责任编辑：何俊熹 新浪科技讯 10月22日晚间消息，网易互娱第十事业部负责人李凯明发布内部信，表示"由于个人职业发 展的长远规划，近日我将从网易离职，开启创业的新征程！"他在信中感谢了公司和领导给予的信任和 机会，并称在网易这十二年的经历是他人生中无与伦比的财富。 新浪科技就此向官方求证，网易互娱第十事业部回应称，原负责人李凯明因个人原因近期已向公司提出 离职，相关交接工作顺利进行，不会影响到工作室正常运行。感谢凯明此前为团队作出的贡献，也希望 他未来工作生活一切顺利。（罗宁） ...

Group 1 - The Hang Seng Technology Index experienced a decline, with a drop of over 1.5% during the afternoon session on October 22, leading to a decrease of over 2% in the largest A-share counterpart, the Hang Seng Technology Index ETF (513180) [1] - Major stocks such as NetEase, BYD Electronics, JD Health, Kingsoft, Baidu Group, and Lenovo Group were among the biggest losers in the ETF [1] - Goldman Sachs reported that a slow bull market for Chinese stocks is forming, predicting a 30% upside for the MSCI China Index over the next two years [1] Group 2 - Goldman Sachs suggests that investors should shift their mindset from "selling on highs" to "buying on lows" as the bull market unfolds in China [1] - The report emphasizes an alpha-driven investment strategy focusing on the "China Ten Giants" which includes Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta [1] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain across upstream, midstream, and downstream sectors [2]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index experiencing a drop of over 1.5% in the afternoon session [1] - The largest ETF tracking the same sector, the Hang Seng Tech Index ETF (513180), fell by more than 2%, with major holdings like NetEase, BYD Electronics, JD Health, Kingsoft, Baidu, and Lenovo leading the losses [1] - The internet sector in Hong Kong faced pressure due to several factors, including a contraction in manufacturing PMI and a slowdown in social financing growth, which negatively impacted earnings expectations for tech companies [1] Group 2 - As of October 21, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.05 times, indicating that the current valuation is below 70% of the time since the index was launched [2] - The tech sector in Hong Kong is expected to benefit from the current trends in AI, with potential foreign capital inflows exceeding expectations due to a backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Tech Index ETF (513180) as a means to gain exposure to core Chinese AI assets [2]

Core Viewpoint - The article emphasizes that in the internet industry, job levels often reflect personal value more than job titles, with significant salary differences across companies for similar positions [1]. Salary and Job Level Summary - Alibaba (阿里巴巴) offers salaries for various levels: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [6][3]. - Meituan (美团) salary ranges: - L6: ¥40-53 million - L7: ¥54-71 million - L8: ¥74-136 million - L9: ¥264-334 million - L10: ¥480-496 million [2][4]. - Huawei (华为) salary structure: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [5][6]. - Pinduoduo (拼多多) is known for high salaries, with ordinary employees earning over ¥1 million [8]. - ByteDance (字节跳动) salary details: - T4: ¥32-45 million - T5: ¥40-56 million - T6: ¥56-71 million - T7: ¥79-92 million - T8: ¥78-146 million - T9: ¥75-164 million - T10: ¥148-185 million [9][10]. - Ant Group (蚂蚁金服) salary levels: - 15th level: ¥40-47 million - 16th level: ¥51-70 million - 17th level: ¥73-97 million - 18th level: ¥107-155 million - Employee: ¥64-113 million - Group Leader: ¥136-212 million - First-level Supervisor: around ¥300 million [12]. - JD (京东) salary structure: - P6 Senior Engineer: ¥60-78 million - P7 Technical Expert: ¥77-103 million - P8 Senior Technical Expert: ¥116-152 million - P9 Senior Technical Expert: over ¥160 million [13][17]. - Didi (滴滴) salary ranges: - D5 Engineer: ¥36-49 million - D6 Senior Engineer: ¥40-50 million - D7 Senior Engineer: ¥48-72 million - D8 Expert: ¥103-148 million - D9 Senior Expert: ¥148-205 million - D10 Chief Engineer: ¥210-393 million [19][23]. Overall Insights - Job levels not only represent technical skills but also reflect the company's recognition of individual capabilities. Advancing in levels requires stronger communication, collaboration, and strategic awareness [26][27]. - Entry-level positions (P5/T4/2-1) typically offer annual salaries around ¥40 million, while mid-level positions (P7/T6/2-2) often exceed ¥100 million. Expert-level positions (P8/T7/3-1) average around ¥150 million, and top experts (P9/T8/4-1) can earn ¥300 million or more [28].

