智通财经记者 | 宋佳楠 1月3日晚，在联想年度技术创新大会和2026年CES（全球消费电子展）前夕，英伟达CEO黄仁勋与联想集团CEO杨元庆展开了一场对谈，内容涉及AI的发展 趋势、双方的合作历程以及未来的合作前景等。 据杨元庆透露，过去数年双方在AI领域的合作规模已实现5倍增长，而黄仁勋更给出激进预判："在接下来的两年里，没有理由不能再把它翻五倍。" 在黄仁勋看来，人工智能正在从"生成式AI"向"代理式AI"演进，后者具备更强的解决问题的能力，以及基于事实进行推理的能力。杨元庆和黄仁勋一致认 为，未来人工智能发展的核心机遇在于"混合式人工智能"。 两人在谈话中透露，英伟达正在与联想集团联合开发基于RTX Pro的联想企业级AI系统。预计联想集团将在数天之后召开的全球创新科技大会上公布这一项 目的技术细节。 杨元庆向黄仁勋赠送联想最新的ThinkStation PGX工作站 图片来源：联想集团 联想于去年11月公布的截至2025年9月30日的2025/26财年第二财季财报显示，当季营收同比增长15%，达205亿美元，不仅超出市场普遍预期，也超越了疫 情期间该公司所创营收纪录；经调整后净利润同比增长25%，达 ...

其中，黄仁勋提到，人工智能（AI）正在从"生成式AI"向"代理式AI"演进，后者具备更强的解决问题能 力和基于事实进行推理的能力。杨元庆和黄仁勋一致认为，未来人工智能发展的核心机遇在于"混合式 人工智能"。 二人在谈话中还透露，英伟达正在与联想集团联合打造基于RTX Pro（英伟达的专业级显卡系列）的联 想企业级AI系统，英伟达将为这一项目提供自家技术最为先进的芯片。根据公开信息，2026年国际消 费电子展（CES 2026）将于2026年1月6日至9日在美国拉斯维加斯举行。联想集团将在1月6日召开创新 科技大会，并与英伟达联合发布一款企业级AI产品。 1月3日晚间，《每日经济新闻》记者从联想集团了解到，联想集团董事长兼CEO（首席执行官）杨元庆 与英伟达CEO黄仁勋近日展开了一场"炉边谈话"。 （文章来源：每日经济新闻） 第二个趋势是未来的混合式企业智能将融合应用到全球各类产业中，包括高性能计算、人工智能云、人 工智能工厂、企业智能、工业智能甚至机器人智能等。 据悉，联想集团与英伟达的合作已持续近30年。在这场对谈中，黄仁勋与杨元庆回顾了两家企业的合作 过往。杨元庆称，两家企业过去数年在AI领域的合作规模已 ...

这与联想集团正在推进的混合式AI战略一致。黄仁勋对联想集团的战略方向充分认可，他认为混合式 AI并非简单的技术叠加，而是需要强大的企业级服务器作为硬件支撑，这正式联想的优势所在。 黄仁勋预判，混合式企业智能将融合应用到全球产业的各行各业中——高性能计算机、人工智能云、 AI工厂、工业制造、物流机器人等实体产业场景，联想与英伟达将在携手覆盖上述所有场景。 二人在谈话中披露，英伟达正在与联想集团联合打造基于RTX Pro的联想企业级AI系统，英伟达将为这 一项目提供这家公司技术最为先进的芯片。黄仁勋称"这是一款革命性的服务器，已经迫不及待要推出 这一产品并向企业级市场规模化推广。"联想集团极有可能在数天之后召开的联想全球创新科技大会上 公布这一项目的技术细节。 2026年CES即将启幕，联想集团史上最大规模的年度技术创新大会"Lenovo Tech World"也将同期于美国 拉斯维加斯举办。 联想"朋友圈"的一众全球科技圈顶流大咖届时将站台，包括NVIDIA创始人兼CEO黄仁勋、英特尔CEO 陈立武、AMD董事长兼CEO苏姿丰、高通总裁兼CEO Cristiano Amon等。 北京时间1月3日晚间，联想集团董 ...

