7月，汇通达多个行业的"产销一体化"进程持续加速，空调、家具等品类接连"上新"。 8月8日，与阿里云签约，达成"全栈AI全面合作"。双方协力在为乡镇小微实体提供AI+数字化赋能的同 时，进一步挖掘20万亿下沉消费市场的数据价值，为我国流通商业注入新的增量。 作为国内领先的下沉市场产业互联网公司，汇通达网络（9878.HK）近期围绕"产业升级"与"AI+"相关 的消息不断。 8月10日，花旗集团继7月再次更新公司研报，重申"买入"评级。多家外资基金也在近期密集买入，体现 境外资本市场对汇通达战略转型及公司长期投资价值的认可。 一、"全流通+回购"组合拳凸显战略前瞻性 2025年以来，汇通达保持战略定力、持续加码智慧供应链与AI+战略，并在资本端采取了一系列措施来 提升股东价值。 一方面，汇通达已向中国证监会提交申请，将公司3.5亿股内资股股份转换为H股股份。这是一项具有重 要战略意义的资本运作。全流通实施后，流通股份将大幅增加，流通市值接近总市值，从而显著提升股 票流动性和市场定价效率。 另一方面，汇通达于今年6月份发布回购计划公告，宣布将于未来12个月内，根据市场情况不定时于公 开市场回购H股，回购总金额最高 ...

Group 1 - The "2025 China Industrial Internet Leading Enterprises Summit and Industrial AI Resource Docking Conference" was successfully held in Shanghai, focusing on "industrial digitalization" and "AI application implementation" [1] - The event gathered hundreds of founders and CEOs from industrial internet and AI companies to discuss key topics [1] Group 2 - Haizhi Online received three awards, including "2025 China Industrial Internet Leading Enterprise" and "2025 China Industrial AI Leading Enterprise" [4] - The founder and chairman of Haizhi Online, She Ying, was recognized as the "2025 China Industrial Internet Leading Figure" [4] - Haizhi Online has been building a digital platform for the intelligent supply chain in manufacturing for ten years, promoting the deep integration of "AI + industry" [4] Group 3 - Liu Haitao, Vice President of Haizhi Online, delivered a speech titled "Industry, AI, Humanity," highlighting the development of AI tools tailored to actual manufacturing scenarios [4][5] - The platform is focused on developing industrial large models based on process drawing analysis to enhance supply chain collaboration efficiency and global competitiveness of manufacturing enterprises [4] Group 4 - In the future, Haizhi Online aims to strengthen its capabilities in optimizing supply chain management for leading enterprises using order data and AI tools [7] - The platform will continue to focus on market expansion for small and medium-sized enterprises, stabilizing and strengthening supply chains, and building digital foundational capabilities [7]

Group 1 - The core viewpoint of the collaboration between Huitongda Network and Alibaba Cloud is to enhance the digital transformation of the lower-tier market through AI and digital solutions, focusing on smart retail, membership operations, and smart supply chains [1][2][3] - Huitongda Network, a leading company in empowering rural membership stores with digital technology, has a presence in 21 provinces and 248,000 member stores across China, ranking first in the lower-tier market B2B service industry [2] - The collaboration aims to bridge the digital divide between urban and rural areas, supporting the "Digital China" and "Rural Revitalization" strategies, and benefiting millions of rural stores [3] Group 2 - The partnership will leverage Alibaba Cloud's computing resources and high-performance capabilities to accelerate the AI model training and application development for Huitongda Network [2] - The "Tongyi Qianwen" AI model will be integrated into Huitongda's business platform, acting as a "digital store assistant" to automate customer interactions and sales inquiries [1] - The collaboration is expected to enhance supply chain efficiency by providing precise procurement and inventory selection solutions through AI capabilities [1][2]

Core Viewpoint - The collaboration between 汇通达网络 (09878.HK) and 阿里云 aims to leverage artificial intelligence and digital solutions to enhance operational efficiency and customer engagement in the retail sector, particularly in underdeveloped markets [1][2][3] Group 1: Collaboration Areas - The partnership will focus on full-stack AI collaboration, integrating 阿里云's large model capabilities with 汇通达's retail industry expertise to create various AI-driven tools such as "Smart Store Model," "AI Sales Agent," "Sales Forecasting Agent," and "AI Customer Service Robot" [2] - 阿里云 will provide dedicated cloud resources and computing power to support the training and inference of AI models, ensuring high availability and scalability for 汇通达's operations [2] Group 2: Market Impact - The collaboration is expected to enhance the technological and resource integration capabilities of both companies, creating a new "AI + Industry" ecosystem that addresses the needs of underdeveloped market users [3] - By leveraging AI technology, 汇通达 aims to improve operational efficiency and precision in product recommendations, ultimately increasing customer numbers and service revenue in the underdeveloped market [3]

