联想集团：12 月 PC 出货超预期；内存成本上涨下韧性更强，稳居全球龙头；评级：买入

13 January 2026 | 10:58PM HKT Equity Research Lenovo (0992.HK): Dec-Q PC shipment outperformed; Global leader as more resilient under rising memory costs; Buy Lenovo delivered largely flat QoQ PC shipment in Dec-Q at 19.3m units (link), maintaining its largest market share globally with double digit shipment YoY at 14% (vs. 9.6% YoY of global PC shipment). The strong PC shipment growth echoes our positive view on Lenovo's leading market position in PC, and could also reflect consumption pull in under rising ...