格隆汇认为，这背后反映了机构对汇通达网络在"政策红利+模式升级+技术赋能"三重逻辑下长期增长 潜力的认可，以及盈利向上的预期。汇通达网络作为下沉市场"连接器"的角色愈发清晰，其战略调整后 的价值重估之路刚刚开始。 2025年7月30日，花旗发布有关汇通达网络(9878.HK)的最新研究报告，基于公司盈利能力改善路径清 晰，以及受益于"国补"等政策红利，充分肯定了公司基本面积极向好的趋势，因而维持"买入"评级，最 新目标价为23.0港元，较当前股价存在显著上行空间。 公司明确未来几年的增长将建立在盈利能力提升的基础之上，花旗预计公司2025年全年营收将实现稳健 增长。得益于去年公司战略调整后主动缩减低毛利业务规模，叠加公司高毛利自有品牌收入贡献持续提 升，预计年内利润率将大幅提升。 花旗认为，就业务板块而言：1)公司高效协助会员店完成国补资质申请，打通国补政策落地通道，将提 振营收规模；2)高毛利的自有品牌产品，将有力提升整体盈利水平。服务业务方面，公司整合主流大模 型 (LLM) ，推出AI+SaaS工具，有助于提升产品易用性与客户渗透率，并在用户黏性增强的基础上，探 索技术红利实现盈利转化的新增长引擎。 花 ...

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "2025 China Online Retail TOP 100" list published by CCFA China Chain Store & Franchise Association in collaboration with Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise Boyin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following the company's strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "Top 100 Online Retailers in China 2025" list published by CCFA and Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise BoYin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]

Core Viewpoint - Citi's report on HuTongDa Network (9878.HK) highlights a clear path for improving profitability and benefits from policy incentives, maintaining a "Buy" rating with a target price of HKD 23.0, indicating significant upside potential from the current stock price [1][2] Financial Performance - The company is expected to achieve steady revenue growth in 2025, driven by improved profitability [1] - Following strategic adjustments to reduce low-margin business, the company anticipates a substantial increase in profit margins for the year [1] Business Segments - The company effectively assists member stores in completing national subsidy qualification applications, which will boost revenue [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] Technological Integration - The company integrates mainstream large models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration [1] - This technological enhancement aims to increase user stickiness and explore new growth engines for profit conversion [1] Market Recognition - Institutional recognition of HuTongDa Network's long-term growth potential is reflected in the acknowledgment of the "policy dividends + model upgrades + technological empowerment" logic [2] - The company's role as a "connector" in the lower-tier market is becoming increasingly clear, marking the beginning of its value reassessment journey post-strategic adjustments [2]

Group 1 - The 2025 Fortune China 500 list includes 8 companies based in Nanjing, with notable rankings such as Jiangsu Bank at 162nd and Suzhou Industrial Park Holding Group at 181st [1] - Six of the listed companies improved their rankings compared to the previous year, with Huatai Securities experiencing a significant rise of 93 places [1] Group 2 - Jiangsu Bank launched a promotional campaign linked to the "Su Super" sports event, resulting in a 112% year-on-year increase in dining and tourism transaction volumes [5] - Su Ning's MAX Super Experience Store opened in Nanjing, achieving sales of over 500 million yuan on its first day, showcasing a successful integration of technology and consumer experience [6] Group 3 - Nanjing Pharmaceutical is advancing its digital transformation with a fully digitalized herbal medicine preparation system, achieving a revenue of 53.696 billion yuan in 2024, a 0.20% increase year-on-year [7] - Huitongda is promoting the digital transformation of rural stores with its "AI Super Store Manager" system, enhancing operational efficiency [8] Group 4 - Suhao Holding Group is focusing on high-end textile and hardware trade, leveraging technology to enhance cross-border e-commerce services for small and medium enterprises [9] - Nanjing Bank is innovating financial services with a focus on supporting technology enterprises, having provided over 700 billion yuan in credit support to more than 70,000 tech companies [9] Group 5 - Jiangsu Guoxin is accelerating its transformation by developing new asset management and trust services, enhancing its capability to serve the economy [10] - The Nanjing government is continuously improving the business environment, emphasizing a user-centric approach to create a high-quality service system for enterprises [10]

