匯豐研究：對中國AI股票的中長期前景表示看好，預計聯想、阿里巴巴將迎頭趕上
匯豐研究最新發布報告指出，隨着全球人工智能(AI)產業加速嚮應用層滲透，中國AI企業正迎來價值重估機遇。報告認爲，儘管中國AI產業鏈整體估值較美國存在折讓，但其應用類公司在收入增速及未來兩年股本回報率(ROE)改善潛力上顯著優於美國同業，市場輪動趨勢下，聯想集團(00992.HK)、阿里巴巴(09988.HK)等下遊應用端企業或成資金配置焦點。
報告認爲，在這些公司中，下遊人工智能表現突出的企業，例如聯想集團(00992.HK)、和阿里巴巴-W(09988.HK)、百度-SW(09888.HK)，可能會迎頭趕上。
其中，聯想集團(00992.HK)憑藉AI終端與算力基建的雙輪驅動，很可能成爲本輪重估行情的核心受益者。
匯豐研究指出，自2020年以來，中國AI應用類企業收入增速持續領先美國同業，且市場普遍預期未來兩年兩者的ROE差距將大幅收窄。這一趨勢與政策導向高度契合——2025年《政府工作報告》首次將"人工智能手機和電腦"列爲重點發展領域，強調通過"人工智能+"行動推動技術商業化落地。
在此背景下，聯想集團的戰略佈局與政策方向已然形成深度綁定：
1.AI終端：聯想全球首發端側部署DeepSeek大模型的AI PC產品，支持7B參數本地化推理，顯著降低用戶使用成本。
2.算力基建：聯想服務器在過去四個季度保持國內增速第一，穩居中國市場第一陣營。其AI服務器業務在2024年市場份額躍居國內第三。
3.混合式AI生態：通過"端-邊-雲-網-智"架構，服務90%中國製造500強企業，覆蓋工業質檢、遠程運維等高價值場景。
近期聯想集團(00992.HK)市場表現，也進一步驗證戰略成效。高盛、華泰證券等多家投行上調目標價，預計2025年AI PC滲透率將推動聯想營收增長18%，毛利率穩定於16.6%。
未來，AI PC與服務器業務的爆發性增長有望驅動估值向全球科技龍頭靠攏。
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