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[Mogul Morgan: China’s advertising budgets are concentrated on the leaders. Tencent, Alibaba, and Meituan received “overweight” ratings] On September 29, Morgan Stanley released a research report saying that according to the bank’s recent survey, China’s advertising industry will grow positively this year and next, but the range will be narrow. The overall advertising budget is expected to only increase by about 1% to 3% in the second half of 2026, and the revenue of the 10 listed platforms tracked in the second half of the year is expected to increase by about 5%, which is roughly the same as the first half of the year. In terms of ratings, the bank gave Tencent Holdings, Alibaba-W and Meituan-W an "overweight" rating.
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