Core Insights - The report recommends a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][15][18] - The report emphasizes the resilience of the gaming sector, projecting continued industry prosperity into 2026, with specific recommendations for companies like Tencent and NetEase due to their favorable valuations [4][18] - The report identifies significant opportunities in AI and its applications across various sectors, suggesting that AI-driven innovations will lead to a new round of value reassessment in the market [4][21] E-commerce - Alibaba's MaaS business and the progress of its Qianwen model are expected to encourage a return to SOTP valuation perspectives in the market [4][15] - The report notes that Alibaba's recent performance was below expectations, but the long-term outlook remains optimistic due to its AI capabilities and integration with its commercial ecosystem [15] Social Entertainment Media - Tencent is expected to continue leveraging the commercialization potential of WeChat, while Bilibili's advertising growth is projected to outpace the overall internet advertising market, with a forecasted revenue growth rate of 27% in Q4 2025 [4][15][18] Internet Healthcare - JD Health and Alibaba Health are strengthening their partnerships with upstream pharmaceutical manufacturers, leading to robust revenue and profit growth [4][16] Short Videos - The report highlights the commercial potential of short video platforms, benefiting from technological advancements, with expectations of increased capital investment in 2026 [4][16] IP and Toy Market - Pop Mart is expected to enhance its collaboration with overseas designers and strengthen its local IP penetration into international markets, supported by store upgrades and a diverse SKU offering [4][16] Long Videos - The report indicates that the long video sector is stabilizing in terms of membership and advertising revenue, with a focus on exploring new business opportunities related to the main industry [4][17] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU, although there are concerns about competition from new players leading to valuation adjustments [4][17] Gaming Sector - The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026, recommending companies with strong product pipelines and growth potential [4][18] - The report suggests that new game launches will catalyze growth, with several major titles scheduled for release [13][18] Advertising - The report notes a significant increase in internet advertising investment, particularly in consumer categories, driven by major events like the Winter Olympics and the World Cup [4][18] AI Developments - The report highlights advancements in AI technologies, with expectations of a new wave of model iterations and commercial applications emerging in 2026 [4][21]

DeepSeek 核心人才入职百度，但不是郭达雅 3 月 21 日下午，AI 圈传出一则人事动态消息，社交媒体上有人称，DeepSeek 核心技术人员已正式 加盟百度，岗位归属百度模型研发部（AMU）。该消息一经流出，迅速引发行业关注与猜测。 消息发酵初期，坊间普遍猜测此次入职百度的 DeepSeek 核心人员，是大模型 AI coding 领域的知名 专家郭达雅。据悉，郭达雅为中山大学与微软亚洲研究院（MSRA）联合培养博士，深耕代码生成与 数学推理大模型领域，曾主导 DeepSeek-Coder、DeepSeekMath 等核心项目，是 DeepSeek 的核 心骨干之一，其近期确有从 DeepSeek 离职的消息传出。 摘要：DeepSeek 核心人才入职百度，但不是郭达雅；腾讯 AI Lab 撤销，部分人员并入混元；宇树某 程序员发帖称：宇树对外标榜弹性双休，内部却是另一套规则，非常卷；网易回应"AI 清退外包"传 闻：系部分项目正常调整与人员优化；男子因造谣"科大讯飞裁员 30%"被拘；傅盛朋友圈开撕周鸿 祎：你欠一个亿未还，还删我；Cursor 新模型被指套壳 Kimi K2.5，联创回应：确实是 ...

记者｜黎雨桐 见习记者林芊蔚 编辑｜张楠 北京时间3月21日，美股三大指数集体收跌。道指跌0.96%，本周累跌2.11%，连续四周下跌， 创下自2023年2月以来最长的周线连跌纪录；纳指跌2.01%；标普500指数跌1.51%。 欧洲主要股指收盘普跌。德国DAX 30指数跌2%，法国CAC40指数跌1.82%；意大利MIB指数 跌1.97%；英国富时100指数跌1.44%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 45577.47 | 21647.61 | 6506.48 | | -443.96 -0.96% -443.08 -2.01% -100.01 -1.51% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 59068.36 | 3623.68 | 6742.84 | | -1226.84 -2.03% -92.11 -2.48% -202.55 -2.92% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 46110 | 24217.25 | 6588.50 | | -231 -0.50% ...

