距离 Windows 10 停止支持只剩下短短 4 天时间——10 月 14 日，微软将正式关闭这一操作系统的安全更新通道。这一消息对于全球数亿用户而言，无疑 是个巨大冲击。 而与此同时，近日微软还进一步收紧了 Windows 11 的升级限制，使得更多老设备用户面临升级受限甚至被迫淘汰的境地：在最新的 Windows 11 预览版 中，微软正式移除了 Windows 安装程序（OOBE）中用于创建本地帐户的已知机制。 OOBE 离线安装被判"死刑" 先简单介绍一下。在微软对此进行限制之前，过去用户在安装Windows 11时，系统会要求先进行网络连接并登入Windows账号，但用户可以在此界面按下 shift + F10并输入oobe\bypassnro，等待重启后便会出现"没有网络连接"的选项，以此跳过Windows网络激活，使用本地账号来安装Windows。 4 天后 Win10 停服，全球 4 亿设备或陷入风险 就在 Windows 11 提高安装门槛的同时，4 天后，也就是10 月 14 日，微软将正式停止支持 Windows 10，这意味着： 要知道，根据 FBI 数据显示：2024 年，美国用户 ...

待重新进入联网界面，左下角选择"我没有Internet链接"选项，即可使用本地账号离线安装Windows 11。 当你带着一台新电脑回家，开机的那一瞬间无疑是期待感满满。可现在，Windows 11的用户在开机第一步就 会遇到"拦路虎"。微软此前预留的各种绕过联网激活Windows 11系统的方法和命令均在最新版中失效。 近日，微软分别面向 Beta 通道和 Dev 通道的测试者推出了Build 26120.6772 和 26220.6772 版本。此次更新 的核心变化是移除了 Windows 安装程序 (OOBE) 中用于创建本地账户的传统方法。 新规则要求用户首次开机时，必须联网登录微软在线账户（Microsoft Online Account）才能完成系统设置流 程。 在此前，如果你不想联网，无网络安装 Windows 11、创建本地账号，只需要在安装 Windows 11 时的登录页 面，按下 Shift+F10 按键，打开命令提示符，输入特定命令如"oobe\bypassnro"并回车，电脑会重启。 但目前这一离线安装方式已被封堵，包括修改注册表、输入无效邮箱地址在内的其他变通方案，也均无法跳 过强 ...

针对PC更新周期，杰富瑞分析师乔纳森·马图谢夫斯基(Jonathan Matuszewski)指出，截至上月底，61% 的美国Windows用户运行Windows 11系统，35%仍在使用Windows 10，另有4%使用其他版本的Windows 操作系统。他强调，当前使用这款即将停止支持的操作系统(Windows 10)的设备占比，较过去几次系统 更新周期处于历史高位。 由此可得出结论：台式机与笔记本电脑的更新需求可能比预期更强劲。马图谢夫斯基分析称："我们预 计，未来几个季度，Windows 10设备的持续更新需求将为百思买的电脑销售提供支撑。" 微软(MSFT.US)将于10月14日停止对Windows 10系统的支持。在此日期之后，Windows 10将不再接收微 软提供的安全更新、软件更新及技术支持。分析师指出，这一变动或将推动百思买(BBY.US)的电脑销 售增长。 据了解，若用户在该日期后仍继续使用Windows 10，随着安全威胁被发现却无法修复，设备面临的安 全风险将日益加剧。尽管部分设备符合付费安全更新计划的条件，但这也仅是临时解决方案。 值得关注的是，分析师表示，近期商用笔记本电脑与台式 ...

全球PC出货量持续增长，但美国PC市场被关税"绊住"，需求持续放缓。 北京时间10月9日，国际数据公司（IDC）发布了《全球季度个人计算设备跟踪报告》初步数据，2025 年第三季度全球PC出货量同比增长9.4%，总出货量 达 7580万台。 不同地区的市场情况存在显著差异。IDC数据显示，今年第二季度，美国PC市场出现零增长，世界其他地区同比增长9%；到了第三季度，IDC统计口径 有所调整，其中美洲地区PC市场仅增长1%。而在更早的第一季度，PC产业链企业为应对关税政策调整曾加快对美国市场的出货节奏，随之带来的是渠道 库存大幅增加。与此同时,消费者支出减弱，这也导致接下来几个季度的增长放缓。 对比之下，全球其他地区PC市场保持强劲需求，第三季度亚太地区（含日本与中国）和欧洲、中东和非洲地区（EMEA）的PC市场实现了两位数的增 长，增速均达14%。 尤其在复杂的全球贸易环境下，全球化布局、供应链的灵活性和抗风险能力考验着全球PC厂商。此前有PC厂商称将转向优先考虑新兴市场、亚太地区和 欧洲市场，也有PC厂商考虑墨西哥工厂承接北美订单。 与此同时，人工智能已经成为PC行业增长的关键抓手。市场研究机构Canaly ...

