Multiple Internet Catalysts from Q3 2026 to Q4 2026: Multiple Companies Set to Achieve Performance and Strategic Breakthroughs

Overview

Morgan Stanley releases a catalyst preview for the Chinese internet and service sector, focusing on key events from Q3 to Q4 2026, covering multiple internet companies including games, data services, and social platforms. The report outlines multiple catalyst events and their potential impacts.

Core views

The report highlights that several Chinese internet companies are expected to see significant catalyst events from Q3 to Q4 2026. Among them, Bilibili is set to hold the Bilibili World Activity in July 2026 and potentially launch a new investor day, with the new game 'Three Kingdoms: World' expected to generate around 2 billion yuan in annual revenue; NetEase's 'Memory of the Sea' game is expected to generate annual revenue of 3 billion yuan;携程's antitrust investigation update may bring mild positive surprises, with the cancellation of air fuel surcharge expected to boost summer travel demand; Wildata Data Center's strategic partnership with宁德时代 is expected to drive development in the energy storage of data centers, with overseas orders becoming a key catalyst. The report emphasizes that these events will positively impact the stock prices of the covered companies.

Analysis framework

The report采用事件驱动分析框架, focusing on upcoming catalyst events such as product launches, earnings reports, strategic partnerships, and regulatory dynamics, assessing their potential impact on stock prices. Through analyzing the importance, degree of surprise, and time window of the events, the report determines their potential to lift stock prices, avoiding reliance solely on historical data or industry averages.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Bilibili (BILI.O)

  New game launch & investor day

  Strengths

  Diverse product line, stable user base

  Weaknesses

  Intense competition

  Comparison

  Compared to peers, growth potential for game business is significant

  Risks

  Game revenue may not meet expectations

• NetEase (NTES.O)

  Launch of 'Memory of the Sea' game & upgrade of '正义之怒'

  Strengths

  Strong game development capabilities, overseas market layout

  Weaknesses

  intensifying competition

  Comparison

  Game revenue growth expectations exceed industry average

  Risks

  Game launch may not meet expectations

• 携程 (TCOM.O)

  Antitrust investigation update & potential cancellation of air fuel surcharge

  Strengths

  Market leader in travel platform, leading market share

  Weaknesses

  Significant impact from macroeconomic fluctuations

  Comparison

  Improvement in regulatory environment will enhance profitability

  Risks

  Antitrust penalties exceed expectations

• 万国数据 (VNET.O)

  Strategic partnership with宁德时代 & overseas expansion

  Strengths

  Advantages in data center resource layout, overseas strategic progress

  Weaknesses

  Risk of overseas business expansion

  Comparison

  Intensifying competition in the data center industry

  Risks

  Overseas orders may not meet expectations

Key data

• Bilibili Annual Revenue2 billion yuanAnnualized revenue from the launch of 'Three Kingdoms: World' game
• NetEase Annual Revenue3 billion yuanAnnualized revenue from the launch of 'Memory of the Sea' game
• 携程 Antitrust ImpactMild impactSingle fine has little impact on valuation (a few percentage points of China revenue)

Impact & implications

Catalyst events will provide upward pressure on stock prices for related companies, particularly product upgrades and strategic partnerships will drive business growth. Positive regulatory changes will improve the operating environment for companies, benefiting travel-related businesses. The report believes that these events will be key drivers of stock price increases in the second half of 2026.

Risks

• Game revenue may not meet expectations
• Antitrust penalties exceed expectations
• Overseas orders may not meet expectations

What to watch

• Bilibili World Activity
• Launch of 'Three Kingdoms: World' game
• Launch of 'Memory of the Sea' game
• 携程 antitrust investigation update
• 进展 of万国数据's strategic partnership with宁德时代