Core Viewpoint - Hong Kong's equity financing market achieved the highest new stock financing amount globally in the first half of 2025, driven by improved investor sentiment and a significant influx of quality companies seeking funds [3][4]. Group 1: Market Performance - In the first half of 2025, Hong Kong's new stock financing reached $14.1 billion, a 695% increase compared to the same period in 2024, significantly outpacing the global new stock financing growth of 8% [4]. - The average daily trading volume in Hong Kong increased by 82% year-on-year to HKD 240 billion, with the Hang Seng Index rising over 20% [3]. Group 2: Major Listings - Notable large IPOs included CATL, which raised $5.3 billion, marking the largest IPO globally since 2023. Other significant listings included Heng Rui Pharmaceutical, Hai Tian Flavoring, and Sanhua Intelligent Control, each raising over $1 billion [9]. - Hong Kong secured four positions in the global top ten IPOs for the first half of 2025, with these companies averaging a 14% increase in stock price since their listings [9]. Group 3: A+H Listings and International Companies - Eight A-share companies raised a total of $10.1 billion by listing in Hong Kong, primarily to expand their international presence. The H-shares of these companies generally traded at a smaller discount compared to A-shares, indicating strong international investor demand [11]. - International companies like IFBH and Mi Rui Group successfully listed in Hong Kong, enhancing the city's appeal as an international financing hub [11]. Group 4: Investor Participation - The new stocks issued in the first half of 2025 saw active participation from international institutional investors, including long-term funds, private equity, strategic investors, hedge funds, and sovereign wealth funds from North America, Europe, and the Middle East [13]. - Retail investors also showed strong interest, leading to record-high demand for new stocks, with some experiencing oversubscription [14]. Group 5: Sector Performance - The healthcare sector saw a total equity financing of $5.8 billion, the highest for the first half of the year since 2021. The TMT sector, driven by AI innovations, raised $13.7 billion, while the consumer sector, particularly in new stock listings, saw an average stock price increase of 70% [16]. Group 6: Market Optimization Measures - Regulatory measures, such as the "Tech Company Fast Track" launched in May 2025, have expedited the listing process for tech and biotech companies. The momentum continued into July, with eight companies successfully listing in the first two weeks [20].

Core Viewpoint - The recent recognition of Huitongda Network with the "ESG Innovation Practice Excellence Enterprise" award highlights its commitment to integrating technology and innovative models to advance ESG principles and convert them into commercial value [1][4]. Group 1: ESG Integration and Business Model - Huitongda's ESG practices are deeply integrated with its business, focusing on the critical challenge of promoting rural revitalization and enhancing urban-rural circulation service capabilities [5][6]. - The company leverages digital technology and supply chain empowerment to create a sustainable industrial ecosystem in lower-tier markets, effectively connecting the production and retail ends [5][6]. - Huitongda's platform value enables it to cover a vast network of rural stores, allowing rural consumers to access products and services comparable to urban areas, thus stimulating consumption in lower-tier markets [5][6]. Group 2: Governance and Technological Upgrades - Huitongda is enhancing its ESG governance framework and upgrading AI technology applications to improve the quality and efficiency of its ESG practices, aiming for further breakthroughs in social and commercial value [7][8]. - The establishment of a Sustainable Development (ESG) Committee by 2025 will strengthen the execution of ESG strategies and improve transparency and risk resilience [7]. - The company has launched an AI+ strategy, introducing self-developed products to enhance its service capabilities and support its ESG initiatives [8][9]. Group 3: Future Outlook - Huitongda's recognition with the "ESG Golden Award" signifies a pivotal moment in its journey towards sustainable development and value creation [10]. - The company's innovative practices in the ESG domain are expected to solidify its sustainable development efforts and lead to a significant elevation in value [10].

Group 1 - The Hang Seng Index rose by 0.78%, gaining 185 points to close at 24,073 points, while the Hang Seng Tech Index increased by 1.29% [1] - The trading volume in Hong Kong reached HKD 117.2 billion in the morning session [1] - Stablecoin-related stocks surged, with Guotai Junan International rising by 16%, Multi-Point Smart increasing by 8%, and OSL Group also up by 8% [1] Group 2 - Jinyong Investment experienced a 150% surge due to a strategic partnership with AnchorX to explore stablecoin applications [2] - Kuaishou-W saw a 3% increase, with institutions expecting the company's Q2 performance to meet market expectations [2] - Gold stocks rebounded in the morning session, with Tongguan Gold rising by 6% and China Gold International increasing by 3.82% [2] Group 3 - Huitongda Network rose over 7% after applying for full circulation of H-shares, which is expected to enhance stock liquidity and investment attractiveness [3] Group 4 - Basestone Pharmaceuticals-B increased by over 4% after granting commercialization rights for Sugli to Gentili in Western Europe and the UK [4] Group 5 - GCL-Poly Energy rose over 9%, with the polysilicon segment potentially becoming a breakthrough point for reversing internal competition, and the company is expected to achieve profitability [5] Group 6 - China Rare Earth Holdings rose over 7% after a failed transaction involving the sale of an Australian gold mine, and plans to spin off its business through an introduction [6] Group 7 - Hon Teng Precision rose by 8.8%, driven by strong performance in AI servers and iPhone business, with Foxconn showing steady growth in Q2 [7] Group 8 - Zhaoyan New Drug increased by over 10%, assisting in the approval of the restructuring of human coagulation factor VIIa for Chengdu Tianqing [8] Group 9 - Steel stocks saw a midday rally, with Chongqing Steel rising by 11%, as institutions expect improvements in industry supply and demand [9]

