格隆汇2月12日丨联想集团(00992.HK)公布第三季业绩，截至2025年12月31日止第三季度，集团取得稳 健财务表现。集团收入同比增长18%，达创纪录的222亿美元，三大业务集团的收入均录得双位数同比 增长。人工智能相关收入同比增长72%，占集团总收入的32%。 第三季度调整后权益持有人应占溢利达5.89亿美元，同比增长36%，增速达收入增长的两倍。已呈报的 权益持有人应占溢利为5.46亿美元。主要调整项目包括一次性重组费用2.85亿美元、所得税抵免4,500万 美元，认股权证的非现金公允值收益1.86亿美元、可换股债券的名义利息2,900万美元，以及其他非现金 调整4,000万美元。 调整后净溢利率上升34个基点至2.7%，体现运营杠杆能力的提升、效率优化以及高端産品组合和服务 对收入贡献的增加。尽管第三季度运营环境充满挑战，关税不确定性持续，供需失衡导致零部件成本上 升，集团仍展现出卓越的经营韧性，在这一宏观背景下仍录得稳健的收入及运营利润增长。 基础设施方案业务集团于第三季度宣布重组，是重新优化成本结构、加速迈向可持续的盈利增长转型的 关键一步。通过优化产品组合和提升员工技能，基础设施方案业务集团 ...

Core Insights - The global tablet market is expected to recover in 2025, with a year-on-year shipment growth of 9.8%, reaching 162 million units [2] - The strongest performance is anticipated in the fourth quarter of 2025, with shipments reaching 44 million units, also reflecting a 9.8% year-on-year increase [2] - The Central and Eastern Europe region is projected to be the fastest-growing market in 2025, followed by the Asia-Pacific region [2] Market Performance - In Q4 2025, the global tablet market is expected to grow by 10% year-on-year [7] - Apple is projected to lead the market with shipments of 19.6 million iPads, a 16.5% increase driven by strong demand for the iPad Air and M5 chip-equipped iPad Pro series [7] - Samsung, despite being second, is expected to see a 9.2% decline in shipments to 6.4 million units due to overall market slowdown [7] - Lenovo is anticipated to have the fastest growth among major manufacturers, with shipments of 3.9 million units, a 36% increase [7] - Huawei and Xiaomi are also expected to show growth, with shipments of 3 million and 2.8 million units, reflecting increases of 14.8% and 10.1% respectively [7] Manufacturer Strategies - Manufacturers are advised to balance competitiveness and profitability, as potential disruptions in the memory market could affect supply availability and increase prices [4] - Growth opportunities are expected to be limited, focusing on high-end and flagship model refresh cycles in developed markets, as well as education demand supported by public sectors in emerging markets [4] - Product positioning and marketing strategies are anticipated to evolve, with manufacturers aiming to position tablets as central devices in ecosystems, incorporating cross-operating system functionalities and AI-driven experiences [4]

Core Insights - CES 2026 highlights the intersection of technology, geopolitics, and business strategy, showcasing emerging trends that shape the future of consumer technology and economic competition [1][2] Group 1: Artificial Intelligence as a Foundation - Artificial intelligence (AI) has become the cornerstone of innovations at CES 2026, driving advancements in various technologies and products [3] - New devices like laptops, smartphones, and wearables are increasingly integrating AI capabilities, enabling them to perform tasks independently without relying on cloud services [3] - Edge AI is emphasized, allowing AI algorithms to process data locally on devices, enhancing efficiency and privacy [4] - AI is evolving into a "digital agent" role, coordinating tasks across multiple devices and applications, with a focus on continuous, context-aware workflows [4] Group 2: Physical Artificial Intelligence Takes Center Stage - The concept of "physical AI" is introduced, referring to intelligent systems that perceive, decide, and execute actions in real environments [6] - Robotics is a key pillar of physical AI, with robots transitioning from conceptual designs to practical tools for collaboration in various sectors [7] - The integration of AI and robotics is evident in products like Boston Dynamics' Atlas, which showcases advanced capabilities for industrial applications [7][8] Group 3: Automotive Industry as AI Technology Pioneer - The automotive sector is increasingly merging with AI, with companies positioning themselves as technology leaders in the field [12] - Significant market opportunities are projected in the automotive industry, with a potential market value of $123 billion by 2032, reflecting an 85% growth from 2023 [12] - Companies like Ford and Nvidia are unveiling advanced autonomous driving systems, emphasizing the need for robust onboard computing resources [13][14] Group 4: Transition from Consumer Electronics to Social Infrastructure - AI is moving beyond traditional consumer electronics boundaries, becoming integral to social infrastructure, including transportation, energy systems, and smart homes [17] - The narrative at CES 2026 indicates a shift from novelty consumer products to large-scale industrial deployments of AI [17] - Collaboration among various systems and platforms is essential for effective AI implementation in real-world environments [18]

Core Insights - The article discusses the evolving narratives around artificial intelligence (AI) showcased at CES 2026, emphasizing two main themes: "AI is physical" and "AI is personal" [3][12]. Group 1: AI is Physical - CES has historically focused on the next technological advancements, transitioning from electric vehicles (EVs) to "physical AI," which integrates AI with physical entities like cars and robots [5][11]. - General Motors (GM) announced advancements in its Super Cruise system, allowing for "eyes-off driving" by 2028, and plans to integrate a Google Gemini-powered AI assistant in vehicles to enhance user interaction [7][8]. - The concept of physical AI is exemplified by vehicles acting as personal assistants, capable of managing tasks and providing support, thus transforming traditional transportation into intelligent, interactive machines [8][11]. - NVIDIA's CEO Jensen Huang highlighted the significance of physical AI, stating that breakthroughs in understanding the real world are opening new application scenarios, supported by NVIDIA's advancements in training and inference technologies [9][10]. Group 2: AI is Personal - Companies like General Motors and Sony Honda Mobility are developing AI assistants for vehicles, enhancing user experience through personalized interactions and management of applications and settings [13][14]. - Lenovo introduced Qira, a personal ambient intelligence system that operates across various devices, providing context-aware assistance and creating a dynamic model of user interactions [16][18]. - The trend towards personalized AI is evident in the development of systems that learn from user behavior and preferences, aiming to integrate seamlessly into daily life and enhance productivity [21][22]. - Privacy considerations are emphasized in the design of personal AI products, ensuring user data is handled securely and allowing users to maintain control over their information [23]. Group 3: Future Directions - The article identifies two key paths for the evolution of AI: the embodiment of AI in physical devices and the deep personalization of AI in individual lives, both of which are crucial for the next stage of intelligent systems [24].