大行评级丨大摩：互联网相关服务增值税恐慌属过度，腾讯仍为行业首选

Group 1 - The core viewpoint of the report is that the market is overly concerned about the potential negative impact of VAT regulations on internet-related services, with no evidence indicating any changes in VAT rates for these services [1] - Morgan Stanley maintains an "attractive" industry outlook, predicting that the AI landscape in China will become clearer by 2026, driven by supply-side (U.S. and domestic chips) and demand-side (model coding and breakthroughs in agent capabilities) factors leading to non-linear growth in consumer applications [1] - Tencent is highlighted as the preferred choice due to the resilience of its core business, while Alibaba is also viewed positively [1]