拉斯维加斯，却可能影响未来科技走向的对话。 2026年CES期间，联想集团史上最大规模的年度技术创新大会"Lenovo Tech World"也同期举办，他们点亮了Sphere——目前地球上最具沉浸感的球形建筑。 现场，联想集团董事长兼CEO杨元庆（YY）与NVIDIA创始人兼CEO黄仁勋（Jensen）展开了关于AI未来的重磅对话，并宣布了一项重磅合作——"联想人 工智能云超级工厂"。 联想集团董事长兼CEO杨元庆表示，这一计划将帮助云服务提供商极大缩短"time to first token"AI部署的时间, 同时可迅速扩展规模至十万枚GPU，支持万亿 参数级别的智能体和大语言模型。 英伟达最新发布的Vera Rubin将是该合作的重要组成部分。黄仁勋称，英伟达加速计算平台将为这一计划提供强大支撑，包括最新发布的下一代训练与推理 系统——NVIDIA Vera Rubin。 黄仁勋称，凭借联想在全球范围内设计、制造、集成与部署的端到端能力，云服务提供商能够加速行动，企业也能在生产环境中真正信赖人工智能。 这不仅是两家公司的联手，也是AI真 ...

杨元庆表示，新的合作标志着两人"长达三十年的伙伴关系达到新的里程碑"。黄仁勋表示，两人首次见 面时，正值PC（个人电脑）革命刚刚开始，现在又来到了一个全新的平台起点："要判断平台是否发生 变革，有一个核心标准：应用是否构建在一种全新的计算架构之上。在过去，应用构建在Windows系统 和PC之上。而现在，应用正构建在AI之上。AI将成为未来的基础平台，甚至可以说是操作系统的一部 分。"（智通财经记者 胡含嫣） 当地时间1月6日，在2026联想创新科技大会上，联想集团董事长兼CEO杨元庆和英伟达CEO黄仁勋宣 布，两家公司将共同推出吉瓦级AI（人工智能）工厂计划"人工智能云超级工厂"，加速企业级AI发展。 杨元庆透露，联想海神液冷技术也将深度融入这一计划。 ...

英伟达CEO黄仁勋现场称，双方合作的基础是因为联想制造了全球大部分的超级计算机，并且这是一家能够大规模将自主设计、制造与全球化服务完整整 合的企业。 当地时间1月6日，在联想TechWorld大会上，联想集团董事长杨元庆宣布将与英伟达携手推出"联想人工智能云超级工厂"。 英伟达刚刚发布的Rubin Platform也将是该合作计划的一部分。 这一计划将帮助云服务提供商极大缩短"time to first token"AI部署的时间, 同时可迅速扩展规模至十万台GPU，支持万亿参数级别的智能体和大语言模型。 杨元庆透露联想海神液冷技术也将深度融入这一计划。（转载自第一财经） ...

（文章来源：第一财经） 当地时间1月6日，在联想TechWorld大会上，联想集团董事长杨元庆宣布将与英伟达携手推出"联想人工 智能云超级工厂"。 英伟达刚刚发布的Rubin Platform也将是该合作计划的一部分。这一计划将帮助云服 务提供商极大缩短"time to first token"AI部署的时间, 同时可迅速扩展规模至十万台GPU，支持万亿参数 级别的智能体和大语言模型。英伟达CEO黄仁勋现场称，双方合作的基础是因为联想制造了全球大部分 的超级计算机，并且这是一家能够大规模将自主设计、制造与全球化服务完整整合的企业。杨元庆透露 联想海神液冷技术也将深度融入这一计划。 ...

Group 1: AI and Energy Demand - The AI competition has shifted from chip supply to power supply, with significant implications for data center investments, projected to reach $3 trillion globally [1] - AI's energy consumption is rapidly increasing, with the energy demand for AI inference workloads expected to reach petawatt-hours by 2026, potentially overwhelming power grids [2][3] - The cost of electricity for data centers is substantial, with a 1 GW data center potentially incurring annual electricity costs of $700 million to $876 million [3] Group 2: Energy Strategies of Tech Giants - Tech companies are increasingly viewing energy as a survival necessity, with energy efficiency improvements translating to significant cost savings [4] - Major tech firms are adopting aggressive strategies, such as building their own power plants to ensure energy supply for their data centers [5][6] - The "Stargate" project, involving OpenAI, SoftBank, and Oracle, aims to invest $500 billion in constructing multiple giant data centers globally [6] Group 3: China's Energy Strategy - China is leveraging its clean energy advantages and policy guidance to meet AI computing power demands, with a massive $1.2 trillion power project expected to fulfill 75% of the national AI computing needs [7] Group 4: Cooling Technologies - AI data centers face a cooling crisis, with cooling energy consumption accounting for approximately 40% of total power demand [9] - Liquid cooling technology is becoming essential for AI data centers, with its ability to handle higher heat densities compared to traditional air cooling methods [11] - The global data center cooling market is projected to grow from $18.78 billion in 2025 to $42.48 billion by 2032, with a CAGR of 12.4% [11] Group 5: Lenovo's Position in Liquid Cooling - Lenovo has established itself as a key player in the liquid cooling market, with a 154% year-on-year revenue growth in its liquid cooling technology [13] - The company’s liquid cooling solutions have demonstrated significant energy efficiency, achieving a PUE value below 1.1 [13] - Lenovo's liquid cooling systems have been deployed in over 80,000 units globally, showcasing its competitive edge and market recognition [14] Group 6: Future Outlook - The global AI boom is transforming energy infrastructure into a high-growth asset class, with liquid cooling technology becoming a critical solution for energy efficiency [15] - Companies like Lenovo are positioned to benefit from the increasing demand for efficient cooling solutions in the AI sector [15]