Core Insights - The 8th World Artificial Intelligence Conference (WAIC 2025) commenced in Shanghai, with Schneider Electric showcasing its leadership in industrial technology under the theme "Intelligent Connection and Collaborative Influence" [1][2] - Schneider Electric emphasizes the deep integration of AI technology into industrial scenarios, driving digital and green transformation across various sectors in China [2][12] Group 1: AI Applications and Innovations - Schneider Electric has been a pioneer in AI applications for over 20 years, focusing on machine learning and AI algorithms tailored for energy management and industrial automation [3] - The company presented two "Lighthouse Factories" at WAIC, demonstrating significant AI application results: the Shanghai Putuo factory achieved an 82% increase in per capita production efficiency, while the Wuxi factory reduced carbon emissions by 90% through AI-driven ecological design [4][12] - The integration of edge intelligence, large models, and Agentic AI is accelerating penetration into specific industries, creating greater value through the deep fusion of industry-specific knowledge and AI technology [5] Group 2: Product Launches and Solutions - Schneider Electric launched the EcoStruxure Edge Intelligence Box, enhancing data collection, management, real-time computation, and intelligent decision-making capabilities in industrial automation and energy management [7] - The EcoStruxure Open Automation Platform (EAE) was showcased, featuring advanced AI algorithms that optimize the control of multiple motors, highlighting the potential for efficiency and quality improvements in complex industrial production lines [8] - The EcoStruxure Building GPT was introduced as an AI agent for smart building operations, integrating knowledge graphs with large language models to enhance HVAC operations and energy efficiency [9] - A new generation of the EcoStruxure Energy Operation system was tailored for the Chinese market, covering low and medium voltage distribution, microgrid monitoring, and comprehensive energy management [10] - The SmartCool 2.0 solution for data centers utilizes advanced machine learning to optimize cooling output based on IT load demands, significantly reducing energy consumption [11] Group 3: Strategic Collaborations and Research - Schneider Electric's collaboration with various partners aims to enhance AI applications in key industries, focusing on packaging, oil and gas, data centers, smart buildings, and future power grids [6][19] - The company released a report on the energy challenges faced by data centers, proposing a "computing and electricity collaboration" framework to optimize power supply and management [14] - Schneider Electric continues to explore AI's role in driving efficiency and sustainability across critical sectors, reinforcing its commitment to innovation and collaboration in the AI landscape [17][19]

Group 1 - The event "Qianhai Dream Factory Deep Hong Kong International Roadshow Center and Unicorn Acceleration Camp Financing Docking Activity" focused on the transformation of technological achievements in the "AI + industry" sector, attracting 40 well-known venture capital institutions and over 100 guests for in-depth connections [1][2] - The "Qianhai Dream Factory Fund" was introduced, which not only provides financial support but also leverages over 20 years of industry resources and ecosystems from Hongyi Group to empower park enterprises comprehensively [1][2] - The initial scale of the Dream Factory Fund is 500 million yuan, primarily funded by the Qianhai Industry Guidance Fund, with a focus on strategic emerging industries and sectors such as artificial intelligence and life health technology [2] Group 2 - Three significant signing achievements were made during the event, including collaborations with Beijing-Tianjin-Hebei National Technology Innovation Center and Shenzhen Synthetic Biology Innovation Research Institute, covering areas like technological innovation platform construction and startup incubation [2] - The roadshow highlighted eight projects from the Qianhai Dream Factory and the Deep Hong Kong innovation ecosystem, showcasing strong technological barriers and market expansion potential [2] - The current structural transformation of industrial capital is emphasized, with a focus on the collaboration between mother funds and industrial platforms to mitigate risks and share returns, addressing the challenges faced by early-stage technology startups [2]

Group 1 - The textile industry in China is experiencing stable growth despite a complex global economic environment, supported by national macro policies [1] - From January to May, key economic indicators such as production, domestic sales, exports, and investments in the textile industry showed growth, with the industrial added value of large-scale textile enterprises increasing by 3.4% year-on-year [1] - Retail sales of clothing, shoes, and textiles increased by 3.3% year-on-year, with an acceleration of 1.3 percentage points compared to the same period last year [1] Group 2 - The industry is undergoing transformation towards high-end, intelligent, and green development, with significant support from national policies [2] - AI technology is being integrated into the textile and apparel industry, with companies like Lingdi Technology and Huanse Smart Technology leading innovations that reduce costs and time consumption [2] - The integration of AI into the textile industry has achieved notable results, and the industry is expected to enter a new phase of "AI + industry" practices as technology continues to evolve [2]

Group 1 - The core viewpoint of the article emphasizes the importance of integrating cutting-edge technologies like artificial intelligence with the real economy to drive high-quality development [1][3]. - The signing of a strategic cooperation agreement at the New Quality Productive Forces Development Conference marks a significant step for the Unknown AI Research Institute in the industrialization of AI technology [3]. - The lecturer Wang Yun highlighted that AI is becoming the core engine of new productive forces, aiming to empower traditional industries and foster emerging business formats through technological innovation [3]. Group 2 - The development of new productive forces relies on technological innovation and industrial collaboration, with the Unknown AI Research Institute planning to deepen cooperation across various sectors following the recent signing [5]. - The institute will continue to leverage its technological advantages to promote the deep application of AI solutions in vertical industries, particularly in areas like intelligent manufacturing, smart healthcare, and legal services [3][5].

