金吾财讯 | 美团(03690)逆市上扬，最新报78.40港元，涨4.60%，成交额73亿港元。
消息面上，7月6日，美团将万亿参数大模型 LongCat-2.0正式开源。并同步开放国产算力芯片推理代码。该模型总参数达1.6万亿，平均激活约480亿参数，专为真实的Agentic Coding任务而设计。针对智能体任务中普遍存在的超长输入，模型采用流感知索引、跨层索引与层级化索引三重策略，有效降低内存访问碎片化程度与重复索引计算开销，在保障建模精度的同时，大幅提升百万级长度上下文的训练与推理速度。
摩尔线程宣布，基于AI训推一体全功能GPU智算卡MTT S5000及MUSA软件栈，已完成对该模型的适配。此次适配覆盖模型加载、推理引擎拉起、关键算子优化、部署验证与精度校验等全链路环节，使LongCat-2.0能够在MTT S5000上实现稳定、高效的推理运行。
招商证券国际认为，LongCat-2.0模型证明了国产算力具备支撑万亿模型全链路训推的能力，美团此次开源Infra+引擎+权重将加速国产AI生态闭环，为国产模型行业带来积极意义。维持“增持”评级及目标价111港元。
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