作者 林更 2026年1月，拉斯维加斯。 The Sphere绚烂的灯光下，黄仁勋与杨元庆并肩而立，他们之间有一种只有长期战友才懂的默契。 他们相识于20多岁的年纪，那是在个人电脑PC革命方兴未艾的年代。当年的年轻人或许都未曾预料 到，30年后，他们会在全球科技界瞩目之下再次握手，用一种名为AI工厂的新物种，去重写全球计算 基础设施的底层逻辑。 将时钟拨回至90年代中期，杨元庆在联想崭露头角之时，黄仁勋创立英伟达不久。彼时的计算世界由 Wintel(Windows+Intel)联盟主导，CPU是绝对的权力中心，显卡GPU在许多时候只是负责点亮屏幕的配 角。 联想通过极其高效的供应链管理和制造能力，一步步攀登至全球PC市场的顶峰。而英伟达则在图形处 理的荒原上艰难拓荒。两家公司的早期交集看似平淡无奇，主要是在显卡组件的采购与集成上。但正是 这种基于供应链的务实合作，为日后的深远合作埋下了伏笔。 对于联想而言，英伟达最初只是众多供应商名单中的一个名字，但随着3D游戏和多媒体需求的崛起， 联想人敏锐地意识到，单纯依靠CPU已无法满足用户对视觉体验的渴望。 联想开始在其高端台式机和后来的ThinkPad工作站系列中， ...

Core Insights - Lenovo Group reported a revenue of $20.452 billion for 2QFY26, representing a year-over-year growth of 14.6% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-over-year, while net profit attributable to shareholders declined by 5.1% to $340 million [1] - The company maintains a "Buy" rating with a target price of HKD 14, citing strong competitive advantages in shipment volume and supply chain management [1] IDG Segment - The Intelligent Devices Group (IDG) saw a revenue increase of 11.8% year-over-year, with an operating profit margin of 60% [1] - Lenovo's global PC market share rose by 1.8 percentage points year-over-year to 25.6%, leading the second-place competitor by 5.7 percentage points [1] - AI-driven PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to account for 33% of total PC shipments [1] ISG Segment - The Infrastructure Solutions Group (ISG) reported a revenue increase of 23.7% year-over-year, driven by demand for cloud and enterprise infrastructure [2] - AI server business experienced high double-digit revenue growth, with Neptune liquid cooling technology revenue soaring by 154% year-over-year [2] - Despite a $32.04 million operating loss, the operating profit margin improved by 0.3 percentage points year-over-year, indicating stabilization [2] SSG Segment - The Solutions and Services Group (SSG) achieved an 18.3% year-over-year revenue growth, marking the 18th consecutive quarter of double-digit growth [3] - Operating profit margin exceeded 22%, reflecting a 2.3 percentage point year-over-year increase [3] - Projects and solutions, along with operational services, accounted for 60% of SSG's overall revenue, showing a 1 percentage point increase year-over-year [3]