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]

苹果App内购买及付费App的标准佣金率将由目前的30%改为25%。苹果小型开发者计划（App Store Small Business Program）以及小程 序合作伙伴计划（Mini Apps Partner Program）项下符合条件的苹果App内购买佣金率以及第一年后的自动续费订阅佣金率将由目前的 15%改为12%。 据介绍，此次佣金率调整自2026年3月15日起施行，无需开发者重新签署条款。 苹果公司表示，承诺对所有开发者保持公平透明的条款，并始终为在中国分发App的开发者们提供不高于其他市场整体费率水平的具有 竞争力的App Store费率。 ■ 资料 图。本文来源：新华社 苹果公司宣布下调中国应用商店佣金率 记者13日从苹果开发者官方网站获悉，根据与中国监管部门的沟通，苹果公司将下调中国的应用商店（App Store）内手机及平板操作系 统佣金率。 ...

Core Viewpoint - Apple will reduce the commission rate for its App Store in China, adjusting the standard rate from 30% to 25% and the rate for small developers and certain subscription renewals from 15% to 12% starting March 15, 2026 [1][2]. Group 1 - The standard commission rate for in-app purchases and paid apps will decrease from 30% to 25% [1]. - The commission rate for eligible small developers under the App Store Small Business Program and the Mini Apps Partner Program will be reduced from 15% to 12% for in-app purchases and automatic renewals after the first year [1]. - The adjustment will take effect on March 15, 2026, and developers will not need to re-sign any agreements [2]. Group 2 - Apple commits to maintaining fair and transparent terms for all developers and aims to provide competitive App Store rates that do not exceed the overall fee levels in other markets [2].

这是东方港湾创始人但斌为中信出版集团今年 3 月出版的新书《 " 十五五 " 开局》所写的一篇文章。 隐藏福利： 在评论区分享"未来十年最看好什么"，点赞前 5 名的读者朋友，将获赠 《 " 十五五 " 开局》 。 中奖公示： 2026 年 3 月 28 日前 《 " 十五五 " 开局》，中信出版集团 3 月出版 放在当下来看，这篇文章有它特别的现实意义。市场对于人工智能的分歧依然很大，但斌态度一贯的鲜明：如果把时间拉长，人工智能并不是一轮普通的主 题投资，而很可能是未来十年最重要的产业变量之一。 这些年但斌确实也是在用自己的持仓来表达态度。 经出版社授权，我们将这篇文章分享给大家。 根据最新披露的 13F ，截至去年底，东方港湾美股持仓总市值约 13.16 亿美元，持仓标的缩减至 10 只，组合进一步集中。 汇集了过去一年多他的一些言论，也有一些新的表达，可以完整地看到一个投资从业 30 多年的"老价投"如何迭代认知、穿越周期并在 AI 时代中激流勇进 的过程。 谷歌取代英伟达成为第一大重仓股，英伟达位列第二，同时微软、苹果、 Meta 、亚马逊等美国科技巨头也都是核心配置。 延伸阅读： 如何看待高成长与经 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇3月13日｜腾讯发布公告，我们关注到，在监管部门的大力推动下，苹果公司调整了中国区App Store佣金政策，令行业为之振奋。这一变化体现了对 中国用户和广大开发者呼声的回应与尊重，是助力数字生态健康发展的积极信号。对腾讯和所有开发者而言，将迎来一个更加开放、共赢的平台环境，有利 于激发创新活力，推动科技应用生态的持续繁荣。得益于此，我们也将一如既往地携手各方合作伙伴，共同为用户提供更优质的产品与服务。 ...

