东方枢纽国际商务合作区被誉为"全球首创、国内唯一"的零时差商务区，其先行启动区已启动封闭管理运行1个 月。东方枢纽国际商务合作区管理局副局长赵宇刚介绍，该区域在综合保税区和口岸限定区域管理制度基础上， 叠加了人员跨境流动便利化等创新政策，实现了人员与货物的高效便捷往来。 针对本次消费电子展这类高能级展会，赵宇刚表示，将充分利用政策集成优势，为参展企业和人员提供全方位保 障。包括动态优化人员进出动线，提供口岸签证办理预约服务，推出离区入境预审核备案后使用快捷通道的通关 举措，以及便利货物展品进出的政策措施等。 央广网上海2月25日消息（记者林馥榆）3月12日至15日，备受瞩目的中国家电及消费电子博览会（AWE）将在上 海举行。今年展会将首次启用"一展双区"的创新布局，在上海新国际博览中心与上海东方枢纽国际商务合作区同 步设立展区，这也是东方枢纽国际商务合作区迎来的首个大型展会。在2月25日举行的上海市政府新闻发布会 上，相关部门负责人介绍了展会筹备进展。 审核入场制度，不面向普通社会公众开放，无现场注册通道。专业观众需提前24小时完成线上注册与资质审核， 凭审核通过凭证及有效证件入场，开放时间为3月12日至14 ...

2月24日，备受瞩目的开局之年"新春第一会"——广东省高质量发展大会在广州举行。今年大会的主题 是"制造业与服务业协同发展"。新一年的高质量发展大会吹响了奋进的号角。 胡建钧表示，为推动西门子数字平台产业在华落地，2022年初就开启了全国选址。正是看中了深圳先行 先试的发展机遇，改革创新、高水平对外开放的制度优势、强劲的科创能力和高端人才集聚的产业优 势，更是被深圳市全链条一体化的投资服务所深深打动，2023年6月在深圳市委、市政府的大力支持 下，西门子在前海成立西门子数字科技（深圳）有限公司，打造在华首个数字平台产业基地—— Xcelerator。 胡建钧介绍，西门子在中国深耕发展已经超过150年，截至2025年底，共服务中国40余个行业、超5万家 企业。近年来，在数字经济和创新研发领域，西门子在广东的布局按下加速键，已形成"2家运营企业、 2家合资公司、4个研发创新中心"和"1个增材制造联合实验室"的全产业链布局。 展望未来，胡建钧表示，西门子将紧扣广东"产业科技互促双强"战略，充分发挥本地化价值链与全球技 术资源双重优势，积极推动工业AI技术与场景在粤落地，促进制造业与服务业深度融合，助力新质生 产力人 ...

作为引领新一轮科技革命和产业变革的战略性技术，人工智能正以前所未有的深度和广度重塑世界竞争 格局，改变着人类的生产生活方式。"全面实施'人工智能+'行动""抢占人工智能产业应用制高点，全方 位赋能千行百业"也被写入我国"十五五"规划建议。当以AI为核心的科技投资日益成为投资中的"胜负 手"，如何跟踪AI产业发展趋势、在高波动和高不确定性中把握机遇，也成为投资必答题。 首先，工银瑞信TMT团队看好"光"领域。AI算力的广阔空间在产业界已逐渐凝聚成共识，不少科技巨 头在财报中均提高了资本开支展望。受益于AI算力建设的持续推进，算力"卖铲人"的价值或将持续凸 显，光模块或将是更快爆发的环节。其次，端侧应用方面，金兴认为，2026年AI眼镜、AI手机、数据 机器人等应用产品或将迎来爆发式发展，成为AI应用端落地的核心体现。最后，国产半导体或机遇可 期。2025年国内与海外AI发展的差距进一步打开了国产替代空间，2026年算力芯片、先进制程、存储 及半导体设备等板块或将出现显著机会。 近日，工银瑞信研究部基金经理助理金兴在公司2026 年度策略对话中，围绕AI投资泡沫争议、2026年 产业链投资机会以及AI投资不确定性 ...

