在2025年全年的PC市场，联想以7085.1万台的出货量（同比增长14.6%）、25.4%的市场份额继续位居 全球第一。紧随其后的前五厂商分别为惠普（20.6%）、戴尔（15.0%）、苹果（9.9%）、华硕 （7.2%）。如果从出货量的同比增速来看，苹果以16.4%的增速位居第一，戴尔的增速最低，只有 7.2%。 2025年PC市场整体表现良好，Omdia首席分析师Ben Yeh表示："2026年，由于设备更换需求尚未完全缓 解，供应侧压力将更加显著，供应将无法完全满足需求。实际出货量将取决于供应商的内存和存储采购 能力以及谈判筹码；除了规模之外，他们的过往业绩和与供应商的信誉将是决定其能否成功应对这一复 杂时期的关键因素。" Omdia于2025年11月对B2B渠道合作伙伴进行的一项调查显示，当被问及"您预计您的PC业务在2026年 的表现与2025年相比如何"时，57%的受访者预测2026年将实现增长，这表明，健康的需求环境将为那 些能够最好地管理供应的供应商带来强劲的机遇。 1月13日消息，根据市场研究机构Omdia的最新研究显示，2025年第四季度全球PC市场（包括台式机、 笔记本电脑和工作站）的总 ...

智通财经APP获悉，国际数据公司(IDC)最新发布的全球季度个人计算设备追踪(Worldwide Quarterly Personal Computing Device Tracker)初步数据显示， 2025年第四季度全球PC出货量同比增长9.6%，达到7,640万台，为动荡的2025年PC市场画上句号。 IDC全球移动设备追踪研究经理 Jitesh Ubrani补充表示，内存短缺正在影响整个行业，未来两年PC市场格局可能因此被重塑。大型消费电子品牌凭借规模 优势以及更有利的内存资源分配，有望从中小及区域性厂商手中进一步争夺市场份额。但与此同时，短缺的严重性也意味着部分小品牌可能难以维持运 营。对消费者而言，尤其是DIY 爱好者，可能会选择推迟购买，或将支出转向其他设备和体验。 除潜在的市场份额变化外，IDC预计2026年PC平均售价(ASP)将整体上行。为应对持续走高的组件成本，尤其是内存价格压力，厂商将优先保障中高端产 品供应。在此背景下，尽管整体出货量增长可能放缓，但随着组件供应商、PC制造商以及渠道伙伴陆续调整定价策略、以把握收入机会，PC整体市场销 售额有望实现提升，即便仍将面临供应趋紧的挑战。 ...

Omdia最新研究显示，2025年第四季度，台式机、笔记本电脑及工作站的总出货量达到7,500万台，同比增长10.1%。这使得 2025年全年PC出货量达到2.795亿台，较2024年增长9.2%。 尽管2025年整体PC市场表现良好，但从年中开始，存储与内存供应趋紧，并伴随价格上行压力。到2025年12月，PC厂商已 开始释放涨价预期，而供应不足也已经对 2026年的出货预期造成抑制。Omdia首席分析师叶茂盛（ Ben Yeh） 表示： "从 2025年第一季度到第四季度，主流PC内存与存储成本上涨了40%至70%，导致成本压力最终传导至客户。鉴于2026年供应 仍然紧张，行业正提升高端产品的比重，同时精简中低端配置以保护利润率。" 叶茂盛补充表示： "2026年设备更换需求尚未完全消退，供应端压力将更加突出，供应无法完全满足需求。实际出货表现将 取决于厂商在内存和存储上的采购能力与议价实力；除了规模之外，其在供应商体系中的履约记录与信誉，将成为能否在 复杂周期中突围的关键因素。" Omdia 在2025年11月对B2B渠道伙伴进行调研中询问： "相比 2025年，您预计2026年的PC业 务表现将如何？ ...

