本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 January 8, 2025 06:20 AM GMT Investor Presentation | Asia Pacific 2025 Outlook: A Year of Uncertainties 2025 will likely be a year of external (tariffs, sanctions) and internal (policy, competition) uncertainties, while we expect internet companies to navigate with AI strategy, overseas expansion and capital return. Key OWs: Tencent (Top Pick), TCOM, Meituan; EWs: BABA, JD, Kuaishou, BIDU. M Foundation Morgan Stanley Asia Limited+ Gary Yu Equity Analyst Gary.Yu@morgan ...