创业板人工智能ETF富国（159246）跟踪创业板人工智能指数，实行20CM涨跌幅限制，指数从创业板 上市公司中精选出50家企业，业务涵盖存算和网络设备、数据和软件服务、场景应用等人工智能相关领 域，实现了"硬件+软件+应用"AI全产业链覆盖，同时重点布局通信设备和光模块龙头企业。场外投资 者可以通过联接基金（A类024662；C类024663）关注机会。 消费电子ETF富国（561100）紧密跟踪中证消费电子主题指数（931494），指数从沪深A股中选取50只 业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司股票作为指数样本股。场外投资 者也可以通过消费电子ETF富国联接（A类015876；C类015877）关注机遇。 A股马年首个交易日科技方向继续强势表现，其中AIPC、AI手机、AI眼镜、AI应用、AI芯片、AI语料 等细分板块表现活跃。截至发稿，创业板人工智能ETF富国（159246）盘中涨幅达2.93%，消费电子 ETF富国（561100）盘中涨幅达2.33%。其中，创业板人工智能ETF富国和消费电子ETF富国共有成分股 天孚通信涨超15%，北京君正涨超14%。 春节期间AI硬件、智能 ...

手机产业链全线上涨，截至发稿，丘钛科技(01478)涨7.89%，报9.3港元；瑞声科技(02018)涨4.77%，报 38.66港元；舜宇光学(02382)涨4.3%，报59.4港元；高伟电子(01415)涨2.88%，报29.28港元。 消息面上，根据Omdia的测算，2025年全球智能手机出货量同比增长2%，达到12.5亿部。25Q4全球智 能手机市场同比增长4%，这一增长得益于季节性需求回升和库存管理改善，但是部分厂商开始受到零 部件成本上升的影响。Canalys预计2025年AI手机渗透率将达到34%，端侧模型的精简以及芯片算力的 升级将进一步助推AI手机向中端价位段渗透。 中银国际表示，AIGC技术将推动端侧产品向语音、动作等多模态交互演进，交互中枢由传统App体系 转向AI智能体，用户与App的直接关联逐步弱化，豆包手机助手已体现出这一趋势雏形。尽管产品仍处 于早期阶段，但随着功能成熟与体验优化AI交互模式的革命性改变预期能够带动端侧换机热潮，而这 一趋势可能在未来1-3年就有望上演，催化AI产业链中下游行情。 ...

Core Viewpoint - The smartphone industry is experiencing a significant uptick, with various companies in the supply chain seeing stock price increases due to positive market forecasts and technological advancements in AI integration [1] Group 1: Market Performance - Companies such as Q Technology (01478) saw a stock increase of 7.89%, trading at HKD 9.3; AAC Technologies (02018) rose by 4.77% to HKD 38.66; Sunny Optical (02382) increased by 4.3% to HKD 59.4; and GoerTek (01415) gained 2.88%, reaching HKD 29.28 [1] - According to Omdia, global smartphone shipments are projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units [1] Group 2: Market Trends - The global smartphone market is expected to see a 4% year-on-year growth in Q4 2025, driven by seasonal demand recovery and improved inventory management, although some manufacturers are facing rising component costs [1] - Canalys forecasts that the penetration rate of AI smartphones will reach 34% by 2025, with advancements in edge model simplification and chip computing power further facilitating AI smartphone adoption in the mid-range segment [1] Group 3: Technological Advancements - According to Zhongjin International, AIGC technology is anticipated to drive the evolution of edge products towards multimodal interactions, shifting the interaction hub from traditional app systems to AI agents, thereby weakening the direct association between users and apps [1] - The emergence of AI interaction modes, as exemplified by the Doubao mobile assistant, is still in its early stages, but as functionalities mature and user experiences improve, a revolutionary change in interaction modes is expected to stimulate a replacement wave in the edge market within the next 1-3 years, catalyzing the downstream AI industry chain [1]