不同地区的市场情况存在显著差异。IDC数据显示，今年第二季度，美国PC市场出现零增长，世界其他 地区同比增长9%；到了第三季度，IDC统计口径有所调整，其中美洲地区PC市场仅增长1%。而在更早 的第一季度，PC产业链企业为应对关税政策调整曾加快对美国市场的出货节奏，随之带来的是渠道库 存大幅增加。与此同时,消费者支出减弱，这也导致接下来几个季度的增长放缓。 IDC 全球移动设备跟踪项目研究副总裁让・菲利普・布沙尔（Jean Philippe Bouchard）表示："该市场持 续受到美国进口关税冲击与宏观经济不确定性的影响。尽管存在这些因素，但市场对适配Windows 11 的新款个人电脑的需求很可能会持续至2026年。"此前，另一家机构Canalys预计关税影响下2025年美国 PC市场出货量增幅仅约2%。 全球PC出货量持续增长，但美国PC市场被关税"绊住"，需求持续放缓。 北京时间10月9日，国际数据公司（IDC）发布了《全球季度个人计算设备跟踪报告》初步数据，2025 年第三季度全球PC出货量同比增长9.4%，总出货量达 7580万台。 从各家PC厂商的市场份额看，联想集团、惠普、戴尔、苹果、华硕位列 ...

Global PC shipments grew 9.4% year-over-year in the third quarter of 2025, reaching 75.9M units, according to preliminary data from IDC’s Worldwide Quarterly Personal Computing Device Tracker. The market continues to benefit from the Windows 11 upgrade cycle and the replacement of aging ...

Core Insights - HP is focusing on integrating AI capabilities into its products, allowing consumers to run AI applications on PCs, printers, and headsets, enhancing user experience through interconnected devices [2][11] - The company has successfully transitioned its manufacturing from China to Southeast Asia, Mexico, and some sites in the US, completing this shift by the end of June [12][13] - HP has experienced growth in its PC business over the last five consecutive quarters, indicating a positive trend in the refresh cycle driven by new software releases like Windows 11 [20][21] AI Integration - HP aims to provide AI functionalities in printers to improve printing accuracy, such as automatically correcting document formatting issues [4][11] - The introduction of the HP AI companion tool will allow users to analyze confidential information locally on their PCs without needing to upload it to the cloud [5][11] - Collaborations with major chip manufacturers like Nvidia, AMD, Qualcomm, and Intel are crucial for HP to enhance its AI capabilities at the edge [6][7] Manufacturing Strategy - The company has moved production out of China due to pressures from the US government, with ongoing evaluations on whether to bring more manufacturing back to the US based on tariff regulations [12][13][14] - The uncertainty surrounding tariff processes is acknowledged, impacting future manufacturing decisions [14] Market Position and Growth - HP's stock performance has seen an 83% increase over the past two years, but it lags behind competitors like Apple and Dell, which have seen significantly higher growth [17] - The company believes that the long-term perspective of the PC market, combined with AI integration, will create value and drive investor interest [18][19] - The ongoing PC refresh cycle, fueled by new software releases, is expected to sustain growth in the coming quarters [20][21]

【#Windows10将终止更新#】2周之后，微软将终止为Windows 10作系统提供安全更新，引发众多消费 者不满，有用户担心得买新电脑才能免遭网络攻击。 Windows 10于2015年推出，微软自今年10月14日起将不再提供更新。 美国知名网络安全平台KnowBe4的专家克雷默（Martin Kraemer）解释，由于Win10已是许多网络攻击 的目标，系统更新能提供定期修补。 微软已呼吁用户升级至2021年推出的Win11。 至于电脑硬件无法与这套最新版OS兼容的用户，微软也 提供1年30美元的延长Win10安全更新服务。 然而，不少消费者团体批评微软做法。 美国的消费者报道上周在博文中表示，某些前几年才卖出的Win 10硬件无法与新系统兼容，导致消费者面临不得不付费延长安全更新，伤了钱包。 此外，法国的《终结计划性汰旧》（End Planned Obsolescence，HOP）等团体联名要求微软将免费系统 更新延长至2030年。 德国的消费者保护总会（Verbraucherzentrale）5月也指出，微软的行为令消费者无法在无顾虑之下做出 购买决定。 据美国消费者报道统计，截至8月，全球有6. ...