Core Viewpoint - The company reported Q1 earnings below expectations, attributing the revenue shortfall to the shifting of anticipated income to Q2 of FY2026 due to design order upgrades [1][2][5]. Group 1: Financial Performance - The company expects Q1 revenue to be $5 billion, down from previous forecasts of $6 billion to $7 billion, with analysts initially predicting $6.52 billion [2]. - The stock price fell by 8.72% following the earnings report, with intraday declines exceeding 10% [1][3]. Group 2: Orders and Demand - The company announced it has secured over $12 billion in design orders, with customer requests for delivery in Q2 [4]. - Demand for products such as Nvidia GB300, B300, RTX Pro, and AMD 355X LC is reported to be "strong," and these products have begun shipping [4]. Group 3: Future Outlook - The company maintains its full-year performance expectations, reaffirming a revenue target of at least $33 billion for FY2026 [5][6]. - The newly launched AI liquid cooling solutions have received high recognition from customers, leading to increased demand and market share growth in the AI sector [6].

Group 1 - The core viewpoint of the article is that Supermicro's preliminary Q1 revenue data fell short of market expectations, but the company maintains its full-year revenue guidance of at least $33 billion [1][3] - Supermicro expects Q1 revenue to be $5 billion, down from previous forecasts of $6 billion to $7 billion, while analysts had anticipated $6.52 billion [1] - The revenue decline is attributed to design order upgrades, which have shifted some expected revenue from Q1 to Q2 of fiscal year 2026 [1] Group 2 - Despite the revenue miss, Supermicro announced it has secured over $12 billion in design orders, with customer requests for delivery in Q2 [3] - The company reported strong demand for its Nvidia GB300, B300, RTX Pro, and AMD 355X LC products, which have begun shipping [3] - Supermicro's CEO, Charles Liang, reaffirmed the company's full-year revenue guidance and noted that the new AI liquid cooling solutions have received high recognition from customers, leading to accelerated demand growth and an expanding market share [3]

Group 1: Overseas Technology - Meta is building superintelligence through computing infrastructure and talent reserves, with significant investments in large data centers, including a 1 GW supercomputer cluster in Ohio and a 5 GW cluster in Louisiana expected to be the largest AI data center by 2027 [5] - NVIDIA has resumed sales of the H20 GPU in China, which is expected to eliminate uncertainties in domestic CSP major's Capex, while TSMC has raised its revenue guidance for 2025 to a year-on-year increase of 30% due to strong demand for advanced process chips [6] - The release of GPT's intelligent agents significantly enhances the ability to handle real-world tasks, integrating various capabilities for users, and is now available to OpenAI Pro, Plus, and Team subscribers [7] Group 2: Country Research - Vietnam's production growth in July was 8.5%, with a six-month average of 11%, driven by a 17.7% increase in exports, maintaining high growth for six consecutive months [3][9] - Indonesia's GDP growth in Q2 was 5.1%, a 0.3 percentage point increase from Q1, marking the highest since Q2 2023, supported by investment and foreign trade [3][9] - Thailand's CPI in July was -0.7%, the lowest since February 2024, while Malaysia's industrial production growth slowed to 2.1%, the lowest since February 2024 [3][9] Group 3: Industry Trends - The AI industry is accelerating, with recommendations to invest in AI computing, cloud vendors, AI applications, and major Chinese companies benefiting from the AI cycle, including Tencent, Xiaomi, Meta, and TSMC [4] - The paper industry is experiencing price increases driven by cost pressures, with major players like Nine Dragons Paper raising prices significantly in July and August [22][24] - The construction industry is facing weak demand, with a decline in real estate sales and a drop in new housing transactions in major cities [14][20]

Group 1: AI Industry Trends - The AI industry is accelerating due to the resonance between hardware and application sides, with significant investments in computing infrastructure and talent acquisition by major players like Meta [4] - Meta is investing several hundred billion dollars to build large data centers, including the Prometheus supercomputer cluster in Ohio with a power of 1 GW, set to be operational by 2026, and the Hyperion supercomputer cluster in Louisiana targeting 5 GW by the end of 2027 [4] - Nvidia is resuming sales of the H20 GPU in China, which is expected to eliminate uncertainties in domestic CSP major's Capex and drive the upward trend in computing infrastructure construction [5] Group 2: Economic Trends in Southeast Asia - Vietnam's production growth rate was 8.5% in July, with an average of 11% over the past six months, largely driven by continuous high export growth of 17.7% [11] - Indonesia's GDP growth rate for Q2 was 5.1%, reflecting improvements from investments and foreign trade, while Thailand's CPI fell to -0.7%, indicating a deflationary trend [11] - The U.S. has signed trade agreements with several Southeast Asian countries, reducing tariffs significantly, which may enhance trade relations and economic growth in the region [11] Group 3: Industry Policies - Indonesia is accelerating local production of electric vehicles and adjusting cryptocurrency transaction tax rates, while Thailand is strengthening green manufacturing standards [12] - Vietnam is decentralizing some economic management approval powers and increasing tax incentives for key sectors [12]

