2025年11月27日 星期四 7 中国10月规模以上工业企业利润数据: 2 国新办11月27日举行例行吹风会，介 费品供需适配性进一步促进消费政策措放 ③阿里首款自研旗舰双显AI眼镜11月27 4 欧洲央行公布10月货币政策会议纪要 （）美国市场因感恩节休市一天 1 隔夜市场 美股三大指数集体收涨，道琼斯指数涨0.67%，标普500指数涨0.69%，纳斯达克综合指数涨0.82%。大型科技股多数上涨，甲骨文涨超4%，AMD涨超3%， 英伟达、特斯拉、奈飞、微软涨超1%。热门中概股涨跌互现，纳斯达克中国金龙指数收跌0.03%。哔哩哔哩、小鹏汽车跌超2%，百度跌1.3%，京东涨 0.9%，阿里巴巴涨0.38%。 11月27日，美联储发布的经济褐皮书报告显示，美国经济活动近期几乎陷入停滞，美国政府关门影响消费者决策。美国制造业和零售业普遍面临投入成本压 力，主要反映关税导致的价格上涨。一些辖区指出保险、公用事业、技术和医疗保健成本上升。少数企业指出，AI取代了入门级职位，生产率提高抑制新 招聘需求。 国际油价26日上涨。截至当天收盘，纽约商品交易所1月交货的轻质原油期货价格上涨70美分，收于每桶58.65美元，涨幅 ...

Core Insights - Apple is enabling Japanese iPhone users to replace Siri with third-party voice assistants and is also supporting third-party app stores, following the new Japanese law aimed at reducing monopolistic practices in the smartphone software market [1][2] Group 1: Regulatory Changes - The new law, effective December 18, 2023, mandates that dominant companies like Apple and Google must open their app stores and payment systems to third-party services [2] - Companies are prohibited from blocking third-party app stores, restricting developers' payment options, or discriminating against developers [2] - Violations of the law could result in fines of up to 20% of a company's domestic revenue, increasing to 30% for repeated offenses [2] Group 2: Impact on Developers - Developers, including those in the gaming sector, will benefit from diversified distribution and payment channels within the Japanese iOS ecosystem [3] - Smaller teams can now turn to third-party platforms if their games face challenges in passing App Store reviews, while larger companies may establish their own stores for direct user engagement [3] - Localized payment options such as PayPay and convenience store payments can be integrated directly, potentially reducing the commission costs that have historically ranged from 15% to 30% [3]

Core Viewpoint - Apple announced a reduction in the App Store commission rate from 30% to 15% for certain developers, contingent upon their participation in the new "Mini Apps Partner Program" [1][3]. This move is seen as a strategy to balance interests with platforms like WeChat, Alipay, and Douyin [1]. Group 1: Apple and Tencent Agreement - Tencent has reached an agreement with Apple, allowing Apple to handle payments for WeChat mini-games and apps, taking a 15% cut [3]. - Currently, Apple charges a 30% commission on digital revenue for apps earning over $1 million annually, while those earning less pay 15% [3]. - Tencent's president acknowledged the strong relationship between Tencent and Apple, indicating ongoing discussions to enhance the mini-game ecosystem [3]. Group 2: Revenue Sharing and Market Impact - The new revenue-sharing model between Apple and Tencent is expected to impact the commercial ecosystem, although the exact effects remain to be seen [7]. - Most digital content apps and mini-programs primarily generate revenue through In-App Purchases (IAP), In-App Ads (IAA), or a hybrid model, with the 15% commission likely applying only to IAP [8]. - Advertising revenue typically does not go through Apple's payment channels, complicating the revenue-sharing structure [9]. Group 3: Market Dynamics and Developer Incentives - The mini-program market is rapidly growing, with projections indicating a revenue of 398.36 billion yuan in 2024, a 99.18% increase year-on-year [12]. - The agreement allows Tencent to tap into this growing market, which has been negatively impacted by the lack of in-app purchase support on iOS [12]. - The new arrangement may lead to more paid applications transitioning to mini-programs, potentially strengthening the market power of these platforms [14]. Group 4: Regulatory Context and Compliance Risks - Apple's adjustments in commission rates and payment processing are partly driven by increasing antitrust scrutiny in various regions [16][17]. - The "Mini Apps Partner Program" requires developers to integrate Apple's official software technologies, which may raise compliance risks under antitrust laws [18][20]. - The requirement for data sharing and the prohibition of third-party payment channels could be seen as an abuse of market dominance [20].

