Glonghui, December 5 | According to a report published by Morgan Stanley, mainland technology online stocks slightly outperformed the mainland stock market this year, but the performance of individual stocks is divided. It is believed that next year will still be limited by weak macro factors. Non-market risks will dominate the performance of individual stocks. The market focuses on leading stocks with adaptable content, shares with unique growth potential and artificial intelligence concepts. Among them, game and music content providers, such as NetEase, Tencent, and Tencent Music, continue to show resilience. Also, focus on Pinduoduo, which has unique growth opportunities in local or overseas markets, education stocks New Oriental, and a good future. Artificial intelligence is slowly being applied, but Baidu still believes that Baidu has constructive significance. The shares mentioned above are all recommended by Damo Investment, and their ratings are “increased holdings.” Among them, Pinduoduo is the first choice. Alibaba, Meituan, JD, and Bilibili are rated as “in sync with the market.” The bank expects the e-commerce, local services and advertising industries to grow by 7%, 22% and 11% respectively next year. The cloud business will have a moderate recovery of 12%, and games and music will grow by 9% and 22% respectively. The mainland science and technology network industry's revenue will increase by 10% next year, operating profit will increase 23%, and return on equity will improve by 40 basis points to 17.5%.