全球内存短缺危机来袭，下游品牌厂商被传亲自下场造存储晶圆？ 中经记者 陈佳岚 广州报道 据科技媒体Sakhtafzarmag报道，华硕计划于2026年第二季度开始进入DRAM（动态随机存取内存）制造 领域，以应对全球内存短缺。该传闻迅速被多家国际及中国大陆媒体转载。 对于上述情况，《中国经营报》记者向华硕中国区以及华硕总部采访求证，截至记者发稿，未获得回 复。 不过，记者注意到，中国台湾媒体中央社12月26日报道，华硕公司方面已回应，澄清并无投入存储器晶 圆厂的计划。 供需失衡直接推高了内存产品价格，给下游终端厂商带来巨大成本压力。Counterpoint Research的数据 显示，在成本转嫁与产品组合调整下，2026年全球智能手机平均售价预计上涨6.9%。 而PC行业或面临更大困境。市场机构IDC近日报告指出，若说智能手机市场面临压力，PC市场则正遭 遇颠覆性冲击。内存短缺的时间节点与微软Windows 10系统生命周期终止（换机周期）、AI PC市场推 广周期形成叠加，对PC行业构成"超级风暴"。 而目前，存储涨价已致使多家PC厂商计划在2026年提价，市面上在售的部分品牌平板产品价格也已经 上调。 ...

Core Viewpoint - The recent price increases by major PC manufacturers Lenovo, Dell, and HP, with rises of 15%-20%, are primarily driven by unprecedented surges in memory chip prices, specifically DRAM and NAND flash [1][2]. Group 1: Price Increase Drivers - The operating profit margins for Lenovo, HP, and Dell are notably low, with Lenovo at 8.3%, and HP and Dell at 5.8% and 6% respectively, making them vulnerable to cost fluctuations in memory components, which account for 15%-18% of total costs [2]. - DRAM prices have surged by 170% year-on-year, with forecasts indicating further increases of 5%-20% for DRAM and NAND contracts by Q4 2025 [2][4]. - The demand for high-performance memory products driven by the AI industry has led to a structural change in the semiconductor supply chain, causing a significant supply shortage for traditional PC memory components [4][6]. Group 2: Market Dynamics and Opportunities - The collective price increase provides a rare opportunity for PC giants to raise prices without losing market share, as the entire industry faces similar cost pressures [3][7]. - The transition from a volume-driven to a profit-centered business model is seen as a positive development by capital markets, alleviating concerns about future profitability [3][9]. - The end of Windows 10 support and the rising demand for AI-capable PCs are creating a rigid replacement demand, allowing manufacturers to pass on costs to business customers [5][7]. Group 3: Competitive Landscape - Lenovo's proactive inventory management, with a 50% higher stock of critical components, positions it favorably to navigate the supply shortages expected through 2026 [8]. - The price increases are expected to reshape the competitive rules in the PC industry, moving the focus from scale to profit quality, with gross margin stability becoming a key competitive indicator [9][10]. - The price hikes are not merely reactive but are strategic moves to establish pricing discipline and enhance pricing power within the industry [11].

Core Viewpoint - The recent price increase by major PC manufacturers Lenovo, Dell, and HP, with increases of 15%-20%, is primarily driven by unprecedented rises in DRAM and NAND flash memory prices, which has led to warnings from Wall Street regarding future profits and subsequent stock downgrades for these companies [1][2]. Group 1: Price Increase Reasons - The price increase is a response to a significant rise in memory chip costs, with DRAM prices soaring by 170% year-on-year, and predictions of further increases of 5%-20% for DRAM and NAND contracts by Q4 2025 [2][4]. - The cost of memory components constitutes 15%-18% of the total cost for PC manufacturers, making them highly sensitive to price fluctuations [2][4]. - The current memory price surge is attributed to a structural change in the semiconductor supply chain driven by the explosion of the AI industry, leading to a "super cycle" in memory demand [4][6]. Group 2: Market Dynamics - The collective price increase provides a rare opportunity for PC giants to raise prices without losing market share, as all major players face similar cost pressures [3][7]. - The demand from commercial clients, who prioritize reliability and total cost of ownership over initial purchase price, allows manufacturers to pass on costs more effectively [7][8]. - The end of support for Windows 10 and the rising demand for AI-capable PCs create a rigid replacement demand, further supporting the price increases [5][7]. Group 3: Competitive Landscape - The price increase marks a shift in the PC industry from a volume-driven model to a profit-centered approach, with a focus on maintaining gross margins [9][10]. - Companies like Lenovo, with a market share exceeding 25%, have positioned themselves advantageously by maintaining higher inventory levels and securing favorable contracts with suppliers [8][11]. - The price hikes are seen as a strategic move to establish pricing discipline and enhance pricing power, which is crucial for long-term profitability [10][11]. Group 4: Future Implications - The current price adjustments are expected to lead to a structural shift in the PC market, with average selling prices likely to rise rather than fall as seen in the past [10][11]. - Stable profits from core PC operations will provide the necessary cash flow for companies to transition towards higher-growth service and solution-oriented business models [11].

