1、M BluePaperGlobal TechnologyChina AI:The Sleeping Giant AwakensChina is focused on how AI can drive industrial transformation at scale and turn constraints into opportunities.A top-down approach,aligning strategy,ecosystem,standards and industry-specific innovation to an already robust infrastructur

2、e,is helping unlock AIs potential in China.Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should

3、consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be

4、associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.May 13,2025 09:00 PM GMTM BluePaper2ContributorsMorgan Stanley Asia Limited+Shawn KimEquity Analyst+852

5、3963-1005 Shawn.K Morgan Stanley Asia Limited+Gary YuEquity Analyst+852 2848-6918 Gary.Y Morgan Stanley Asia Limited+Yang LiuEquity Analyst+852 2239-1911 Yang.L Morgan Stanley Asia Limited+Robin XingChief China Economist+852 2848-6511 Robin.X Morgan Stanley Asia Limited+Laura WangEquity Strategist+8

6、52 2848-6853 Laura.W Morgan Stanley Asia Limited+Tim HsiaoEquity Analyst+852 2848-1982 Tim.H Morgan Stanley Asia Limited+Sheng ZhongEquity Analyst+852 2239-7821 Sheng.Z Morgan Stanley Asia Limited+Eva HouEquity Analyst+852 2848-6964 Eva.H Morgan Stanley Asia Limited+Duan LiuEquity Analyst+852 2239-7