Recently, multiple institutions including CITIC Securities and Northeast Securities Co.,Ltd. have published latest research reports on HUITONGDA NET (09878), assigning "buy" ratings to the company. Among them, Northeast Securities Co.,Ltd. provided first-time in-depth coverage with a target price of HK$20.08, representing nearly 40% upside potential compared to the closing price of HK$14.55 on the report publication date. Northeast Securities Co.,Ltd. believes that HUITONGDA NET has been deeply cultivating the sinking market for over a decade and has now transformed from a "platform service provider" to an "AI+SaaS platform service provider." The report indicates that through business optimization and AI empowerment, the company maintains abundant cash on hand and acquires quality assets to establish industrial capital operation pathways, with future revenue expected to resume growth and profitability to improve rapidly. Additionally, the report emphasizes that HUITONGDA NET is actively advancing H-share full circulation related work, with an expected total of 530 million H-shares upon completion, which will significantly enhance the tradable market capitalization. The market generally believes that the increase in tradable market capitalization is expected to create conditions for the company's re-inclusion in Stock Connect. Meanwhile, CITIC Securities particularly highlighted HUITONGDA NET's impressive AI performance, driving continuous improvement in customer quality. "HUITONGDA NET's AI+SaaS products officially entered the commercialization stage in May 2025, with member stores accessing AI tools achieving an average operational efficiency improvement of over 30% and inventory turnover shortened by 15% to 20%, demonstrating initial success in AI+ product empowerment of member stores." CITIC Securities believes that AI empowerment, together with supply chain upgrades and diversified channel expansion, constructs HUITONGDA NET's sustainable business ecosystem for the future. The research report suggests that as AI products continue to iterate, HUITONGDA NET's service business is expected to achieve high growth and become the company's primary growth engine. Furthermore, the report acknowledges the strategic transformation direction and achievements of HUITONGDA NET's supply chain transaction business, along with the resulting improvement in profitability.