<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1773822990.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1773822990.png"/></p>
<p>根据晨星的分析，苹果在中国大陆降低 App Store 佣金费用的决定预计将为领先的游戏公司腾讯和网易带来适度但重要的盈利提升。</p>
<p>这家 iPhone 制造商表示，将把应用内购买和付费交易的费用从 30% 降低至 25%，自周日生效。</p>
<p>此举是在中国这一其第二大市场面临日益加大的监管压力以及全球对其应用支付政策的审查日益增强的背景下做出的。</p>
<p>晨星分析师 Ivan Su 表示，费用降低，加上谷歌在其 Play Store 上采取的类似措施，可能会使中国游戏公司的运营利润在今年增长低个位数百分比。</p>
<p>晨星维持对腾讯 800 港元和网易 200 美元的公允价值估计，表明尽管近期有所上涨，这两只股票仍显著低估。</p>
<h2>对更广泛行业影响的潜力</h2>
<p>如果 Android 生态系统的参与者也采取类似措施，受益可能会扩大。</p>
<p>Su 指出，如果华为和小米的应用商店也降低佣金，开发者的运营利润增长可能会提高到中高个位数百分比。</p>
<p>降低平台费用预计将减轻开发者的成本压力，并改善在分销费用持续拖累盈利能力的行业中的利润率。</p>
<p>中国国家媒体估计，费用削减每年可为开发者节省超过 60 亿元的运营成本。</p>
<p>《经济日报》表示：“这一调整将……改善消费选择和信息透明度。”</p>
<p>“iOS 端数字商品和服务的溢价将逐步消除，会员订阅、游戏充值、直播打赏、小程序等场景的价格预计将下降，预计每年可为消费者节省近 10 亿元。”</p>
<h2>监管压力与地缘政治背景</h2>
<p>苹果的决定反映了其在应对中国的监管期望与北京和华盛顿之间的地缘政治紧张关系时所面临的微妙平衡。</p>
<p>该公司此前在中国推出新技术时遇到过障碍，包括与人工智能功能的监管审批相关的延迟。</p>
<p>与此同时，它一直在多元化其供应链，在贸易紧张局势加剧的情况下，将部分 iPhone 生产转移到印度。</p>
<h2>腾讯财报备受关注</h2>
<p>投资者的注意力现在转向腾讯即将发布的第四季度财报，预计将在周三市场收盘后公布。</p>
<p>市场估计腾讯的收入将达到约 1935 亿元，同比增长约 12%，较上一季度的增速有所放缓。</p>
<p>归属于股东的净利润预计将增长 16.4%，而运营利润率可能会环比下降至 36.6%，尽管仍在年度基础上有所改善。</p>
<p>游戏仍可能是核心增长驱动力，得益于国内游戏的稳定表现以及《Valorant Mobile》等新产品的强劲参与趋势。</p>
<p>然而，分析师警告称，国际游戏增长可能会放缓，因为某些游戏的单次收入贡献将趋于正常。</p>
<p>投资者将密切关注海外市场的基本动能是否保持不变。</p>
<p>与此同时，腾讯的广告业务预计将维持高单位数的增长，得益于人工智能驱动的改善，而金融科技和商业服务在消费者活动逐渐恢复的情况下可能会稳步扩张。</p>
<p>苹果降费将提升腾讯、网易在中国的利润率，分析师表示，文章首发于 Invezz。</p>

