Meituan rose 6.5% in early trading on Wednesday, hitting a record high of nearly a month and a half. The stock closed down in just 2 days after the previous 11 trading days, boosted by buybacks and big model releases. The official account of Meituan's LongCat Big Model recently announced that Meituan has officially released a new generation of quadrillion parameter large model LongCat-2.0, which will be open sourced to the public. Citi believes this strategic move may strengthen its leading position in the local lifestyle services market. Citi said this has created a strong competitive moat, differentiating it from other big language model providers and deepening its relationships with merchants and consumers.

Meituan rose 6.5% in early trading on Wednesday, hitting a record high of nearly a month and a half. The stock closed down in just 2 days after the previous 11 trading days, boosted by buybacks and big model releases. The official account of Meituan's LongCat Big Model recently announced that Meituan has officially released a new generation of quadrillion parameter large model LongCat-2.0, which will be open sourced to the public. Citi believes this strategic move may strengthen its leading position in the local lifestyle services market. Citi said this has created a strong competitive moat, differentiating it from other big language model providers and deepening its relationships with merchants and consumers.