CMB International says Meituan (03690.HK) LongCat-2.0 open-source release
domestic compute can support full-chain training and demonstration for
trillion-parameter models and marks a shift from investment to
capability-validation. The broker maintains an Overweight rating and HK$111
target price. Open-sourcing infrastructure, engine and model weights should
accelerate a domestic AI ecosystem closed loop and aid domestic model
development; further model iteration and stronger-than-expected
commercialization could drive Meituan valuation re-rating and lift core-business
efficiency. Catalysts: model/product iteration and commercialization; rising
domestic chip supply; improved industry competition supporting core-profit
recovery; enhanced shareholder returns.