Core Viewpoint - Lenovo Group's AI-related business revenue has increased to 30% of total revenue in FY26Q2, marking a 13 percentage point year-on-year increase, indicating strong growth in AI infrastructure and products [3][4]. Financial Performance - Lenovo's revenue for FY26Q2 reached 146.4 billion RMB, a 15% year-on-year increase, setting a record for the fiscal quarter and exceeding market expectations [3]. - Adjusted net profit rose by 25% year-on-year to 3.66 billion RMB, significantly outpacing revenue growth [3]. AI Business Growth - AI-related revenue now constitutes 30% of total revenue, up from 17% year-on-year, highlighting the growing importance of AI in Lenovo's business strategy [3][4]. - The Intelligent Devices Group (IDG) reported revenue of 108.1 billion RMB, a 12% increase, with AI PCs driving structural demand upgrades [4]. Infrastructure Solutions - The Infrastructure Solutions Group (ISG) achieved revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with significant growth in AI infrastructure revenue [5]. - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [5][20]. Market Trends - The global AI capital expenditure is projected to exceed 500 billion USD in 2026, driven by increasing demand for computing power and AI infrastructure [6]. - The market is currently focused on companies that directly benefit from AI capital expenditures, rather than those involved in AI models and applications [9]. Investment Opportunities - Lenovo's valuation remains attractive, with a price-to-earnings ratio of approximately 12, significantly lower than peers like SMIC at 154 [23]. - The company is well-positioned to benefit from the ongoing AI infrastructure build-out, with strong performance in both cloud and enterprise infrastructure segments [15].

智通财经记者 | 宋佳楠 分业务来看，包括个人电脑、平板电脑、智能手机及其他智能设备业务在内的智能设备业务集团（IDG）上半年收入同比增长15%，经营溢利同比增长 13%。 其中，个人电脑业务于二季度创下历史单季新高，全球市场份额同比上升1.8个百分点，达到25.6%。联想AI PC全球出货量占比达33%，在Windows AI PC市 场以31.1%的份额位居全球第一；AI终端设备营收在IDG总营收中占比提升至36%，同比增加17个百分点，成为IDG业务增长的关键引擎。 基础设施方案业务（ISG）上，随着AI计算重心向本地数据中心与边缘侧推理迁移，联想AI基础设施需求激增，AI服务器收入录得高双位数增长。但其经营 业绩存在1.18亿美元的经营亏损，联想对此解释称，主要是增加了用于扩大人工智能能力及加快企业基础设施业务转型的投资，以及扩展人工智能基础设施 产品组合所致。 联想特别提到，该公司的海神液冷技术成为一大业绩亮点，其收入在第一季度录得双位数同比增长，二季度则实现三位数同比增长。简单来说，该技术是联 想研发的一种给服务器高效降温的技术，核心是用液体代替传统的风扇，给高算力设备（比如AI服务器、超级计算机 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a record high for the quarter and significantly exceeding market expectations [1] - The Infrastructure Solutions Group (ISG) generated approximately 29.3 billion RMB in revenue, reflecting a 24% year-on-year increase, maintaining a growth trend over multiple quarters [1] - The ISG operating profit margin improved by 0.3 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, indicating a stabilization and recovery in business profitability [1] - The cloud infrastructure business achieved a historical high in revenue for the same period, with AI infrastructure business experiencing rapid growth and high double-digit revenue increase in AI servers, supported by strong order reserves for future deliveries [1] Industry Insights - The demand for high-performance computing is rapidly increasing, while energy consumption and heat dissipation challenges in data centers are becoming critical growth constraints [2] - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [2] - The "Sea God" liquid cooling solution features a 100% full-cover cold plate design, reducing system power consumption by 40% compared to traditional air cooling, with a PUE value dropping below 1.1 [2] - The newly launched "dual-loop" phase change immersion cooling system enhances heat dissipation capabilities, doubling the efficiency compared to traditional solutions, with a system PUE as low as 1.035 [2] - As the global AI landscape shifts towards a focus on inference over training, there will be a rapid increase in demand for local inference, industry-specific AI, and high-efficiency infrastructure [2] - Lenovo ISG has established a stronger competitive barrier in the hybrid AI infrastructure sector, leveraging its dual-track strategy covering both cloud and enterprise infrastructure, which is expected to continue driving high-quality growth momentum [2]