AAPX

视频游戏技术 ETF - ETFMG

电子游戏&电子竞技 ETF - VanEck Vectors

<p>根据晨星的分析，苹果将中国 App Store 的佣金费用从 30% 降低至 25% 预计将提升腾讯和网易的盈利能力。这一变化于周日生效，正值监管压力之下，可能使中国游戏公司的运营利润增加低个位数百分比。如果华为和小米等其他平台也采取类似措施，利润增长可能进一步上升。费用削减每年可为开发者节省超过 60 亿元，并改善消费者价格。投资者目前关注腾讯即将发布的财报，预计尽管国际游戏增长可能放缓，但收入增长和利润率将保持稳定</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1773822990.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1773822990.png"/></p>
<p>Apple’s decision to lower App Store commission fees in mainland China is expected to provide a modest but meaningful boost to the profitability of leading gaming firms Tencent and NetEase, according to Morningstar.</p>
<div class="lb-trans"><p>根据晨星的分析，苹果在中国大陆降低 App Store 佣金费用的决定预计将为领先的游戏公司腾讯和网易带来适度但重要的盈利提升。</p>
</div><p>The iPhone maker said it would reduce fees on in-app purchases and paid transactions to 25% from 30%, effective Sunday.</p>
<div class="lb-trans"><p>这家 iPhone 制造商表示，将把应用内购买和付费交易的费用从 30% 降低至 25%，自周日生效。</p>
</div><p>The move comes amid mounting regulatory pressure in China, its second-largest market, and growing global scrutiny of its app payment policies.</p>
<div class="lb-trans"><p>此举是在中国这一其第二大市场面临日益加大的监管压力以及全球对其应用支付政策的审查日益增强的背景下做出的。</p>
</div><p>Morningstar analyst Ivan Su said the fee reduction, alongside similar moves by Google on its Play Store, could lift operating profits of Chinese gaming companies by low single-digit percentages this year.</p>
<div class="lb-trans"><p>晨星分析师 Ivan Su 表示，费用降低，加上谷歌在其 Play Store 上采取的类似措施，可能会使中国游戏公司的运营利润在今年增长低个位数百分比。</p>
</div><p>Morningstar maintains fair value estimates of HK$800 for Tencent and $200 for NetEase, indicating both stocks remain significantly undervalued despite recent gains.</p>
<div class="lb-trans"><p>晨星维持对腾讯 800 港元和网易 200 美元的公允价值估计，表明尽管近期有所上涨，这两只股票仍显著低估。</p>
</div><h2>Potential for broader industry impact</h2>
<div class="lb-trans"><h2>对更广泛行业影响的潜力</h2>
</div><p>The benefits could widen if Android ecosystem players follow suit.</p>
<div class="lb-trans"><p>如果 Android 生态系统的参与者也采取类似措施，受益可能会扩大。</p>
</div><p>Su noted that if app stores run by Huawei and Xiaomi also cut commissions, operating profit growth for developers could increase to mid- to high-single-digit percentages.</p>
<div class="lb-trans"><p>Su 指出，如果华为和小米的应用商店也降低佣金，开发者的运营利润增长可能会提高到中高个位数百分比。</p>
</div><p>Lower platform fees are expected to ease cost pressures on developers and improve margins in an industry where distribution expenses have been a persistent drag on profitability.</p>
<div class="lb-trans"><p>降低平台费用预计将减轻开发者的成本压力，并改善在分销费用持续拖累盈利能力的行业中的利润率。</p>
</div><p>Chinese state media estimated the fee cut could save developers more than 6 billion yuan annually in operating costs.</p>
<div class="lb-trans"><p>中国国家媒体估计，费用削减每年可为开发者节省超过 60 亿元的运营成本。</p>
</div><p>“This adjustment will … improve consumption choices and information transparency,” the Economic Daily said.</p>
<div class="lb-trans"><p>《经济日报》表示：“这一调整将……改善消费选择和信息透明度。”</p>
</div><p>“The premium for digital goods and services on the iOS side will be gradually eliminated, and the prices of membership subscriptions, game recharges, live broadcast tips, mini programs, and other scenarios are expected to decrease, which is expected to save consumers up to nearly 1 billion yuan per year.”</p>
