<p>美国三大运营商——<strong>AT&amp;T Inc.</strong> (NYSE: T)、<strong>Verizon Communications Inc.</strong> (NYSE: VZ) 和 <strong>T-Mobile US, Inc.</strong> (NASDAQ: TMUS)——的促销活动在 2026 年第二季度前逐渐升温，反映出后付费市场竞争的加剧。</p>
<p>高流失率仍然是一个关键驱动因素，因为许多用户在 36 个月的融资计划到期后重新进入市场进行设备升级。这些计划的到期也消除了换网障碍，使客户可以在不偿还未结余额的情况下更换运营商。</p>
<p>Counterpoint Research 在其美国每周智能手机促销跟踪器中引入了一个促销指数，以量化面向消费者的价值。该指数从 0 到 100 评分，评估货币利益和获取优惠的摩擦。更高的分数表明后付费和预付费细分市场、OEM 和设备之间的促销竞争力更强。</p>
<p>尽管 2026 年初的后付费促销最初落后于去年，但趋势正在逐年改善。<strong>Samsung Electronics Co., Ltd.</strong> (OTC: SSNLF) Galaxy S26 系列的晚期发布促进了更强的预发布促销活动，得益于更高的设备补贴和更少的资格要求。这与 AT&amp;T 的 <strong>John Stankey</strong> 之前的评论一致。</p>
<h2>预付费促销集中于关键设备</h2>
<p>相比之下，预付费促销在逐年减弱，因为运营商重新分配市场营销支出。活动越来越集中于有限的一组 “冠军设备”，未能支持更广泛产品组合的品牌失去了可见度。<strong>Motorola</strong> 继续对旧型号维持激进的折扣，而像 Orbic 这样的较小参与者则看到促销支持减少。</p>
<h2>三星提价伴随更高补贴</h2>
<p>三星对其 Galaxy S26 系列的部分产品提价，包括 S26 256GB 上涨 5% 和 S26 Plus 256GB 上涨 10%。美国运营商通过提高补贴来维持竞争力。T-Mobile 对 S26 Ultra 的促销达到了 100 的最高指数分数，支持 1300 美元的折扣，无需在高端计划中进行以旧换新。Verizon 和 AT&amp;T 也增加了补贴，并放宽了计划和以旧换新的要求，以抵消更高的设备价格。</p>
<h2>苹果维持定价，促销策略各异</h2>
<p><strong>Apple Inc.</strong> (NASDAQ: AAPL) iPhone 17e 以与去年相同的价格推出，512GB 版本降价 100 美元。因此，促销强度各不相同。AT&amp;T 的优惠保持不变，导致相对指数分数较低，而 Verizon 和 T-Mobile 则通过非补贴手段增强了竞争力。</p>
<p>展望未来，Counterpoint 预计后付费促销的强度将超过 2025 年上半年的水平。然而，宏观经济压力、内存成本上升和供应限制可能会抑制整体市场量，尽管运营商的激励措施十分积极。</p>

标普电信 ETF - SPDR

通信服务 ETF - SPDR

2 倍做多通信服务 ETF - ProShares

TMUS

威瑞森

电信业 ETF - Vanguard

美国电信股指 ETF - iShares

美国电话电报

<p>美国运营商 T-Mobile、Verizon 和 AT&T 正在进行价格战，以应对 2026 年客户流失率上升的局面。随着许多用户退出 36 个月的融资计划，他们更愿意更换运营商。促销活动正在加剧，T-Mobile 对 Galaxy S26 Ultra 提供了显著折扣。三星的价格上涨导致运营商增加补贴以保持竞争力。尽管预付费促销活动有所下降，但后付费促销预计将增强，尽管可能面临宏观经济挑战</p>

