CMB International says Meituan (03690.HK) LongCat-2.0 open-source release demonstrates domestic compute can support full-chain training and inference 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-expect

CMB International says Meituan (03690.HK) LongCat-2.0 open-source release demonstrates domestic compute can support full-chain training and inference 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.