<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>根據晨星的分析，蘋果在中國大陸降低 App Store 佣金費用的決定預計將為領先的遊戲公司騰訊和網易帶來適度但重要的盈利提升。</p>
<p>這家 iPhone 製造商表示，將把應用內購買和付費交易的費用從 30% 降低至 25%，自週日生效。</p>
<p>此舉是在中國這一其第二大市場面臨日益加大的監管壓力以及全球對其應用支付政策的審查日益增強的背景下做出的。</p>
<p>晨星分析師 Ivan Su 表示，費用降低，加上谷歌在其 Play Store 上採取的類似措施，可能會使中國遊戲公司的運營利潤在今年增長低個位數百分比。</p>
<p>晨星維持對騰訊 800 港元和網易 200 美元的公允價值估計，表明儘管近期有所上漲，這兩隻股票仍顯著低估。</p>
<h2>對更廣泛行業影響的潛力</h2>
<p>如果 Android 生態系統的參與者也採取類似措施，受益可能會擴大。</p>
<p>Su 指出，如果華為和小米的應用商店也降低佣金，開發者的運營利潤增長可能會提高到中高個位數百分比。</p>
<p>降低平台費用預計將減輕開發者的成本壓力，並改善在分銷費用持續拖累盈利能力的行業中的利潤率。</p>
<p>中國國家媒體估計，費用削減每年可為開發者節省超過 60 億元的運營成本。</p>
<p>《經濟日報》表示：“這一調整將……改善消費選擇和信息透明度。”</p>
<p>“iOS 端數字商品和服務的溢價將逐步消除，會員訂閲、遊戲充值、直播打賞、小程序等場景的價格預計將下降，預計每年可為消費者節省近 10 億元。”</p>
<h2>監管壓力與地緣政治背景</h2>
<p>蘋果的決定反映了其在應對中國的監管期望與北京和華盛頓之間的地緣政治緊張關係時所面臨的微妙平衡。</p>
<p>該公司此前在中國推出新技術時遇到過障礙，包括與人工智能功能的監管審批相關的延遲。</p>
<p>與此同時，它一直在多元化其供應鏈，在貿易緊張局勢加劇的情況下，將部分 iPhone 生產轉移到印度。</p>
<h2>騰訊財報備受關注</h2>
<p>投資者的注意力現在轉向騰訊即將發佈的第四季度財報，預計將在週三市場收盤後公佈。</p>
<p>市場估計騰訊的收入將達到約 1935 億元，同比增長約 12%，較上一季度的增速有所放緩。</p>
<p>歸屬於股東的淨利潤預計將增長 16.4%，而運營利潤率可能會環比下降至 36.6%，儘管仍在年度基礎上有所改善。</p>
<p>遊戲仍可能是核心增長驅動力，得益於國內遊戲的穩定表現以及《Valorant Mobile》等新產品的強勁參與趨勢。</p>
<p>然而，分析師警告稱，國際遊戲增長可能會放緩，因為某些遊戲的單次收入貢獻將趨於正常。</p>
<p>投資者將密切關注海外市場的基本動能是否保持不變。</p>
<p>與此同時，騰訊的廣告業務預計將維持高單位數的增長，得益於人工智能驅動的改善，而金融科技和商業服務在消費者活動逐漸恢復的情況下可能會穩步擴張。</p>
<p>蘋果降費將提升騰訊、網易在中國的利潤率，分析師表示，文章首發於 Invezz。</p>

