据香港交易所披露，摩根大通对联想集团有限公司的多头持仓比例于2026年2月16日从6.7%增至 6.76%。 来源：滚动播报 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or company Core Insights - Lenovo's ThinkStation P8 is positioned as the preferred workstation for global game developers, emphasizing its capabilities in creating characters, props, and environments, as well as performance capture and programming [2] - The ThinkStation P8 offers significant future-proofing with PCIe Gen 5 support, allowing for upgrades and flexibility in hardware [3] - The workstation is customizable to meet various production needs, featuring CPU options ranging from 12-core 4.7GHz to 96-core 2.5GHz processors, and GPU options including NVIDIA RTX professional-grade graphics [4] Summary by Sections - **Recommended Configuration for Asset Creation and Motion Capture**: - Operating System: Windows 11 Pro - CPU: AMD Threadripper PRO 7955WX (16-core @ 4.5GHz) - GPU: NVIDIA RTX 5000 Ada, GeForce RTX 4080 - Memory: 128GB - Storage: 1TB M.2 PCIe NVMe SSD and 2TB M.2 PCIe NVMe SSD [5] - **Recommended Configuration for Programming**: - Operating System: Windows 11 Pro - CPU: AMD Threadripper PRO 7965WX (24-core @ 4.2GHz) - GPU: NVIDIA RTX 4000 Ada - Memory: 256GB - Storage: 1TB M.2 PCIe NVMe SSD and 2TB M.2 PCIe NVMe SSD [5] - **Recommended Configuration for Character Body and Facial Capture**: - Operating System: Windows 11 Pro - CPU: AMD Threadripper PRO 7975WX (32-core @ 4GHz) - GPU: NVIDIA RTX 6000 Ada - Memory: 256GB - Storage: 1TB M.2 PCIe NVMe SSD and 2TB M.2 PCIe NVMe SSD [6] - **Recommended Configuration for Game Building**: - Operating System: Windows 11 Pro - CPU: AMD Threadripper PRO 7995WX (96-core @ 2.5GHz) - GPU: NVIDIA RTX 4000 Ada - Memory: 512GB - Storage: 1TB M.2 PCIe NVMe SSD and 2TB M.2 PCIe NVMe SSD [6] - **Recommended Monitors**: - ThinkVision P32pz-30 and ThinkVision P27pz-30, featuring 32-inch or 27-inch 4K mini-LED near-borderless displays with 99% Adobe RGB color gamut [8] - **Company Overview**: - Lenovo is a global technology giant with $62 billion in revenue, ranked 217th in the Fortune Global 500, employing 77,000 people across 180 markets, and focusing on providing smarter technology for everyone [8]

该行对联想集团2026财年第三季度(2025第四季)业绩持正面看法，预期公司凭借市场领先地位、规模优 势及更高比例商用产品布局，将较少受内存成本上涨冲击。联想服务器业务亦持续扩张，盈利能力提升 主要驱动因素包括通用服务器深入更多云服务供应商布局；人工智慧服务器扩张带动产品组合升级；以 及重组措施降低成本并提升营运效率。 高盛发布研报称，将联想集团(00992)2026财年第三季业绩纳入评估，维持2027至2029财年预测基本不 变。目标价由11.98港元升至12.53港元。维持"买入"评级。 ...

麦格理就联想集团发布研报称，该公司目标在2026年透过创新及高端产品组合提升市场份额，带动设备 业务收入增长。基础设施方案方案业务集团(ISG)重组计划旨在调整产品组合及员工配置，以捕捉快速 增长的推理需求。该行维持联想"跑赢大市"评级，上调目标价5%至12.93港元，因相信联想ISG业务扭 亏为盈进展良好。 来源：滚动播报 ...