Core Points - Apple announced a reduction in the App Store commission rate from 30% to 15% for certain app developers, contingent upon their participation in the new "Mini Apps Partner Program" [1][3] - This new policy is seen as a strategy for Apple to balance its revenue sources with platforms like WeChat, Alipay, and Douyin [1][3] Revenue Sharing - Apple will take a 15% cut from payments processed for WeChat mini-games and applications under a new agreement with Tencent [3] - Currently, the App Store charges a 30% commission on apps with annual revenues exceeding $1 million, while those below this threshold are charged 15% [3] - The 15% commission is expected to apply only to in-app purchases (IAP) and not to advertising revenue [7][8] Payment Channels - Apple's commission structure is primarily based on its payment channels, which allows it to track in-app purchases and enforce its revenue share [8] - Advertising revenue does not typically go through Apple's payment system, making it difficult for Apple to collect its commission from that segment [8] Market Dynamics - The current market commission rates do not support Apple's 15% revenue share proposal, as other platforms have varying rates [9][10] - Tencent's mini-games currently have a 15% commission on advertising revenue, while other operating systems have higher rates for in-app purchases [9][10] Strategic Implications - The agreement between Apple and Tencent reflects a mutual need to develop the iOS market, as the lack of in-app purchase support for mini-programs has negatively impacted user experience [14][15] - The new revenue-sharing model may lead to a shift of paid applications towards mini-program platforms, enhancing their market power and bargaining capabilities [15] Regulatory Context - Apple's adjustments in commission rates are influenced by increasing antitrust scrutiny in various regions, prompting the company to seek new revenue streams [16][17] - The "Mini Apps Partner Program" requires developers to integrate Apple's technology deeply, which may raise compliance risks under antitrust laws [20]

（原标题：21调查｜苹果腾讯讲和，微信小程序官宣接入iOS端虚拟支付） 21世纪经济报道 吴立洋 当地时间11月13日，苹果公司宣布针对部分应用开发者，将App Store抽成比例从30%下调至15%，但前 提是开发者必须加入苹果推出的全新"小程序合作伙伴计划"(Mini Apps Partner Program)。该新政被视为 苹果为将收入来源拓展至微信、支付宝、抖音等代理/聚合类小程序平台，与后者实现利益平衡的解决 方案。 同日，据媒体报道，腾讯公司已与苹果公司达成一项协议，根据该协议，苹果将处理微信小游戏和应用 中的支付事宜，并从中抽取 15% 的分成。 目前，苹果应用商店对年收入100万美元以上的应用数字西消费收入提取30%的分成，对年收入100万美 元以下的中小开发者抽成比例为15%。 在当日晚间举行的腾讯集团 2025 年第三季度财报电话会上，腾讯总裁刘炽平对此消息进行了回应，称 腾讯与苹果有着非常好的关系，在很多方面都进行了合作，双方一直在讨论如何活跃小游戏生态，"在 某个时候可能会有一个正式的批准"。 值得注意的是，就小程序平台的分成问题，苹果与腾讯等平台企业一度长期未能达成共识。 2024年 ...

Core Viewpoint - Apple is urging EU antitrust regulators to repeal the Digital Markets Act (DMA), claiming it poses privacy risks to users and could stifle innovation [1][2] Group 1: Apple's Opposition to DMA - Apple has reiterated its opposition to the DMA, which was implemented by the EU to protect consumer rights and prevent large tech companies from abusing their dominant positions [1] - The company emphasizes that while it is complying with the rules, it calls for a closer examination of the regulations' impact on individuals and businesses in the region [1][2] Group 2: Risks Associated with DMA - Apple argues that mandatory use of external payment services and allowing sideloading could expose iPhone users to malware and scams [2] - The company also expresses concerns that allowing other companies to access user data could lead to sensitive information leaks [2] Group 3: Financial Implications and Penalties - In April, the EU Commission fined Apple €500 million (approximately $588 million) for violating rules that allow developers to direct users to shop outside the Apple Store, which Apple is appealing [2] - The DMA targets companies with annual sales of at least €7.5 billion or a market capitalization of €75 billion in the 27 EU countries [2] - Other large tech companies, such as Meta, have also faced fines under this regulation, with the EU imposing significant penalties on firms like Google, totaling over $8 billion [2]

