本财季，联想ISG基础设施方案业务集团营收367亿人民币，同比增长超31%。其中，云基础设施(CSP) 业务持续受益于AI训练需求扩张，延续高景气度；企业基础设施(E/SMB)业务营收增长的同时，通过定 价管理优化与运营效率提升，实现毛利率持续改善。区域层面，ISG中国业务实现关键突破，企业基础 设施成为利润的重要贡献来源。 值得关注的是，本财季联想ISG业务亏损继续大幅收窄。公司介绍称，这主要得益于ISG于第三财季启 动战略性重组。预计该重组将在未来三年带来每年14亿人民币的净成本节省，推动盈利能力持续改善。 值得注意的是，本财季AI服务器收入保持高速增长，并拥有高达155亿美元的订单储备。同时，联想披 露了其部署了首个基于GB 300 NVL72的机架式解决方案，并同步完善产品矩阵，发布包括AI推理服务 器SR675i、SR650i和边缘计算服务器SE455i在内的推理优化产品组合，覆盖从数据中心到边缘侧的多层 级推理应用场景。此外，受益于企业级推理需求持续释放，其海神液冷技术业务同比增长300%，进一 步巩固该公司在高能效AI基础设施领域的市场地位。 2026年2月12日，全球AI生态链领先企业联想集团 ...

Core Viewpoint - The article discusses the emerging trend of AI hardware and the concept of "super entrance" in the tech industry, emphasizing that all devices will evolve into AI devices, marking a significant shift in technology at CES 2026 [1][6]. Group 1: AI Hardware Evolution - The CES 2026 showcased a consensus among manufacturers that all devices, including traditional smartphones and PCs, will adopt more intelligent forms [1]. - The emergence of new intelligent hardware species is increasingly diverse, indicating a shift in how AI is integrated into everyday devices [3]. Group 2: Super Entrance Concept - The "super entrance" concept refers to platforms that aggregate user traffic and connect various digital scenarios, similar to the role of super apps in the mobile internet era [7]. - The competition for "super entrance" is shifting from foundational technology to application layers and broader ecosystems, as seen in the AI landscape [9]. Group 3: Hybrid AI as the Ultimate Path - Lenovo's CEO proposed that integrating personal, enterprise, and public intelligence into a hybrid AI model is essential for creating personalized and diverse AI solutions [14][17]. - The hybrid AI model emphasizes the deep integration of cloud-based large models with localized customized small models to better meet user needs [18]. Group 4: Lenovo's Innovations - Lenovo introduced the world's first personal AI super intelligent agent, Lenovo Qira, which connects various devices and enhances task execution through cross-platform capabilities [20]. - The Qira agent can remember user preferences and interact in a personalized manner while ensuring privacy protection [22]. Group 5: Enterprise AI Solutions - Lenovo launched a series of AI inference servers aimed at improving efficiency and reducing operational costs for enterprises, adapting to diverse AI deployment needs [24]. - The collaboration with NVIDIA to establish an AI cloud super factory aims to expedite AI deployment for cloud service providers [25]. Group 6: Market Position and Future Outlook - Lenovo's AI-related business accounted for 30% of its total revenue, showing a 13% year-on-year growth, indicating a strong market position in both consumer and enterprise segments [34][35]. - The company aims to quadruple its business cooperation scale with NVIDIA over the next 3-4 years, highlighting its commitment to expanding its AI ecosystem [38].

