Core Insights - The snack retail industry is undergoing significant consolidation, with Huaitongda Network partnering with Hunan snack chain brand Snack Preferred to establish a joint venture for exclusive operations of the "Snack Preferred" brand [1] - The joint venture aims to integrate resources and accelerate the expansion of snack and hard discount retail markets [1] Company Overview - Huaitongda Network is a leading industrial internet platform in China, listed on the Hong Kong Stock Exchange in February 2022, with a retail ecosystem covering 21 provinces and municipalities and over 26,000 towns by mid-2025 [1] - Snack Preferred operates over 2,800 stores across more than 10 core provinces in China, collaborating with over 1,000 upstream suppliers and offering more than 4,000 SKUs [2] Market Dynamics - The snack retail industry is experiencing increasing concentration, with major players like Mingming Hen Mang and Wancheng Group forming a duopoly, collectively operating nearly 40,000 stores and holding over 70% market share [2] - Smaller regional brands continue to thrive, with Snack Preferred positioned as a mid-tier brand focusing on regional markets [2][3] Strategic Initiatives - The joint venture will leverage Huaitongda's strengths in platformization, ecological integration, capitalization, and AI to empower Snack Preferred [1] - The integration will include connecting Snack Preferred's existing store network with Huaitongda's extensive membership store system and introducing hard discount products [1] Competitive Landscape - Snack Preferred's strategy may involve focusing on differentiated product offerings to avoid direct price competition with leading brands, potentially establishing a "regional king" status [3] - The success of the partnership will depend on the depth of resource integration and the effective implementation of technology to reduce operational costs and improve turnover rates [3]

Group 1 - The core viewpoint emphasizes the integration of innovative technologies and application scenarios into the entire circulation chain in urban and rural areas, which will inject strong momentum into domestic economic development and rural revitalization [2] - The company, Huitongda, aims to leverage AI and smart supply chain capabilities to provide quality services across the industry chain, supply chain, retail stores, and consumers, thereby expanding domestic demand, promoting consumption, and facilitating circulation [2] - The initiative is positioned to improve the quality of life for farmers, highlighting the company's commitment to enhancing rural living standards through technological advancements [2]

量贩零食行业迎来又一重磅整合。近日，港股上市公司汇通达网络宣布与湖南零食连锁品牌零食优选达成战略合作，双方还将成立合资公司作为"零食优 选"品牌连锁的唯一运营载体，以整合双方优质资源、加速布局零食连锁和硬折扣连锁市场。 公开信息显示，汇通达网络是国内领先的产业互联网平台，2022年2月在港交所上市，公司在供应链、渠道网络、AI和数字化能力等方面具备深厚积淀，截 至2025年上半年，已形成覆盖中国21个省及直辖市、2.6万+个乡镇的零售生态系统。 在江瀚看来，零食优选实现突围的可行性取决于资源整合的深度。若仅停留在品牌挂牌而缺乏供应链实质打通，突围概率极低。此外，技术赋能的落地效果 也是关键，汇通达网络的AI大模型若能切实降低单店运营成本并提升周转率，将显著增强其生存能力。"量贩零食双寡头虽占据七成份额，但在低线城市及 县域市场仍有渗透空间，腰部品牌若能借势快速完成数字化改造并巩固区域基本盘，仍有机会成为'小而美'的幸存者，但全面反攻全国市场的难度极大。" 就汇通达网络与零食优选开展合作的相关问题，北京商报记者向汇通达网络发送了采访函，并拨打零食优选官网电话进行采访，但截至发稿均未收到回复。 北京商报记者 郭秀 ...

Core Viewpoint - The strategic partnership between Snack Preferred and Hong Kong-listed company Huitongda Network aims to establish a joint venture for the exclusive operation of the Snack Preferred brand, focusing on the rapidly growing snack retail and hard discount market [1] Group 1: Partnership Details - Snack Preferred and Huitongda Network will form a joint venture to integrate their resources and accelerate market expansion [1] - The joint venture will be operated regionally by Snack Preferred, continuing its focus on the hard discount snack sector [1] Group 2: Operational Synergies - Huitongda will leverage its nationwide channel network to enhance market coverage in collaboration with Snack Preferred's existing network of over 2,800 stores across more than 10 key provinces [1] - Huitongda's network of over 250,000 member stores is expected to access Snack Preferred's efficient hard discount product offerings, facilitating standardized replication of "fast-moving consumer goods upgrade + small store big chain" [1] Group 3: Technological Integration - The joint venture will utilize Huitongda's self-developed "Qiancheng Cloud AI" industry-specific model and related AI applications to deploy advanced digital tools rapidly [1] - Huitongda has successfully commercialized AI in retail chain scenarios, which will support the digital transformation of Snack Preferred's 2,800 stores across the entire supply chain, from intelligent product selection to logistics and store operations [1]

Group 1 - Strategic partnership established between Huitongda Network and Hunan Snack Youxuan to create a joint venture for the "Snack Youxuan" brand chain [1] - Huitongda, as a leading industrial internet platform, has deep capabilities in supply chain, channel network, AI, and digitalization [3] - Snack Youxuan operates over 2,800 stores across more than 10 core provinces in China, collaborating with over 1,000 quality upstream manufacturers and offering more than 4,000 SKUs [3] Group 2 - Snack Youxuan will operate regionally and focus on the hard discount snack market, while Huitongda will provide support in platformization, ecological development, capital, and AI [6] - The partnership aims to enhance the market competitiveness of Snack Youxuan's "hard discount + full category + franchise expansion" model, accelerating its development towards scale, branding, and specialization [6] - Huitongda's retail chain strategy is rapidly evolving, with this collaboration enriching its retail ecosystem and competitive strength in urban and rural markets [7] Group 3 - Existing 2,800 stores of Snack Youxuan will collaborate efficiently with Huitongda's nationwide member stores to improve overall market coverage [7] - Huitongda's member stores are expected to access Snack Youxuan's quality hard discount products, enhancing product structure and customer traffic [10] - Huitongda has implemented its self-developed "Qiancheng Cloud AI Model" in retail scenarios, enabling rapid deployment of AI tools across Snack Youxuan's stores for comprehensive data and operational integration [10]