Core Viewpoint - Nomura Securities has upgraded Lenovo's rating to Buy and raised the target price to HKD 14, indicating a potential upside of 38% from the current stock price [1] Group 1: Rating Upgrade and Target Price - The upgrade is attributed to Lenovo's stock price being in a consolidation phase over the past six months, presenting a buying opportunity [1] - The target price increase is based on a projected earnings per share (EPS) of USD 0.15 for fiscal year 2026, applying a 12x price-to-earnings (P/E) ratio, compared to the previous EPS estimate of USD 0.14 [1] - Lenovo's current trading P/E is 8.6 times the expected EPS for fiscal year 2026 [1] Group 2: Market Demand and Performance Outlook - Strong demand for general servers and an increase in PC market share are expected to support Lenovo's performance, with potential earnings exceeding expectations for the April to June period [1] - The shift in capital expenditure from AI servers to general servers by leading clients, including international hyperscale companies and Chinese internet firms, is anticipated to drive server revenue growth [1] - Lenovo has gained market share in the U.S. and EU from competitors like Dell and HP, which will contribute positively to overall sales and profitability in the April to June period [1] Group 3: Future Projections - Looking ahead to 2026, Lenovo is expected to benefit from rising demand, particularly from Microsoft, with the recovery of H20 server shipments likely to generate additional revenue in the December quarter [2] - Despite early order pull-ins in the PC supply chain in the first half of 2025, the impact on Lenovo's PC shipment forecasts for the remainder of the year is expected to be limited, allowing for continued market share growth [2]

Core Viewpoint - Nomura Securities has upgraded Lenovo's rating to Buy with a target price of HKD 14, indicating a potential upside of 38% from the current stock price [1] Group 1: Rating Upgrade and Price Target - The upgrade is attributed to Lenovo's stock being in a consolidation phase over the past six months, presenting a buying opportunity [1] - The target price adjustment is based on a projected earnings per share (EPS) of USD 0.15 for fiscal year 2026, applying a 12x price-to-earnings (P/E) ratio, compared to the previous EPS estimate of USD 0.14 [1] - Lenovo's current trading P/E is 8.6 times the expected EPS for fiscal year 2026 [1] Group 2: Market Demand and Performance Outlook - Strong demand for general servers and an increase in PC market share are expected to support Lenovo's performance, with potential earnings exceeding expectations for the April to June period [1] - The shift in capital expenditure from AI servers to general servers by leading clients is anticipated to drive revenue growth in the server segment [1] - Lenovo has gained market share in the U.S. and EU from competitors like Dell and HP, which is expected to enhance overall sales and profitability for the April to June period [1] Group 3: Future Projections - Looking ahead to 2026, Lenovo is expected to benefit from rising demand, particularly with the anticipated recovery of H20 server shipments contributing additional revenue in the December quarter [2] - Despite early order pull-ins in the PC supply chain, the impact on Lenovo's PC shipment forecasts for the remainder of the year is expected to be limited, allowing for continued market share growth [2]

Core Viewpoint - Nomura Securities has upgraded Lenovo's rating to Buy with a target price of HKD 14, indicating a potential upside of 38% from the current stock price [1] Group 1: Rating Upgrade and Price Target - The upgrade is attributed to Lenovo's stock being in a consolidation phase over the past six months, presenting a buying opportunity [1] - The target price is based on a 12x price-to-earnings ratio of an expected earnings per share of USD 0.15 for the fiscal year 2026, compared to the previous estimate of USD 0.14 [1] - Lenovo's current trading price reflects a price-to-earnings ratio of 8.6 times the expected earnings for fiscal year 2026 [1] Group 2: Market Demand and Performance Outlook - Strong demand for general servers and an increase in PC market share are expected to support Lenovo's performance, with potential earnings exceeding expectations for the April to June period [1] - The shift in capital expenditure from AI servers to general servers by leading clients is anticipated to drive revenue growth in the server segment [1] - Lenovo has gained market share in the US and EU from competitors like Dell and HP, which is expected to enhance overall sales and profitability for the April to June period [1] Group 3: Future Projections - Looking ahead to 2026, Lenovo is expected to benefit from rising demand, particularly with the anticipated recovery of H20 server shipments, which could generate additional revenue in the December quarter [2] - Despite early order pull-ins in the PC supply chain, the impact on Lenovo's PC shipment forecasts for the remainder of the year is expected to be limited, allowing for continued market share growth [2]