<p>Promotional activity among the &#34;Big 3&#34; U.S. carriers— <strong>AT&amp;T Inc.</strong> (NYSE: T), <strong>Verizon Communications Inc.</strong> (NYSE: VZ) and <strong>T-Mobile US, Inc.</strong> (NASDAQ: TMUS)—is gaining momentum heading into the second quarter of 2026, reflecting intensifying competition in the postpaid market.</p>
<div class="lb-trans"><p>美国三大运营商——<strong>AT&amp;T Inc.</strong> (NYSE: T)、<strong>Verizon Communications Inc.</strong> (NYSE: VZ) 和 <strong>T-Mobile US, Inc.</strong> (NASDAQ: TMUS)——的促销活动在 2026 年第二季度前逐渐升温，反映出后付费市场竞争的加剧。</p>
</div><p>Elevated churn remains a key driver, as many subscribers roll off 36-month financing plans and re-enter the market for device upgrades. The expiration of these plans also removes switching barriers, allowing customers to change carriers without paying off outstanding balances.</p>
<div class="lb-trans"><p>高流失率仍然是一个关键驱动因素，因为许多用户在 36 个月的融资计划到期后重新进入市场进行设备升级。这些计划的到期也消除了换网障碍，使客户可以在不偿还未结余额的情况下更换运营商。</p>
</div><p>Counterpoint Research introduced a promotional index within its US Weekly Smartphone Promotions Tracker to quantify consumer-facing value. Scored from 0 to 100, the index evaluates both monetary benefits and friction in accessing offers. Higher scores indicate more competitive promotions across postpaid and prepaid segments, OEMs and devices.</p>
<div class="lb-trans"><p>Counterpoint Research 在其美国每周智能手机促销跟踪器中引入了一个促销指数，以量化面向消费者的价值。该指数从 0 到 100 评分，评估货币利益和获取优惠的摩擦。更高的分数表明后付费和预付费细分市场、OEM 和设备之间的促销竞争力更强。</p>
</div><p>While early 2026 postpaid promotions initially trailed last year, trends are improving year over year. A later launch of <strong>Samsung Electronics Co., Ltd.</strong> (OTC: SSNLF) Galaxy S26 series contributed to stronger pre-launch promotional activity, driven by higher device subsidies and fewer eligibility requirements. This aligns with prior commentary from AT&amp;T's <strong>John Stankey</strong>.</p>
<div class="lb-trans"><p>尽管 2026 年初的后付费促销最初落后于去年，但趋势正在逐年改善。<strong>Samsung Electronics Co., Ltd.</strong> (OTC: SSNLF) Galaxy S26 系列的晚期发布促进了更强的预发布促销活动，得益于更高的设备补贴和更少的资格要求。这与 AT&amp;T 的 <strong>John Stankey</strong> 之前的评论一致。</p>
</div><h2>Prepaid Promotions Consolidate Around Key Devices</h2>
<div class="lb-trans"><h2>预付费促销集中于关键设备</h2>
</div><p>In contrast, prepaid promotions have softened year over year as carriers reallocate marketing spend. Activity is increasingly concentrated on a limited set of &#34;champion devices,&#34; with brands that fail to support broader portfolios losing visibility. <strong>Motorola</strong> continues to sustain aggressive discounts even on older models, while smaller players such as Orbic are seeing reduced promotional support.</p>
<div class="lb-trans"><p>相比之下，预付费促销在逐年减弱，因为运营商重新分配市场营销支出。活动越来越集中于有限的一组 “冠军设备”，未能支持更广泛产品组合的品牌失去了可见度。<strong>Motorola</strong> 继续对旧型号维持激进的折扣，而像 Orbic 这样的较小参与者则看到促销支持减少。</p>
</div><h2>Samsung Price Hikes Met With Higher Subsidies</h2>
<div class="lb-trans"><h2>三星提价伴随更高补贴</h2>
</div><p>Samsung raised prices across parts of its Galaxy S26 lineup, including a 5% increase for the S26 256GB and a 10% increase for the S26 Plus 256GB. U.S. carriers responded by boosting subsidies to maintain competitive offers. T-Mobile promotion for the S26 Ultra reached a top index score of 100, supported by a $1,300 discount without requiring trade-ins on premium plans. Verizon and AT&amp;T also increased subsidies and eased plan and trade-in requirements to offset higher device prices.</p>
<div class="lb-trans"><p>三星对其 Galaxy S26 系列的部分产品提价，包括 S26 256GB 上涨 5% 和 S26 Plus 256GB 上涨 10%。美国运营商通过提高补贴来维持竞争力。T-Mobile 对 S26 Ultra 的促销达到了 100 的最高指数分数，支持 1300 美元的折扣，无需在高端计划中进行以旧换新。Verizon 和 AT&amp;T 也增加了补贴，并放宽了计划和以旧换新的要求，以抵消更高的设备价格。</p>
</div><h2>Apple Maintains Pricing, Promotions Diverge</h2>
<div class="lb-trans"><h2>苹果维持定价，促销策略各异</h2>
</div><p><strong>Apple Inc.</strong> (NASDAQ: AAPL) iPhone 17e launched at flat pricing year over year, with a $100 price cut for the 512GB variant. As a result, promotional intensity varied. AT&amp;T's offer remained unchanged, leading to a lower relative index score, while Verizon and T-Mobile enhanced competitiveness through non-subsidy levers.</p>
<div class="lb-trans"><p><strong>Apple Inc.</strong> (NASDAQ: AAPL) iPhone 17e 以与去年相同的价格推出，512GB 版本降价 100 美元。因此，促销强度各不相同。AT&amp;T 的优惠保持不变，导致相对指数分数较低，而 Verizon 和 T-Mobile 则通过非补贴手段增强了竞争力。</p>
</div><p>Looking ahead, Counterpoint expects postpaid promotional strength to exceed H1 2025 levels. However, macroeconomic pressures, rising memory costs and supply constraints may temper overall market volumes despite aggressive carrier incentives.</p>
<div class="lb-trans"><p>展望未来，Counterpoint 预计后付费促销的强度将超过 2025 年上半年的水平。然而，宏观经济压力、内存成本上升和供应限制可能会抑制整体市场量，尽管运营商的激励措施十分积极。</p>
</div>

T-Mobile, Verizon, AT&T Go All-In On Discounts As Churn Surge Hits

benzinga_article

T-Mobile US

由于用户流失率激增，T-Mobile、Verizon 和美国电话电报全力以赴提供折扣