要点 Omdia最新研究显示，2025年第四季度，台式机、笔记本电脑及工作站的总出货量达到7,500万台，同比增 长10.1%。这使得2025年全年PC出货量达到2.795亿台，较2024年增长9.2%。其中，笔记本（含移动工作 站）在第四季度的出货量达到5,860万台，全年出货量达到2.204亿台，实现2025年同比8%的增长。台式机 （含台式工作站）在第四季度的出货量为1,620万台，全年出货量达到5,900万台，同比增长14.4%。 尽管2025年整体PC市场表现良好，但从年中开始，存储与内存供应趋紧，并伴随价格上行压力。到2025年12 月，PC厂商已开始释放涨价预期，而供应不足也已经对 2026年的出货预期造成抑制。Omdia首席分析师叶茂 盛（ Ben Yeh） 表示： "从2025年第一季度到第四季度，主流PC内存与存储成本上涨了40%至70%，导致成本 压力最终传导至客户。鉴于2026年供应仍然紧张，行业正提升高端产品的比重，同时精简中低端配置以保护利 润率。" 叶茂盛补充表示： "2026年设备更换需求尚未完全消退，供应端压力将更加突出，供应无法完全满足需求。实 际出货表现将取决于厂商在内存 ...

Group 1 - The rapid development of AI has led to significant price increases in memory, hard drives, and graphics cards, with memory prices soaring to the extent that a box of 100 memory sticks was valued at 4 million yuan, comparable to the price of a house in Shanghai [1] - Many brands of laptops and smartphones have unexpectedly raised their prices since the beginning of the year, reflecting a broader trend in the consumer electronics market [2] - Major PC manufacturers, including HP, Acer, Asus, and Dell, have collectively announced price increases for their products due to rising memory costs, with Dell's commercial computer prices increasing by 10% to 30% [3] Group 2 - Xiaomi's new smartphone, the Xiaomi 17 Ultra, has seen a price increase of 500 yuan compared to its predecessor, primarily due to rising memory costs, with other brands like Redmi and OPPO also adjusting their prices, some by as much as 20% [4] - IDC predicts that the average selling price of smartphones will rise to $465 by 2026, with total market revenue reaching $578.9 billion, marking a historical high [4] - The cost of memory semiconductors in smartphones has increased from 10%-15% to over 20%, with mid-range phones seeing storage costs approaching 30%, leading some budget models into negative profit margins [4] Group 3 - In contrast to other consumer electronics, AI glasses have not experienced widespread price increases due to rising storage costs, with recent government policies including smart glasses in subsidy programs [5] - Some AI glasses, like the XREAL One AR glasses, have even seen price reductions, with the XREAL 1S priced $50 lower than its predecessor [6] - The storage requirements for AI glasses are not as high as for smartphones, which may influence pricing strategies and profit margins in this segment [6]

Core Viewpoint - The analyst maintains a buy rating on Dell Technologies Inc. (DELL) stock, highlighting strong cash flows and an impressive backlog as key strengths [1]. Financial Performance - Dell Technologies has demonstrated notable cash flows, which are a significant factor in the analyst's positive outlook [1]. - The company has an impressive backlog, indicating strong future revenue potential [1]. Market Reaction - Following the analyst's update in July 2025, there was a rally in Dell's stock price; however, subsequent weakness has been observed [1].

Core Viewpoint - The analyst maintains a buy rating on Dell Technologies Inc. (DELL) stock, highlighting strong cash flows and an impressive backlog as key strengths [1] Financial Performance - Dell Technologies has demonstrated strong cash flows, which are a significant factor in the positive outlook for the stock [1] - The company has an impressive backlog, indicating robust demand for its products and services [1] Market Reaction - Following the analyst's update in July 2025, there was a rally in Dell's stock price, although recent performance has shown notable weakness [1]

Core Insights - The pressure of rising storage prices has begun to affect the consumer electronics sector, with major products like smartphones and laptops initiating price adjustments [1] - Leading PC manufacturers such as Lenovo, Dell, and HP have collectively raised prices by approximately 500 to 1500 yuan, while several new domestic smartphone models have increased prices by about 100 to 600 yuan [1] - AIoT chip manufacturers are experiencing varied impacts from the rise in storage prices, while companies in the supply chain, such as chip testing firms, are presented with new opportunities [1] - Analysts from brokerage firms suggest that a comprehensive and broad-based increase in storage prices is likely to materialize by 2026, driven by demand mismatches, capital expenditures, and technological migration, with the cycle potentially lasting until late 2026 or even 2027 [1]

