大行评级丨瑞银：长期仍看好美团深厚的护城河 评级“买入”

Group 1 - UBS maintains a positive long-term outlook on Meituan due to its strong competitive moat, solid consumer mindshare, and differentiated supply-side innovations such as "Raccoon Kitchen" and "Flash Purchase" [1] - The overseas business initiative KeeTa is seen as a potential upward factor that has not yet been reflected in the stock price [1] - Morgan Stanley has increased its stake in Meituan by 9.0614 million shares, indicating confidence in the company's future performance [1] Group 2 - Meituan's Q3 2025 commentary highlights that subsidies have entered a deep-water phase, with high-priced orders becoming the focal point of competition [1] - UBS has assigned a "Buy" rating to Meituan with a target price of HKD 128 [1]