Goldman Sachs will include Lenovo in the July buy list, and infrastructure orders will continue to drive growth.

On July 4, Goldman Sachs Group, Inc. released its Asia-Pacific July strategy report, including LENOVO GROUP (00992) in its list of buy stocks for Hong Kong and Chinese concept stocks based on the Earnings Revision Leading Indicator (ERLI). This decision reflects market recognition of Lenovo's full-stack layout in the AI industry chain and resonates with the recent acquisition of nearly 200 million yuan in orders for intelligent rail transportation, highlighting its dual growth momentum in government-enterprise digitalization and consumer-grade AI terminals. Goldman Sachs Group, Inc. ERLI Model Endorsement: Lenovo's profit expectations are raised by institutions Goldman Sachs Group, Inc. published its July Asia-Pacific strategy report, listing the latest buy stocks (Hong Kong and Chinese concept stocks only) based on the Earnings Revision Leading Indicator (ERLI) guidelines: Tencent (00700.HK), Alibaba-W (09988.HK), Xiaomi-W (01810.HK), AIA (01299.HK), PDD Holdings Inc. Sponsored ADR Class A (PDD.US), Hong Kong Stock Exchange (00388.HK), Ping An Insurance (02318.HK), Kuaishou (01024.HK), China Life Insurance (02628.HK), PICC P&C (02328.HK), LENOVO GROUP (00992.HK), KINGDEE INT'L (00268.HK), AAC TECH (02018.HK), CICC (03908.HK), BYD ELECTRONIC (00285.HK), MNSO (09896.HK) With its comprehensive competitive strength in computing infrastructure, end-side AI terminals, and industry solutions, LENOVO GROUP has become one of the few technology companies covering hardware and services among the 16 selected Hong Kong and Chinese concept stocks. Generally, stocks with higher ERLI values indicate that their profit expectations are being revised upward, and the market is more optimistic about their future development. These stocks may be more valuable for investment with relatively greater potential for increase. Lenovo's selection means that its profit expectations for the next 12 months have entered the "upward adjustment channel" of institutions. It is worth noting that Lenovo is listed alongside internet giants Tencent, Alibaba, showing its unique value in hardware innovation. In terms of market performance, from June 30 to July 4, Lenovo's stock price rose by a cumulative 2.4% to 9.66 Hong Kong dollars at closing. Goldman Sachs Group, Inc.'s rating has injected confidence into its future trend. Morgan Stanley also released a research report, maintaining Lenovo's target price at 11.4 Hong Kong dollars and a "buy" rating. In the past 90 days, a total of 14 investment banks have rated Lenovo as a buy with an average target price of 14.73 Hong Kong dollars. Government-enterprise orders secured: winning nearly 200 million rail transportation intelligent project Just before the release of the Goldman Sachs Group, Inc. report, Lenovo won the first-phase project of the Tianjin Binhai New Area Rail Transit Network Operation Control Center, with a contract amount of 193 million yuan. The project covers the procurement and integration services of the line network center system equipment, with a construction period from August 2025 to the end of 2026, creating the "central brain" of intelligent rail transportation for the Binhai New Area. This bid not only continues Lenovo's traditional advantage in the smart city field but also signifies the scale-based landing of its AI infrastructure solutions in vertical industries. In fact, Lenovo has maintained strong competitiveness in the government-enterprise market. In May of this year, Lenovo (Beijing) Information Technology Co., Ltd. successfully qualified for the Haiguang chip server procurement project, winning the bid together with New H3C Information Technology Co., Ltd. and Dawning Information Industry Co., Ltd., with a bid amount exceeding 1.1 billion yuan. Improvement in industry chain fundamentals: AI computing demand grows exponentially For the demand for computing infrastructure, the larger market is in the AI field. In the capital market, the concept of computing has received much attention in the past week, with NVIDIA Corporation continuously setting new historical highs, reaching a total market value of approximately 3.89 trillion dollars, remaining the world's largest company by market value. The volume of its GB200 rack directly drives upstream hardware demand. It can be seen that there is a consensus on the improvement of the fundamental of the current AI industry chain. On the demand side, the token calls of global giants have shown explosive growth: Google's monthly token calls increased from 970,000 to 48 million in April 2024 to April 2025, and ByteDance's daily engine calls reached 1.64 trillion, an increase of 137 times. This hunger for computing power is expected to bring continuous orders for Lenovo's servers, storage, and liquid cooling solutions.