<div class="lb-trans"><p>“iOS 端数字商品和服务的溢价将逐步消除，会员订阅、游戏充值、直播打赏、小程序等场景的价格预计将下降，预计每年可为消费者节省近 10 亿元。”</p>
</div><h2>Regulatory pressure and geopolitical backdrop</h2>
<div class="lb-trans"><h2>监管压力与地缘政治背景</h2>
</div><p>Apple’s decision reflects a delicate balancing act as it navigates regulatory expectations in China while facing geopolitical tensions between Beijing and Washington.</p>
<div class="lb-trans"><p>苹果的决定反映了其在应对中国的监管期望与北京和华盛顿之间的地缘政治紧张关系时所面临的微妙平衡。</p>
</div><p>The company has previously encountered hurdles in rolling out new technologies in China, including delays linked to regulatory approvals for artificial intelligence features.</p>
<div class="lb-trans"><p>该公司此前在中国推出新技术时遇到过障碍，包括与人工智能功能的监管审批相关的延迟。</p>
</div><p>At the same time, it has been diversifying its supply chain, shifting a portion of iPhone production to India amid escalating trade tensions.</p>
<div class="lb-trans"><p>与此同时，它一直在多元化其供应链，在贸易紧张局势加剧的情况下，将部分 iPhone 生产转移到印度。</p>
</div><h2>Tencent earnings in focus</h2>
<div class="lb-trans"><h2>腾讯财报备受关注</h2>
</div><p>Investor attention is now turning to Tencent’s upcoming fourth-quarter results, due after markets close on Wednesday.</p>
<div class="lb-trans"><p>投资者的注意力现在转向腾讯即将发布的第四季度财报，预计将在周三市场收盘后公布。</p>
</div><p>Market estimates suggest Tencent will report revenue of around 193.5 billion yuan, marking roughly 12% year-on-year growth, a slowdown from the previous quarter’s pace.</p>
<div class="lb-trans"><p>市场估计腾讯的收入将达到约 1935 亿元，同比增长约 12%，较上一季度的增速有所放缓。</p>
</div><p>Net profit attributable to shareholders is expected to rise 16.4%, while operating margins may ease sequentially to 36.6%, though still improving on an annual basis.</p>
<div class="lb-trans"><p>归属于股东的净利润预计将增长 16.4%，而运营利润率可能会环比下降至 36.6%，尽管仍在年度基础上有所改善。</p>
</div><p>Gaming is likely to remain the core growth driver, supported by steady performance from domestic titles and strong engagement trends for newer offerings such as Valorant Mobile.</p>
<div class="lb-trans"><p>游戏仍可能是核心增长驱动力，得益于国内游戏的稳定表现以及《Valorant Mobile》等新产品的强劲参与趋势。</p>
</div><p>However, analysts caution that international gaming growth may moderate as one-off revenue contributions from certain titles normalise.</p>
<div class="lb-trans"><p>然而，分析师警告称，国际游戏增长可能会放缓，因为某些游戏的单次收入贡献将趋于正常。</p>
</div><p>Investors will closely track whether the underlying momentum in overseas markets remains intact.</p>
<div class="lb-trans"><p>投资者将密切关注海外市场的基本动能是否保持不变。</p>
</div><p>Meanwhile, Tencent’s advertising business is expected to sustain high-teens growth, aided by AI-driven improvements, while fintech and business services could see steady expansion as consumer activity gradually recovers.</p>
<div class="lb-trans"><p>与此同时，腾讯的广告业务预计将维持高单位数的增长，得益于人工智能驱动的改善，而金融科技和商业服务在消费者活动逐渐恢复的情况下可能会稳步扩张。</p>
</div><p>The post Apple fee cut to boost Tencent, NetEase margins in China, analysts say appeared first on Invezz</p>
<div class="lb-trans"><p>苹果降费将提升腾讯、网易在中国的利润率，分析师表示，文章首发于 Invezz。</p>
</div>

Apple fee cut to boost Tencent, NetEase margins in China, analysts say

- 苹果在中国降低 App Store 佣金费率至 25%，对腾讯和网易盈利有积极影响。  
- 根据业内估计，此举每年可为开发者节省超过 60 亿元人民币运营成本。  
- 监管压力下，苹果调整将改善消费者选择和透明度，并影响整个行业。

分析师称，苹果削减费用将提高腾讯和网易在中国的利润率