这种由AI需求驱动的涨价潮，被技术研究公司IDC描述为"前所未有的存储芯片短缺"，并将其视为设备 制造商的一场"危机"。市场的反应已十分剧烈：苹果股价在经历了自2022年以来表现最差的一年后， 2026年开局再度下跌4.4%，沦为纳斯达克100指数中表现最疲软的股票之一；惠普股价更是跌至2020年 11月以来的最低水平。 分析人士指出，目前的短缺并非传统的周期性波动，而是全球硅晶圆产能的战略性重新分配。这意味着 硬件制造商面临的成本压力短期内难以缓解，在这场存储行业的盛宴中，他们不得不为不断攀升的账单 买单。 冰火两重天的股价表现 过去一年，存储组件价格的飙升造就了美股市场中两极分化的景象。一方面，闪迪公司、美光科技公司 和西部数据公司等存储类股票成为市场的大赢家。进入2026年，闪迪以超过60%的涨幅领跑标准普尔 500指数，西部数据和美光也位列涨幅榜前列。 另一方面，硬件巨头则深陷泥潭。苹果股价在2025年仅上涨8.6%，并在新年伊始继续下挫。惠普在 2025年市值缩水近三分之一后，2026年初再度下跌6.8%。戴尔自去年10月创下历史新高以来，股价已 下跌28%。 全球科技硬件巨头正面临一场严峻的"利润 ...

智通财经APP获悉，过去一年，存储芯片价格飙升，使得Sandisk(SNDK.US)、美光科技(MU.US)和西部 数据(WDC.US)等公司成为市场上最热门的股票。但这也给其许多客户带来了麻烦。从苹果(AAPL.US) 到惠普(HPQ.US)，消费硬件设备制造公司面临着压力，因为它们对昂贵内存组件的需求变成了一种投 资风险——而且这种风险预计短期内不会逆转。 Tortoise Capital高级投资组合经理Rob Thummel表示："他们处境艰难。他们基本上只有两个选择：要么 接受利润率下降，但市场不会喜欢这样;要么提高价格以抵消更高的内存成本，但这样做可能会损害需 求。"Tortoise Capital管理着91亿美元的资产，并运营着一只专注于人工智能基础设施的交易所交易基 金。 Thummel称："只要内存价格居高不下(鉴于人工智能的需求，我们预计价格还会高企一段时间)，市场就 可能继续施压它们。"在业内标的中，他只看好戴尔，因为其服务器业务的增长抵消了内存价格上涨带 来的不利影响。 相比之下，存储设备公司在2026年伊始便表现强劲，Sandisk、西部数据、美光和希捷科技(STX.US)延 续了20 ...

智通财经APP获悉，高盛重新开始覆盖IT硬件与分销领域的多家公司。具体来看，该行予戴尔科技 (DELL.US)、慧与科技(HPE.US)、新聚思(SNX.US)、Penguin Solutions(PENG.US)"买入"评级，其中慧 与科技的目标价为31美元;予惠普(HPQ.US)、超微电脑(SMCI.US)"卖出"评级，目标价分别为21美元和26 美元;予英迈科技(INGM.US)"中性"评级——此前评级为"买入";首予美国网存(NTAP.US)"买入"评级，目 标价为128美元。 在个人电脑方面，分析师预计2026年的个人电脑需求将弱于市场目前的预期，原因是更新换代推动力减 弱以及价格上涨。分析师预计，投入成本上升对利润率和需求的影响将成为2026年的一个关键议题，尽 管现在评估价格上涨对需求弹性的影响还为时过早，但他们认为有机会选择性投资于那些运营模式和业 务结构更能应对这些阻力的公司。 分析师表示，IT硬件与分销行业在经历了2025年的平淡回报后(涨幅仅为4%，而标普500指数涨幅为 16%)，预计2026年的背景仍将波动，因为该行业将应对人工智能市场热情的起伏、对投入成本上升(例 如DRAM/NA ...

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，惠普发展公司,有限责任合伙企业取得一项名为"基于电池测量结果的用户简 档"的专利，授权公告号CN115136098B，申请日期为2020年1月。 ...

