谷歌苹果下调分成比例，加码游戏板块 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 布局力度 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业月报：Seedance2.0 引市场关注， 春节档票房不及预期》 2026-02-27 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 联系人：李智 投资要点： ⚫ 行情回顾与估值表现：截至 2026 年 3 月 25 日，3 月传媒指数下跌 11.98%，在 30 个一级行业中排名第 28，跑输同期创业板指数 （+0.22%）14.42pct，跑输沪深 300（-3.68%）10.55pct，跑输上 证指数（-5.55%）8.67pct。 子板块全部下跌，其他文化娱乐和出版两个板块跌幅相对较小，分 别下跌 9.72%和 7.85%，其余子板块跌幅都在 10%以上。 2026 年 3 月 1 日至 3 月 25 日，139 只个股 ...

谷歌苹果下调分成比例，加码游戏板块 传媒相对沪深 300 指数表现 相关报告 《传媒行业月报：Seedance2.0 引市场关注， 春节档票房不及预期》 2026-02-27 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 联系人：李智 投资要点： ⚫ 行情回顾与估值表现：截至 2026 年 3 月 25 日，3 月传媒指数下跌 11.98%，在 30 个一级行业中排名第 28，跑输同期创业板指数 （+0.22%）14.42pct，跑输沪深 300（-3.68%）10.55pct，跑输上 证指数（-5.55%）8.67pct。 子板块全部下跌，其他文化娱乐和出版两个板块跌幅相对较小，分 别下跌 9.72%和 7.85%，其余子板块跌幅都在 10%以上。 2026 年 3 月 1 日至 3 月 25 日，139 只个股中 8 只上涨，131 只下 跌。涨幅最高的有琏升科技、中国客串、贵广网络、粤传媒、中体 产业、出版传媒、顺网科技、ST 明诚、中南传媒、联建光电；跌 幅较大的有中信出版、名臣健康、流 ...

Core Insights - OpenAI has appointed Kiran Mani as managing director for Asia-Pacific, a newly created role aimed at expanding its presence in the region, particularly in India [11] - Mani will relocate to Singapore and report to Chief Strategy Officer Jason Kwon, with his appointment coming as OpenAI competes with companies like Anthropic and Google [1][2] Company Developments - OpenAI has begun establishing its presence in India, hiring its first employee focused on government relations in 2024 and forming a partnership with the Tata Group to develop AI technologies, including data center infrastructure [3][11] - The Asia-Pacific region, especially India, is viewed as a significant growth market due to its large population and increasing digital adoption [2][11] Leadership Background - Before joining OpenAI, Mani was the CEO of JioStar, a joint venture between Reliance Industries and The Walt Disney Company, where he managed platforms like JioHotstar and Cricinfo [4][11] - Mani has a notable career in technology, having spent over 13 years at Google in various leadership roles, including general manager for Android and Google Play across Asia-Pacific and Japan [6][11] - His experience also includes senior roles at Microsoft and IBM, and he co-founded an ad-tech startup, Fosbury Flop, which was later acquired [7][11] Personal Insights - Mani has lived in nine cities across three continents, speaks five languages, and is passionate about motorbikes and outdoor activities like trekking [9][11] - He is involved in academic and industry bodies, serving on the board of the Department of Management Studies at the Indian Institute of Technology Madras and participating in various organizations related to technology and advertising [8][11]

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Group 1 - Alphabet Inc. is considered one of the best long-term stocks to invest in according to billionaires [1] - Google is in discussions with Envicool and other Chinese firms for the purchase of liquid cooling equipment for data centers, indicating a tight supply of parts for such systems [1] - Alphabet completed its acquisition of Wiz, a leading cloud and AI security platform, which will join Google Cloud while maintaining its brand [3] Group 2 - Google Cloud and Wiz will collaborate to provide a unified security platform, enhancing the speed of detection, prevention, and response to threats [4] - The platform will offer a consistent set of processes, tools, and policies across all major cloud environments at every layer, from code to cloud to runtime [4] - Alphabet operates through various segments, including Google Services, Google Cloud, and Other Bets, with Google Services encompassing products like Android, Google Maps, Google Play, Chrome, Search, and YouTube [5]