Core Insights - Lenovo has moved its global innovation technology conference to CES 2026, marking the largest scale in the event's history, with key figures from major tech companies like NVIDIA, AMD, Intel, and Qualcomm in attendance [1] - Lenovo's CEO emphasized that the new wave of computing power will stem from the explosion of AI inference [1] Group 1: AI Strategy and Product Development - Lenovo is focusing on "hybrid AI," which encompasses diverse AI models to meet user needs and the ability for cross-device collaboration among smart devices [3] - The company introduced three key technologies: Intelligent Model Orchestration, Agent Core, and Multi-agent Collaboration, aimed at matching models to user needs, understanding user intent, and enabling collaborative AI operations [3] - Lenovo's AI super intelligent agent, Lenovo Qira, was launched for overseas markets, showcasing cross-device collaboration capabilities among various devices [5] Group 2: Cloud and Local Model Integration - The Qira model has shifted from purely local calls to a combination of cloud and edge collaboration, although local models may lose about 40% of their capabilities compared to cloud models [5][6] - Lenovo's AI strategy involves optimizing partner models rather than developing them in-house, with a focus on integrating cloud models into their existing scheduling system [6] - The company plans to implement cross-device task distribution, allowing users to execute commands across devices [6] Group 3: Partnerships and Market Positioning - Major chip manufacturers are aligning with the trend of enterprise AI transformation, with NVIDIA's CEO stating that companies need to integrate advanced models with their data to build proprietary intelligent systems [8] - Lenovo announced a significant partnership with NVIDIA to establish an "AI Cloud Super Factory," aiming to support large-scale AI models and quadruple their business collaboration over the next 3-4 years [9] - Lenovo will also be among the first to adopt AMD's Helios architecture and collaborate with Intel on AI PCs, indicating a strong commitment to AI-driven enterprise solutions [10]

Core Insights - Lenovo Group held its largest global innovation technology conference, Tech World, in Las Vegas, marking its first migration to CES, where CEO Yang Yuanqing elaborated on the significance and strategic direction of hybrid AI [1][8] Group 1: Hybrid AI Concept - Yang emphasized that AI is breaking traditional boundaries at an unprecedented speed, expanding from content generation to spatial perception and complex logic learning, necessitating a hybrid AI that integrates personal, enterprise, and public intelligence to meet diverse user needs [3][10] - The foundation of this hybrid AI experience is built on three core technologies: Intelligent Model Orchestration, Agent Core, and Multi-agent Collaboration, which together enhance user experience while ensuring security and cost efficiency [3][10] Group 2: Personal AI Developments - Lenovo introduced the personal AI super agent, Lenovo Qira, designed for overseas markets, functioning as a cross-platform AI terminal that seamlessly operates across various devices, maintaining a consistent AI experience for users [4][11] - The conference showcased Lenovo Qira's integration with new AI PCs, the first foldable smartphone Motorola Razr Fold, and wearable concept products like Maxwell and smart glasses, demonstrating fluid collaboration among devices [4][11] Group 3: Enterprise AI Solutions - In the enterprise sector, Lenovo launched a comprehensive range of inference-optimized server products, including AI inference servers SR675i, SR650i, and edge computing server SE455i, aimed at enhancing inference efficiency, reducing operational costs, and improving data security for diverse and real-time AI deployments [6][13]

Core Viewpoint - The new wave of computing power will be driven by the explosion of AI inference, as stated by Lenovo's Chairman and CEO Yang Yuanqing during the CES keynote speech [6]. Group 1: Evolution of Computing Power Infrastructure - The global computing power infrastructure market has undergone four waves of innovation: the first wave focused on traditional computing for enterprise information and digital transformation; the second wave was driven by cloud services and applications, leading to the rapid rise of cloud computing; the third wave was characterized by large-scale computing clusters for training large language models, primarily in the cloud [3][8]. - The current trend is shifting from "training" to "inference," with a broad consensus in the global AI industry that local deployment of AI inference is becoming a true competitive advantage for enterprises [3][8]. Group 2: Local AI Inference Deployment - Local deployment of AI inference allows for faster response times as inference occurs closer to the data generation source, necessitating a hybrid computing infrastructure composed of public cloud, private cloud, local data centers, and edge computing [3][8]. - AMD's Chair and CEO Lisa Su agrees with this perspective, emphasizing the need for global enterprises to bring AI closer to their data while maintaining flexibility and the ability to evolve over time [3][8]. Group 3: New Product Launches - Lenovo has launched a comprehensive suite of inference optimization server products, including AI inference servers SR675i, SR650i, and edge computing server SE455i, aimed at enhancing inference efficiency, reducing operational costs, and strengthening data security to meet diverse and real-time AI deployment needs [4][9].