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Finally I was able to fix the issues after trying out numbers of different methods.

1. Get details of your PCI wireless card by running sudo lshw -class network
2. Get your card model info according to the product line. For instance, as you can see in the question description it says product: RTL8723BE PCIe Wireless Network Adapter so the model of my card is RTL8723BE
3. Open or create /etc/pm/config.d/config and add SUSPEND_MODULES="rtl8723be"(replace rtl8723be with your own model number) Then run echo "options rtl8723be fwlps=N" | sudo tee /etc/modprobe.d/rtl8723be.conf and reboot.

Now your system should be able to reconnect automatically after sleep, and wifi connection never got lost once for me after doing this.

“The up/down arrows is likely a network manager bug that results in network manager thinking the wifi device is actually ethernet.”, according to Jeremy31.see bug info here You should be able to fix it by installing NetworkManager-1.2.0.

Thanks to Jeremy31 for providing the solutions.