Omdia高级分析师Ashweej Aithal表示："2025 年第三季度体现了消费者热情高涨与商用市场稳健执行并行的特点。节庆促销活动以及更 广泛的高端产品供应，推动消费市场迎来了近几个周期中表现最强劲的季度之一，与此同时，尽管面临价格压力，企业客户仍然按计划 推进设备更新。" 2025年第三季度，印度消费市场同比增长 20%，主要受厂商在节日季到来前提前备货的推动。初期的销售动能来自电商平台的提前促销 活动，在各大主流电商渠道获得了强劲反响。随后，线下零售需求迅速跟进，厂商与渠道伙伴在折扣和返现方案上保持一致，持续支撑 了增长势头。这一协同发力的节庆促销显著拉动了整体消费需求。此外，得益于更高配置机型供应增加以及具有吸引力的返现政策，高 端笔记本出货量同比增长27%。 商用市场同比增长 7%，主要由企业客户更新计划的稳步推进以及既定升级项目的持续交付。大型企业严格按照既定更换周期执行，确 保了商用需求的稳定性。相比之下，中小企业在预期内存和显示面板等关键组件成本上涨的背景下仍保持谨慎。整体来看，预计中小企 业未来将逐步加大IT预算投入，为接下来几个季度更全面的更新换代奠定基础。 印度平板电脑市场出现明显 ...

Core Insights - The Indian PC market (excluding tablets) is projected to reach a record shipment of 4.9 million units in Q3 2025, marking a 13% year-on-year growth, driven by pre-festival stockpiling and stable commercial client deliveries [1] - The laptop segment is expected to account for 4 million units shipped, reflecting a 12% increase, while desktop shipments are anticipated to rise by 18% to 920,000 units [1] - In contrast, the tablet market is expected to decline by 19% year-on-year to 1.6 million units due to delays in government-led educational project tenders [1] Market Performance - The consumer market in India is projected to grow by 20% year-on-year, primarily driven by early stockpiling by manufacturers ahead of the festive season [3] - E-commerce platforms have seen strong initial sales momentum, followed by a rapid increase in offline retail demand, supported by consistent discount and cashback schemes [3] - High-end laptop shipments are expected to increase by 27% due to the availability of higher-spec models and attractive cashback policies [3] Commercial Market Dynamics - The commercial market is expected to grow by 7% year-on-year, driven by steady enterprise client upgrade plans and ongoing project deliveries [3] - Large enterprises are adhering to established replacement cycles, ensuring stable commercial demand, while small and medium enterprises remain cautious due to rising component costs [3] Tablet Market Trends - The tablet market is experiencing a significant decline, primarily due to delays in large-scale educational project deployments and continued low spending from private educational institutions [4] - However, the consumer tablet market has seen a 14% growth, driven by increased demand for affordable LTE models and stable adoption in entertainment and learning scenarios [4] Future Outlook - The Indian PC market is expected to continue its steady growth into 2026, with an overall growth rate of 2%, supported by ongoing device refresh cycles and the accelerated adoption of AI PCs in mainstream markets [1][6] - The commercial tablet market is anticipated to rebound in 2026 as previously delayed educational procurement projects are executed [7] - The growth of AI-enabled devices is expected to be one of the fastest-growing segments, with a broader range of price points and enhanced software experiences driving mainstream adoption [6] Shipment Forecasts - The total PC market in India is projected to grow from 14.1 million units in 2024 to 15.9 million units in 2025, reflecting a 12.8% growth rate [8] - The tablet market is expected to decline from 6 million units in 2024 to 4.9 million units in 2025, with a significant drop in government and educational sector shipments [8]