Core Viewpoint - The article discusses the emergence of AI-driven opportunities in the new materials sector, highlighting the establishment of a joint laboratory aimed at leveraging AI for material research and development [4][21]. Company Overview - Fabarta, founded in 2021, positions itself as a next-generation intelligent platform driven by knowledge engines and large models, aiming to assist enterprises in achieving intelligent upgrades and decision-making in complex scenarios [6]. - The company has completed several rounds of financing, including hundreds of millions in angel and Pre-A rounds, with significant participation from notable venture capital firms [7]. Product Features - Fabarta's knowledge engine supports multi-modal data, transforming vast amounts of enterprise data into a format understandable by large models [10]. - The platform enables intelligent data weaving, allowing businesses to integrate their rich data into the knowledge engine with minimal manual intervention [11]. - The company focuses on integrating symbolic logic reasoning into its products to address common issues in large models, such as hallucinations and poor interpretability [12]. Industry Focus - Fabarta collaborates with industry leaders in sectors like chemicals, agriculture, and advanced manufacturing to gather comprehensive industry data [14]. - The company has developed an AI-driven customs declaration system that significantly reduces costs and enhances efficiency in cross-border trade [15]. High-Value Scenarios - The company defines high-value scenarios as those that are frequently used, cost-effective, and capable of delivering long-term value, particularly in the new materials sector [17][19]. - The AI + new materials project aims to accelerate research and development in this critical area, which is seen as a competitive frontier for nations [21]. Revenue and Growth - Fabarta achieved several tens of millions in revenue last year, with expectations to double this figure in the current year, driven by an increasing number of chain enterprise clients [28]. - The company anticipates that revenue from chain enterprises will rise from 60% last year to 70-80% this year, with plans to diversify revenue sources in the future [31]. Research and Development - Approximately 80% of the company's resources are allocated to research and development, with expectations to maintain a high level of investment in the future [33][34]. - The company aims to achieve breakeven in business operations by next year, contingent on the emergence of new opportunities [38]. Future Plans - Fabarta is exploring various paths for financing and potential IPO, focusing on partnerships that can provide resource synergies [39][40]. - The company aspires to become a leading technology firm in China, combining the strengths of IBM and Microsoft to serve local enterprise clients effectively [41][42].

Market Overview - On May 12, both A-share and Hong Kong markets experienced a significant rebound, with the Shanghai Composite Index rising nearly 1% and the ChiNext Index increasing over 2% [1][2] - The total trading volume in the A-share market reached 1.34 trillion yuan, marking an increase of 118.5 billion yuan from the previous trading day [2] - The Hong Kong market also saw a substantial increase, with the Hang Seng Index rising nearly 3% and the Hang Seng Technology Index up over 5% [1][3] Sector Performance - In the A-share market, sectors such as military industry, Apple supply chain, and robotics showed strong performance, with the defense industry leading with a 4.80% increase [2][4] - Notable stocks in the defense sector included AVIC Chengfei, Morningstar Aviation, and Aerospace South Lake, all reaching the daily limit of 20% increase [2] - In the Hong Kong market, non-essential consumer goods, industrials, and information technology sectors were among the top performers [3] Fund Flow - On May 12, net inflow of main funds in the A-share market exceeded 13 billion yuan, with 2,400 stocks experiencing net inflows [3][4] - The top sectors for net inflow included electric power equipment, defense industry, and electronics, with inflows of 2.998 billion yuan, 2.673 billion yuan, and 2.550 billion yuan respectively [4] - In the Hong Kong market, companies actively repurchased shares, with a total repurchase amount exceeding 2.7 billion Hong Kong dollars in May [3][4] Valuation and Investment Outlook - The rolling P/E ratio for the entire A-share market was reported at 19.10 times, while the Hang Seng Index stood at 10.25 times, indicating attractive valuations for both markets [4] - Analysts express optimism about the potential for gradual upward movement in the A-share market amid a stabilizing environment, with a focus on sectors like AI applications, innovative pharmaceuticals, and new consumption [5][6] - The Hong Kong market is expected to benefit from recent monetary easing policies, with analysts suggesting a focus on consumer and technology sectors, as well as high dividend yield sectors [6]