Core Insights - The recruitment landscape in the internet industry is shifting, with major companies like Alibaba, ByteDance, Tencent, Meituan, and JD.com increasing their hiring for the 2026 class, marking a departure from previous years of tightened recruitment [1][4][12] - The focus of recruitment has transitioned to AI talent, with companies viewing the ability to harness AI as a critical competitive advantage in the upcoming decade [3][10] - AI-related positions are becoming a significant portion of job openings, with companies like Alibaba and Baidu reporting over 60% and 90% of their roles related to AI, respectively [4][10] Recruitment Trends - Major companies have accelerated their recruitment timelines, with many starting their hiring processes as early as July, compared to the traditional "golden September and October" [4][5] - The number of job openings has increased significantly, with JD.com announcing 35,000 positions, Alibaba over 7,000 offers, and Baidu revealing a 35% year-on-year increase in AI-related offers [4][12] - AI roles are increasingly prioritized, with a notable rise in the proportion of technical positions related to AI across various companies [4][10] Candidate Expectations - Candidates are now expected to demonstrate practical skills in applying AI tools, with a shift away from traditional academic qualifications [7][9] - The demand for candidates with hands-on experience in AI projects or internships has surged, reflecting the industry's need for practical application of AI technologies [9][10] - The ability to solve real-world problems using AI is becoming a key evaluation criterion during interviews, indicating a shift towards practical competency over theoretical knowledge [6][10] Salary Trends - Salaries for AI-related positions have seen significant increases, with average monthly salaries for roles like large model algorithm engineers reaching approximately 24,760 yuan, and some top-tier positions nearing 200 million yuan annually for PhD graduates [13][15][16] - The internship market for AI roles is also experiencing a surge, with some AI interns earning daily wages as high as 4,000 yuan, surpassing many full-time employees in other sectors [16]

Group 1 - In August, the A-share market experienced a strong rally, with the Shanghai Composite Index rising by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - Among 1,030 comparable ordinary equity funds, 979 funds reported positive performance in August, accounting for 95%, with only 48 funds declining [1] - The top-performing funds were the Fuqun Internet Technology Equity Fund A and C, which achieved returns of 41.91% and 41.84%, respectively, marking them as the only funds to exceed 40% growth in August [1] Group 2 - The top ten holdings of the Fuqun Internet Technology Equity Fund in Q2 included stocks such as Zhongji Xuchuang, Tencent Holdings, and Xiaomi Group, with Zhongji Xuchuang and Xinyisheng being key drivers in the recent AI market surge [2] - Zhongji Xuchuang and Xinyisheng saw significant monthly stock price increases of 63.1% and 88.26% in August, respectively, while other notable stocks like Ruixinwei and Tianfu Communication also experienced substantial gains of over 52% and 87% [2] - Several other equity funds, including the GF Advanced Manufacturing Equity Fund and the Fuqun New Emerging Industries Equity Fund, also reported gains exceeding 35% in August [2] Group 3 - The Fuqun New Emerging Industries Equity Fund is managed by Sun Quan, who has extensive experience in industry research and fund management since joining Fuqun Fund Management in 2015 [3] - The Hai Fuyitong Electronic Information Media Fund, managed by Wu Hao, also has a strong track record, holding similar key stocks in Q2 as the Fuqun Internet Technology Equity Fund [3] - In contrast, pharmaceutical-themed funds faced declines, with all six funds that dropped over 5% being in this category, indicating a significant shift in market sentiment [4] Group 4 - The Shenyuan Lingshin Pharmaceutical Pioneer Fund C and A recorded declines of -9.52% and -9.48%, respectively, making them the worst-performing ordinary equity funds in August [4] - Despite the downturn in August, these funds still achieved positive returns year-to-date due to strong performance earlier in the year [4] - Other pharmaceutical funds, such as the Golden Eagle Medical Health Equity Fund and Dongwu Medical Service Equity Fund, also reported declines of 8.18% and 5.87% [4]