来源：市场资讯 （来源：美股情报站） 美国法院近日做出了一项重要的反垄断裁决，决定谷歌无需出售其知名产品Chrome浏览器，也无须剥 离安卓操作系统。这一裁决引发了广泛关注，并在一定程度上影响了谷歌股价的表现。当法官宣布这一 决定后，谷歌股价在盘后交易中上涨了6.7%。与此相关的另一项裁决则要求谷歌与竞争对手共享信 息，以纠正其在在线搜索领域的垄断行为。 该系列裁决是美国司法部对谷歌发起的两宗诉讼之一。这些诉讼是美国政府针对大型科技公司展开更广 泛行动的一部分，旨在控制这些公司在多个领域的市场支配地位。这些行动也涉及Meta Platforms、亚 马逊及苹果等企业，标志着政府对科技巨头进行更为严格的监管。 谷歌无需出售Chrome这一裁决直接回应了检察官的要求，检察官此前曾要求谷歌剥离该产品以减少其 市场影响力。此外，本次裁决还驳回了相关要求谷歌剥离安卓的请求，这是谷歌在全球智能手机操作系 统市场中占据领导地位的重要产品。 谷歌计划于9月开庭应对美国司法部的另一诉讼，该诉讼指控谷歌在在线广告技术领域持有非法垄断地 位。在这一案件中，美国法官已裁定谷歌须在广告市场内开放竞争并共享相关数据。此案预计将进一步 影 ...

Core Insights - Perplexity, an AI startup, has made a $34.5 billion acquisition offer for Google's Chrome browser, aiming to challenge Google's dominance in the search market [2][3] - Perplexity's current valuation is approximately $18 billion, indicating that the acquisition offer significantly exceeds its market value, but it has backing from major venture capital firms [2] - The estimated market value of Chrome varies widely between $20 billion and $50 billion, suggesting that Perplexity's offer could be a strategically valuable acquisition if completed [2] Market Context - The acquisition proposal comes amid increasing antitrust regulatory pressure on Google, with the U.S. Department of Justice having filed an antitrust lawsuit against the company in 2020 [3] - A U.S. judge ruled last year that Google illegally monopolized the search market, and a decision on restoring competition is expected soon [3] - The sale of Chrome, which has around 3.5 billion users and holds over 60% of the global browser market share, is one of the remedies suggested by the DOJ in the antitrust case [3] Company Position - Google has expressed a negative stance towards the sale of Chrome, with CEO Sundar Pichai testifying that forced asset sales or data sharing could harm Google's business foundation and innovation efforts [3] - Chrome's strategic significance to Google's search ecosystem is underscored by its dominant market position [3]

Core Point - The Mexican Secretary of Economy indicated that trade discussions with the United States may also address concerns related to antitrust regulations [1] Group 1 - The discussions between Mexico and the United States are expected to cover various trade-related issues, including potential antitrust regulatory concerns [1]

Core Viewpoint - The acquisition attempt of Seven & I Holdings by Alimentation Couche-Tard has failed after a year of negotiations, with ACT withdrawing its proposal due to perceived lack of constructive engagement from 7&i [1][5][8]. Group 1: Acquisition Attempt - ACT announced the withdrawal of its acquisition proposal for 7&i, citing a lack of sincere participation from 7&i [1][5]. - The initial acquisition proposal was made in August last year, with ACT increasing its offer to 2,600 yen per share, representing a 47.6% premium over 7&i's unaffected stock price [7][12]. - 7&i has consistently rejected ACT's offers, citing antitrust regulatory risks as a primary concern [1][12]. Group 2: Company Responses - 7&i responded to ACT's withdrawal by expressing disappointment and disagreement with ACT's claims, stating that they had been engaging in good faith discussions [8][9]. - 7&i emphasized that significant changes in the global economy and financing markets had occurred since ACT's initial proposal, which affected the negotiations [9][20]. - The company plans to focus on its value creation strategy, including an IPO for its North American business and a stock buyback plan worth approximately 2 trillion yen by the end of fiscal year 2030 [9][20]. Group 3: Market Context and Financial Performance - The acquisition attempt highlights the challenges of cross-border mergers, particularly regarding governance and control issues prevalent in Japanese companies [21][25]. - 7&i's recent financial performance shows a 1.6% year-on-year revenue increase to 27,773.7 billion yen for the first quarter of fiscal year 2025, with a significant 129.2% increase in net profit [23]. - Despite the overall revenue growth, the company's domestic market performance has been declining, with a 0.7% drop in revenue from its convenience store operations in Japan [24].