December 1, 2025 12:30 PM GMT China Internet and Other Services | Asia Pacific Reads on Doubao Smartphone AI Assistant While the ideal Doubao ecosystem looks rich, execution looks challenging. We believe application stocks are the go-to AI targets. We reiterate OW on Tencent, BABA, and Meitu. Key Takeaways M Idea Morgan Stanley Asia Limited+ Gary Yu Equity Analyst Gary.Yu@morganstanley.com +852 2848-6918 Lydia Lin Equity Analyst Lydia.Lin@morganstanley.com +852 2239-1572 Joanne Lau Research Associate Joanne ...