Group 1 - The global PC market is expected to see a 10.1% increase in total shipments in Q4 2025, reaching 75 million units, leading to an annual total of 279.5 million units, a year-on-year growth of 9.2% [1] - In Q4 2025, notebook shipments (including mobile workstations) are projected to reach 58.6 million units, with an annual growth of 8% to 220.4 million units. Desktop shipments (including desktop workstations) are expected to be 16.2 million units, with a 14.4% annual growth to 59 million units [1] - Lenovo leads the global PC market in Q4 2025 with a shipment of 19.3 million units and a market share of 25.8%, followed by HP (20.6%), Dell (16.7%), Apple (9.4%), and Asus (7.1%). Dell has the highest year-on-year growth rate at 26%, while Apple has the lowest at 1.9% [1] Group 2 - For the entire year of 2025, Lenovo maintains its position as the top vendor with 70.9 million units shipped and a market share of 25.4%, followed by HP (20.6%), Dell (15.0%), Apple (9.9%), and Asus (7.2%) [2] - Apple leads in year-on-year growth rate for 2025 at 16.4%, while Dell has the lowest growth rate at 7.2% [2] - Omdia's chief analyst indicates that in 2026, supply-side pressures will become more significant due to unresolved device replacement demands, affecting actual shipment volumes based on suppliers' procurement capabilities and negotiation leverage [2] - A survey conducted by Omdia in November 2025 shows that 57% of B2B channel partners expect growth in their PC business in 2026 compared to 2025, indicating a healthy demand environment for suppliers who can effectively manage supply [2]

Core Insights - The global PC shipments are projected to grow by 9.6% year-over-year in Q4 2025, reaching 76.4 million units, marking a strong end to a turbulent year for the PC market [1][5] - Factors influencing the PC market include the end of Windows 10 support driving upgrade demand, uncertainties around tariff policies leading to preemptive inventory stocking, and a tightening memory supply impacting pricing and availability [1][2][4] Market Overview - The PC market is expected to experience significant volatility in the coming year due to rapid changes in the memory market, with potential price increases and adjustments in average memory configurations to extend existing inventory usage [2][4] - The average selling price (ASP) of PCs is anticipated to rise in 2026 as manufacturers prioritize mid-to-high-end product supply to cope with increasing component costs, particularly memory prices [4] Company Performance - Lenovo led the market in Q4 2025 with shipments of 19.3 million units, capturing 25.3% market share, reflecting a 14.4% increase from Q4 2024 [5] - HP Inc. and Dell Technologies followed with shipments of 15.4 million (20.1% market share, up 12.1%) and 11.7 million (15.3% market share, up 18.2%) units respectively [5] - Apple and ASUS reported shipments of 7.1 million (9.3% market share, up 0.2%) and 5.4 million (7.1% market share, up 10.9%) units respectively [5] Yearly Shipment Data - Total PC shipments for 2025 reached 284.7 million units, an 8.1% increase from 263.3 million units in 2024 [6] - Lenovo maintained a leading position with 70.8 million units shipped in 2025, holding 24.9% of the market, while HP Inc. and Dell Technologies shipped 57.5 million (20.2% market share) and 41.1 million (14.4% market share) units respectively [6]

Core Insights - The global PC market is projected to see a total shipment of 75 million units in Q4 2025, marking a year-on-year growth of 10.1%, leading to an annual total of 279.5 million units, a 9.2% increase from 2024 [1][8] Group 1: Market Performance - In Q4 2025, notebook shipments (including mobile workstations) reached 58.6 million units, with an annual total of 220.4 million units, reflecting an 8% year-on-year growth [1] - Desktop shipments (including desktop workstations) in Q4 2025 totaled 16.2 million units, with an annual total of 59 million units, showing a significant year-on-year increase of 14.4% [1] - Lenovo continues to lead the PC market with a Q4 2025 shipment of 71 million units, a 14.4% increase year-on-year, and an annual total of 71 million units, up 14.6% [6] - HP ranks second with Q4 shipments of 15.4 million units, achieving growth both quarter-on-quarter and year-on-year [6] - Dell achieved a strong Q4 performance with a 26% year-on-year growth, resulting in an annual shipment of 42 million units, a 7% increase from 2024 [6] - Apple, maintaining the fourth position, became the fastest-growing vendor with an annual shipment of 28 million units, reflecting a 16.4% year-on-year growth [6] Group 2: Supply Chain and Pricing Dynamics - Despite the positive market outlook for 2025, there are concerns regarding tightening supply of memory and storage, leading to upward price pressures starting mid-2025 [3] - By December 2025, PC manufacturers began to anticipate price increases due to supply shortages, which are expected to impact 2026 shipment forecasts [3] - The cost of mainstream PC memory and storage increased by 40% to 70% from Q1 to Q4 2025, resulting in cost pressures being passed on to customers [3] - The demand for device replacements in 2026 remains strong, but supply-side pressures are expected to be more pronounced, affecting the ability to meet demand [3] - A survey indicated that 57% of B2B channel partners expect growth in PC business for 2026, suggesting a healthy market demand environment [3]

