3月18日，晨星分析师Ivan Su在一份报告中表示，苹果公司削减其中国大陆App Store向游戏开发者收取 的佣金，这对腾讯和网易是一个有利因素。她预计，苹果公司的降费，加上谷歌降低其Play Store服务 费，可能会改善这些中国游戏公司的利润率，并使其营业利润今年因此提升低个位数百分比。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 她补充说，如果包括华为和小米集团运营的那些Android应用商店也纷纷效仿，那么这两家公司的营业 利润可能会上升中到高个位数百分比。晨星维持对腾讯800.00港元和对网易200.00美元的合理价值估 计，并指出这两只股票仍被严重低估。 ...

传媒月月谈：2 月板块回调，港美股业绩披露 20260317 2026 年 2 月电影市场的整体数据表现如何，对于全年走势有何预判，以及后 续有哪些值得关注的影片储备？ 2026 年 2 月，整体电影市场数据表现较为平淡。当月票房同比下滑 51.5%， 观影人次同比下滑 50%，票价则小幅下滑约 3.5%。展望全年，预计市场可能 呈现前低后高的趋势。2026 年仍将是进口片大年，多部大体量进口片预计在 下半年上线，包括《诺兰的奥德赛》、《复仇者联盟 5》和《沙丘 3》等。国 产影片方面，期待暑期档有更多作品定档，目前储备中的影片包括《转念花 开》、《欢迎来龙餐馆》和《蛮荒禁地》等。 近期潮玩产业的调研揭示了哪些核心趋势，尤其是在产业集群、IP 供给和供应 链方面？ 近期对东莞潮玩产业的调研显示，作为"中国潮玩之都"，其产业集群效应构 成了显著的竞争壁壁垒。具体观察如下：第一，IP 供给出现结构性分化。头部 IP 如泡泡玛特旗下产品生命周期展现出较强韧性，同时公司通过收编代工厂来 优化产能与品控。新锐 IP 的市场验证周期则有所缩短，在东莞的产业园区内， 可以快速实现从设计、打样到电商直播试卖的全流程，并通过线 ...

点击蓝字，关注我们 2 . 京东物流(02618)涨近4% 。消息面上，近日，京东物流披露2025年业绩数据，东兴证券指出，京东 物流25年营收同比增长18.8%，增速明显高于24年的9.7%，主要得益于即时配送业务快速上量。 3 . 中国玻璃(03300)跌近5% 。消息面上，3月16日晚，中国玻璃发盈警，预期截至2025年12月31日止 年度将录得人民币不超过58亿元的亏损，较2024年度亏损净额约人民币9.64亿元增加约人民币48亿 元。主要归因于受国内房地产深度调整与光伏产业增速放缓影响，国内玻璃市场需求持续走弱，行业 供需结构失衡，面临价格与成本双重挤压，导致集团国内产品毛利空间显著下降，并致使集团国内部 分玻璃生产线于去年度及随后暂停生产。 4. 爱德新能源(02623)涨5.56% 。消息面上，今年2月，爱德新能源宣布，拟斥3950万澳元对Horizon Minerals战略投资完成后，公司将合共持有目标公司约9.95%的已发行股本。 今日上午港股 1 . 黄金股今早回暖，截至发稿， 紫金黄金国际(02259)涨4.08%，灵宝黄金(03330)涨2.97%，赤峰黄金 (06693)涨3.56% ...

记者｜江佩霞 见习记者林芊蔚 编辑｜谢珍 北京时间3月17日，美股三大指数集体收涨，道指涨0.83%，纳指涨1.22%，标普500指数涨 1.01%。欧洲主要股指收盘普涨，德国DAX 30指数收涨0.5%，英国富时100指数收涨0.55%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 46946.41 +387.94 +0.83% +268.82 +1.22% +67.19 +1.01% | 22374.18 | 6699.38 | | 美国科技七巨头 中概科技龙头 | | 中国余龙 | | 61460.72 | 3987.35 | 7215.84 | | +836.24 +1.38% +95.40 +2.45% +67.63 +0.95% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 46940 | 24639.75 | 6695.75 | | -44 -0.09% -36.00 -0.15% -9.00 -0.13% | | | 大 型 科 技 股 集 体 上 涨 ， META 涨 2.33% ， 亚 马 逊 涨 近 2 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