Core Insights - The AI boom is significantly impacting the global PC market, leading to a challenging year for the industry, with predictions of reduced shipments and increased prices [1][2][3] - The shift in demand from personal computers to AI data centers has permanently altered the resource allocation and growth drivers within the industry [2][3][4] Market Dynamics - High bandwidth memory (HBM) demand from data centers is causing a severe reduction in supply and price increases for consumer-grade DRAM and NAND, leading to overall cost hikes for core components like GPUs and CPUs [1][3][4] - IDC forecasts a 6% to 8% increase in average PC prices by 2026, with some systems seeing price hikes of 15% to 20%, while global PC shipments may decline by 5% under neutral conditions [1][3] Supply Chain Challenges - The transition of memory production towards higher-margin HBM has resulted in a deliberate shortage of standard memory for consumer PCs, pushing prices up and altering the cost structure of the entire industry [6][8] - The industry is experiencing a permanent increase in cost structures due to the high-end technologies developed for AI servers, which will affect the pricing of standard PC components [6][8] Strategic Responses - Semiconductor giants are cautiously adjusting their production capacities to meet AI demands but are hesitant to invest heavily in new factories due to concerns over a potential "AI bubble" [8][19] - The current supply chain crisis is expected to lead to a prolonged period of supply shortages for consumer electronics, as the demand for high-performance components outstrips supply [8][19] Regional Insights - The Chinese PC market exhibits unique resilience, driven by government policies and a strong demand for digital transformation, which may not align with global trends of reduced shipments and increased prices [12][13] - The demand structure in China is diverse, with a significant user base that is pragmatic about performance and price, allowing for adjustments in purchasing behavior based on market conditions [14][15] Future Outlook - The ongoing transition in the PC industry is seen as a necessary adjustment rather than a decline, with the potential for a new equilibrium as AI infrastructure stabilizes and new chip capacities come online [10][26][30] - The market is expected to experience a shift towards higher-value products and a focus on local intelligence capabilities, which will redefine the competitive landscape [30][32][34]

Core Viewpoint - The article discusses the severe memory shortage affecting technology companies, particularly in the context of the CES trade show, highlighting the impact on product pricing and availability due to the shift in focus from DRAM to high-bandwidth memory for AI data centers [1][2][3]. Group 1: Memory Shortage Impact - The shortage of DRAM, essential for laptops and smartphones, is exacerbated by major manufacturers prioritizing high-bandwidth memory for AI applications, leading to significant price increases [2][3]. - Dell's COO Jeff Clarke stated that the current shortage is the worst he has seen, with demand far exceeding supply, and prices in the spot market have surged fivefold since September [3]. - Analysts predict that DRAM prices could rise by approximately 40% in Q4 2025, with potential increases of up to 60% in Q1 2026, indicating a prolonged shortage [3]. Group 2: Company Responses and Innovations - Phison Electronics has introduced aiDAPTIV, a product designed to enhance PC GPU memory bandwidth, allowing manufacturers to reduce DRAM capacity without sacrificing performance [5]. - Ventiva has developed a fanless cooling solution that frees up space in laptops for additional memory, addressing the physical limitations imposed by traditional cooling methods [6]. - Both companies aim to reduce reliance on cloud computing by enhancing AI capabilities on personal computers, which could shift demand dynamics in the memory market [7][8]. Group 3: Market Dynamics and Future Outlook - The article emphasizes the need for a coordinated effort among PC manufacturers, memory producers, and technology companies to address the memory crisis and avoid significant price hikes that could impact sales [8]. - There is a growing sentiment that if personal computers can meet the AI processing needs, the focus on data centers may need to shift, potentially leading to a reevaluation of memory production strategies [9].