金吾财讯 | 纳斯达克中国金龙指数盘初跌1.89%，小马智行(PONY)跌7.11%，小鹏汽车(XPEV)跌 5.30%，名创优品(MNSO)跌3.80%，联电(UMC)跌3.44%，再鼎医药(ZLAB)跌3.34%，百度(BIDU)跌 2.78%，网易(NTES)跌2.65%，台积电(TSM)跌2.47%，腾讯音乐(TME)跌2.47%。 金吾财讯 | 纳斯达克中国金龙指数盘初跌1.89%，小马智行(PONY)跌7.11%，小鹏汽车(XPEV)跌 5.30%，名创优品(MNSO)跌3.80%，联电(UMC)跌3.44%，再鼎医药(ZLAB)跌3.34%，百度(BIDU)跌 2.78%，网易(NTES)跌2.65%，台积电(TSM)跌2.47%，腾讯音乐(TME)跌2.47%。 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 24 March 2026 | 9:02PM HKT Equity Research NetEase Inc. (NTES): Internet Trip Takeaways: AI to amplify top-tier developers; focus on self developed IP for global market; Buy We hosted NetEase management on Mar 24 in Beijing as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) AI impact on broader game industry and NTES itself including R&D, talent development and monetization, where management emphasized that AI can meaningfully improve efficienc ...

出品｜虎嗅ESG组 作者｜陈玉立 头图｜视觉中国 本文是 #ESG进步观察 #系列第162篇文章 本次观察关键词：公司治理 没有任何预警，曾撑起游戏产能半边天的外包大军，在AI本土化落地的风口，可能要率先沦为技术 革新的代价了。 近日，网易游戏外包岗位裁员传闻引爆社交媒体，一则"正常业务调整与人员汰换"的回应叠加"AI鬼 故事本土化落地"的行业热议，让游戏产业AI正在替代人力的话题持续发酵。 图源：知乎 回顾年初网易发布的财报，其指出在AI原生研发管线方面已覆盖原画、模型、动画、音频、关卡、 测试等全流程生产场景，部分环节效能提升300%。 结合虎嗅ESG组与资深游戏行业人士交流的情况分析，一个明确的趋势是，游戏产业正在大范围拥抱 AI，网易并非个案，而是整个行业需要直面的"宿命"。 AI如何替代"游戏人"？ "综合评估下来， 一个熟练使用AI的员工大约能顶3个不使用AI的员工 ，"游戏公司高管刘洋（化 名）向虎嗅ESG组分析道："不同岗位下AI对于人的提效结果也不同。" 刘洋指出，按岗位职能来分，游戏研发大致可分为程序、美术、文案、测试、运营、策划6类员工， 其中美术、文案两类岗位受AI影响较大，基本可以被 ...

GAMR Rebalance Highlights Gaming Stock Rotation | ETF Trends The Amplify Video Game Leaders ETF (GAMR)hit the reset button this March. With 22 constituent adjustments, the rebalance goes beyond just routine maintenance. It's a tactical recalibration designed to capture a shifting global landscape and lean back into core gaming fundamentals. A Shift to Local Listings One of the most notable moves in the rebalance is the swapping out the U.S.-listed shares of NetEase, Inc. (NTES)in favor of the Hong Kong-list ...

3月25日热门中概股涨跌不一，纳斯达克中国金龙指数（HXC）收跌0.43%。 上涨股当中（按市值从高到低），台积电涨1.42%，拼多多涨1.91%，中华电信涨0.52%，富途控股涨 0.18%，中通涨1.28%，贝壳涨0.06%，理想汽车涨3.62%，华住酒店集团涨0.82%，中国新城农村涨 6.20%，新东方涨0.36%，万国数据涨2.79%，WSP控股涨0.31%，拓臻生物涨0.79%，名创优品涨 0.24%，小马智行涨1.36%，金山云涨1.24%，欢聚涨0.15%，雾芯科技涨1.65%。 美股周二收跌，科技股跌幅领先，三大股指均部分回吐了周一所获涨幅。油价再度上涨，同时美以对伊 战争进入第四周，市场继续关注中东局势的最新发展。 道指跌84.41点，跌幅为0.18%，报46124.06点；纳指跌184.87点，跌幅为0.84%，报21761.89点；标普 500指数跌24.63点，跌幅为0.37%，报6556.37点。 领涨中概股列表： | | | 美股列表 | | | | --- | --- | --- | --- | --- | | ▲热股榜 | 中概股 | 科技股 | 知名美股 | 全部美股 | ...

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].