Morgan Stanley released a research report saying that according to the bank's recent survey, China's advertising industry is growing positively this year and next two years, but the margin is narrow. The overall advertising budget is expected to increase by only about 1% to 3% in the second half of 2026, while the revenue of the 10 listed platforms tracked is expected to increase by about 5% in the second half of the year, which is roughly similar to the first half of the year. In terms of ratings, the bank gave Tencent Holdings, Alibaba-W, and Meituan-W “added” ratings.

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