以下文章来源于盐财经 ，作者李秋悦 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源：盐财经 作者： 李秋悦 编辑：宝珠 网易和丁磊又杀回来了。 今年2月，网易发布2025年全年财报。网易实现全年总营收1126亿元，同比增长6.93%；净 利润338亿元，同比增长13.68%，平均计算，网易过去一年每天净赚0.926亿元，接近"日赚 1个亿"的水平。 根据网易2025年全年财报，网易实现全年总营收1126亿元，同比增长6.93%/图源：百度股市通 这是自2020年以来，在营收增速持续放缓5年的背景下，网易首次实现明显反弹。此前的 2024年，公司营收增速尚不足2%，是近几年增速最慢的一年。 网易稳了吗？ 这令外界再次把目光投向了网易创始人丁磊。有媒体报道，丁磊在2024年年底"重回一线"， 直接接管了游戏业务的最高决策权。有知情人士告诉盐财经，游戏相关的有些任务甚至由丁磊 直接下达。 2025年全年，网易股价上涨62%，市值稳定在中国互联网公司前五。这家曾经强调"无边界扩 张"的老牌互联网公司，正重新把资源聚集到最核心的游戏板块，而至于如今令大厂们趋之若 鹜的AI，网易也有着自己的节奏。 这 ...

以直播打赏为例，同样充值10元，安卓用户可获得100个虚拟钻石，而iOS用户往往只能得到70个，剩 余部分被苹果抽成，这种模式也被外界认为是 "雁过拔毛"。 稍早前，腾讯发布声明称：苹果公司调整了中国区App Store佣金政策，令行业为之振奋。 而苹果税的下调，将对开发者和消费者带来直接利好。对开发者而言，抽成比例降低将显著提升盈利空 间。据测算，此次费率调整每年将为国内500万开发者减少超过60亿元的成本支出，有助于国内企业更 公平地参与国际竞争。对消费者而言，iOS端长期存在的数字商品与服务溢价有望逐步消除，会员订 阅、游戏充值、直播打赏、小程序付费等场景价格或将下降。 凤凰网科技讯 3月13日，苹果公司发布降低佣金率公告，根据与中国监管部门的沟通，自2026年3月15 日起，适用于中国内地（大陆）App Store的iOS及iPadOS佣金率将进行调整。Apple App内购买及付费 App的标准佣金率将由目前的30%改为25%。 据媒体报道，长期以来，苹果通过应用商店及应用内支付服务向开发者收取佣金，被业内称为苹果税。 无论是用户购买付费应用，还是在免费App内进行充值、购买虚拟商品与服务，苹果均会 ...

新浪科技讯 3月13日下午消息，今日，网易官方发文回应苹果公司下调佣金，网易表示，在国内监管部 门的积极指导与推动下，苹果公司宣布将下调中国区App Store佣金率。此次佣金政策调整不仅有利于 促进行业良性循环、实现平台与开发者双赢，对于整个中国移动互联网应用的生态繁荣也具有长远的建 设性意义。 网易表示，将继续坚持用户导向，加码投入原创内容与技术研发，与各方一道共建繁荣的原创内容生 态。 网易官方原文如下：我们获悉，在国内监管部门的积极指导与推动下，苹果公司宣布将下调中国区App Store佣金率。此次佣金政策调整不仅有利于促进行业良性循环、实现平台与开发者双赢，对于整个中 国移动互联网应用的生态繁荣也具有长远的建设性意义。网易将继续坚持用户导向，加码投入原创内容 与技术研发，与各方一道共建繁荣的原创内容生态。 责任编辑：江钰涵 ...

Core Viewpoint - Apple's recent decision to lower its commission rates in China is beneficial for local game developers and companies offering subscription services through apps [1] Group 1: Commission Rate Changes - Starting from Sunday, Apple will reduce its commission rate for in-app purchases and paid app transactions in China from 30% to 25% [1] - This change is expected to increase the gross margins for Chinese gaming companies, particularly Tencent, NetEase, and Century Huatong [1] Group 2: Impact on Competitors - Analysts suggest that this move may pressure Android app stores in China to also lower their commission rates, which currently stand at around 50% for most new games [1] - Although some fees have slightly decreased in recent years through case-by-case negotiations, the overall high commission rates remain a concern for developers [1]

Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]