3 月 18 日 网传网易游戏大裁员的消息，好在当天网易紧急辟谣，表示消失不实 。 这让我想起在二月初刷到的一个某脉帖子：一个外包老哥在 网易游戏同事圈发帖说 被组长通知"用不到外 包了"，眼看房贷要断供、高薪工作难找，他问："给组长下跪有用吗？能不能求个留下的机会？ " 底下有条调侃留言更扎心："你躺下都没用。" 外包身份：高薪背后是随时被丢弃的炮灰 大厂外包拿着比小厂高的薪资，却连正式工的边角料都算不上。项目红火时你是"高效人力"，业务收缩时你 就是"优化首选"。 那个发帖老哥怕的不是失业，是"再也找不到这么高工资的外包"，本质是用尊严换短期饭票， 高薪外包从 来都是饮鸩止渴的陷阱 。 下跪求助有啥用？ 想靠下跪留下来，本质是把命运交到别人手里。 可问题是，组长决定不了业务预算，他也不是优化决定的拍板人，更救不了你的房贷，下跪换不来怜悯， 大概率只会换来"这人有点没底线"的评价。 打工人的安全感从来不是求来的，是手里的技能、存款和退路给的， 别让房贷成了枷锁 原贴不是个例，是无数大厂外包的缩影：拿着看似光鲜的薪水，过着朝不保夕的日子。 几个小建议： 1. 留足 6 个月以上生活费，别让房贷把你逼到绝境 2 ...

Key Points - The article discusses various significant developments in the technology and automotive sectors, highlighting trends and company performances in AI, electric vehicles, and corporate strategies [4][6][12][19][30][36][48]. Group 1: AI Developments - Japan's Rakuten AI 3.0 was criticized for allegedly copying the Chinese open-source model DeepSeek V3, leading to public backlash and discussions about the integrity of AI development in Japan [4][5]. - Tencent's annual report revealed a significant increase in employee compensation, with an average annual salary cost exceeding 1 million RMB, reflecting the company's growth and investment in talent [6][7]. - Baidu appointed He Jingzhou as the head of its App R&D center to enhance the integration of large models with search and recommendation services, indicating a strategic focus on AI advancements [10][12]. Group 2: Automotive Industry Insights - Geely's Vice President confirmed that Dong Mingzhu ordered three Zeekr 009 vehicles, highlighting a growing trend of high-profile Chinese entrepreneurs supporting domestic luxury brands [8][9]. - Chery Automobile announced its energy strategy, introducing the Rhino battery technology, which emphasizes safety and sustainability in electric vehicle production [12][13]. - Chery's financial report showed a record revenue of 300.29 billion RMB in 2025, with a 36.1% increase in net profit, driven by strong sales in both domestic and international markets [36][37]. Group 3: Corporate Strategies and Market Trends - ByteDance introduced internal security protocols for its employees, emphasizing the importance of data protection and compliance in the tech industry [19]. - The automotive sector is witnessing a shift as traditional manufacturers face pressure from domestic brands, leading to performance-based employee evaluations and potential layoffs in some companies [21][22]. - OpenAI is preparing for an IPO, focusing on enterprise-level business to strengthen its commercialization efforts, indicating a trend towards public offerings in the tech sector [54].

