On July 9, Lenovo Group rose 3.58% in regular trading, trading at HKD 23.12/share with turnover of HKD 682 million, extending the previous session's 8%-plus rally.

On the news front, multiple investment banks have intensively raised their target prices on Lenovo, all significantly above the current share price. Nomura raised its target to HKD 35, CICC raised to HKD 30, and Huatai maintained a buy rating with a HKD 32 target. CICC highlighted that Lenovo's ISG (Infrastructure Solutions Group) profitability has markedly improved, with the company's long-term 8% net margin target providing clear earnings guidance. The firm believes Lenovo's P/E valuation could continue converging toward the industry median. Additionally, AI server backlog orders have reached USD 21 billion, supporting a potential revaluation of the company's server business. BlackRock increased its holdings by approximately 21.3 million shares on June 26, further boosting market sentiment and partially offsetting earlier institutional selling pressure from JPMorgan's stake reduction.

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