Group 1: Market Overview - Omdia's latest research indicates that total shipments of desktops, laptops, and workstations will reach 75 million units in Q4 2025, representing a year-on-year growth of 10.1% [1] - The total PC shipment for 2025 is projected to be 279.5 million units, an increase of 9.2% compared to 2024 [1][8] - In Q4 2025, laptop shipments (including mobile workstations) are expected to hit 58.6 million units, with an annual total of 220.4 million units, reflecting an 8% year-on-year growth [1] Group 2: Supply Chain and Pricing Dynamics - Despite the positive outlook for the PC market in 2025, there are concerns about tightening supply of memory and storage, leading to upward price pressures starting mid-year [3] - By December 2025, PC manufacturers began to anticipate price increases due to supply shortages, which are expected to impact 2026 shipment forecasts [3] - The cost of mainstream PC memory and storage has risen by 40% to 70% from Q1 to Q4 2025, resulting in cost pressures being passed on to customers [3] Group 3: Company Performance - Lenovo continues to lead the PC market, with Q4 2025 shipments reaching 7.1 million units, a year-on-year increase of 14.4%, and an annual total of 71 million units, up 14.6% [6] - HP ranks second, with Q4 2025 shipments of 1.54 million units, showing growth both quarter-on-quarter and year-on-year [6] - Dell achieved a strong Q4 performance with a 26% year-on-year growth, totaling 4.2 million units for the year, a 7% increase from 2024 [7]

Core Insights - Omdia's latest research indicates that the total shipment of desktops, laptops, and workstations will reach 75 million units in Q4 2025, representing a year-on-year growth of 10.1%. This will result in an annual PC shipment of 279.5 million units in 2025, a 9.2% increase from 2024 [1][2]. Shipment Performance - In Q4 2025, laptop shipments (including mobile workstations) will total 58.6 million units, with an annual total of 220.4 million units, achieving an 8% year-on-year growth for 2025 [2]. - Desktop shipments (including desktop workstations) will reach 16.2 million units in Q4, with an annual total of 59 million units, reflecting a 14.4% year-on-year increase [2]. Market Dynamics - Despite the positive outlook for the PC market in 2025, there will be tightening supply of memory and storage starting mid-year, leading to upward price pressures. By December 2025, PC manufacturers are expected to release price increase forecasts due to supply shortages impacting 2026 shipment expectations [4]. - The cost of mainstream PC memory and storage has risen by 40% to 70% from Q1 to Q4 2025, which will ultimately affect customer pricing. The industry is shifting towards higher-end products while streamlining mid to low-end configurations to protect profit margins [4]. Vendor Performance - Lenovo continues to lead the PC market, with Q4 2025 shipments reaching 7.1 million units, a year-on-year increase of 14.4%, and an annual total of 71 million units, up 14.6% [8]. - HP ranks second, with Q4 shipments of 1.54 million units, showing growth both quarter-on-quarter and year-on-year. Dell achieved a strong Q4 performance with a 26% year-on-year growth, totaling 4.2 million units for the year, a 7% increase from 2024 [8]. - Apple remains in fourth place and is the fastest-growing vendor for the year, with annual shipments of 28 million units, reflecting a 16.4% year-on-year growth. Asus ranks fifth, maintaining its position in both quarterly and annual rankings, with Q4 shipments of 530,000 units and an annual total of 20 million units, benefiting from a 7% growth in the holiday quarter [8]. Market Share Analysis - In Q4 2025, Lenovo holds a market share of 25.8%, HP at 20.6%, Dell at 16.7%, Apple at 9.4%, and Asus at 7.1%. The total shipment for the quarter is 74.8 million units, a 10.1% increase from Q4 2024 [9]. - For the entire year of 2025, Lenovo's market share is 25.4%, HP at 20.6%, Dell at 15.0%, Apple at 9.9%, and Asus at 7.2%, with total shipments reaching 279.5 million units, a 9.2% increase from 2024 [10].

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