来自中国竞争对手的成熟芯片竞争日益激烈，也促使控制着全球约70%的DRAM芯片市场的三星和SK 海力士这两家公司加速向高端芯片转移。这些厂商自2025年初起便陆续调整战略，逐步减少乃至计划在 2025年底至2026年初完全停止DDR4内存颗粒的生产，将产能全面转向利润更高、技术更先进的 DDR5、HBM等产品。 摩根士丹利预计，包括谷歌、亚马逊、Meta、微软和CoreWeave在内的科技巨头，今年将在人工智能基 础设施上投入4000亿美元。而这场AI繁荣，又恰逢传统数据中心和个人电脑迎来新的更新换代周期。 分析师指出，加上手机销量超预期，这共同加剧了非HBM内存芯片的供应紧张，并推高了其价格。 阿克曼解释道："自1999年以来，DRAM的平均上升周期持续8个月，平均售价从低谷到高峰上涨53%， 而NAND的平均上升周期通常持续6个月，平均售价上涨40%。当前DRAM上升周期已进入第5个月，平 均售价较谷底上涨55%;NAND上升周期进入第4个月，平均售价较谷底上涨51%。然而，我们预计本轮 上升周期对DRAM和NAND都将更具持续性。我们观察到巨大的现货/合约价差：DDR4为45%，DDR5 为89%，25 ...

智通财经APP获悉，法国巴黎银行表示，随着人工智能(AI)推动内存行业进入"历史性上升周期"，美光 科技(MU.US)和Sandisk(SNDK.US)有望持续受益。该行分析师卡尔·阿克曼(Karl Ackerman)在客户报告 中表示："随着消费级DRAM和NAND TLC现货价格在11月同比分别上涨408%和165%，我们相信 DRAM和NAND正步入可能贯穿2026年的历史性上升周期。我们继续看好内存和存储供应链，不过数据 中心业务占比较高的公司表现会更好。" 来自中国竞争对手的成熟芯片竞争日益激烈，也促使控制着全球约70%的DRAM芯片市场的三星和SK 海力士这两家公司加速向高端芯片转移。这些厂商自2025年初起便陆续调整战略，逐步减少乃至计划在 2025年底至2026年初完全停止DDR4内存颗粒的生产，将产能全面转向利润更高、技术更先进的 DDR5、HBM等产品。 摩根士丹利预计，包括谷歌、亚马逊、Meta、微软和CoreWeave在内的科技巨头，今年将在人工智能基 础设施上投入4000亿美元。而这场AI繁荣，又恰逢传统数据中心和个人电脑迎来新的更新换代周期。 分析师指出，加上手机销量超预期，这共同 ...

Core Viewpoint - Lenovo Group has demonstrated resilience and growth despite pressure from hardware costs and initial investments, with significant revenue increases driven by AI-related business opportunities [1][5]. Financial Performance - For the second fiscal quarter of 2025, Lenovo reported total revenue of $20.45 billion, a 15% year-on-year increase, setting a new record for quarterly revenue [1]. - For the first half of the fiscal year, total revenue reached $39.28 billion, reflecting an 18% year-on-year growth, also a historical high [1]. - The net profit attributable to shareholders for the second quarter was $340 million, a 5% decrease year-on-year, with a gross margin of 15.4%, down 0.3 percentage points from the previous year [4]. Cost Challenges - Lenovo's position as a leading player in the global PC market makes it sensitive to fluctuations in storage costs, with its PC business market share increasing by 1.8 percentage points to 25.6% [3]. - The prices of NAND Flash and DRAM products have surged, with DDR5 memory prices increasing by 307% since September, leading to higher production costs for end devices [3]. - The cost of storage now accounts for over 20% of the bill of materials (BOM) for laptops, up from 10%-18% [3]. AI Business Growth - AI-related revenue accounted for 29% of total revenue in the first half of the fiscal year, a 15 percentage point increase year-on-year [6]. - AI PC shipments represented 33% of total shipments in the second quarter, with Lenovo holding a 31.1% share of the global Windows AI PC market [6]. - Revenue from AI servers and digital solutions saw double-digit growth, with solution service revenue increasing by 19% and operating profit rising by 28% [6]. R&D Investment - Lenovo's R&D expenditure increased by 8% in the first half of the fiscal year, focusing on hybrid AI strategies to convert technology into scalable revenue growth [6]. - The company aims to leverage its established supply chain to mitigate cost fluctuations in the short term while investing in AI development for long-term growth opportunities [6].