证券研究报告：传媒|点评报告 发布时间：2026-03-18 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 825.13 | | 52 | 周最高 | 1021.75 | | 52 | 周最低 | 591.71 | 行业相对指数表现（相对值） -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2025-03 2025-05 2025-08 2025-10 2026-01 2026-03 传媒 沪深300 优质出海游戏厂商迎来重大利好，有望提升利润率同时取得更大 经营自主权。得益于成熟期产品的稳定表现和新产品的成功推出，我 国自研游戏出海收入维持稳健增长。根据游戏工委，2025 年中国自研 游戏海外市场收入规模达到 204.55 亿美元，规模已连续六年超千亿 元人民币。此次谷歌下调抽佣比例，我们认为对出海游戏厂商将带来 以下变化。1）IAP 抽成压力下降，开发者利润率提升有望活跃游戏供 给市场。在传统 Google Play 模式下，大量游戏 IAP 收入需要承担约 30%的渠道分成。新政策实施后 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2026 年 03 月 17 日 [Table_Title] 苹果下调中国应用商店佣金率，腾讯版 "小龙虾"WorkBuddy 正式上线 ——传媒互联网行业周报 [Table_Summary] 报告要点： 市场表现 2026.3.9-2026.3.15，传媒行业（申万）-3.23%，同期沪深 300 +0.19%， 上证指数-0.70%，深证成指-0.76%，创业板指+2.51%，恒生科技指数 +0.48%。游戏/电视广播/影视院线/广告营销/数字媒体/出版，分别- 3.45%/-1.70%/-4.18%/-3.83%/-3.36%/-0.78%。 行业重点数据及动态更新 （1）AI 应用：本周（2026.3.9-2026.3.15） OpenRouter 平台 token 调用量为 16.9T，环比+14.19%，平台中调用量前五的模型分别为 MiniMax M2.5/ Step 3.5 Flash/DeepSeek V3.2/ Gemini 3 Flash Preview / Claude Sonnet 4.6，国产 ...

证券研究报告 | 行业点评 | 传媒 多项利好政策发布，2 月多款游戏运营数据创新高 ——行业点评报告 投资要点 苹果、谷歌应用商店佣金下调，渠道进一步弱化凸显内容重要性 2026 年 3 月 12 日，苹果开发者官方网站发布公告，宣布自 2026 年 3 月 15 日 起，针对中国内地 App Store 的 iOS 及 iPadOS 佣金率进行全面下调：付费 App 及应用内购买的标准佣金率，从沿用多年的 30%降至 25%；App Store 小型开发 者计划、小程序合作伙伴计划项下符合条件的应用内购买佣金率，以及首年之后 的自动续费订阅佣金率，从 15%降至 12%；此次调整无需开发者重新签署协 议，生效日自动适用新费率。 谷歌 2026 年 3 月 4 日也在 Android 开发者官方博客发布全球新政，彻底重构沿 用近 20 年的抽成体系，核心调整如下：拆分收费结构，将原 30%的打包抽成拆 分为"基础服务费"与"支付处理费"，标准应用内购买基础服务费从 30%直降至 20%；订阅类服务（含游戏月卡、通行券等）的统一费率降至 10%；参与全新 "应用体验计划"或升级版"游戏升级计划"的开发者，新安 ...

行 业 及 产 业 传媒/ 游戏Ⅱ 2026 年 03 月 15 日 中国"苹果税"海外"谷歌税"下 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 看好 ——游戏行业点评 20260315 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 降，内容议价力提升 - ⚫ 26 年 3 月 13 日苹果宣布自 3 月 15 日起，中国 ...