Market Overview - On Monday, US stock indices collectively declined while the Hang Seng Index ADR rose, closing at 25,410.34 points, an increase of 332.72 points or 1.33% compared to the Hong Kong closing [1]. ADR Performance - The Hang Seng Index ADR reached a high of 25,436.07 and opened at 25,310.36, with a trading volume of 146 million. The lowest point was 25,191.42, and the previous close was 25,077.62, with an average price of 25,313.74 [2]. Major Blue-Chip Stocks - HSBC Holdings closed at 100.534 HKD, up 0.53% from the Hong Kong close. Tencent Holdings closed at 604.965 HKD, down 0.01% from the Hong Kong close [3][4].

据单向街基金会消息，单向街基金会发起"共同叙事"创作者支持计划。该计划由重庆腾讯可持续发展基 金会资助，单读作为战略协同伙伴参与运营。在腾讯可持续社会价值创新战略引领下，重庆腾讯可持续 发展基金会于2023年注册成立，通过资助不同领域的社会价值创新或科技公益项目，促进社会可持续发 展。 单向街基金会表示，无论是气候危机的加剧、地缘政治的深刻变化，还是人工智能的迭代，都标志着我 们的时代正在经历重要的转变。虽然不确定性愈加明显，但历史也正在我们的日常中展开，有许多正在 发生、已经发生的事，值得创作者去关注和记录。这些"现实"也在激励创作者，去书写更具实感与温度 的非虚构作品，去感知眼前这个纷繁复杂的世界。单向街基金会希望通过这一计划，汇聚多样的个体经 验和视角，共同构建一个开放而多元的"共同叙事"。在初步的构想里，每个人的独特书写，最终将与其 他作品一起，共同描绘出更广阔的社会图景。 据了解，陈菊红、许知远、徐泓、陈嘉映、罗新、吴国盛、胡泳、曹天元等为"共同叙事"创作者支持计 划担任议题召集人。单向街基金会期待的非虚构作品，能够深入探讨人在这个时代的处境，思考人在这 个时代的作为，并付诸实践，呈现出所处的时代。 ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - Tencent Games is poised to capitalize on industry trends with the upcoming release of "Path of Exile: Ascendancy," which has shown significant success overseas and is expected to perform well in the domestic market [1][2][3]. Market Performance - "Path of Exile: Ascendancy" topped the Steam sales chart for eight consecutive weeks, achieving nearly 600,000 concurrent players across all platforms and a peak viewership of 1.23 million on Twitch [4]. - The game has garnered over 2.25 million pre-registrations on its official website [4]. Industry Reputation - The game received multiple accolades in the Steam 2024 awards, including "Platinum Level New Product" and "Most Popular Game" [5]. - Tencent's senior vice president praised the game's development team for their community engagement and continuous improvement [5][6]. Development Strategy - Tencent has acquired a majority stake in Grinding Gear Games (GGG) but allows for independent operation, similar to its management of Riot Games [12]. - GGG's focus on community feedback and innovative gameplay design is expected to enhance the game's appeal [10][15]. Gameplay Features - "Path of Exile: Ascendancy" emphasizes high freedom in character builds and complex skill interactions, distinguishing it from mainstream ARPGs [16][18]. - The game introduces a more dynamic loot system, allowing for random drops from any monster, enhancing player engagement [22][23]. Localization and AI Integration - The game aims for extensive localization, with over one million words of text and 17,000 lines of voice acting in Chinese [31]. - An AI assistant will be integrated to provide guidance without restricting player freedom, enhancing the overall gaming experience [34][35]. Market Trends - The success of "Delta Action" has reignited interest in PC gaming, with a reported daily active user count exceeding 20 million [41]. - Tencent's dominance in the gaming market is reinforced by its strong portfolio, with seven out of the top ten games in the net cafe rankings being Tencent titles [45]. Future Outlook - The gaming industry is witnessing a revival in PC gaming, driven by successful titles like "Black Myth: Wukong," which has increased player interest in the platform [52]. - Despite challenges such as hardware limitations and strict regulatory approvals, the trend towards multi-platform gaming is expected to continue [54].

