分析師評(píng)谷歌避走香港之舉

Google's decision to redirect its censored Chinese site to an unfiltered Chinese-language version of its service hosted in Hong Kong, appeared to make good on the Web giant's threat to stop open the floodgates on Chinese search results.
谷歌決定將其受審查的中國(guó)網(wǎng)站導(dǎo)向位于香港的未經(jīng)過(guò)濾的中文服務(wù)，這一決定似乎實(shí)現(xiàn)了該公司停止對(duì)中文搜索結(jié)果進(jìn)行審查過(guò)濾的諾言。

It also seems to be continuing to weigh a bit on shares Tuesday. Here's a smattering of some of the more thoughtful comments from analysts we've read on the topic.
看起來(lái)這個(gè)決定周二還繼續(xù)令谷歌的股價(jià)承壓。以下是一些較具深度的分析師評(píng)論：

Broadpoint.AmTech: 'Investor sentiment and the longer-term potential of China will be impacted by Google's decision to not censor results. The headline risk will continue around this issue as investors will now monitor the Chinese government's response to this change. As we state above, we expect Google.com.hk to be blocked at least as forcefully as Google.com itself has been blocked historically, and there is a chance that blocks will be more aggressive for Google.com.hk and all Google sites in the future.'
產(chǎn)業(yè)研究機(jī)構(gòu)Broadpoint AmTech：中國(guó)的投資者人氣和長(zhǎng)期潛力將受到谷歌停止審查搜索結(jié)果決定的影響。圍繞這一事件的首要風(fēng)險(xiǎn)還將繼續(xù)，因投資者現(xiàn)在會(huì)密切關(guān)注中國(guó)政府對(duì)這一變化的反應(yīng)。如前所述，我們預(yù)計(jì)Google.com.hk會(huì)遭遇屏蔽，力度至少與Google.com歷史上曾經(jīng)遭遇過(guò)的屏蔽一樣，而且將來(lái)Google.com.hk和所有Google站點(diǎn)還可能遭到更大力度的屏蔽。

Bank of America Merrill Lynch: 'It is now Beijing's move, however, we suspect a measured response of some kind which could limit Google's operations in China. On a positive note, Google should get some political goodwill from this move, and we continue to view Google as well positioned to benefit from a global economic recovery with margin upside opportunity to offset any losses from China.'
美國(guó)銀行/美林(Bank of America Merrill Lynch)：現(xiàn)在輪到北京方面走下一步了，不過(guò)我們猜測(cè)北京方面會(huì)拿出某種經(jīng)過(guò)深思熟慮的反應(yīng)，可能限制谷歌在華運(yùn)營(yíng)。往好的方面說(shuō)，谷歌這次的舉動(dòng)可能獲得政治上的好意，而且我們依然認(rèn)為谷歌有很好的定位，將從全球經(jīng)濟(jì)復(fù)蘇中獲益，有機(jī)會(huì)實(shí)現(xiàn)利潤(rùn)的增長(zhǎng)，從而抵消在中國(guó)的損失。

CLSA: 'Baidu will be the immediate beneficiary of Google exiting China as it is the only operator that can provide comparable services. Advertisers generally like Baidu's new advertising system, Phoenix Nest, which enables 'Broad March'. Advertiser links still show up, even if users input related keywords. Ad agencies estimate that about 30% of Google's ad budget may go immediately to Baidu. Ad agencies will also try to use soso.com and sogou.com as they do not want a single operator to take the entire market share.'
里昂證券(CLSA)：百度將成為谷歌退出中國(guó)的直接受益者，因?yàn)樗俏ㄒ灰患夷軌蛱峁┛煽芭c谷歌相比的服務(wù)的運(yùn)營(yíng)商。廣告商們大體上很喜歡百度新的廣告系統(tǒng)“鳳巢”，后者可以實(shí)現(xiàn)“寬泛匹配”。就算用戶輸入的只是相關(guān)的關(guān)鍵詞，廣告商鏈接也會(huì)顯示出來(lái)。廣告公司預(yù)計(jì)大約30%的谷歌廣告預(yù)算會(huì)直接落入百度手中。廣告公司還會(huì)試圖利用騰訊旗下搜搜網(wǎng)(soso.com)和搜狐的搜狗(sogou.com)，因?yàn)樗麄儾幌Ｍ俣纫患要?dú)大。

Jefferies: 'Google could decide to participate in China's growth through an equity stake in a local company (a la Yahoo!/Alibaba) or by expanding platforms such as Android and AdSense.'
投資銀行Jefferies：谷歌可能通過(guò)持股本土公司(如同雅虎與阿里巴巴)來(lái)從中國(guó)的發(fā)展中分一杯羹，或者是擴(kuò)大手機(jī)操作系統(tǒng)Android和廣告系統(tǒng)AdSense等平臺(tái)。

Baidu does seem to be benefiting the most Tuesday. Its shares are up nearly 3%. Meanwhile, Google is breaking below its 50-day moving average.
從周二的情況看，百度確實(shí)是受益最大的。其股價(jià)上漲近3%。與此同時(shí)，谷歌跌破50天交易均價(jià)。