麦格理发布研报称，联想集团(00992)目标在2026年透过创新及高端产品组合提升市场份额，带动设备 业务收入增长。基础设施方案方案业务集团(ISG)重组计划旨在调整产品组合及员工配置，以捕捉快速 增长的推理需求。该行维持联想"跑赢大市"评级，上调目标价5%至12.93港元，因相信联想ISG业务扭 亏为盈进展良好。 2026财年第三季(12月底止)业绩优于预期，收入同比增长18%，较麦格理预测及市场共识高出5%。该行 预测3月季度收入及经营溢利将同比增长13.8%及27.6%。预期ISG增长最为强劲，受惠于其155亿美元的 AI服务器管道，以及混合云端本地推理需求增加。该行相信联想已锁定足够内存供应，并计划动态调 整价格以应对零部件成本波动。麦格理调整联想2026年至2028财年非香港财务报告准则净利润预测，分 别上调4.3%、5.4%及下调3.1%，主要由于经营利润率调整。 ...

2026财年第三季(12月底止)业绩优于预期，收入同比增长18%，较麦格理预测及市场共识高出5%。该行 预测3月季度收入及经营溢利将同比增长13.8%及27.6%。预期ISG增长最为强劲，受惠于其155亿美元的 AI服务器管道，以及混合云端本地推理需求增加。该行相信联想已锁定足够内存供应，并计划动态调 整价格以应对零部件成本波动。麦格理调整联想2026年至2028财年非香港财务报告准则净利润预测，分 别上调4.3%、5.4%及下调3.1%，主要由于经营利润率调整。 智通财经APP获悉，麦格理发布研报称，联想集团(00992)目标在2026年透过创新及高端产品组合提升市 场份额，带动设备业务收入增长。基础设施方案方案业务集团(ISG)重组计划旨在调整产品组合及员工 配置，以捕捉快速增长的推理需求。该行维持联想"跑赢大市"评级，上调目标价5%至12.93港元，因相 信联想ISG业务扭亏为盈进展良好。 ...

Core Viewpoint - The report from Citi raises Lenovo Group's (00992) non-Hong Kong Financial Reporting Standards net profit forecasts for 2026 to 2028 by 7%, 11%, and 13% respectively, and slightly adjusts the target price from HKD 10.3 to HKD 10.4 while maintaining an "Outperform" rating [1] Group 1: Financial Performance - Lenovo Group's Q3 FY2026 performance exceeded market expectations, driven by strong revenue from the personal computer business and a 7.3% operating profit margin [1] - The company is expected to achieve positive growth in its smart devices business group in FY2026, supported by rising average selling prices driven by demand for AI personal computers and high-end models [1] Group 2: Market Outlook - The outlook for Lenovo Group in 2026 is more favorable than market concerns, with expectations that the company can pass on rising memory costs through retail price increases and improve bargaining power with suppliers [1] - The infrastructure solutions business group is expected to turn profitable, contributing to overall profit growth [1]

Core Viewpoint - The report from Credit Lyonnais indicates an upward revision of Lenovo Group's net profit forecasts for 2026 to 2028, driven by stable profit margins in personal computers and an increase in average selling prices [1] Group 1: Financial Projections - Lenovo Group's non-Hong Kong financial reporting net profit forecasts for 2026, 2027, and 2028 have been increased by 7%, 11%, and 13% respectively [1] - The target price for Lenovo Group has been slightly raised from HKD 10.3 to HKD 10.4 while maintaining an "outperform" rating [1] Group 2: Performance Insights - The third-quarter performance for the fiscal year 2026 exceeded market expectations, benefiting from strong revenue in the personal computer segment and a 7.3% operating profit margin [1] - The company anticipates positive growth in its smart devices business group for 2026, driven by increased demand for AI personal computers and high-end models, which will elevate average selling prices [1] Group 3: Strategic Outlook - The company is expected to pass on rising memory costs to consumers through retail price increases and improve its bargaining power with suppliers [1] - The infrastructure solutions business group is projected to return to profitability, contributing to overall earnings growth [1]

