As China's economic landscape enters the "second half" driven by new quality productive forces, the State Council has released the "Opinions on Deepening the Implementation of AI+ Actions," establishing a clear timeline and roadmap for China's artificial intelligence industry development. This policy document, regarded by the industry as the top-level design for "AI+," explicitly proposes achieving widespread and deep integration of artificial intelligence with six key sectors by 2027, with penetration rates of new-generation intelligent terminals and AI agents exceeding 70%, and surpassing 90% by 2030.
Against this backdrop, the strategic moves of Lenovo Group, a global technology giant, have become a sample worthy of in-depth analysis. Its "Smarter AI for All" hybrid artificial intelligence strategy, proposed ahead of the national strategy, aligns highly with the vision of "promoting inclusive sharing of artificial intelligence" outlined in the policy. Lenovo Group's full-stack "device-edge-cloud-network-intelligence" technology architecture and its practices in AI PCs and enterprise intelligent services have not only reshaped its valuation logic but also provided a unique perspective for Chinese enterprises on how to transform national strategies into commercial value.
**The Underlying Logic and Strategic Focus of "AI+"**
The policy designs a clear "action + support" framework. On one hand, through six key actions - "AI+" in science and technology, industrial development, consumption enhancement, public welfare, governance capabilities, and global cooperation - it clarifies the broad application scenarios for AI empowerment. On the other hand, through eight foundational supports including enhancing model capabilities, strengthening data supply innovation, and reinforcing intelligent computing power coordination, it provides guarantees for the large-scale implementation of these actions.
The systematic nature of this strategy aims to ensure that future competition will no longer be about single technological points, but comprehensive ecosystem competition encompassing technology, data, computing power, applications, and services.
Another prominent feature of the policy is its emphasis on "inclusive, economical, efficient, green, and secure" intelligent computing power supply. The policy explicitly proposes to "innovate intelligent computing infrastructure operation models and encourage the development of standardized, scalable computing cloud services," which highly aligns with the core advantages of hybrid AI architecture.
Financial and fiscal support policies constitute important pillars of this top-level design. The policy proposes to "increase financial and fiscal support in the artificial intelligence field, develop and strengthen long-term capital, patient capital, and strategic capital, and improve risk-sharing and investment exit mechanisms." This policy orientation will accelerate capital aggregation toward AI infrastructure and industry application fields, particularly benefiting technology companies with full-stack capabilities like Lenovo Group.
**Lenovo Case Study: "Inclusive" Practice of Hybrid AI**
Lenovo Group's layout in hybrid AI can be traced back to 2017. After years of accumulation, it has formed a distinctive strategic system. Today, Lenovo Group has become a corporate practitioner of the policy's spirit through its strategic and product capabilities.
Lenovo Group's hybrid AI strategy aims to combine personal intelligence, enterprise intelligence, and public intelligence in a complementary coexistence. This "hybrid" model is closely linked to its full-stack "device-edge-cloud-network-intelligence" technology architecture, forming the core of its differentiated competition.
Unlike internet giants (such as Baidu, Alibaba, Huawei) that focus on cloud-based large models and powerful computing infrastructure, Lenovo Group's strategy places the "device" side at the core. Lenovo Group believes that only by extending AI capabilities to terminal devices can issues such as data privacy, network latency, and localized applications be effectively addressed. This device-centric strategy enables it to leverage its leading position in the PC market to become one of the best carriers for AI technology "popularization."
In specific business practices, Lenovo Group's hybrid AI strategy presents a clear path:
First, betting early on AI terminals, Lenovo Group defines AI PCs as important gateways for hybrid artificial intelligence, featuring five characteristics: built-in personal large models with natural user interaction agents, local heterogeneous computing power (CPU/GPU, NPU), personal knowledge bases, open AI application ecosystems, and personal data and privacy security protection. The Lenovo Tianxi Personal Intelligence System (Tianxi AS) builds an intelligent collaboration platform connecting AI PCs, AI phones, AI tablets, and AIoT devices, which Lenovo Group calls "one system, multiple terminals."
These product layouts directly respond to the policy's target requirement of "penetration rate of new-generation intelligent terminals exceeding 70%." In the first quarter of fiscal year 2025/26, Lenovo Group's PC shipments increased 15.2% year-over-year, with market share reaching 24.6%. AI PC shipments accounted for over 30% of total PC shipments, and in the Chinese market, AI PCs with five characteristics accounted for 27% of total notebook shipments, laying a terminal foundation for large-scale hybrid AI deployment.
Second, in AI computing power, Lenovo Group's strategy is not simply pursuing cloud-based large model computing competitions, but focusing on building end-to-end infrastructure required for hybrid AI. Lenovo Group's AI infrastructure investments include developing AI edge computing, hybrid cloud, and servers and storage supporting AI workloads. This full-stack infrastructure solution from computing and storage to networking can address core pain points of AI implementation including performance, cost, and security, providing replicable and scalable AI inclusive solutions for various industries.
