Morgan Stanley: China's advertising budgets are concentrated among leading players; Tencent Holdings, Alibaba-W, and Meituan-W rated "Overweight"

Morgan Stanley released a research report stating that, according to the bank's recent survey, China's advertising industry growth is positive for this year and next, but the pace is relatively narrow. It is expected that overall advertising budgets in the second half of 2026 will grow by only about 1% to 3%, while revenue for the 10 listed platforms tracked is expected to grow by about 5% in the second half, roughly similar to the first half. In terms of ratings, the bank gave Tencent Holdings, Alibaba-W and Meituan-W "Overweight" ratings.