Core Viewpoint - Morgan Stanley expresses skepticism about the feasibility of ByteDance's "Doubao" AI assistant smartphone ecosystem, emphasizing that while the concept appears rich, execution challenges are significant [1]. Group 1: Product Features - The "Doubao" AI assistant is deeply integrated into the smartphone operating system, showcasing capabilities such as interactive functions, multi-modal generation, app access, memory features, and a professional mode for complex tasks [2]. Group 2: Market Challenges - Morgan Stanley identifies major obstacles in promoting the "Doubao" assistant, particularly the need for in-depth technical collaboration and commercial negotiations with various smartphone OEMs, which may prefer developing their own AI assistants [3]. - The report highlights that leading smartphone OEMs like Apple, Huawei, and Xiaomi are likely to focus on their proprietary AI solutions rather than partnering with ByteDance, limiting the potential OEM options for collaboration [3]. Group 3: Investment Perspective - Despite concerns that the "Doubao" assistant could become a traffic entry point and weaken consumer-facing applications, Morgan Stanley maintains a positive outlook on Chinese applications, citing the dominance of super apps like WeChat, Taobao, and Meituan, which are likely to develop their own AI assistants to secure traffic [3].