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.52%, the Shenzhen Component down 0.70%, and the ChiNext Index down 0.73% [1] - The decline was led by sectors such as precious metals, coal, and semiconductors [1] Index Performance - Shanghai Composite Index: 3896.07, down 0.52%, with a trading volume of 73.99 billion [2] - Shenzhen Component Index: 12985.96, down 0.70%, with a trading volume of 93.48 billion [2] - ChiNext Index: 3061.27, down 0.73%, with a trading volume of 35.09 billion [2] External Market - U.S. stock indices showed mixed results, with the Dow Jones reaching a historical high, up 0.47% to 46,924.74 points, while the Nasdaq fell 0.16% to 22,953.67 points [3] - Chinese concept stocks mostly declined, with notable drops in Alibaba (down 3.92%) and JD.com (down 2.75%) [3] Institutional Insights - CITIC Securities suggests maintaining exposure to growth sectors while gradually increasing allocation to traditional industries sensitive to macroeconomic changes, despite a decline in consumer confidence [4] - Galaxy Securities anticipates that leading real estate companies will see an increase in market share due to upcoming policy relaxations in major cities [5] - CITIC Jinpu emphasizes the importance of the upcoming quarterly reports, particularly in the robotics sector, viewing current market adjustments as potential buying opportunities [6] - Huatai Securities highlights the release of the "Wind Energy Beijing Declaration 2.0," which aims for significant annual wind power installations, reinforcing confidence in the wind energy sector [7]

Core Viewpoint - UBS has upgraded the rating of Chinese stocks to "attractive" and technology stocks to "most attractive," citing them as the most confident investment targets globally [1][2]. Group 1: Technology Sector Insights - Chinese technology stocks are seen as the most confident investment targets globally, supported by two main factors: clear AI commercialization trends and strong growth prospects from leading tech companies, along with significant progress in domestic chip production [2][3]. - Major Chinese tech companies are expected to increase capital expenditures by 55% by 2025 to meet the surging demand for AI, with AI user penetration in China showing significant growth, reaching 645 million users as of August, a year-on-year increase of over 60% [3][4]. Group 2: Market Dynamics - The technology sector is entering a multi-year growth cycle driven by technological breakthroughs, strong policy support, and domestic production, with projected earnings growth of 37% by 2026, making it the fastest-growing stock sector globally [4][5]. - Historical analysis indicates that Chinese bull markets are typically driven by liquidity and valuation expansion, with the current market trend following a similar pattern, suggesting a more sustainable and robust upward movement [5][6]. Group 3: Liquidity and Investment Trends - Domestic investors have net bought $50 billion in Hong Kong stocks through the Stock Connect this year, the highest level since the mechanism's launch, indicating strong liquidity in the market [6][7]. - Local institutional investors are likely to shift funds from bonds to stocks due to declining yields on 10-year government bonds, which could support continued market growth [6][7]. Group 4: Policy Support - The macroeconomic environment remains stable, with expectations for targeted policy support rather than large-scale fiscal stimulus, focusing on technology and advanced manufacturing sectors [8][9]. - Upcoming policies are expected to prioritize innovation and high-quality growth, with specific measures aimed at supporting AI commercialization and chip production, reflecting the government's commitment to these sectors [8][9].

