Morgan Stanley published its outlook report for Chinese Network Technology stocks this year, indicating that the Industry may face external (tariffs, sanctions) and internal (policies, competition) uncertainties. The firm anticipates that Network Technology companies will expand into AI, overseas Business, and focus on capital returns. Based on market segmentation, the preferred order of optimism is Social/Game (Tencent), second is Online Travel Platforms (OTA), third is Local Services, fourth is Games (excluding Tencent), fifth is Social Media/Entertainment (excluding Tencent), sixth is Verticals, seventh is E-commerce, and last is Live Streaming. Morgan Stanley stated that Tencent remains the firm's first choice, and its WeChat store, AI consumer applications, and capital management should be sufficient to offset a challenging gaming Business. The firm is also optimistic about Ctrip and Meituan's Consumer recovery and overseas opportunities, both rated with a "Shareholding" rating; NetEase's rating was upgraded to "Shareholding," expecting its gaming Business to recover from the trough.