Changes in Hong Kong stocks | Meituan-W (03690) rose more than 6% and rose more than 20% in a month, Citi points out that LongCat-2.0 open source is a competitive moat

The Zhitong Finance App learned that Meituan-W (03690) rose by more than 6%, with a cumulative increase of more than 20% during the month. As of press release, it rose 6.19% to HK$84.1, with a turnover of HK$3.54 billion.

According to the news, on July 6, Meituan announced the official open source of all LongCat-2.0 model weights, inference engines and core technical documentation. This model is the first trillion-parameter model in the industry to complete the entire process of training and inference on a 50,000 card domestic computing power cluster. The total parameters are 1.6T, the pre-training data scale exceeds 30T tokens, and natively supports 1M ultra-long contexts.

Citi published a research report saying that Meituan's open source LongCat-2.0 is expected to further consolidate its leading position in the local lifestyle services market. The model's advanced Agentic architecture will improve internal R&D efficiency and attract external developers. According to the report, by using its huge and proprietary offline transaction and operation data, Meituan can provide unique AI-driven marketing and business insights for small and medium-sized business merchants. The bank believes it will form a competitive moat, differentiate it from other large language model providers, and deepen relationships with merchants and consumers.