Zhi Tong Cai Jing·2025-12-19 02:30Group 1 - The core viewpoint is that leading PC manufacturers such as Dell, Lenovo, HP, Apple, and Acer have the capability to withstand the impact of DRAM price increases expected in the second half of 2026 due to healthy inventory levels and procurement scale advantages [1] - These manufacturers are expected to gain slight market share increases, supported by their strong positions in the server, smartphone, and enterprise storage markets, which enhance their procurement capabilities and likelihood of securing memory supply priority [1] - The remaining manufacturers, holding about 25% of the market share, are projected to face challenges in competitive pricing strategies due to the need to purchase memory at higher premiums, creating opportunities for leading manufacturers to expand their market share in the mid-to-low price segments [1] Group 2 - The upgrade to Windows 11 is anticipated to be a major catalyst for the shipment volumes of Dell, Lenovo, and HP in 2026, as approximately 35%-40% of Windows PCs are still using older operating systems [2] - Over the past 12 months, Dell, Lenovo, and HP collectively accounted for 75% of global commercial PC shipments, indicating strong brand loyalty among commercial customers and a lower demand elasticity compared to the consumer market [2] - Manufacturers are expected to optimize configurations to support demand and maximize sales, despite the challenges posed by rising PC prices [2]