【环球网科技综合报道】12月3日消息，行业分析机构Omdia最新数据显示，2025年第三季度，中国PC 市场同比增长2%，达到1130万台。 展望未来，Omdia预计到2025年底，中国PC市场将同比增长5%，达到4150万台。增长动力来自上半年 稳健的消费需求和强劲的商用采购。预计这一趋势将延续至2026年，但由于消费需求进一步走弱，市场 预计将小幅下降2%。平板电脑市场预计在2025年底增长12%至3500万台，这一增长主要受国内厂商激 进的产品发布与定价策略带动；但在2026年，随着市场调整，出货量预计将回落9%至3200万台。（思 瀚） 根据Omdia发布的数据，台式机（包括台式工作站）出货量达到330万台，同比增长8%，主要由商用市 场强劲需求推动，该市场出货量增长了9%。笔记本（包括移动工作站）出货量维持在800万台，基本与 去年持平。 来源：环球网 此外，平板电脑市场继续保持强劲势头，出货量同比增长9%至880万台。Omdia分析师表示，持续的折 扣活动以及厂商直接提供补贴后价格，使平板电脑对中国消费者来说依然具备极高吸引力。华为、小米 和联想等厂商今年以来不断扩展更为多样化的产品组合，覆盖从基 ...

Core Viewpoint - HP Inc. reported its financial results for Q4 and the full year of fiscal 2025, showing a net revenue increase but announcing a significant restructuring plan that includes layoffs despite ongoing revenue growth [1][2][3]. Financial Performance - Q4 net revenue reached $14.639 billion, a year-over-year increase of 4.2%, while full-year revenue was $55.295 billion, up 3.2% [2][3]. - The printing segment generated $4.266 billion in Q4, down 4.2% year-over-year, while personal systems revenue was $10.353 billion, up 7.9% [2][3]. - The overall operating profit for HP was $1.169 billion, representing 8.0% of revenue, with a decrease of $71 million compared to the previous year [2]. Business Segment Analysis - The personal systems division, which includes laptops and desktops, was the main growth driver, achieving $10.4 billion in Q4 revenue, an 8% increase year-over-year, with a profit margin of 5.8% [6]. - In contrast, the printing division continued to struggle, with Q4 revenue of $4.3 billion, a 4% decline, and a similar drop in printing supplies revenue [9]. Restructuring and Layoffs - HP announced a restructuring plan that will involve laying off 4,000 to 6,000 employees by fiscal 2028, aiming for annual cost savings of approximately $1 billion [3][9]. - The restructuring is expected to incur about $650 million in costs, with $250 million anticipated in fiscal 2026 [9]. Market Challenges - HP's earnings forecast for fiscal 2026 fell short of Wall Street expectations, with projected non-GAAP diluted earnings per share between $2.90 and $3.20, below the consensus estimate of $3.33 [9]. - In the Chinese market, HP faced significant challenges, including a 23% decline in sales volume, making it the only top five brand to experience a drop [12]. - The competitive landscape in China is tough, with local brands like Lenovo gaining strength and HP's product appeal waning, particularly in the thin and light laptop segment [12].

Core Insights - The article discusses the significant transformation in cross-border logistics in Shanghai, particularly through the establishment of the Songjiang Air Pre-Station, which enhances efficiency and redefines air transport processes [1][4][6]. Group 1: Infrastructure and Policy Changes - The Songjiang Air Pre-Station, launched in July and officially opened in November, represents a pioneering model in cross-border logistics, integrating "district-port linkage" to optimize air transport processes [1][4]. - The transition from a traditional export processing zone to a comprehensive bonded zone has positioned Songjiang as an "innovation engine" for foreign trade, leveraging policy advantages and manufacturing strengths [2][3]. Group 2: Efficiency Improvements - The Air Pre-Station allows for efficient sorting, booking, and customs pre-declaration, significantly reducing the time and costs associated with traditional airport logistics, with customs efficiency improved by 30% and logistics costs decreased by 15% [4][6]. - The new logistics model enables enterprises to proactively manage their supply chains, transforming the logistics process from a passive waiting game to a streamlined operation [5][6]. Group 3: Economic Impact and Market Dynamics - The article highlights the diversification of Songjiang's foreign trade, with private enterprises showing a 40.3% year-on-year increase in import and export volume, now accounting for 40.2% of total trade [8]. - The shift from a reliance on a few dominant players to a more varied market landscape is evident, with new technology products driving growth and non-U.S. markets seeing significant increases, particularly in Belt and Road countries [8][9]. Group 4: Strategic Initiatives and Future Outlook - Songjiang is exploring the expansion of the Air Pre-Station's capabilities and considering future railway hub developments to enhance its integration into global supply chains [6][8]. - The region's approach combines institutional innovation and ecosystem development, aiming to transition from a manufacturing hub to a global resource allocation center [7][9].