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Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant changes in Google's payment policies, which are expected to benefit high-quality overseas game developers by improving profit margins and operational autonomy [5] - The overseas revenue from self-developed games in China is projected to reach USD 20.455 billion in 2025, maintaining a steady growth trend [5] - The introduction of third-party payment systems and application stores is anticipated to enhance the competitive landscape for game distribution platforms [6] Summary by Relevant Sections Industry Overview - The closing index is at 825.13, with a 52-week high of 1021.75 and a low of 591.71 [1] Recent Developments - Google announced a significant reduction in its service fees from 30% to 20% or lower, which is expected to alleviate the financial burden on developers relying on in-app purchases (IAP) [5] - The new policy allows developers to utilize third-party payment systems, thereby increasing their operational independence and reducing costs [5] Investment Recommendations - The report suggests focusing on companies with a high proportion of overseas game revenue, such as Century Huatong, Giant Network, and Perfect World, as well as those with third-party platform capabilities like Xindong Company, Tencent, and NetEase [7]

Macro Economic Group - In February, M2 growth remained at 9% year-on-year, while M1 increased to 5.9% from 4.9% in January, indicating an improvement in the speed of money circulation [4] - The total social financing (TSF) in February was 2.38 trillion yuan, a decrease from 7.22 trillion yuan in January, but an increase of 146.1 billion yuan compared to the same month last year [4] - Bank credit increased by 900 billion yuan in February, down from 4.71 trillion yuan in January, with a year-on-year decrease of 110 billion yuan, indicating weak demand for household credit but a notable improvement in corporate credit [4][5] Industry Comprehensive Group - China officially joined the global "Triple Nuclear Energy Declaration," aiming to triple global nuclear power capacity by 2050, which is expected to accelerate domestic nuclear power construction and enhance the related industry chain's outlook [8] - Chip Microelectronics reported a revenue of 1.4 billion yuan for 2025, a 47.6% increase year-on-year, and a net profit of 289.93 million yuan, up 80.4%, indicating significant progress in meeting the needs of major PCB manufacturers [9] Consumer Group - Starting March 15, Apple reduced its App Store standard commission from 30% to 25%, which is expected to benefit game and high in-app purchase application developers by lowering distribution costs and potentially increasing profits [11] - On Running (昂跑) reported a revenue of 3.014 billion Swiss francs for FY2025, a 30% increase, while net profit decreased by 15.9%, reflecting a focus on revenue growth and brand expansion rather than short-term profit [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - Multiple favorable policies have been released, leading to record high operational data for several games in February [1] - Apple and Google have reduced their app store commission rates, emphasizing the importance of content over distribution channels [1][2] - The "14th Five-Year Plan" explicitly mentions the development of online games, indicating a supportive regulatory environment for the industry [3] Company Summaries - **Kongzhong Network**: The company is actively repurchasing shares, with significant insider buying planned, indicating confidence in future performance [4] - **Giant Network**: The core product "Supernatural Action Team" has seen explosive growth, with a 43% increase in monthly revenue and over 10 million daily active users in February [4] - **Century Huatong**: The company is driven by both domestic and international business, with its game "Whiteout Survival" nearing $4.3 billion in cumulative global revenue [5] - **Tanwan**: The company expects a net profit of no less than 1.5 billion yuan in 2025, a 34-fold increase from 2024, driven by financial gains from Century Huatong shares and successful game launches [6] Investment Recommendations - The report suggests that after previous adjustments, several key gaming companies have attractive valuation levels. It continues to recommend Perfect World and highlights companies such as Kongzhong Network, Giant Network, Century Huatong, and others for further attention [7]

Core Insights - Alphabet Inc. (NASDAQ:GOOG) is recognized as a highly profitable blue chip stock, particularly following its acquisition of Wiz, a cloud and AI security platform, completed on March 11 [1][3] - The acquisition aims to enhance Google Cloud's security capabilities, enabling organizations to build securely across various cloud and AI platforms [3] Group 1: Acquisition Details - The acquisition of Wiz allows it to maintain its brand while integrating into Google Cloud, providing a user-friendly security platform with expertise in cloud environments and code [1] - Wiz and Google Cloud will collaborate to create a unified security platform that improves the speed of threat detection, prevention, and response for organizations [3] Group 2: Company Segments - Alphabet Inc. operates through various segments, including Google Services, Google Cloud, and Other Bets, with Google Services encompassing products like Android, Google Maps, Google Play, Chrome, Search, and YouTube [4]