Core Viewpoint - The increasing enthusiasm for converting domestic shares to H-shares among Hong Kong-listed companies is evident, with HuTongDa Network applying to convert 349,749,813 domestic shares to H-shares, which will increase the H-share proportion to 94.21% after completion [1][2][4]. Group 1: Company Actions - HuTongDa Network has submitted an application to the China Securities Regulatory Commission (CSRC) to convert 349,749,813 domestic shares into H-shares, which represents approximately 91.48% of the total domestic shares and about 62.17% of the total share capital [2]. - After the conversion, the total number of H-shares will increase to 530,016,152, making up 94.21% of the total share capital, while domestic shares will decrease to 32,553,685, accounting for 5.79% [2]. - The company has 23 shareholders participating in the conversion, with the largest shareholder, the chairman Wang Jianguo, converting 114 million domestic shares to H-shares [2]. Group 2: Market Context - The H-share market still has a significant amount of domestic shares that cannot be traded, unlike the A-share market, which has already achieved full circulation [1][4]. - The CSRC has been promoting the conversion of domestic shares to H-shares since 2019, and recent regulatory changes have simplified the process, allowing for faster conversions [4][6]. - The market environment has improved, with a notable increase in trading volume in the Hong Kong market, which is driving more companies to consider converting their domestic shares to H-shares [7]. Group 3: Industry Trends - There has been a noticeable increase in the number of companies applying for full circulation of H-shares, with 11 companies obtaining approval for conversion in the last three months, surpassing the total applications from the previous year [6]. - The trend of converting domestic shares to H-shares is expected to continue, with more state-owned enterprises and leading technology firms likely to join this movement [7].

Core Viewpoint - The article highlights the strategic advancements and growth potential of Hui Tong Da Network in the context of the macroeconomic environment favoring technology, industry, and capital expansion [1][2][7] Group 1: Strategic Development - Hui Tong Da Network has demonstrated a clear and stable strategic layout in 2023, focusing on the "technology," "industry," and "capital" triad, with tangible results emerging [2] - The company has launched its "Qian Cheng Cloud AI" industry vertical model, which was approved by the National Cyberspace Administration in May, marking it as one of the early adopters of self-developed AI integrated with mainstream large models [2] - The "AI+ strategy" is being implemented across three main areas: "AI+ industry platform," "AI+ SaaS," and "AI+ smart terminals," providing numerous Agent applications to clients, covering the entire process of goods circulation [2][3] Group 2: Industry Deepening - Since the announcement of the "three major supply chain projects" in February, Hui Tong Da Network has rapidly implemented various initiatives, including the establishment of a brand ecosystem covering nine brands across four industries [3] - The "Brand Express" initiative has created direct channels to rural member stores in collaboration with major brands like Apple, enhancing sales and profitability for member stores [3] - The "Open Supply Chain Project" integrates more supply chain merchants and utilizes AI procurement assistants to help member stores match local consumer demands accurately [3] Group 3: Capital Empowerment - Hui Tong Da Network has recently undertaken significant capital actions, including a share buyback plan with a maximum amount of RMB 500 million, reflecting management's confidence in future business prospects [4] - The company has applied for the conversion of approximately 91.48% of its domestic shares into H-shares, which is expected to increase the proportion of H-shares from 32.04% to 94.21%, enhancing market liquidity and attracting more investors [4] Group 4: Undervalued Potential - The term "underrated" is frequently used in the capital market, indicating that Hui Tong Da Network's current value is not fully recognized, despite its significant growth potential [5] - The company possesses key advantages such as the integration of technology and consumption, a vast market development space, and a strong platform that is replicable [5] - Hui Tong Da Network is positioned in the "first tier" of companies effectively integrating AI applications in the consumer sector, leveraging its extensive network of nearly 250,000 member stores [5] Group 5: Internal Growth and Strategic Expansion - Hui Tong Da Network shows strong internal growth momentum, with opportunities for expansion in product categories, procurement ratios, and high-margin private label products [6] - The company's "one main, two auxiliary" strategy indicates a focus on strengthening its B2B services while actively exploring overseas and B2C business opportunities [6] - The significant growth in sales of its self-branded air conditioning product "Alti Sha" by four times year-on-year in the first quarter demonstrates the company's capability to support broader market coverage [6] Group 6: Market Reassessment - The current market perception of Hui Tong Da Network does not adequately reflect its true value and future growth potential [7] - The company exhibits strong competitiveness and resilience in AI technology application, internal growth dynamics, and strategic expansion [7] - Hui Tong Da Network's unique growth logic and forward-looking strategic layout warrant a reassessment and evaluation by the market, with potential for value reappraisal in the future [7]