食品饮料/食品加工 锅圈（02517.HK） 2026 年 02 月 27 日 投资评级：买入（首次） ——公司首次覆盖报告 | 日期 | 2026/2/26 | | --- | --- | | 当前股价(港元) | 4.180 | | 一年最高最低(港元) | 4.530/1.770 | | 总市值(亿港元) | 114.84 | | 流通市值(亿港元) | 109.90 | | 总股本(亿股) | 27.47 | | 流通港股(亿股) | 26.29 | | 近 3 个月换手率(%) | 30.02 | 股价走势图 -40% 0% 40% 80% 120% 160% 2025-02 2025-06 2025-10 锅圈 恒生指数 数据来源：聚源 证书编号：S0790520030003 证书编号：S0790522080008 证书编号：S0790525020004 ⚫ 公司经营重回高质量加速增长通道，开店提速与单店增长实现"戴维斯双击" 凭借"社区门口火锅食材超市"定位，精准切入中国餐饮零售化浪潮，经历 2024 年调 整与门店调优后，于 2025 年正式重启扩张节奏，2025 年全年门店净增 1416 家 ...

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。 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 ...

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]

Group 1 - The company HuTongDa Network (09878) announced the acquisition of a 25% stake in JinTongLing (300091.SZ), with the target company's restructuring plan completed as of the announcement date [1] - The target company is a leading industrial service enterprise in China, focusing on digital technology and supply chain capabilities to empower rural retail stores [1] - The company aims to enhance the living standards of farmers through innovative supply chain and digital services, promoting the "integration of production and sales" strategy [1] Group 2 - The target company specializes in manufacturing fluid machinery, including industrial blowers and high-efficiency steam turbines, with applications in various industries such as wastewater treatment and food preservation [2] - The acquisition aligns with the company's overall strategic direction and will strengthen the synergy and value enhancement of existing business segments [2] - The company plans to nominate a majority of the board members of the target company and appoint key management personnel to lead daily operations and strategic decisions [2]

Group 1 - The company HuTongDa Network (09878) announced the acquisition of a 25% stake in JinTongLing (300091.SZ), with the target company's restructuring plan completed as of February 13, 2026 [1] - JinTongLing is a leading industrial internet company in China that empowers rural retail stores through digital technology and supply chain capabilities, aiming to improve the lives of farmers [1] - The company focuses on "smart supply chain" and "AI+" strategies, promoting integrated production and sales, and enhancing innovative applications in urban and rural circulation [1] Group 2 - The target company specializes in manufacturing fluid machinery, including industrial blowers and centrifugal air compressors, with applications in wastewater treatment, food fermentation, and industrial cooling systems [2] - The acquisition aligns with the group's overall strategic direction and aims to enhance synergy and value in existing business segments, leveraging JinTongLing's technical capabilities to strengthen upstream bargaining power [2] - The company plans to nominate a majority of the board members at JinTongLing and appoint key management personnel to lead daily operations and strategic decisions, ensuring the objectives of the acquisition are met [2]

Group 1 - The company HuTongDa Network (09878) announced its acquisition of a 25% stake in JinTongLing (300091.SZ), with the target company's restructuring plan completed as of the announcement date [1] - The target company is a leading industrial internet company in China that empowers rural retail stores through digital technology and supply chain capabilities, aiming to improve farmers' lives [1] - The group focuses on "smart supply chain" and "AI+" strategies, promoting integrated production and sales, and enhancing innovative applications in urban and rural circulation [1] Group 2 - The target company specializes in manufacturing fluid machinery, including industrial blowers and high-efficiency steam turbines, with applications in wastewater treatment and food preservation [2] - The acquisition aligns with the group's overall strategic direction and aims to enhance synergy and value in existing business segments [2] - The company plans to nominate a majority of board members and appoint key management personnel in the target company to lead daily operations and strategic decisions [2]

