Morgan Stanley published a report on the outlook for Chinese tech stocks this year, saying that the industry may face external (tariffs, sanctions) and internal (policies, competition) uncertainties this year, and the bank expects tech companies to expand artificial intelligence, overseas business expansion and focus on capital returns. The bank said that by market segment, the priority order is social/games (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 vertical industries (verticals), seventh is e-commerce, and finally is live streaming. Morgan Stanley said that Tencent is still the bank's first choice, and its WeChat store, AI 2C applications and capital management should be enough to offset the difficult gaming business; the bank is also optimistic about Ctrip and Meituan's consumption recovery and overseas opportunities, and both are rated "overweight"; NetEase's rating has been upgraded to "overweight", and it is expected that its gaming business will bottom out.