--- title: "《大行》里昂料中美關税博奕對騰訊及阿里經營影響有限" description: "里昂研究報告指出，中美關税博弈對騰訊及阿里的經營影響有限。儘管市場情緒受挫，騰訊的業務主要集中在國內市場，已儲備高性能晶片，並可通過多種方式管理需求。阿里國際市場佔比小，雲業務預計在 AI 需求和新晶片開發的推動下保持高速增長。" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/260857131.md" published_at: "2025-10-13T08:29:53.000Z" --- # 《大行》里昂料中美關税博奕對騰訊及阿里經營影響有限 > 里昂研究報告指出，中美關税博弈對騰訊及阿里的經營影響有限。儘管市場情緒受挫，騰訊的業務主要集中在國內市場，已儲備高性能晶片，並可通過多種方式管理需求。阿里國際市場佔比小，雲業務預計在 AI 需求和新晶片開發的推動下保持高速增長。 里昂發表研究報告指，美國與中國緊張局勢升温，雖然打擊市場情緒，但相信對騰訊 (00700.HK) 及阿里-W(09988.HK) 的業務經營影響應有限，相信美國的管制措施短期內難以遏止中國人工智能發展。 上週中美兩國公佈一系列出口管制措施後，阿里巴巴及騰訊上週五 (10 日) 股價分別急挫 8.5% 及 6.3%，相信是貿易緊張局勢升温將對中國互聯網股表現構成壓力。但里昂指出，除遊戲業務外，騰訊業務主要集中於國內市場，公司並已為未來發展儲備足夠高性能晶片，同時可透過採購國內替代品、採用多種型號及升級軟件等方式管理晶片需求；而阿里國際已拓展至不同地區，美國市場佔比極為有限，雲業務預期可憑藉強勁 AI 需求及自主開發新晶片的推動，維持較高速增長。 ### Related Stocks - [BABA.US - 阿里巴巴](https://longbridge.com/zh-HK/quote/BABA.US.md) - [09988.HK - 阿里巴巴-W](https://longbridge.com/zh-HK/quote/09988.HK.md) - [TCEHY.US - 騰訊控股(ADR)](https://longbridge.com/zh-HK/quote/TCEHY.US.md) - [TCTZF.US - 騰訊控股(ADS)](https://longbridge.com/zh-HK/quote/TCTZF.US.md) - [00700.HK - 騰訊控股](https://longbridge.com/zh-HK/quote/00700.HK.md) - [KBAB.US - 2 倍做多阿里巴巴 ETF - KraneShares](https://longbridge.com/zh-HK/quote/KBAB.US.md) - [BABO.US - YieldMax BABA Option Income Strategy ETF](https://longbridge.com/zh-HK/quote/BABO.US.md) - [BABX.US - 2 倍做多 BABA ETF - GraniteShares](https://longbridge.com/zh-HK/quote/BABX.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Alibaba unveils new Qwen3.5 model for 'agentic AI era' | Alibaba has launched its new AI model, Qwen 3.5, which is designed for independent task execution and boasts significant | [Link](https://longbridge.com/zh-HK/news/276045126.md) | | Alibaba unveils Qwen3.5 as China’s chatbot race shifts to AI agents | Alibaba Group has launched its latest AI model, Qwen3.5, featuring advanced agentic capabilities amid rising competition | [Link](https://longbridge.com/zh-HK/news/276091034.md) | | ByteDance Offering Free Robot Dogs and EVs as Lunar New Year AI War Heats Up | ByteDance is launching a promotional campaign for its AI apps by giving away over 100,000 tech products, including robot | [Link](https://longbridge.com/zh-HK/news/275612308.md) | | U.S. Removes List Linking Alibaba, Baidu to China Military | The Pentagon added several Chinese companies, including Alibaba and Baidu, to its Section 1260H list, linking them to Ch | [Link](https://longbridge.com/zh-HK/news/275920712.md) | | India partners with Alibaba.com for export push despite past China tech bans | India's government has partnered with Alibaba.com to support startups and small businesses in reaching overseas buyers, | [Link](https://longbridge.com/zh-HK/news/275932312.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。