联想蝉联三季度PC全球市占率第一：出货量同比增速超市场均值近2倍

Core Viewpoint - The global traditional PC market is experiencing robust growth, with Lenovo significantly expanding its market share and leading the industry in Q3 2025 [2][3]. Market Performance - In Q3 2025, global traditional PC shipments reached 75.9 million units, a 9.4% increase from 69.3 million units in Q3 2024 [2][3]. - Lenovo's PC shipments totaled 19.4 million units, capturing a market share of 25.5%, up from 16.5 million units and 23.8% market share in the previous year, reflecting a 17.3% year-over-year growth [3][4]. - The gap between Lenovo and its closest competitor, HP Inc., has widened to 5.7 percentage points [3]. Competitive Landscape - Dell Technologies experienced only a 2.6% growth, with its market share declining from 14.2% to 13.3%, indicating Lenovo's superior execution in capturing high-value enterprise upgrade orders driven by Windows 11 [4]. - The current market dynamics highlight the importance of supply chain stability and operational flexibility for PC manufacturers [4]. Strategic Advantages - Lenovo's success is attributed to its efficient operations, including a unique ODM+ manufacturing model and a flexible "global/local" operational strategy, allowing for effective cost control and rapid delivery [4]. - The company's global resource and local delivery model has established a robust risk mitigation mechanism, enabling it to capitalize on global market demands while minimizing the impact of regional fluctuations [4]. Future Outlook - Lenovo's leading position in the PC market provides a solid foundation for its transition into the AI PC era, as the industry shifts from OS-driven cycles to innovation driven by AI capabilities [5][6]. - Canalys predicts that by 2028, AI PCs will account for 70% of shipments, with a compound annual growth rate of 44% from 2024 to 2028 [6]. - Lenovo is actively pursuing its "hybrid AI" vision, focusing on comprehensive AI solutions for both personal and enterprise applications, which includes high-performance AI PCs and cloud computing infrastructure [6][7]. - In the first quarter of FY 25/26, Lenovo's AI PC shipments constituted over 30% of its total PC shipments, positioning it as a leader in the Windows AI PC market [6][7].