Zhi Tong Cai Jing·2026-02-09 07:52Group 1 - Morgan Stanley reports a shift in consumer behavior, with chatbots becoming a new starting point for information search, recommendations, and task execution [1] - The firm favors Chinese AI infrastructure beneficiaries like Alibaba-W (09988) and Baidu Group-SW (09888), as well as online advertising beneficiaries like Kuaishou-W (01024) as secondary winners [1] - Morgan Stanley predicts a compound annual growth rate of approximately 330% for China's token consumption from 2025 to 2030, with ongoing GPU computing capacity shortages expected in the coming years [1] Group 2 - Concerns have been raised about Tencent Holdings (00700) being more cautious in advancing its AI products compared to some larger peers, leading to potential valuation compression [2] - The market has largely reflected these concerns, with Tencent's current trading valuation at 15 times the forecasted earnings for 2026, only about 25% above historical lows, while core earnings outlook remains robust [2] - Tencent's most enduring asset is its distribution and engagement capabilities, which tend to compound over time, allowing new capabilities, including AI, to scale at lower user acquisition costs [2]