AAPX

視頻遊戲技術 ETF - ETFMG

電子遊戲&電子競技 ETF - VanEck Vectors

<p>根據晨星的分析，蘋果將中國 App Store 的佣金費用從 30% 降低至 25% 預計將提升騰訊和網易的盈利能力。這一變化於週日生效，正值監管壓力之下，可能使中國遊戲公司的運營利潤增加低個位數百分比。如果華為和小米等其他平台也採取類似措施，利潤增長可能進一步上升。費用削減每年可為開發者節省超過 60 億元，並改善消費者價格。投資者目前關注騰訊即將發佈的財報，預計儘管國際遊戲增長可能放緩，但收入增長和利潤率將保持穩定</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>根據晨星的分析，蘋果在中國大陸降低 App Store 佣金費用的決定預計將為領先的遊戲公司騰訊和網易帶來適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>這家 iPhone 製造商表示，將把應用內購買和付費交易的費用從 30% 降低至 25%，自週日生效。</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>此舉是在中國這一其第二大市場面臨日益加大的監管壓力以及全球對其應用支付政策的審查日益增強的背景下做出的。</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>晨星分析師 Ivan Su 表示，費用降低，加上谷歌在其 Play Store 上採取的類似措施，可能會使中國遊戲公司的運營利潤在今年增長低個位數百分比。</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>晨星維持對騰訊 800 港元和網易 200 美元的公允價值估計，表明儘管近期有所上漲，這兩隻股票仍顯著低估。</p>
</div><h2>Potential for broader industry impact</h2>
<div class="lb-trans"><h2>對更廣泛行業影響的潛力</h2>
</div><p>The benefits could widen if Android ecosystem players follow suit.</p>
<div class="lb-trans"><p>如果 Android 生態系統的參與者也採取類似措施，受益可能會擴大。</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，如果華為和小米的應用商店也降低佣金，開發者的運營利潤增長可能會提高到中高個位數百分比。</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>降低平台費用預計將減輕開發者的成本壓力，並改善在分銷費用持續拖累盈利能力的行業中的利潤率。</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>中國國家媒體估計，費用削減每年可為開發者節省超過 60 億元的運營成本。</p>
</div><p>“This adjustment will … improve consumption choices and information transparency,” the Economic Daily said.</p>
<div class="lb-trans"><p>《經濟日報》表示：“這一調整將……改善消費選擇和信息透明度。”</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 端數字商品和服務的溢價將逐步消除，會員訂閲、遊戲充值、直播打賞、小程序等場景的價格預計將下降，預計每年可為消費者節省近 10 億元。”</p>
</div><h2>Regulatory pressure and geopolitical backdrop</h2>
<div class="lb-trans"><h2>監管壓力與地緣政治背景</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>蘋果的決定反映了其在應對中國的監管期望與北京和華盛頓之間的地緣政治緊張關係時所面臨的微妙平衡。</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>該公司此前在中國推出新技術時遇到過障礙，包括與人工智能功能的監管審批相關的延遲。</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>與此同時，它一直在多元化其供應鏈，在貿易緊張局勢加劇的情況下，將部分 iPhone 生產轉移到印度。</p>
</div><h2>Tencent earnings in focus</h2>
<div class="lb-trans"><h2>騰訊財報備受關注</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>投資者的注意力現在轉向騰訊即將發佈的第四季度財報，預計將在週三市場收盤後公佈。</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>市場估計騰訊的收入將達到約 1935 億元，同比增長約 12%，較上一季度的增速有所放緩。</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>歸屬於股東的淨利潤預計將增長 16.4%，而運營利潤率可能會環比下降至 36.6%，儘管仍在年度基礎上有所改善。</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>遊戲仍可能是核心增長驅動力，得益於國內遊戲的穩定表現以及《Valorant Mobile》等新產品的強勁參與趨勢。</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，分析師警告稱，國際遊戲增長可能會放緩，因為某些遊戲的單次收入貢獻將趨於正常。</p>
</div><p>Investors will closely track whether the underlying momentum in overseas markets remains intact.</p>
<div class="lb-trans"><p>投資者將密切關注海外市場的基本動能是否保持不變。</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>與此同時，騰訊的廣告業務預計將維持高單位數的增長，得益於人工智能驅動的改善，而金融科技和商業服務在消費者活動逐漸恢復的情況下可能會穩步擴張。</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>蘋果降費將提升騰訊、網易在中國的利潤率，分析師表示，文章首發於 Invezz。</p>
</div>

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

- 蘋果在中國降低 App Store 佣金費率至 25%，對騰訊和網易盈利有積極影響。  
- 根據業內估計，此舉每年可為開發者節省超過 60 億元人民幣運營成本。  
- 監管壓力下，蘋果調整將改善消費者選擇和透明度，並影響整個行業。

分析師稱，蘋果削減費用將提高騰訊和網易在中國的利潤率