---
title: "《大行》里昂料中美关税博奕对腾讯及阿里经营影响有限"
description: "里昂研究报告指出，中美关税博弈对腾讯及阿里的经营影响有限。尽管市场情绪受挫，腾讯的业务主要集中在国内市场，已储备高性能晶片，并可通过多种方式管理需求。阿里国际市场占比小，云业务预计在 AI 需求和新晶片开发的推动下保持高速增长。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/260857131.md"
published_at: "2025-10-13T08:29:53.000Z"
---

# 《大行》里昂料中美关税博奕对腾讯及阿里经营影响有限

> 里昂研究报告指出，中美关税博弈对腾讯及阿里的经营影响有限。尽管市场情绪受挫，腾讯的业务主要集中在国内市场，已储备高性能晶片，并可通过多种方式管理需求。阿里国际市场占比小，云业务预计在 AI 需求和新晶片开发的推动下保持高速增长。

里昂发表研究报告指，美国与中国紧张局势升温，虽然打击市场情绪，但相信对腾讯 (00700.HK) 及阿里-W(09988.HK) 的业务经营影响应有限，相信美国的管制措施短期内难以遏止中国人工智能发展。

上周中美两国公布一系列出口管制措施後，阿里巴巴及腾讯上周五 (10 日) 股价分别急挫 8.5% 及 6.3%，相信是贸易紧张局势升温将对中国互联网股表现构成压力。但里昂指出，除游戏业务外，腾讯业务主要集中於国内市场，公司并已为未来发展储备足够高性能晶片，同时可透过采购国内替代品、采用多种型号及升级软件等方式管理晶片需求；而阿里国际已拓展至不同地区，美国市场占比极为有限，云业务预期可凭藉强劲 AI 需求及自主开发新晶片的推动，维持较高速增长。

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