Core Insights - In September, ByteDance led the overseas revenue ranking for non-gaming companies, followed by Ruiqi Software and Huanyou Group (NASDAQ: YY) [3][4] - The overall trend indicates a concentration of revenue among top-tier companies, while mid-tier companies generally experienced declines [3][4] - Notable revenue growth was observed for companies like Hehe Information (SH: 688615), Dandu Technology, and Xingyin Technology, with the latter's app "Xiaohongshu" achieving over 13.7% month-on-month revenue growth [3][4] Non-Gaming Companies - ByteDance maintained a significant lead in overseas revenue, with Ruiqi Software and Huanyou Group closely following [3] - Xiaomi (HK: 01810) and Kingsoft (HK: 03888) were the only mid-tier companies to report revenue growth, with Xiaomi's "Xiaomi Home" app seeing over 3% month-on-month growth [4] - Appxy and Xiaoying Technology also reported slight revenue increases of 0.7% and 1.4%, respectively, while other companies faced varying degrees of decline [4] Gaming Companies - The mobile gaming market continued to cool down in September, leading to noticeable revenue declines for many domestic companies [6][7] - miHoYo's flagship game "Genshin Impact" saw nearly a doubling of revenue due to the 6.0 version update, resulting in over 19.4% month-on-month growth [7] - Lemon Microfun's revenue increased by over 8.8%, driven by new and existing products, with significant contributions from themed events [7][8] Mid-Tier Gaming Companies - Kuro Game's "Wuthering Waves" achieved over 43.3% month-on-month revenue growth following a successful update and new character introduction [8] - New products from NetEase (NASDAQ: NTES) showed strong revenue potential but only partially offset overall declines [8] - BeheFun's game "Top Tycoon: Coin Theme Empire" reported over 34.8% revenue growth, while LuZhu Games and Glacier Network made a return to the rankings [9]

Core Viewpoint - The article discusses the challenges faced by NetEase Games, highlighting the disparity between high expectations and actual performance, leading to frequent game shutdowns and concerns over player rights [1] Group 1: Company Performance - NetEase Games has a history of launching ambitious projects, promising long-term operation, yet many games are shut down within a short period, often just two years [1] - The company is criticized for its reliance on monetization strategies such as gacha mechanics, which can lead to player dissatisfaction [1] Group 2: Player Experience - Players express frustration over the "养猪场模式" (pig farming model), which refers to the grind and financial investment required to progress in games [1] - The emotional investment of players is contrasted with the reality of monetization, where long wait times for content updates do not align with player expectations [1]

Core Points - NetEase announced the termination of the mobile game "The Lord of the Rings: Rise to War" due to adjustments in game development and operational strategies, with the official shutdown scheduled for December 31, 2025 [2][5] Group 1: Game Operation Timeline - The game will close its download access across all platforms on October 15, 2025, at 15:00, preventing new downloads, game recharges, and new user registrations [5] - The official game servers will cease operations on December 31, 2025, at 15:00, along with the closure of the game's official website [5] Group 2: Game Background and Performance - "The Lord of the Rings: Rise to War" was developed by NetEase's LeiHuo and is based on the official "The Lord of the Rings" license, featuring a unique strategy gameplay that eliminates the traditional "grid" mechanics of SLG games [5] - The game began overseas testing at the end of 2021 and reached the top 10 in the best-selling charts in 28 countries, with a total global download exceeding 10 million [5]

Group 1: AI Trading Competition - A trading competition was held by nof1.ai's "Alpha Arena" platform, featuring six AI models each trading with $10,000 in real money, not simulated [1] - The AI models participating include GPT-5, Claude Sonnet 4.5, DeepSeek Chat V3.1, Gemini 2.5 Pro, Grok 4, and Qwen3 Max, with DeepSeek currently leading the competition [1][3] - DeepSeek has achieved a total portfolio value close to $14,000 with a return rate of approximately 40%, making it the best-performing model so far [3] Group 2: Semiconductor Industry - The Netherlands is seeking to resolve the deadlock surrounding ASML Semiconductor, which has implications for China-Netherlands trade relations and the global automotive chip supply chain [4] - Dutch Economic Affairs Minister Vincent Karremans indicated that the Netherlands aims to prevent the transfer of business and intellectual property from ASML, which is crucial for Chinese automakers [5] - The deadlock originated from the U.S. "penetration rules" announced on September 29, leading to direct Dutch government intervention in ASML's internal affairs, affecting its global operations [5] Group 3: AI Developments - Alibaba's Quark is secretly advancing a project known as "C Plan," focusing on conversational AI applications, with expectations for a new product launch soon [6] - The "C Plan" has been in development for a significant time and is anticipated to require long-term investment and technological breakthroughs [6] Group 4: Financial Performance - iFlytek reported a net profit of 172 million yuan for Q3, marking a year-on-year increase of 202.4%, with total revenue of 6.078 billion yuan, up 10.02% year-on-year [9] Group 5: Technology Innovations - Science Corporation, founded by the former president of Neuralink, has developed a retinal microchip implant that restores vision for blind patients, allowing them to read and engage in activities like crossword puzzles [10]