掉队的Meta，能靠挖人迎头赶上么？

格隆汇2025-07-25

近期，Meta借助高薪招揽数十位顶级AI技术研究员，年薪达到千万级以上；例如目前已知其为前苹果AI负责人庞若鸣提供总包2亿美元、依五年业绩兑现的薪酬包；为前OpenAI项目负责人余家辉提供总包1亿美元、数百万美元签字费的薪酬包；整体看远超此前行业薪资水平。中信证券认为，高薪挖人一方面体现了Meta在Llama 4表现不及预期后追赶模型前沿的决心；另一方面体现了Meta对过往人才流失和团队路线分歧...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2554734809?lang=zh_CN&edition=full","thumbnail":"https://img3.gelonghui.com/ad3a6-2da04512-8917-4d88-b91d-39760f35f848.jpg?guru_height=2635&guru_width=4000&guru_size=954513","is_english":false,"pubTime":"2025-07-25 09:10","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2554734809","market":"hk","top_or_hot":-1,"title":"掉队的Meta，能靠挖人迎头赶上么？","media":"格隆汇","content":"<div>\n<p>近期，Meta借助高薪招揽数十位顶级AI技术研究员，年薪达到千万级以上；例如目前已知其为前苹果AI负责人庞若鸣提供总包2亿美元、依五年业绩兑现的薪酬包；为前OpenAI项目负责人余家辉提供总包1亿美元、数百万美元签字费的薪酬包；整体看远超此前行业薪资水平。中信证券认为，高薪挖人一方面体现了Meta在Llama 4表现不及预期后追赶模型前沿的决心；另一方面体现了Meta对过往人才流失和团队路线分歧...</p>\n\n<a href=\"https://www.gelonghui.com/p/2542236\">网页链接</a>\n\n</div>\n","source":"gelonghui_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>掉队的Meta，能靠挖人迎头赶上么？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n掉队的Meta，能靠挖人迎头赶上么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-25 09:10 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/p/2542236><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近期，Meta借助高薪招揽数十位顶级AI技术研究员，年薪达到千万级以上；例如目前已知其为前苹果AI负责人庞若鸣提供总包2亿美元、依五年业绩兑现的薪酬包；为前OpenAI项目负责人余家辉提供总包1亿美元、数百万美元签字费的薪酬包；整体看远超此前行业薪资水平。中信证券认为，高薪挖人一方面体现了Meta在Llama 4表现不及预期后追赶模型前沿的决心；另一方面体现了Meta对过往人才流失和团队路线分歧...</p>\n\n<a href=\"https://www.gelonghui.com/p/2542236\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999017495.SGD","symbol_name":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","start_time":0,"source_url":"https://www.gelonghui.com/p/2542236","article_id":"2554734809","we_media_id":null,"thumbnails":["https://img3.gelonghui.com/ad3a6-2da04512-8917-4d88-b91d-39760f35f848.jpg?guru_height=2635&guru_width=4000&guru_size=954513"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2554734809","pubTimestamp":1753405829,"columns":[],"sourceInfo":{"source_id":"gelonghui_highlight","name":"格隆汇"},"weMediaInfo":null,"summary":"大模型行业的人才竞争愈演愈烈","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","BK4527":"明星科技股","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","BK4077":"互动媒体与服务","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","META":"Meta Platforms, Inc.","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）"},"translate_title":"Can Meta, which has fallen behind, catch up by poaching people?