Group 1 - Apple CEO Tim Cook was spotted in Chengdu, denying retirement rumors and attending a special event for Apple's 50th anniversary [3] - Tencent's CEO Ma Huateng discussed the "shrimp" application concept, emphasizing its potential to integrate AI into various scenarios beyond traditional ChatBot applications [5] - Tencent's QClaw AI assistant announced a version update, enhancing its capabilities and expanding its internal testing [5] Group 2 - Chery Automobile announced a strategic entry into controllable nuclear fusion, aiming to harness fusion energy for long-term human use [9] - Tencent reported a record high in R&D investment of 857.5 billion yuan and capital expenditure of 792 billion yuan for 2025, with a 13% year-on-year revenue growth [9] - Ideal Auto's L series models have stopped accepting new orders as the company prepares to launch new versions [9] Group 3 - Baidu appointed He Jingzhou to lead the integration of large models with search and recommendation services, enhancing the application of cutting-edge technologies [10] - NetEase denied rumors of mass layoffs involving AI, stating that recent personnel changes were part of normal business adjustments [10] - NVIDIA's CEO Jensen Huang highlighted OpenClaw as a significant advancement in human-AI interaction, predicting it to be the next ChatGPT [10] Group 4 - GAC Group established a Powertrain Business Unit to integrate its core power business, aiming for a more agile and innovative operational model [10] - Elon Musk is negotiating a settlement with the SEC regarding undisclosed Twitter stock purchases prior to his acquisition offer [10] - Faraday Future announced a stock purchase plan for executives and employees, allowing them to defer part of their salaries for stock acquisition [10] Group 5 - Germany plans to significantly increase AI computing power by 2030, aiming to become a leading data center hub in Europe [10] - Warner Bros. Discovery's CEO David Zaslav is set to gain over $667.2 million from the sale of the company to Paramount [10] - Samsung's union announced a total strike in May, which is expected to impact chip production, particularly DRAM and NAND flash memory [10] Group 6 - Buick launched its first pure electric MPV, priced at 489,900 yuan, featuring advanced charging and driving assistance technologies [18] - ByteDance's security team released safety guidelines for OpenClaw and introduced ByteClaw for internal resource management [20] - China's semiconductor industry is projected to see an investment of approximately 784.1 billion yuan in 2025, reflecting resilience amid global industry adjustments [20]

NetEase, Inc. (NASDAQ:NTES) is one of the best metaverse stocks to buy, according to analysts. On March 7, Bloomberg reported that NetEase, Inc. (NASDAQ:NTES) will cut off funding to a studio led by Yakuza franchise creator Toshihiro Nagoshi. NetEase, Inc. (NTES) Cuts Funding to Nagoshi Studio The move is part of the company’s broader strategy to shrink game development activities. The company has been reducing its overseas investments as it faces rising costs for AAA game development. It also underscore ...

② 3 月 18 日，"网易将用 AI 全面清退外包"的消息在社交平台刷屏，网传版本称网易互娱计划 4 月裁掉 30~40% 外包，5 月清退 80% 甚至全部，并用自研 AI 替代编程、美术、测试等岗位，要求员工必须用 AI 并写入周 报。 | 网易要下大雨了 | | | --- | --- | | | | | 有多大啊 | | | | | | 公司要大裁员了 | 没这么慢 | | 外编 4.1 裁员 30% | | | | 我们组的外包,第五人格的外包都 | | 5.1 全裁 | 清理了 | | | 老板用的词是"清理"，当时老大 | | | 正在开会投屏,老板私聊过来,我 | | | 要你清理掉所有的外包 | | 10 11 | | | 4.1 和 5.1 是啥意思 | | | 11 1 | | | 4月1 | | | 5月1 | | （网传截图） 有博主估计，按照网易游戏的外编人数来预估，这将影响 上 千人。 今天傍晚，网易官方紧急辟谣，明确表示： 网传"使用 AI 清退全部外包"信息不实 。 官方解释，" 近期发生的人员变动仅为部分项目的正常业务调整与人员汰换，属于企业日常运营管理的一部 分，不会对 ...

Apple fee cut to boost Tencent, NetEase margins in China, analysts say Apple fee cut to boost Tencent, NetEase margins in China, analysts say Tech Author Vatsala Gaur Mar 18, 2026, 08:53 AM Apple's decision to lower App Store commission fees in mainland China is expected to provide a modest but meaningful boost to the profitability of leading gaming firms Tencent and NetEase, according to Morningstar. The iPhone maker said it would reduce fees on in-app purchases and paid transactions to 25% from 30%, effec ...

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]