着眼未来，汇通达凭借自身长期服务消费电子等行业头部品牌的渠道、运营能力与数据积淀，将进一步 着重打造"智能体和大数据"驱动的智能科技产品服务平台，为人工智能、机器人、脑机接口等硬科技企 业提供市场、运营、营销的全链条赋能，助力前沿科技实现商品化落地和商业化普及。 在"扎实推进乡村全面振兴"方面，汇通达将始终秉承"让农民生活得更美好"的企业初心使命，整合体系 内的技术、培训资源，将"AI+"引领的新技能、新技术普及到县、镇商业流通市场一线，持续培育一批 新农商、新农人，通过人才振兴、流通振兴，为乡村经济注入可持续发展的内生动力。 与此同时，汇通达正加速布局以"硬折扣""量贩零食"等为代表的零售连锁新赛道，整合供应链优质资 源，通过"自营+会员店加盟+社会化加盟"多元化模式，在大快消领域进一步激活城乡双向市场消费者日 常、高频、高复购的消费需求。 在"打造智能经济新形态""推动科技创新和产业创新深度融合"方面，汇通达以"千橙云AI智能大模 型"全链路赋能城乡流通产业链、供应链与零售实体，在产业端的家电、家居、酒水等行业，接连打造 金诺达(空调)、汇盛达(家居)等多个智能制造案例，以产销一体化、b2F、全渠道运营等 ...

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 ...

Core Viewpoint - The company, Huitongda Network (9878.HK), is leveraging favorable consumer policies and advancements in artificial intelligence (AI) technology to enhance the digitalization and operational efficiency of traditional retail entities through its AI models and intelligent agents [1] Group 1: AI Development and Collaboration - Huitongda has developed the "Qiancheng Cloud AI Intelligent Model" and is collaborating comprehensively with Alibaba Cloud on AI capabilities, including computing power and data resources [1] - The AI model integrates features such as text-to-image, text-to-video, and marketing planning, enabling store owners to create promotional plans, posters, and short videos with a single click [1] Group 2: AI Retail Robots - The "Qiancheng Retail Robot" is currently in the testing phase, designed to enhance store operations from both merchant and customer perspectives through tasks like store inspections and product guidance [1] - This robot will help store owners gain a clearer understanding of product sales and inventory, facilitating intelligent procurement, restocking, and price adjustments [1] - Additionally, the robot will analyze store shelves and customer pathways to provide guidance and promotional services to consumers [1] Group 3: Market Expansion - The integrated AI layout of the "Qiancheng Retail Robot" and "Qiancheng AI Super Store Manager" is set to be promoted in Huitongda's member stores in lower-tier markets and is expected to extend to the "Community Hard Discount Supermarket" project and other stores [1] - This initiative aims to inject new AI-driven momentum into the digitalization of retail in both urban and rural markets [1]

Core Viewpoint - The AI application sector is experiencing strong growth, driven by the expectation that 2026 will be a pivotal year for transitioning AI from "technology validation" to "commercial promotion" [1] Group 1: Company Insights - Huitongda Network (09878) is positioned as a dual-concept player in "AI + SaaS" and "urban-rural smart supply chain" [1] - The company's VP and CTO, Sun Chao, emphasized a focus on customer value and plans to leverage AI to enhance technological and product leadership, thereby transforming business models and revitalizing the growth engine of commercial circulation [1] - Huitongda achieved over 60 million yuan in AI-related revenue in the first half of 2025, marking a significant breakthrough from zero [1] Group 2: Industry Developments - The company is investing in the construction of an "AI industry platform" to improve the precision of supply and demand in urban-rural commodity circulation, enhance customer marketing services, and optimize consumer experiences [1] - Huitongda is integrating top AI resources through comprehensive cooperation, equity participation, and mergers and acquisitions, collaborating with industry leaders like Alibaba Cloud and Cognitive Boundary [1] - The aim is to build an AI infrastructure tailored for the domestic lower-tier market, facilitating access to AI applications for upstream manufacturing enterprises, distributors, retailers, and consumers [1]

Core Insights - The AI application sector is experiencing strong growth, with 2026 anticipated as a pivotal year for transitioning from "technology validation" to "commercial promotion" [1] - The logic of large models serving as a dual hub for traffic and commercial conversion is becoming increasingly evident [1] Company Developments - HuTongDa Network (09878) is focusing on customer value and plans to leverage AI to enhance technological and product leadership, thereby empowering clients to innovate business models and reshape the growth engine of commercial circulation [1] - In the first half of 2025, HuTongDa achieved over 60 million yuan in AI-related revenue, marking a significant breakthrough from zero [1] - The company is intensifying investments in building an "AI industry platform" to improve the precision of supply and demand in urban and rural commodity circulation, enhance customer marketing services, and optimize consumer experiences [1] Industry Collaborations - HuTongDa is integrating top AI industry resources through comprehensive AI cooperation, equity participation, and mergers and acquisitions [2] - The company is constructing an AI infrastructure tailored for domestic lower-tier markets by leveraging resources from partners like Alibaba Cloud and Cognitive Boundary, focusing on foundational computing power, big data, and operations [2] - This infrastructure aims to provide comprehensive access to AI applications for upstream manufacturing enterprises, circulation suppliers, retail stores, and consumers [2]