Group 1 - The core point of the article is that Apple will reduce the commission rates for its App Store in China, effective from March 15, 2026, following discussions with Chinese regulatory authorities [1][2] - The standard commission rate for in-app purchases and paid apps will decrease from 30% to 25% [1] - For eligible developers under the App Store Small Business Program and Mini Apps Partner Program, the commission rate for in-app purchases and automatic renewal subscriptions after the first year will drop from 15% to 12% [1] Group 2 - Apple has committed to maintaining fair and transparent terms for all developers and ensuring competitive App Store rates that do not exceed the overall fee levels in other markets [2]

今天（13日），苹果公司发布降低佣金率公告，具体如下： 根据与中国监管部门的沟通，Apple将对中国的App Store进行调整。 我们致力于将iOS以及iPadOS打造成为中国开发者最佳的App生态系统和巨大的商业机会。我们承诺对所有开发者保持公平透明的条款，并始终为在中国 分发App的开发者们提供不高于其他市场整体费率水平的具有竞争力的App Store费率。 （央视新闻） 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%。App Store Small Business Program以及Mini Apps Partner Program项下符合条件的Apple App内购买佣金率以及第一年后的自动续费订阅佣金率将由目前的15%改为12%。 自3月15日起享受该等佣金率的调整无需开发者在此之前签署新条款。 ...

Core Insights - The demand for tokens and AI computing is experiencing explosive growth, driven by advancements in model capabilities and rapid development of intelligent workflows, leading to a surge in user adoption and total token demand [3] - Anthropic has added up to $6 billion in annual recurring revenue (ARR) in February, primarily due to the widespread application of its AI coding platform, Claude Code [3] - Despite significant investments in AI infrastructure over the past few years, available computing resources remain scarce, with rising prices for on-demand GPUs [3][5] Group 1: AI and Semiconductor Demand - The demand for TSMC's N3 logic wafers is primarily driven by consumer electronics, but by 2026, AI will become the main source of demand for N3 wafers as the industry transitions to this technology [10][18] - By 2026, AI-related applications are expected to account for nearly 60% of total N3 chip production, with the remaining 40% for smartphones and CPUs [18] - The transition to N3 technology is being accelerated by major companies like NVIDIA, AMD, Google, and AWS, all of which are moving their AI accelerators to N3 nodes [11][17] Group 2: Supply Chain Constraints - TSMC is facing a silicon chip shortage that is limiting its ability to meet the growing demand for N3 wafers, despite plans to expand capacity [5][23] - The effective utilization rate of N3 processes is expected to exceed 100% by the second half of 2026, as TSMC maximizes its existing production lines [23] - The shortage of memory, particularly DRAM and HBM, is becoming a critical constraint, with HBM capacity experiencing rapid growth due to increased memory requirements for AI accelerators [30][36] Group 3: Market Dynamics - The smartphone market may become a release valve for N3 wafer demand, as expected low growth in smartphone shipments could free up capacity for AI accelerators [26] - If smartphone N3 wafer production is reduced, it could potentially allow for the production of additional AI chips, such as NVIDIA's Rubin GPUs and Google's TPU v7 [26][27] - The competition for HBM and DRAM is intensifying, with memory suppliers needing to adjust their production strategies in response to changing market demands [38][40]

Core Viewpoint - Apple announced a commission rate adjustment for its App Store in mainland China, effective March 15, 2026, reducing the standard commission from 30% to 25% for in-app purchases and paid apps [1] Group 1: Commission Rate Changes - The standard commission rate for in-app purchases and paid apps will decrease from 30% to 25% [1] - The commission for eligible in-app purchases under the App Store Small Business Program and subscription renewals after the first year will drop from 15% to 12% [1] - The adjustment will automatically apply without requiring developers to sign new terms in advance [1] Group 2: Developer Support - Apple aims to continue building a high-quality app ecosystem for Chinese developers [1] - The company emphasizes providing fair and transparent terms along with competitive rates that are not higher than those in other markets [1]

Core Viewpoint - Apple will reduce the commission rate for its App Store in China, adjusting the standard rate from 30% to 25% and the rate for small developers from 15% to 12%, effective March 15, 2026 [1] Summary by Sections - **Commission Rate Changes** The standard commission rate for in-app purchases and paid apps will decrease from 30% to 25% [1] The commission rate for eligible developers under the App Store Small Business Program and Mini Apps Partner Program will drop from 15% to 12% after the first year of automatic renewal subscriptions [1] - **Implementation Details** The new commission rates will take effect on March 15, 2026, and developers will not need to re-sign any agreements [1] - **Commitment to Developers** Apple has committed to maintaining fair and transparent terms for all developers and ensuring that the App Store rates in China remain competitive compared to other markets [1]