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 自8月18日以来公司已连续11日进行回购，合计回购1010.10万股，累计回购金额60.57亿港元。 其间该 股累计上涨2.20%。 | 2025.06.30 | 98.90 | 510.000 | 503.000 | 50035.79 | | --- | --- | --- | --- | --- | | 2025.06.27 | 97.80 | 513.500 | 510.000 | 50024.40 | | 2025.06.26 | 97.90 | 513.000 | 508.000 | 50020.35 | | 2025.06.25 | 97.90 | 514.500 | 508.500 | 50035.55 | | 2025.06.24 | 98.50 | 510.000 | 505.500 | 50062.09 | | 2025.06.23 | 100.10 | 504.000 | 495.200 | 50059.39 | | 2025.06.20 | 99.70 | 504.500 | 496.200 | 50049.50 | | 2 ...

Market Overview - On September 1, the Hang Seng Index rose by 2.15%, closing at 25,617.42 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 11.942 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 200.589 billion, with a net buying amount of HKD 11.942 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the trading volume was HKD 118.631 billion, with a net buying of HKD 5.659 billion; in the Shenzhen Stock Connect, the trading volume was HKD 81.958 billion, with a net buying of HKD 6.283 billion [1][3] - Alibaba-W was the most actively traded stock, with a trading volume of HKD 16.03349 billion and a net buying amount of HKD 0.85129 billion, closing with an increase of 18.50% [2][3] - Other notable stocks included SMIC and Huahong Semiconductor, with trading volumes of HKD 6.336 billion and HKD 4.042 billion, respectively [1][2] Net Buying and Selling - In terms of net buying, Alibaba-W led with HKD 4.069 billion, while the stock with the highest net selling was Pop Mart, with a net selling of HKD 0.722 billion, closing down by 4.34% [2][3] - The top ten actively traded stocks in the Shenzhen Stock Connect also featured Alibaba-W, SMIC, and Xiaomi Group, with respective trading volumes of HKD 12.2701 billion, HKD 4.271 billion, and HKD 2.498 billion [2][3]