通过专业化牧服公司桥梁作用，当地实现了收购、加工、配送的规范化运作，既稳定了品质，又提升了 效率。数据显示，借助新渠道，牧民每售出一只羔羊可比传统出栏价额外增收120元左右，二岁羊额外 增收达200余元，收益显著提升。 本报呼伦贝尔1月24日电 （记者 李新军 通讯员 谢辛垚）呼伦贝尔的冬日草原寒风凛冽，但陈巴尔虎旗 的牧民心中却暖意融融。2025年以来，该旗以"好羊卖好价"为目标，通过科技赋能构建品质信任，创新 渠道打通市场关节，走出了一条牧文旅融合、产销一体化的富民新路。全年累计销售本地草原羊4.5万 只，直接带动牧民增收超300万元。 据悉，陈巴尔虎旗投入260余万元，建成畜牧信息大数据追溯管理平台，为草原羊打造了"数字身份 证"。目前，已有1万只羊实现从养殖主体、地点到月龄的精准追溯，3.8万只羊完成羊源地追溯，确保 了每一份羊肉都能溯源至纯净的呼伦贝尔牧场。严格的追溯体系与筛选标准，让"陈巴尔虎旗羊肉"成为 消费者信赖的"放心肉"金字招牌。 面对"好货愁卖"，该旗积极构建多元化销售矩阵。在莫尔格勒河国家5A级旅游景区内，"我在草原有只 羊"直通车等4处点位形成闭环体验带，游客可现场"指羊"认购、品尝 ...

Core Viewpoint - The acquisition of Dongfeng Honda Engine Co., Ltd. by GAC Honda marks a significant strategic shift in the automotive industry, reflecting the restructuring logic of joint ventures and foreign brands amid the wave of new energy transformation [2][4][6]. Group 1: Acquisition Details - GAC Honda invested 1.172 billion yuan to acquire a 50% stake from Dongfeng Group and accepted a capital increase from Honda Motor Co. for the remaining 50% stake, completing the asset integration [2]. - The historical context of the acquisition reveals a "separation of production and sales" model that has now transitioned to a "vertical integration" strategy, enhancing operational efficiency [3][4]. Group 2: Strategic Implications - The acquisition enables GAC Honda to achieve an "integrated production and sales" strategy, enhancing data flow between engine R&D, production, and vehicle manufacturing [4]. - This move is crucial for GAC Honda's "oil-electric dual strength" strategy, ensuring stable supply chains and optimizing cost structures, which has already led to a short-term profit rebound of 371 million yuan in the first half of 2025 [5]. Group 3: Industry Context - The restructuring is seen as a rational choice for all parties involved, allowing GAC Honda to focus on new energy technology while Dongfeng Group optimizes its asset structure amid declining fuel vehicle markets [5][6]. - The acquisition serves as a model for joint ventures in the new energy era, emphasizing quality improvement over mere scale expansion, and highlights the evolving role of Chinese stakeholders from capital providers to strategic leaders [6][7]. Group 4: Future Challenges and Opportunities - The integration process will face challenges, including merging traditional engine development with new energy technologies and ensuring smooth operations of the production capacity of 480,000 units [7]. - The acquisition signals that traditional automakers can achieve transformation through precise asset management and strategic focus, providing valuable insights for the upgrade of the Chinese automotive industry [8].

Core Viewpoint - The article emphasizes that user experience is the driving force behind the evolution of the instant retail industry, particularly in the context of fresh produce supply chains [2][15]. Group 1: Fresh Produce Supply Chain Innovations - Xiaoxiang Supermarket has developed a "reverse supply" model to address the challenge of providing fresh vegetables to northern regions during winter, utilizing high-altitude produce from Yunnan [3][5]. - The company has established a "48-hour low-temperature journey" for fresh produce, ensuring that vegetables can reach consumers in northern cities within this timeframe [9][11]. - By implementing advanced technologies such as vacuum pre-cooling and temperature-controlled logistics, Xiaoxiang Supermarket has significantly reduced customer complaints regarding the quality of leafy vegetables [11][12]. Group 2: Agricultural and Economic Impact - The integration of local farmers into the supply chain through order agriculture has not only improved the quality of produce but also enhanced the income of farmers in Yunnan [6][7]. - Xiaoxiang Supermarket's initiatives have led to a positive impact on local agricultural development, creating a model for rural revitalization and farmer support [6][7]. Group 3: User-Centric Business Model - The company's approach is a prime example of the "Retail 3.0" era, where user experience drives supply chain transformations, moving away from traditional inventory-heavy models [18][20]. - Xiaoxiang Supermarket focuses on direct sourcing, algorithmic replenishment, and flexible fulfillment to meet the increasing quality demands of consumers [18][19]. - The establishment of a comprehensive quality assurance system from source to consumer is a key differentiator for Xiaoxiang Supermarket, positioning it as a leader in the fresh retail sector [16][20].