Shares of Meituan-W (03690) have surged close to 6%, bringing the stock's cumulative gain for the month to nearly 30%. At the time of writing, the stock is up 5.08% to HK$87.9, with a turnover of HK$2.958 billion.

The rally follows the company's recent announcement that it has open-sourced the entire LongCat-2.0 model weights, inference engine, and core technical documentation. This model is described as the industry's first trillion-parameter large language model to complete full-process training and inference on a domestic computing cluster of 50,000 cards. It boasts total parameters of 1.6 trillion, pre-trained on a dataset exceeding 30 trillion tokens, and natively supports an ultra-long context of 1 million tokens.

Analysis suggests that Meituan's open-sourcing of LongCat-2.0 could further solidify its leadership in the local life services market. Separately, it is noted that the IPO registration for Unitree Robotics on the STAR Market took effect in early July. According to Unitree's prospectus, Meituan is its largest external shareholder, holding a combined 9.65% stake.

Reports indicate that Meituan has invested in over ten companies within the field of embodied artificial intelligence. As the humanoid robotics sector experiences a wave of public listings, the company stands to benefit not only from potential investment returns but also from leveraging embodied AI technology to enhance its existing operations and reduce long-term fulfillment costs. Furthermore, the successful deployment of this large-scale model may catalyze a market re-rating of the company's valuation.