Group 1 - The core point of the news is that Huitongda Network (09878.HK) is making significant progress in acquiring the high-end manufacturing company Jintongling (300091.SZ), with the Nantong Intermediate People's Court accepting Jintongling's restructuring application, marking a key step in the acquisition process [1][2] - The restructuring process has entered a judicial phase, which is crucial for Huitongda's strategy of integrating "big consumption + smart manufacturing" [1] - Jintongling's stock has been renamed to "*ST JINLING" after resuming trading, reflecting the standard regulatory measures for companies undergoing restructuring, and the stock has seen consecutive gains, indicating investor optimism [1] Group 2 - For Huitongda Network, successfully restructuring and gaining control of Jintongling holds significant strategic and capital value, as Jintongling is a leading player in the high-end equipment manufacturing sector [2] - Huitongda's self-developed "Qiancheng Cloud AI Smart Model" is expected to enhance integration with upstream manufacturing enterprises, driving digital upgrades across multiple industries [2] - Huitongda is also accelerating its layout in the "big consumption" sector, having opened its first 10 community discount supermarkets in 2025, transitioning from a B2B to a B2B+B2C model [2]

Core Insights - The central economic work conference held on December 10-11 outlined key economic tasks for 2026, emphasizing domestic demand, innovation-driven growth, and coordinated development [1] - The national retail innovation development conference highlighted the importance of focusing on lower-tier markets and developing new business models to stimulate consumption [1] Group 1: Domestic Demand and Market Growth - Domestic demand is identified as the main driver of economic growth, with rural retail sales growth outpacing urban sales for several years [1] - In 2024, rural retail sales are projected to reach 6.7 trillion yuan, with a year-on-year growth of 4.3%, exceeding urban growth by 0.9 percentage points [1] - The 38,000 town-level administrative regions are becoming significant engines for expanding domestic demand [1] Group 2: Company Initiatives and Collaborations - Huitongda Network (9878.HK) is actively promoting quality products in lower-tier markets through partnerships with leading brands in home appliances and consumer electronics [2] - The company has established over 1,000 O2O stores in collaboration with Apple in lower-tier markets, aiming for a more than 300% year-on-year increase in sales during the 2025 "new product season" [2] - Huitongda is also collaborating with brands like Mo Jue and Boyin Hearing to expand into lower-tier markets [2] Group 3: Digital Infrastructure and Supply Chain Innovation - Huitongda is building digital rural circulation infrastructure using an AI + smart supply chain model, creating a comprehensive S2b2c "new business road" for lower-tier markets [2] - The company utilizes the Qiancheng AI Super Store Manager system to enhance supply chain efficiency, improving procurement decision-making efficiency by 60% and reducing labor costs by 30% [3] - Huitongda's AI agents are widely used in daily operations, significantly lowering operational costs for marketing innovations by over 75% [3] Group 4: Economic Impact and Future Outlook - Huitongda's technological and model innovations contribute to high-quality development in domestic economic circulation and urban-rural dual flow [3] - The company's advantages in technology and innovation are expected to provide a solid foundation for future valuation recovery [3]

Core Viewpoint - The article discusses the release of the "14th Five-Year Plan" by the Central Committee of the Communist Party of China, emphasizing high-quality development, technological self-reliance, and the construction of a unified national market, with a focus on the role of HuiTongDa in supporting these national strategies through its innovative practices in the supply chain and digital technology [1]. Group 1: Company Strategy and Practices - HuiTongDa is committed to its mission of improving farmers' lives and aligns its development with national strategies, focusing on optimizing traditional industries and expanding domestic demand [1][2]. - The company has developed an S2b2c urban-rural circulation platform network that integrates advanced technologies like AI and big data, serving over 25,000 member stores across 21 provinces [2][3]. - HuiTongDa's digital transformation initiatives have led to an average annual revenue increase of over 30% for member stores that have been part of the program for more than a year [3]. Group 2: Future Outlook and Goals - The company aims to deepen the digital transformation of member stores, ensuring they can compete effectively in the market and enjoy equal access to goods and services as urban consumers [4][5]. - HuiTongDa is focused on building a dual-directional circulation digital platform based on its self-developed "QianCheng Cloud AI Intelligent Model," which supports rural revitalization through technological and talent development [5].

Core Viewpoint - The stock of HuTongDa Network (09878) has seen a significant increase, attributed to Alibaba's announcement of its AI strategy and the strategic partnership between HuTongDa and Alibaba Cloud to enhance AI capabilities in the retail market [1] Group 1: Company Developments - HuTongDa Network's stock rose over 8% during trading, currently at 15.36 HKD with a trading volume of 25.5 million HKD [1] - The company has entered a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - HuTongDa has launched the "QianCheng Cloud AI Intelligent Model" and plans to deploy over 13 AI agents in collaboration with Alibaba Cloud to support retail and industrial scenarios in lower-tier markets [1] Group 2: Industry Context - Alibaba introduced the concept of "Super Artificial Intelligence" (ASI) at the "2025 Yunqi Conference," aiming to create an "Android system for the AI era" [1] - The partnership with Alibaba positions HuTongDa as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government to tap into a second growth curve [1]

Core Viewpoint - Alibaba has introduced the concept of "Super Artificial Intelligence" (ASI) during the "2025 Cloud Habitat Conference," aiming to create an "Android system for the AI era" [1] Company Summary - HuTongDa Network (09878) saw its stock price increase by over 8% during trading, closing at 15.36 HKD with a transaction volume of 25.50 million HKD [1] - In August, HuTongDa Network entered into a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - The company has launched the "QianCheng Cloud AI Intelligent Model" in 2023, integrating with Alibaba's "Tongyi Qianwen" for enhanced marketing efficiency through AI-driven tools [1] - HuTongDa plans to deploy over 13 AI agents in collaboration with Alibaba Cloud, targeting retail and industrial scenarios in lower-tier markets [1] - Northeast Securities believes that HuTongDa's long-standing focus on lower-tier markets positions it well as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government [1]