Meituan rose 6.5% at one point, reaching a new high in nearly a month and a half.

Meituan's stock surged by 6.5% in early trading on Wednesday, reaching a new high in nearly a month and a half. Boosted by share buybacks and the release of the LongCat large model, the stock only closed lower on two days out of the previous 11 trading days. LongCat, the official account of Meituan's large model, recently announced that Meituan has officially launched a new generation of trillion-parameter large model LongCat-2.0, which will be open sourced. Citigroup believes that this strategic move may solidify Meituan's leading position in the local life service market. Citigroup stated that this creates a strong competitive moat, distinguishing it from other large language model providers, and deepening its relationship with merchants and consumers.