本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 10 月 21 日 联想集团 992 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 中国科技行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 服务器业务加速增长 摘要 稳健增长动能 中信里昂预计，通用服务器及 AI 服务器都将推动联想集团盈利增长。分析估计，公司将因 11.5 亿份认股权证的重估 而录得非现金亏损。联想集团仍是中信里昂在中国科技板块中的首选股。 催化因素 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 10 月 20 日发布的题为《Accelerating server business》的报告，中信里昂预计联想集团 2027 财年第二季度调整后净利润高于市场一致预期，主要得益于 服务器业务收入及利润率好于预期。中信里昂预计，2027 财年第二季度服务器业务收入将 ...

8 October 2026 | 5:48PM EDT Equity Research Dell Technologies Inc. (DELL): Key takeaways from investor field trip to HQ Key takeaways Neocloud AI server demand remains durable as Dell's competitive moat increasingly extends beyond component access. Management pushed back on the view that AI infrastructure is becoming commoditized, emphasizing that deployments typically involve dozens of design iterations, with DELL's abilities differentiated across four areas: system design, supply-chain procurement, We hos ...

J P M O R G A N North America Equity Research 09 October 2026 Hardware & Networking Channel Talk: Takeaways from Discussion with a Large U.S. VAR on Enterprise Spending and OEM Trends (1-212) 622-4527 manmohanpreet.singh@jpmchase.com Marc Vitenzon (1-212) 622-3342 marc.vitenzon@jpmchase.com J.P. Morgan Securities LLC We recently connected with leaders of the client device as well as server and storage practices at a large U.S. VAR to collect feedback on broader demand and customer spending trends in recent ...

Huaqin Co. (603296.SS): Data center business ramp-up with AI server, switch and Supernode total solution; Buy We remain constructive on the company's growing revenues exposure to data center business, supported by the rising China CSP spending on AI training/ inferencing servers, the company's capabilities to offer comprehensive product portfolio (AI server, general server, Supernode, switch etc.), and roll-out of its Supernodes solution. The company started the small-batch delivery of Supernode solution fr ...

October 18, 2026 11:00 PM GMT Lenovo | Asia Pacific 2QF27 Preview – Upside Driven by ISG | What's Changed | | | | --- | --- | --- | | Lenovo (0992.HK) | From | To | | Price Target | HK$46.00 | HK$49.00 | IDC reported weaker PC units, largely offset by higher ASPs. Strong general server and AI server demand for cloud and Neoclouds should drive a stronger ISG top-line, which we think the market underestimates. Reiterate OW, raise PT to HK$49. Key Takeaways We upgraded Lenovo to OW on July 9, and we think risk ...