记者 查睿 "银汉星稀夜未央，发容虽改鬓添霜……成算在胸筹伟业，功名得遂岁月长。"春节前夕，年近七旬 的李建成给记者发来一首七言律诗《贺新春》拜年，还特意补了一句："这是我刚用千问写的。"这位双 鬓斑白的老人，已是AI的"资深玩家"。 当前，上海越来越多活力老人追求品质生活，AI眼镜、AI手机这些年轻人的潮玩，纷纷成为"先 锋"老人的新宠。"AI+银发经济"的潜力，今年春节刚刚显露。 AI深度融入生活 从职校校长岗位上退下来，李建成心里总有点不踏实，怕跟社会脱了节。他报名上了上海老年大 学，头一堂课就是"使用智能手机"，随着课程逐年升级扩容，这一学就是三年。 他的手机里装了4个AI应用，其中，豆包用得最勤。李建成喜欢历史，常出些历史题考它，看它回 答得靠不靠谱。后来李建成研究起诗词，就告诉豆包词牌名和要求，让它也填一首，看它写得对不对、 好不好。长期"考察"下来，他也摸出门道，AI写的诗词起初总有偏差，但要求越细，质量越高。 在他眼里，DeepSeek知识面广，而豆包能处理图片和视频，是个多面手。"我习惯同时问两个AI， 对比着看，再决定信哪个。" 去年年底，有个外地的老朋友来上海旅游，指明要去上海中心参观， ...

Core Insights - Lenovo Group reported a revenue of 157.5 billion RMB for Q3, a year-on-year increase of over 18%, with adjusted net profit reaching 4.07 billion RMB, up 36%, indicating profit growth is double that of revenue growth [1] - The company faces rising component costs, particularly in storage and CPU prices, which have surged significantly, impacting overall supply chain dynamics [1][8] - AI continues to be a market focus, with major tech companies investing heavily, leading to sustained demand for computing infrastructure, which is expected to benefit Lenovo [1][3] Financial Performance - All major business segments of Lenovo achieved double-digit growth: IDG (Intelligent Devices Group) grew by 14%, ISG (Infrastructure Solutions Group) by 31%, and SSG (Solutions and Services Group) by 18% [2] - AI-related revenue, including AI PCs, smartphones, servers, and solutions, grew over 70% year-on-year, now accounting for one-third of the group's total revenue [2] - ISG revenue reached 36.7 billion RMB, a 31% increase, with AI server business growing nearly 60%, supported by a backlog of orders worth 15.5 billion USD [5] AI Market Dynamics - AI is viewed as a long-term growth driver, with predictions of continued high demand for AI infrastructure as companies invest heavily in AI capabilities [3][6] - Lenovo's AI server revenue grew by 59% in Q3, with significant orders for new GPU-based servers [3][5] - The company aims to enhance user experience in AI applications, targeting an increase in daily active users from 40-50% to 70-80% [4] Supply Chain and Cost Management - Lenovo's diversified supply chain and strong relationships with suppliers provide a competitive edge in managing rising costs and ensuring supply stability [1][8] - The company has successfully navigated supply chain challenges, with a strategy of global resources and local delivery, allowing for flexible resource allocation [8] - Lenovo's partnerships with major suppliers, such as NVIDIA, have resulted in significant growth in business volume, with ambitious future targets [8] Strategic Outlook - The company is transitioning from a PC-centric valuation to a multi-product and multi-business valuation, indicating a potential 60-70% increase in stock valuation based on current market comparisons [6] - AI is seen as a foundational technology that will drive future demand for smart devices and infrastructure, with Lenovo positioning itself as a leader in this space [9]