Core Viewpoint - Lenovo Group reported strong financial results for FY2026Q3, with significant revenue growth driven by efficiency optimization and a high-end product mix, despite a decline in net profit year-over-year [1] Group Summaries Revenue and Profit Performance - The company achieved revenue of approximately $22.204 billion, representing an 18% year-over-year increase and an 8.6% quarter-over-quarter increase [1] - Adjusted net profit reached $589 million, a 36% year-over-year increase, indicating a growth rate double that of revenue [1] - The adjusted net profit margin improved by 34 basis points to 2.7%, reflecting enhanced operational leverage and efficiency [1] Smart Devices Business Group - Revenue for the smart devices business group grew by 14% year-over-year, with operating profit increasing by 15% [2] - The profitability of personal computers, tablets, and other smart devices remained strong due to rising average selling prices and improved product mix [2] - The personal computer peripherals business experienced high double-digit revenue growth, significantly enhancing overall profitability [2] Infrastructure Solutions Group - The infrastructure solutions business group achieved record revenue of $5.2 billion, a 31% year-over-year increase, driven by an expanding customer base in cloud infrastructure [3] - A strategic restructuring plan was implemented, incurring a one-time restructuring cost of $285 million, aimed at optimizing product mix and improving operational capabilities [3] - The company anticipates this plan will accelerate its return to profitability in FY2027, with a goal of achieving annual net cost savings exceeding $200 million for the next three fiscal years [3] Solutions Services Business Group - The solutions services business group reported a quarterly revenue increase of 18%, marking 19 consecutive quarters of double-digit growth [3] - Operating profit margin improved to 22.5%, nearing historical highs, with maintenance and project solution services driving growth [3] - The company is strategically positioned in the fastest-growing areas of the IT services market, with a potential market size of $360 billion [3] Profit Forecast and Investment Rating - The company adjusted its profit forecast, expecting revenues of $80.144 billion, $87.600 billion, and $93.235 billion for FY2026 to FY2028, respectively [3] - Non-HKFRS net profits are projected to be $1.796 billion, $1.973 billion, and $2.111 billion for the same period, corresponding to non-HKFRS P/E multiples of 8.0x, 7.2x, and 6.8x [3] - The investment rating is maintained at "Buy" due to significant progress in hybrid AI [3]

Core Insights - The company reported a revenue of $22.204 billion for FY26Q3, marking an 18% year-over-year increase and a 9% quarter-over-quarter increase, with AI-related business revenue growing by 72% and accounting for 32% of total revenue [1] - The net profit attributable to shareholders was $546 million, a 21% decrease year-over-year but a 60% increase quarter-over-quarter, while adjusted net profit under non-Hong Kong financial reporting standards was $589 million, reflecting a 36% year-over-year increase and a 15% quarter-over-quarter increase [1] IDG Business (Intelligent Device Group) - The IDG business generated $15.755 billion in revenue for FY26Q3, representing a 14% year-over-year increase and a 4% quarter-over-quarter increase, driven by rapid growth in AI PC revenue and increased sales of high-end products [2] - The PC business revenue increased by 18% year-over-year, with Lenovo's global PC shipment market share reaching 25.3%, up 1.0 percentage points year-over-year, and AI PC penetration in the Chinese market rising to nearly 20% [2] - Smartphone sales and activations reached historical highs, primarily driven by strong performance of high-end models such as Edge and positive market feedback for ultra-high-end models like Motorola razr fold and Motorola Signature [2] ISG Business (Infrastructure Solutions Group) - The ISG business reported revenue of $5.176 billion for FY26Q3, a 31% year-over-year increase and a 27% quarter-over-quarter increase, with AI server revenue experiencing high double-digit growth [3] - The company has a project reserve amounting to $15.5 billion, and it delivered NVIDIA's GB300 NVL72 designed rack-level solutions during the period [3] - The revenue from liquid cooling solutions increased by 300% due to higher customer adoption rates, and a one-time restructuring cost of $285 million was incurred to optimize product mix and enhance productivity [3] SSG Business (Solutions and Services Group) - The SSG business achieved revenue of $2.652 billion for FY26Q3, reflecting an 18% year-over-year increase and a 4% quarter-over-quarter increase, marking 19 consecutive quarters of double-digit year-over-year growth [4] - The operating profit margin was 22.5%, close to historical highs, with maintenance services revenue increasing by 22%, project and solutions revenue up by 16%, and support services revenue also rising by 16% [4] - The core growth engines for the SSG business are maintenance services and project and solutions [4]