Core Viewpoint - The report from CMB International highlights that Meituan-W (03690.HK) experienced a peak daily transaction volume exceeding 120 million in July due to an industry subsidy war, with an expected average daily transaction volume of approximately 75 million in Q3, reflecting a year-on-year growth rate of 11-12% [1] Group 1: Financial Performance - The subsidy war is anticipated to lead to a 9% decline in CLC (Core Local Commerce) profits for Q3 [1] - Despite the short-term impact of the subsidy war, Meituan is expected to maintain a significant market share and has a strong likelihood of achieving stable operating profits [1] Group 2: Investment Outlook - The company maintains a "Buy" rating for Meituan, with a target price set at 165 HKD [1]