2月24日晚，金通灵科技集团股份有限公司（*ST金灵，代码：300091）发布详式权益变动报告书，公 告显示，金通灵控股股东已变更为港股上市的汇通达网络股份有限公司（9878.HK）。变更后，汇通达 持有金通灵7.1亿股、占公司总股本的25%。 至此，这笔在汇通达看来"以较低成本获得优质稀缺资产"的交易正式完成，更标志着中国资本市场2026 年度首个"H控股A"的重整案成功落地。 一、这笔交易，到底切中了什么？ 要理解这笔交易，首先要读懂当下的中国经济语境。 宏观层面上，这恰好踩在了两个政策方向的"交汇点"上。早年间，畅通国内大循环的核心是"工业品下 乡、农产品进城"，汇通达在这条赛道积淀多年，在产业链、供应链、零售店的全链路运营上打造了成 熟体系。 而当下，以"AI+"为代表的新质生产力重塑各行各业，城乡流通的基础设施也在加速"智能化"，金通灵 在高端制造领域底蕴颇深，具备快速升级为"硬科技"企业的潜力。 汇通达此时入主金通灵，等于同时握住了"国内大循环"与"新质生产力"两条政策主线。 从公司操作层面看，重整窗口期提供了一个极具性价比的控股权获取机会。 1.3996元/股的收购价格，不仅远低于当前金通灵市场 ...

以上内容基于公开资料整理，不构成投资建议。 公司所属的线上零售商板块近期上涨3.52%，但港股科技股整体表现疲软。自2025年10月以来，恒生科 技指数下跌近20%，部分成分股跌幅超30%，市场受美联储政策不确定性及行业传闻扰动。汇通达当前 市盈率（TTM）为17.38倍，市净率0.62，估值低于行业中枢。 机构观点 机构对汇通达长期前景保持乐观，2025年9月至2026年1月期间，所有覆盖机构的评级均为"买入"或"增 持"，目标价均价为24.04港元，较当前股价存在显著空间。机构认为公司AI与供应链整合若能有效落 地，有望支撑业绩增长。 经济观察网 汇通达网络近期热点集中于AI技术落地与政策响应。2026年2月22日，公司宣布其"千橙零 售机器人"进入测试阶段，结合自研的"千橙云AI智能大模型"与阿里云合作，推动门店巡检、商品导购 等场景的数字化提效。同时，公司于2月21日响应中央一号文件，强调通过"AI+智慧供应链"双轮驱动 战略深化下沉市场布局，并已于2月13日完成收购金通灵25%股权，以强化上游供应链控制力。 股票近期走势 截至2026年2月23日收盘，股价报9.62港元，当日下跌1.13%，近5日累 ...

以上内容基于公开资料整理，不构成投资建议。 响应2026年中央一号文件：2026年2月发布的中央一号文件强调"多措并举扩大乡村消费"和"推动城乡要 素双向流动"，汇通达表示将坚持"AI+智慧供应链"双轮驱动战略，深化在下沉市场的布局，助力乡村振 兴和城乡融合。 业务进展情况 收购金通灵股权后续安排：2026年2月13日，公司完成收购金通灵25%股权的交易，并计划提名目标公 司多数董事会席位、委派关键管理人员，以加速"产销一体化"战略落地，提升上游议价权和产品品类拓 展。 经济观察网 基于公开信息，汇通达网络（09878.HK）近期值得关注的事件主要围绕政策响应和战略整 合，具体如下： 行业政策现状 ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

Major Events - Xunce (03317) has been included in the Hang Seng Index series [1] - Zhonghui Biotech-B (02627) has been included in the Hang Seng Composite Index [1] - Woan Robotics (06600) has been included in the Hang Seng Composite Index [1] - Guangdong-Hong Kong-Macau Holdings (01396) has been included in the MSCI China Small Cap Index [1] - Different Group (06090) has been included in the Hang Seng Index series [1] - Jinfang Pharmaceutical-B (02595) has been included in both the Hang Seng Index series and MSCI Index [1] - Huitongda Network (09878) has completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - Yingda Real Estate (00432) has received a $400 million offer to acquire Rafflesia Investment Limited [1] Operating Performance - SF Holding (06936) reported a total revenue of 26.86 billion yuan from its express logistics, supply chain, and international businesses in January, a year-on-year increase of 2.22% [1] - Lukoil (06623) announced a total revenue of 24.513 billion yuan for the fiscal year 2024 [1] - YTO Express International (06123) issued a profit warning, expecting a net loss of approximately 145 million to 154 million HKD for the fiscal year 2025 [1] - Sands China Ltd. (01928) reported a net profit of $896 million for 2025, a year-on-year decrease of 14.3% [1] - Shanghai Fudan (01385) reported a net profit attributable to shareholders of approximately 232 million yuan for 2025, a year-on-year decrease of 59.42% [1] - Ronshine China (03301) reported a total contract sales amount of approximately 21.8 million yuan in January, a year-on-year decrease of 37.71% [1] - Greater China Financial (00431) reported a shareholder loss of 113 million HKD for 2024, a year-on-year decrease of 75.98% [1]