Changes in Hong Kong stocks | Meituan-W (03690) rose more than 4%. Three new volumes in retail, overseas, and AI brought room for valuation and repricing

The Zhitong Finance App learned that Meituan-W (03690) rose by more than 4%. As of press release, it had risen 4.21% to HK$90.35, with a turnover of HK$3,764 billion.

According to the news, today, Meituan's full-scene AI Agent platform, CatPaw, was officially launched. CatPaw provides an out-of-the-box full-scene AI intelligent workbench and enterprise-grade agent development hosting capabilities. At present, CatPaw has been implemented on a large scale within Meituan: it has covered 90,000 employees, set up 30,000 agents, and completed verification in multiple real business scenarios. Previously, Meituan released and open-sourced the self-developed trillion-parameter model LongCat-2.0, which is the first trillion-level MoE model in China to complete complete training and reasoning based on 50,000 domestic computing power cards.

Cathay Pacific Haitong Securities believes that the three incremental businesses of instant retail, overseas KeeTA, and AI automated fulfillment open up space for medium- to long-term valuation; instant retail reuse of takeout fulfillment networks to fill the product supply chain and maintain a high growth rate; verifying profit models in Hong Kong, China and overseas markets, steadily expanding markets in the Middle East and Brazil to create a second growth curve; and implementing self-developed models, unmanned delivery, and physical robots to drive the company's transformation from a trading platform to a service technology operator.