Core Viewpoint - Lenovo has reported its best-ever performance amid rising storage prices, with AI revenue surpassing 30% for the first time, and CEO Yang Yuanqing has committed to sustainable double-digit growth [1] Financial Performance - For the third quarter of the fiscal year ending December 31, 2025, Lenovo achieved revenue of 157.5 billion yuan, a year-on-year increase of over 18%, exceeding market expectations [1] - Adjusted net profit grew by 36% year-on-year, with profit growth outpacing revenue growth [1] - The company anticipates that the global PC market may remain flat or slightly decline in terms of shipment volume, but revenue will continue to grow due to rising average prices [3] AI Revenue Growth - AI-related revenue increased by 72% year-on-year, accounting for 32% of total revenue, marking a significant shift in Lenovo's business model [1][2] - AI PC and AI server segments experienced high double-digit growth, while AI mobile and AI services saw triple-digit growth [2] Business Segments Performance - The Intelligent Devices Group (IDG) reported revenue exceeding 110 billion yuan, a 14.3% year-on-year increase [3] - The Infrastructure Solutions Group (ISG) revenue reached 36.7 billion yuan, a 31% year-on-year increase, marking a historical high [4] - The Solutions and Services Group (SSG) achieved double-digit growth for the 19th consecutive quarter [3] Supply Chain and Cost Management - Yang Yuanqing emphasized Lenovo's "scale advantage" and "diverse supply" capabilities, allowing the company to maintain stable supply and competitive costs despite rising component prices [4] - The company reported a 15% year-on-year increase in adjusted operating profit for the IDG segment, with PC shipments growing by 15% [4] Strategic Initiatives - Lenovo has initiated a strategic restructuring of the ISG, with a one-time restructuring cost of 285 million USD, focusing on AI-driven product development and sales capabilities [4][5] - The company aims to prepare for a shift in AI demand from training to inference, predicting that inference will account for 80% of future demand [5] Partnerships and Collaborations - Lenovo has strengthened partnerships with major chip manufacturers like NVIDIA, AMD, and Intel, with collaborative projects reaching multi-billion dollar scales [6] - The company has launched an AI cloud super factory plan in collaboration with NVIDIA, aiming to quadruple the scale of their partnership over the next few years [6] Internal AI Adoption - Lenovo is actively integrating AI into its internal processes, with plans to increase AI usage from 20% to 30-40% in various departments over the next year [6][7]

Core Viewpoint - Lenovo has reported its "historical best" performance despite rising storage prices, with AI revenue surpassing 30% for the first time, and CEO Yang Yuanqing has indicated a commitment to sustainable double-digit growth [2][6]. Financial Performance - For the third quarter of the fiscal year ending December 31, 2025, Lenovo achieved revenue of 157.5 billion yuan, a year-on-year increase of over 18%, exceeding market expectations [2]. - Adjusted net profit grew by 36%, with profit growth outpacing revenue growth [2]. AI Revenue Growth - AI-related revenue increased by 72% year-on-year, accounting for 32% of total revenue, marking a significant shift in Lenovo's business model [2][3]. - AI PC and AI server segments experienced high double-digit growth, while AI mobile and AI services saw triple-digit growth [3]. Supply Chain and Cost Management - Yang Yuanqing confirmed that Lenovo was not adversely affected by the shortage and price increases of memory supplies, maintaining higher profitability and faster growth than the market [2][5]. - The company anticipates that the global PC market may remain flat or slightly decline in terms of shipment volume, but revenue will continue to grow due to rising average prices [5]. Strategic Initiatives - Lenovo's mixed AI strategy has led to double-digit growth across all three major business groups: IDG (Intelligent Devices Group), ISG (Infrastructure Solutions Group), and SSG (Solutions and Services Group) [4]. - The ISG segment underwent a strategic restructuring, with a focus on AI-driven solutions, and is expected to achieve profitability soon [7]. Partnerships and Collaborations - Lenovo's collaboration with NVIDIA has quadrupled in scale over the past three to four years, with future goals to achieve similar growth [8][9]. - Partnerships with AMD and Intel focus on specific AI applications, contributing to significant business volumes [9]. AI Market Perspective - Yang Yuanqing addressed concerns about an AI investment bubble, asserting that while some areas may be overheated, AI as a whole represents an unstoppable trend [9][10].