Group 1 - HP plans to lay off 4,000 to 6,000 employees globally by the end of fiscal year 2028, representing up to 10% of its workforce [1] - The layoffs are part of a restructuring plan aimed at streamlining operations and adopting artificial intelligence, expected to save at least $1 billion annually [1] - The restructuring will incur approximately $650 million in costs, with about $250 million allocated for the fiscal year starting November 1, 2026 [1] Group 2 - For Q4 ending October 31, HP reported revenue of $14.6 billion, a 4% year-over-year increase, slightly above analyst expectations [2] - Net profit for the same quarter was $795 million, or $0.84 per share, up from $763 million, or $0.80 per share, in the previous year [2] - The personal systems segment, which includes desktops and laptops, generated $10.35 billion in revenue, an 8% increase, while the printing segment saw a 4% decline to $4.27 billion [2] Group 3 - HP's PC business growth is attributed to strong consumer demand for upgrades following the end of Windows 10 support, with projected PC shipment growth of 6.6% in 2025, but a decline of 2.2% in 2026 [2] - According to Omdia, global shipments of desktops, laptops, and workstations are expected to grow by 6.8% year-over-year in Q3 2025, reaching 72 million units [2] - Lenovo led the market with a 17% year-over-year increase in shipments, followed by HP with an 11% increase [3][4] Group 4 - HP's adjusted earnings per share for the current fiscal year are expected to be between $2.90 and $3.20, below the analyst average estimate of $3.32 [4] - For the first fiscal quarter ending in January, HP anticipates adjusted earnings per share of $0.73 to $0.81, also below analyst expectations [4] - Rising costs of computer storage chips are identified as a key factor affecting HP's performance guidance, potentially impacting profit margins [5]

Core Insights - Lenovo achieved impressive sales performance during the 2025 "Double 11" shopping season, with total online sales reaching 8.9 billion yuan, securing 19 championships in various categories on JD.com [1][2] - The success reflects Lenovo's effective "AI upgrade" strategy and its successful transformation of technology into enhanced user experiences [2][4] Sales Performance - In the laptop segment, Lenovo led the market by winning the self-operated sales champion and POP sales champion, excelling in various subcategories [1] - Lenovo dominated the gaming laptop category, achieving first place in self-operated sales, POP sales, and JD's selected store sales [1] - The desktop and all-in-one PC categories also performed well, with Lenovo ranking first in cumulative self-operated brand sales and real-time self-operated store sales [1] - In the tablet segment, Lenovo secured the top position in both Android and HarmonyOS tablet sales across multiple rankings [1] - The smartphone category showed strong performance, with significant breakthroughs in sales revenue and market share [1] AI Integration and User Experience - Lenovo's success is attributed to its comprehensive AI empowerment across products and services, moving beyond mere functionality to enhance user experience [3][4] - The Tianxi AI 3.5 has been upgraded to transition from an "assistant" to a "teammate," providing personalized and proactive user engagement [3] - The integration of AI capabilities into the service system has transformed service models from passive responses to proactive anticipations, setting new standards for intelligent services [3][4] Industry Trends - The consumer electronics market is shifting from a price-driven approach to a value-driven one, with users increasingly prioritizing intelligent experiences and long-term brand value [2][4] - Lenovo's approach sets a benchmark for the industry, emphasizing technology-driven and experience-focused strategies, which are essential for healthy market development [4] - The competitive landscape is evolving towards a focus on technology and user experience rather than just price competition, fostering a healthier industry environment [4] Future Outlook - Lenovo plans to deepen the iteration of Tianxi AI and expand its "one body, multiple ends" strategy, aiming to broaden AI applications across various consumer and service scenarios [4] - The company is committed to leading the new era of intelligent consumption by providing smarter, more convenient, and valuable products and services [4]