《大行報告》瑞信料內地今年會採取更多措施監管互聯網巨頭 網企或更為自律
阿里巴巴(09988.HK)因在網絡平台實施「二選一」壟斷行為遭罰款182.28億元人民幣。瑞信發表報告指,罰款幅度合理及符合預期,對阿里的短期財務影響可控,相信中央政府的目的是促進公平競爭及市場健康發展,並確保互聯網巨頭承擔一定程度的社會責任,而非限制企業增長發展,行業選股優先順序依次為騰訊(00700.HK)、阿里巴巴、拼多多(PDD.US)、美團(03690.HK)和京東(09618.HK)。
中長期方面,報告指,整改中提及阿里不得利用平台數據及算法等實施壟斷協議和濫用市場支配地位行為,有關要求目標是促進更健康的排名算法和商家生態系統,對淘寶和天貓的盈利能力影響有限。至於不得從事向平台內經營者收取不公平高價服務費,瑞信認為佣金的壓力更多來自競爭而非監管,隨著淘寶和天貓將重心轉移到市場份額,沒有看到有急切需要上調佣金,因此不預計會有實質性影響。
另一方面,報告提到,整改要求制定內部反壟斷機制可能會導致更高的合規成本,但對阿里財務影響有限。不過,在日常操作中對合規性進行更嚴格的審查,或會減慢決策過程。而在監管壓力下,互聯網巨頭很可能會在一定程度上逐步開放平台,比如允許微信支付在淘寶或淘寶在微信小程序使用。
報告指,互聯網巨頭一直在內地發展擔當重要角色,例如阿里巴巴和騰訊帶動經濟數字化、京東和美團促進就業,及拼多多針對低線城市的消費升級。而監管機構亦希望提供一個鼓勵創新環境,以保持全球競爭力。因此,該行預期未來仍會有更多關於反壟斷執法的新消息,但不太可能會嚴重損害這些企業的業務。
瑞信表示,去年下半年起,內地加強了對互聯網行業的監管,並在中央經濟工作會議的八大任務中,要求強化反壟斷和防止資本無序擴張,反映互聯網反壟斷監管趨勢會持續,今年可能會有更多的互聯網公司將面臨監管行動。相比起對阿里巴巴的實質性罰款,監管機構可能會採取多種方法來規管互聯網巨頭,例如軟指導或會議。同時,在監管壓力日益加大的情況下,互聯網巨頭也可能會採取一些自律性措施或公開反對某些做法。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.