Group 1 - Meta and Scale AI partnership has deteriorated, with Ruben Mayer, a high-ranking executive who joined Meta from Scale AI, leaving the company just two months after the collaboration began [1] - Meta's internal researchers have complained about the low data quality from Scale AI, prompting Meta to shift its focus to competitors Mercor and Surge [1] - Following the loss of Meta's support, Scale AI has also lost major clients like OpenAI and Google, leading to significant layoffs [1] Group 2 - Users reported a significant performance decline in Claude Opus 4.1 during the daytime, particularly between 10-11 AM, with frequent errors in document processing [2] - Analysis suggests that the performance drop may be due to Anthropic's use of 1.58-bit quantization during the day, which resulted in the loss of critical information [2] - Anthropic has acknowledged the issue as a problem with the inference stack and has rolled back to previous versions 4.1 and 4.0 to restore quality [2] Group 3 - Tencent has open-sourced the 7B parameter translation model Hunyuan-MT-7B, which supports 33 languages and has achieved first place in 30 out of 31 languages in the WMT2025 competition [3] - The company also released the first translation integration model, Hunyuan-MT-Chimera-7B, which generates superior translations based on original text and multiple model outputs [3] - The model utilizes AngelSlim compression for FP8 quantization, improving inference performance by 30% and is integrated into various Tencent services [3] Group 4 - Jieyue Star has launched the end-to-end speech model Step-Audio 2 mini, which integrates speech understanding, audio reasoning, and generation, along with native Tool Calling capabilities [4] - The model has excelled in multiple benchmark tests, achieving an MMAU score of 73.2, ranking first among open-source end-to-end speech models [4] - It employs a true end-to-end multimodal architecture, incorporating chain reasoning and reinforcement learning for enhanced understanding of emotions, tones, and non-verbal signals [4] Group 5 - Shanghai AI Laboratory has released the Shusheng·Wanxiang InternVL3.5 series models, featuring nine sizes with parameters ranging from 1 billion to 241 billion, enhancing general capabilities, reasoning abilities, and deployment efficiency [5] - The flagship model InternVL3.5-241B-A28B surpasses GPT-5 in several benchmarks, achieving a score of 77.7 in MMMU, the highest for open-source models [5] - Innovations include dynamic visual resolution routing and a decoupled deployment framework, reducing inference latency from 369ms to 91ms, enhancing core capabilities [6] Group 6 - The South Korean government has distributed AI dolls developed by startup Hyodol to tens of thousands of elderly individuals living alone, providing companionship and health monitoring [7] - The dolls feature a ChatGPT-based dialogue system and sensors to detect movements, with the ability to alert caregivers in emergencies [7] - Over 12,000 Hyodol dolls are currently in use, priced at approximately 8,160 RMB each, significantly lower than the cost of caregiving staff, addressing the shortage of nursing personnel in South Korea [7] Group 7 - As of September 1, the "Identification Method for AI-Generated Synthetic Content" has been implemented, requiring AI-generated content to include identity tags [8] - Providers of synthetic content must add explicit and implicit identifiers, while platforms must verify metadata and provide clear indications [8] - Major platforms like Tencent, Douyin, Kuaishou, Bilibili, and DeepSeek have announced detailed rules and functionalities for adding identifiers to AI content, prohibiting users from deleting or altering these tags [8] Group 8 - Tsinghua University and partners have released RLinf, the first large-scale reinforcement learning framework for embodied intelligence, featuring a new hybrid execution model [9] - The framework achieves over 120% system acceleration in training scenarios for embodied intelligence [9] - It integrates Megatron+SGLang/vLLM and FSDP+HuggingFace backends, designed for different training needs, and includes adaptive communication libraries and automatic scheduling modules [9] Group 9 - DeepSeek has published an official announcement in response to the new regulations, committing to label AI-generated content and warning users against modifications [10] - The company has disclosed training details for its models, including a scale of 685 billion parameters and the pre-training and optimization processes [10] - DeepSeek has outlined its data governance system, employing filters to eliminate harmful content while ensuring user rights to information, choice, and control, acknowledging the ongoing challenge of "hallucinations" in models [10]

Group 1 - The Hang Seng Index rose by 2.15% on September 1, with southbound trading totaling HKD 200.59 billion, including HKD 106.27 billion in buying and HKD 94.32 billion in selling, resulting in a net buying amount of HKD 11.94 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 81.96 billion, with net buying of HKD 6.28 billion, while the Shanghai Stock Connect had a total trading amount of HKD 118.63 billion, with net buying of HKD 5.66 billion [1] - Alibaba-W was the most actively traded stock with a total trading amount of HKD 28.30 billion and a net buying amount of HKD 4.92 billion, closing with an increase of 18.50% [1][2] Group 2 - Among the stocks listed, Alibaba-W, Tencent Holdings, and Huahong Semiconductor were among the top active stocks in both Shenzhen and Shanghai southbound trading, with Alibaba-W having a net buying amount of HKD 4.92 billion and Tencent Holdings at HKD 0.12 billion [2] - There were two stocks that received net buying from southbound funds for more than three consecutive days, with Alibaba-W leading at a total net buying of HKD 10.90 billion over seven days, followed by Huahong Semiconductor with HKD 1.09 billion over five days [2] - The trading data for September 1 shows that Xiaomi Group-W had a total trading amount of HKD 51.01 billion with a net selling of HKD 1.03 billion, while Pop Mart had a total trading amount of HKD 33.93 billion with a net selling of HKD 0.91 billion [2]