Citigroup: Meituan-W (03690.HK) LongCat-2.0 open source beneficial competition moat Maintaining "buy" rating.

According to the Wise Finance app, Citibank released a research report stating that Meituan-W (03690.HK) will officially open source the trillion-parameter large model LongCat-2.0. It is believed that this strategic move will further consolidate its leading position in the local life service market. The advanced Agentic (intelligent agent) architecture of this model will improve internal research and development efficiency and attract external developers. The Meituan's "buy" rating and a target price of HK$113 are maintained.