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"META":1,"FB":1},"content_text":"近期，Meta借助高薪招揽数十位顶级AI技术研究员，年薪达到千万级以上；例如目前已知其为前苹果AI负责人庞若鸣提供总包2亿美元、依五年业绩兑现的薪酬包；为前OpenAI项目负责人余家辉提供总包1亿美元、数百万美元签字费的薪酬包；整体看远超此前行业薪资水平。中信证券认为，高薪挖人一方面体现了Meta在Llama 4表现不及预期后追赶模型前沿的决心；另一方面体现了Meta对过往人才流失和团队路线分歧问题的解决意愿；此外，随着大模型行业不断成熟并显现价值，Meta等厂商希望在模型竞争中实现反超。除Meta外，OpenAI、谷歌、微软近期亦通过并购或高薪招揽开发负责人和优质研究者，竞争尚未结束。影响层面，近期招募人才的背景凸显多模态、后训练两大前沿开发重点；此外，互联网大厂凭借人才优势或在模型竞争中维持领先。▍极高薪酬新建AI研究团队：根据新智元报道， Meta新增超级智能实验室（Meta Superintelligence Labs，MSL）负责Llama 5开发；其以143亿美元收购Scale AI 49%股权换取CEO Alexandr Wang担任Meta首席AI智能官（Chief AI Officer）并负责管理整个部门；计划耗资10亿美元部分收购NFDG风险投资基金换取GitHub前CEO-Nat Friedman协助领导MSL，负责AI战略规划；SSI联合创始人、OpenAI前首席科学家Daniel Gross领导MSL产品部门。此外，以千万美元薪酬招募数十位顶尖AI技术研究员，远超行业薪资水平；例如，目前已知Meta为前苹果AI负责人庞若鸣提供总包2亿美元、依五年业绩兑现的薪酬包；为前OpenAI项目负责人余家辉提供总包1亿美元、数百万美元签字费的薪酬包。研究员背景围绕多模态和后训练推理两大方向。▍追赶模型前沿与改进团队建设：模型开发上，25年4月发布的Llama 4性能远不及预期：旗舰Maverick版本仅与24年多模态模型相当，远逊于同期闭源多模态模型；最强Behemoth版本则连续跳票至秋季；Meta成立MSL即希望Llama 5能力重回第一梯队。团队建设上，Llama首版论文14名作者仅剩3人仍留任，其余流向创业公司或竞争对手，如 Mistral AI；三大AI团队中，GenAI团队负责Llama研发等多项工作，遵循自回归LLM路线；FAIR团队游离于体系外自由研究，其领导人Yann LeCun主张世界模型＋对比学习，与Llama路线相悖；Meta成立MSL亦希望补充优质人才且统一团队路线（中信证券预计Yann LeCun将向Alexandr Wang汇报）。▍大模型行业的人才竞争愈演愈烈：随着大模型行业不断成熟并显现价值，其人才竞争程度远超此前的互联网时代。以OpenAI为例，随着其商业化转型的开展，部分早期研究员出走至Anthropic等公司；23-24年，其从Google、Meta等公司挖来约580名研究员，组成4o、o1等模型的主要开发力量；其也是最早以千万年薪挖角的公司，24年股票薪酬激励/收入达到119%，远超上市前的谷歌、Facebook（Meta）、Snowflake。以Meta为代表的科技厂商均希望在模型竞争中实现反超，第一步即是打赢人才战争。▍OpenAI、谷歌、微软的人才招聘预示竞争尚未结束：OpenAI近期为扩展团队，从特斯拉、xAI、Meta引入四位系统建设、架构设计背景的骨干工程师，主要负责数据中心与基础设施的全天候运维。谷歌24年8月收购Character.ai，招回Noam Shazeer作为Gemini联合领导、Daniel De Freitas作为研发科学家，30位从事模型训练和语音人工智能的员工直接加入Gemini项目；计算机视觉专家何凯明25年6月以兼职身份加盟谷歌DeepMind任杰出科学家。微软24年3月通过购买Inflection AI模型授权以招募Mustafa Suleyman、Karén Simonyan担任消费AI部门CEO与首席科学家，并吸纳近70名模型工程师；后续，Suleyman陆续招募多模态背景研究员补充团队。▍风险因素：模型开发人员频繁流动，技术路线突变风险，算力限制、行政命令限制风险，训练数据缺失风险等。▍投资策略：建议关注科技大厂及配套算力基础设施的投资机会。海外人才战争反映出两点信号：多模态推理已成为模型前沿开发重点，模型落地应用的可能性持续提升；顶尖人才已成为模型侧竞争核心壁垒，研究资源逐渐向头部集中。因此，中信证券看好两条投资逻辑：1）具备深厚人才储备、充足基础设施和应用转化场景的科技大厂；2）受益于模型进步和应用转化落地带来算力需求的算力基础设施厂商。注：本文节选自中信证券研究部已于2025年7月24日发布的《科技产业人工智能系列7—AI大模型的人才战争：掉队的Meta，能靠挖人迎头赶上么？》报告，分析师：许英博S1010510120041；连一席S1010523020002；徐涛S1010517080003；陈俊云S1010517080001；李赫然S1010524120005","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2554734809","isCrawlerRequest":true}