Economic Overview - A combination of economic challenges and geopolitical disputes is affecting global markets, with declining consumer confidence in the U.S. and significant corporate restructuring in Europe [2] - U.S. consumer sentiment has dropped to 55.1 in September, the seventh-lowest reading since 1952, driven by inflation fears and trade policy concerns [3][8] - Despite consumer pessimism, personal consumption expenditures increased by 0.6% in August, indicating some resilience in consumer spending [3] Legal and Regulatory Developments - Sixteen U.S. states and Washington, D.C., have filed a lawsuit against the Trump administration over threats to withhold federal sex education grants, potentially costing states over $35 million [4] - The Department of Justice is investigating George Soros's Open Society Foundations for alleged ties to terrorism, with accusations of over $80 million in funding to extremist groups [5] Corporate Adjustments - Volkswagen is implementing production cuts at several German plants due to weak demand for electric vehicles, with EVs only making up 16% of new car sales in Europe [8][10] - Deutsche Lufthansa plans to reduce its administrative workforce by 20%, resulting in approximately 3,000 job cuts, as part of a cost-cutting strategy following profit warnings [11] Currency and Economic Instability - The Turkish Lira has reached a new all-time low against the U.S. Dollar at 41.3580 TRY/USD, reflecting ongoing economic instability and high inflation [12] Technology Sector Updates - Microsoft is set to end support for Windows 10 on October 14, 2025, which may leave millions of PCs vulnerable unless users upgrade to Windows 11 or opt for paid Extended Security Updates [13] Defense Contracts - Lockheed Martin's Sikorsky subsidiary secured a $10.85 billion contract from the U.S. Navy for the construction of up to 99 CH-53K King Stallion helicopters, marking the largest order for this aircraft [9]

Financial Data and Key Metrics Changes - Consolidated gross billings reached $22.7 billion, growing 12%, with a 10% increase in constant currency [3][4] - Non-GAAP diluted earnings per share of $3.58, a 25% year-over-year increase, exceeded guidance [4][14] - Net revenue was $15.7 billion, up 7% year-over-year, above the high end of guidance [12][14] - Gross profit increased 18% year-over-year to $1.1 billion, with gross margin as a percentage of gross billings at 5% [12][14] - Non-GAAP operating income rose 21% year-over-year to $475 million, with an operating margin of 2.09% [14] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings increased 10% year-over-year, driven by demand for PCs and AI PCs [10][14] - Advanced Solutions portfolio gross billings grew by 13% year-over-year, with a notable 8% increase excluding HIVE [11][14] - HIVE gross billings increased in the mid-30s year-over-year, with ODM/CM gross billings up 57% [4][12] Market Data and Key Metrics Changes - Strong double-digit growth in gross billings was observed in Latin America and Asia Pacific & Japan [5] - SMB and MSP segments grew substantially above the company average in most geographies [5] - U.S. public sector business saw low single-digit growth, with state and local strength offset by federal softness [6] Company Strategy and Development Direction - The company is focused on a differentiated and specialized go-to-market strategy to strengthen its competitive position [6][9] - Plans to enhance the Destination AI Enablement Program to support partners in adopting AI solutions [7] - A unified portal, TD SYNNEX Partner First, is being launched to optimize partner experience and streamline operations [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, particularly in HIVE and distribution [19][30] - The company anticipates sustained demand for PCs driven by the Windows 11 refresh cycle and AI PCs [23] - For Q4, gross billings are expected to be in the range of $23 to $24 billion, with net revenue between $16.5 to $17.3 billion [16][17] Other Important Information - Free cash flow for the year is expected to be approximately $800 million, with Q4 free cash flow projected around $850 million [24][25] - The company returned $210 million to stockholders in the quarter, with $174 million in share repurchases and $36 million in dividends [14] Q&A Session Summary Question: HIVE dynamics in fiscal forecast - Management noted strong growth across all programs and customers, with confidence in continued demand for Q4 [19][20] Question: Comments on PC pull forward and free cash flow expectations - Management indicated limited pull forward for PCs, driven mainly by the Windows 11 refresh and AI PCs [23] - Free cash flow expectations adjusted to approximately $800 million for the year, with Q4 expected to contribute significantly [24][25] Question: Sustainability of current performance - Management believes the dynamics driving overperformance will continue into Q4, particularly in distribution and HIVE [29] Question: Progress in onboarding new customers for HIVE - Management confirmed ongoing diversification of the customer base, with growth primarily from networking and traditional compute [32][33]