互联网巨头的用人账：130万人、几千亿薪酬，流向哪里？
Summary
Read a cross‑company analysis of 2025 annual reports from China’s largest internet firms that highlights where people, pay and AI investment flowed. The piece documents divergent headcount trends (big hires at some platforms, deep cuts or optimization at others) and shows compensation rising sharply in R&D, core operations and via equity incentives. It also details large new capital outlays for cloud and AI infrastructure (GPUs, data centers), and explains how markets are starting to revalue firms based on AI exposure and system/algo capabilities. The net conclusion: companies are shifting labor from routine roles into product, AI and core operations while reallocating dollars from general headcount to machines, cloud and selective talent retention.
