以下文章来源于那个NG ，作者黄瓜汽水 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 虎嗅青年文化组 作者 | 黄瓜汽水 编辑、题图 | 渣渣郡 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 "你醒啦，现在是2008年的午后。你刚刚好像做噩梦了，一直在说着什么房贷加班这些乱七八糟的东 西。" 那个无数人想回去的2008年午后，有蓝色玻璃的单元楼，有刚刚打开包装的绿舌头，电视机里还在 播放北京奥运会。 那一年，你躲在教室后排，和同桌分享有线耳机。 你拿着那支用压岁钱买的MP5，看到了大洋彼岸有一个银发烟熏妆的女人又唱又跳，后来你知道她 有个奇怪的名字叫Lady Gaga。高中毕业那年的暑假，同学们一起在KTV合唱Poker Face，喝着嘉士 伯啤酒。 当时的你并不知道，你正处在这个世界的黄金年代。 这些年，对于不熟悉欧美音乐的朋友们来说，那个怪诞浮夸的Lady Gaga像是消失了。 在抖音，你甚至能看到年轻人开始翻拍Lady Gaga的演唱会片段。如此古早的欧美diva也是好起来 了。 上个月，Lady Gaga在新加坡 ...

"你醒啦，现在是2008年的午后。你刚刚好像做噩梦了，一直在说着什么房贷加班这些乱七八糟的东西。" 那个无数人想回去的2008年午后，有蓝色玻璃的单元楼，有刚刚打开包装的绿舌头，电视机里还在播放北京奥运会。 那一年，你躲在教室后排，和同桌分享有线耳机。 你拿着那支用压岁钱买的MP5，看到了大洋彼岸有一个银发烟熏妆的女人又唱又跳，后来你知道她有个奇怪的名字叫Lady Gaga。高中毕业那年的暑假，同 学们一起在KTV合唱Poker Face，喝着嘉士伯啤酒。 当时的你并不知道，你正处在这个世界的黄金年代。 这些年，对于不熟悉欧美音乐的朋友们来说，那个怪诞浮夸的Lady Gaga像是消失了。 她以表情包的形式出现在年轻人的群聊中，最近连内娱的明星都蹭上她了。 许多使用这个搞笑表情包的人都不知道，它出自一张诡异的Lady Gaga的街拍照。 现在，那个女人回来了。 当Lady Gaga站上舞台，换上我们熟悉的奇装异服，开始手舞足蹈大喊大叫的时候，人就会忍不住感叹—— "只要Ladygaga又开始唱吵死人的歌，感觉经济就要复苏了。" 在抖音，你甚至能看到年轻人开始翻拍Lady Gaga的演唱会片段。如此古早的欧美di ...

Core Insights - China's technology sector is expected to show resilience in H2 2025, leveraging global trade pressures to foster indigenous innovation despite facing significant U.S. tariffs and export restrictions [2] - Major Chinese tech companies are pivoting investments towards AI infrastructure and emerging technologies, with strong demand for AI outpacing supply [2] - The semiconductor industry in China has captured over 25% of the global market share in advanced packaging technologies, showcasing its competitive edge [5] Company Highlights - **NetEase**: - Demonstrated strong financial momentum with Q1 2025 gaming revenues increasing by 12.1% year over year to RMB24.0 billion and net income rising by 35% to RMB10.3 billion [9][11] - Upcoming game titles and a robust pipeline position the company for growth in the second half of 2025 [10][11] - **Alibaba**: - Reported Q4 fiscal 2025 non-GAAP earnings surged by 23% year over year to $1.73 per ADS, exceeding estimates by 16.89% [12][13] - The Cloud Intelligence segment achieved 18% revenue growth, with AI-related products maintaining triple-digit growth for seven consecutive quarters [12] - **Taiwan Semiconductor**: - Achieved Q1 2025 revenues of $25.53 billion, a 35% year-over-year increase, with net income rising by 53% to nearly $11 billion [15] - Plans to increase capital spending to between $38 and $42 billion in 2025 to meet growing AI-driven demand for advanced chips [16] - **Tencent**: - Reported Q1 revenues of RMB180 billion, a 13% year-over-year increase, with gaming division growth accelerating [17] - Integrated AI capabilities are enhancing user engagement and advertising effectiveness, positioning the company favorably in the market [18][19] Industry Trends - The robotics sector in China is advancing with innovations such as sophisticated humanoid robots, while the electric vehicle ecosystem is bolstered by companies like Zeekr and Great Wall Motor [6] - Augmented reality companies in Beijing are developing advanced AR solutions, reflecting China's strategy to lead in high-tech sectors [7] - The overall technological advancements and significant investments in development present substantial growth opportunities for investors in the Chinese tech landscape [8]

ab 15 May 2025 A: We expect upward consensus revisions given the strong Q1 bottom line beat. Q: How would we expect investors to react? First Read NetEase Q125 results quick take: Very solid Q1 with game revenue and margin beats Q: How did the results compare vs expectations? A: NetEase's Q125 was a beat on both revenue and margin, echoing our constructiveness into results. Q1 revenue grew 7.4% YoY, beat UBSe/consensus by 2/1%, respectively. The core game revenue growth accelerated notably to 15% YoY, up fr ...