The release of the Wanquan Heterogeneous Intelligent Computing Platform further enhanced Lenovo Group's computing power scheduling capabilities under hybrid computing architecture, providing key support for national strategies such as "East Data, West Computing." Additionally, the sixth-generation Neptune liquid cooling system reduces data center power consumption by up to 40%, perfectly aligning with the policy's green AI concept.
The latest financial results show that Lenovo Group's AI server business revenue increased 155% year-over-year in the first quarter of this fiscal year, maintaining explosive growth. Liquid cooling technology solutions also achieved nearly 30% revenue growth.
Third, the synergistic effects at the industrial application level are more significant. The "AI + industrial development" action proposed in the policy is fully demonstrated in Lenovo Group's manufacturing solutions. Facing the era opportunity of manufacturing intelligence transformation, Lenovo Group leverages deep industry know-how and hybrid AI capabilities to launch manufacturing-specific agents such as "production operation agents" and "product quality inspection agents," creating deep integration and collaboration mechanisms covering the entire chain of "research, production, supply, sales, service, and operations."
Additionally, Lenovo Group has launched the LeXiang Enterprise Super Agent and various domain-specific agents including Lenovo Group sales agents, global supply chain agent iChain, Lenovo Group Baiying agents, marketing agents, and intelligent legal platforms. These have penetrated into specific business processes such as sales, legal affairs, and supply chain management, effectively improving work efficiency through multi-scenario AI applications.
In external empowerment, Lenovo Group has reached strategic cooperation with Xinhua News Agency's News Information Center for comprehensive collaboration in AI technology application, AI product development, and brand promotion. Simultaneously, Lenovo Group has established strategic partnerships with Fujian Wuyishan, Hubei Yichang, Shanghai Hongkou, and Inner Mongolia Hohhot. The Lenovo Group City Super Agent continues to create value in cultural tourism experiences, energy management, smart transportation, and industrial intelligence development, promoting smart cities toward the 4.0 era.
These cases fully demonstrate Lenovo Group's capability to move AI technology from theory to practical application, truly achieving industrial empowerment and "cost reduction and efficiency improvement."
**Capital Logic: Valuation Reshaping from "Hardware Cycles" to "AI Services"**
The release of the "AI+" top-level design is reshaping the AI industry landscape. Hybrid AI, as a key link connecting technology and industry, shows multi-layered diffusion effects in value release. For Lenovo Group, the growth momentum from strategic synergy has already emerged. In the first quarter of fiscal year 2025/26, revenue increased 22% year-over-year to RMB 136.2 billion, with non-HKFRS net profit increasing 22% year-over-year to RMB 2.816 billion, significantly enhancing profitability. The explosive growth of AI server business and leading market position in AI PCs became two core driving forces.
Meanwhile, non-PC business revenue has increased to 47% of total revenue. This indicates that growth no longer completely depends on PC shipments but is driven by more resilient AI services and solutions (SSG business). Wall Street analysts reveal that the market has begun reassessing Lenovo Group's value and raising its price-to-earnings (PE) valuation. Investors are viewing Lenovo Group as a "high-growth, high-profitability, high-certainty AI+ solutions and services provider."
This business structure diversification and profit model upgrade are providing Lenovo Group with more stable cash flow and broader growth space. Capital markets quickly captured this strategic opportunity, with multiple securities firms raising Lenovo Group ratings.
Huatai Securities gave Lenovo Group a target price of HK$16.0, maintaining a "buy" rating, believing in its "accelerated AI product implementation, record-high global PC market share, and continued growth in AI infrastructure and intelligent terminal demand." CICC maintained its outperform rating, noting that Lenovo Group's order backlog is expected to gradually materialize, and new-generation AI servers including NVIDIA GB300 platforms are expected to begin delivery in the second half of the fiscal year. HSBC and Citibank also raised target prices, optimistic about Lenovo Group's leading position in AI computers and continued growth momentum in server business.
Morgan Asset Management China Senior Fund Manager Li Dehui believes that artificial intelligence infrastructure (cloud infrastructure, data services, AI tool chains, etc.) is currently one of the most direct beneficiaries of policy promotion, with certainty comparable to computing hardware, and more likely to form industrial focus compared to vertical industry applications. AI infrastructure acts like "Lego blocks" connecting computing power and applications, serving as foundational support for upper-layer application implementation and a key bottleneck for many enterprises achieving AI transformation.
As AI application penetration increases, industry development may follow the transmission path of "computing power - cloud - infrastructure - intelligent agents." In the long term, the maturation and popularization of new-generation intelligent terminals and intelligent agents will profoundly reconstruct work and lifestyle patterns, potentially replicating the transformative effects of mobile internet across all sectors of society.
The national "AI+" top-level design has pointed the direction for China's AI industry future development and provided clear investment indicators for the market. Lenovo Group, with its hybrid AI strategy, appropriately responds to this macro narrative and, through its unique advantages in "device" and "edge," pushes AI from the cloud to the "last mile" of inclusive applications.