证券研究报告 传媒 渠道分成比例降低，助力游戏板块利 润率提升 华泰研究 2026 年 3 月 15 日│中国内地 动态点评 据苹果官网宣布，自 3 月 15 日起，中国内地（大陆）App Store 的内购及 付费 App 的佣金率将由 30%降低为 25%，同时，小型企业项目、小程序合 作伙伴开发者，应用内购和自动订阅续费满一年后的优惠费率，同步从 15% 下调至 12%。我们认为，苹果端分成比例的下调，将直接带动游戏厂商利 润率提升，渠道降费与开放为行业大趋势，利好游戏产业健康持续发展。 渠道分成比例下降，有望直接带动游戏公司利润率提升 1）此前，3 月 4 日，谷歌宣布 Google Play 商店的抽成将从 30%降至 20%， 并正式开放第三方支付与第三方应用商店。新的抽成政策即将在全球分批次 推出，至 2027 年 9 月 30 日前在全球正式实行。我们认为，谷歌和苹果通 过占据应用商店的垄断地位，长期收取高额的渠道流水分成，对应用开发者 生态繁荣发展及相关的反垄断监管都存在不利影响，"平台税"由单一抽成 过渡至分层费率、整体费率下调、全球化渠道开放为长期大趋势。 2）基于中国内地（大陆）由 3 ...

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]

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 - The core viewpoint of the article highlights that Century Huatong (002602.SZ) has experienced a decline in stock price, closing at 16.93 yuan, down 2.03%, marking the fourth consecutive trading day of negative performance [1] - According to a research report by China Merchants Securities on February 2, Century Huatong is recognized as a global leader in mobile gaming, with significant profit growth projected over the next 25 years and a diverse product portfolio both domestically and internationally [1] - Following a closing price of 20.38 yuan on February 3, the company's stock price has seen a continuous decline over the subsequent month [1]

Group 1 - The core viewpoint of the article highlights that Century Huatong (002602.SZ) experienced a stock price decline of 2.54%, closing at 17.28 yuan on March 11 [1] - According to a research report by China Merchants Securities, analysts Gu Jia and Xie Xiaoyan maintained a "strongly recommended" investment rating for Century Huatong, citing significant profit growth over 25 years and diverse product performance both domestically and internationally [1] - Following a closing price of 20.38 yuan on February 3, Century Huatong's stock price has continuously declined over the subsequent month [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the media and internet industry, including Giant Network, Kying Network, Perfect World, and others [9][12]. Core Insights - The media industry experienced a decline of 6.97% from March 2 to March 8, 2026, compared to a 1.07% decline in the CSI 300 index [1][15]. - Google Play announced a reduction in its revenue share, lowering the in-app purchase cut to 20% and subscription fees to 10%, which is expected to benefit game developers [3][37]. - The report highlights significant growth in AI applications, with OpenRouter platform token calls reaching 14.8 trillion, a week-on-week increase of 8.82% [2][22]. Market Performance - The media industry (Shenwan) saw a decline of 6.97% during the week of March 2-8, 2026, while the CSI 300 index fell by 1.07% [1][15]. - Sub-sectors such as gaming, television broadcasting, film, advertising, digital media, and publishing experienced declines of 6.04%, 7.38%, 8.01%, 8.01%, 8.24%, and 5.77% respectively [1][15]. Key Industry Data AI Applications - OpenRouter platform token calls reached 14.8 trillion, with a week-on-week increase of 8.82% [2][22]. - Domestic AI applications saw significant growth, with Byte's Doubao increasing by 87.38% and Alibaba's Qianwen soaring by 552.83% in active users [2][25]. Gaming - The top five mobile games on iOS in China as of March 7, 2026, were "Honor of Kings," "Peacekeeper Elite," "Delta Force," "Endless Winter," and "Gold Shovel Battle" [3][27]. - Giant Network's "Supernatural Action Group" ranked between 15-24 on the iOS sales chart during the same week [3][27]. Film - The total box office for domestic films was 827 million yuan during the week of March 2-8, 2026, with "Flying Life 3" leading at 348.62 million yuan [4][33]. Industry Events and Announcements - OpenAI released the latest model GPT-5.4, enhancing capabilities in reasoning and programming [37]. - CoreWeave and Perplexity entered a multi-year strategic partnership for AI cloud services [37]. - Google Play's revenue share reduction is expected to significantly impact the gaming industry positively [3][37]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, particularly in gaming, IP, short dramas, marketing, and publishing sectors [9][39].