Gelonghui January 8 | Morgan Stanley published this year's outlook report on Chinese Network Technology stocks, stating that the Industry may face external (tariffs, sanctions) and internal (policies, competition) uncertainties this year. The firm expects Network Technology companies to expand in AI, grow their overseas Business, and focus on capital returns. According to market segmentation, the preferred order is Social Media/Games (Tencent) first, followed by online travel platforms (OTA), local services, games (excluding Tencent), Social Media/Entertainment (excluding Tencent), verticals, and lastly e-commerce, with live streaming at the bottom. Morgan Stanley stated that Tencent remains the firm's top pick, with its WeChat store, AI consumer applications, and capital management expected to offset the challenging gaming Business; the firm is also Bullish on Ctrip and Meituan's consumer recovery and overseas opportunities, both receiving a Shareholding rating; NetEase's rating was upgraded to "Shareholding," as its gaming Business is expected to recover from the trough.