丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W3 港股资金：南向流入互联网，外资加码 硬件设备——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 5 日至 18 日，南向资金净流入 550.84 亿港元，主要流入可选消费零售、非银金 融、医药生物、汽车与零配件、有色金属等行业，排名前五的行业合计净流入 451.03 亿港元。 南向资金净流入最多的五个行业是：可选消费零售（259.66 亿港元）、非银金融（91.69 亿港 元）、医药生物（40.14 亿港元）、汽车与零配件（37.55 亿港元）、有色金属（21.99 亿港元）。 主要流出耐用消费品、硬件设备、电信服务（-11.89 亿港元）、日常消费零售（-6.54 亿港元）、 国防军工（-5.88 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 research.95579.com 1 [Table_Title 9 月 W3 港股资金：南向流入互联网，外资加码 2] 硬件设备——"重估牛"系列之港股资金面 ...

Group 1 - The company, 香农芯创, announced the signing of a joint venture agreement with 无锡灵境云信息技术有限公司 to establish a new company named 无锡新威智算科技有限公司 [1] - The purpose of the joint venture is to respond to national policy directions and integrate various technologies, scenarios, and capital resources to create low-cost, green digital infrastructure [1] - The registered capital of the new joint venture is set at 120 million RMB, with the company contributing 30 million RMB, representing 25% of the total registered capital [1]

Group 1 - The core point of the article is the establishment of a joint venture between 香农芯创 and 无锡灵境云, aimed at creating a regional low-cost, green digital infrastructure to support industrial intelligence upgrades and digital economy development [1] - The joint venture company, named 无锡新威智算科技有限公司, will have a registered capital of RMB 12 million, with 香农芯创 contributing RMB 3 million, representing 25% of the total capital [1] - The initiative aligns with national policy directions and seeks to integrate various technologies, scenarios, and capital resources [1]

Group 1 - The core point of the article is that Shannon Chip Creation (300475.SZ) has signed a joint venture agreement with Wuxi Lingjing Cloud Information Technology Co., Ltd. to establish a new company focused on digital infrastructure [1] - The joint venture aims to respond to national policy directions by integrating various technologies, scenarios, and capital resources to create low-cost, green digital infrastructure [1] - The registered capital of the new joint venture company is set at RMB 120 million, with Shannon Chip Creation contributing RMB 30 million, accounting for 25% of the total registered capital [1]

Core Viewpoint - The company has signed a joint venture agreement with Wuxi Lingjing Cloud Information Technology Co., Ltd. to establish Wuxi Xinwei Zhikang Technology Co., Ltd. with a registered capital of 120 million yuan [1] Group 1 - The company will contribute 30 million yuan, accounting for 25% of the registered capital [1] - The joint venture aims to create regional low-cost, green digital infrastructure to support industrial intelligence upgrades and the development of the digital economy [1] - The investment does not involve related party transactions and does not constitute a major asset reorganization [1]

Core Viewpoint - The demand for regenerated cellulose fibers is increasing due to rising environmental awareness and government policies, leading to expanded production and market opportunities in the industry [1][13]. Industry Overview - Regenerated cellulose fibers are made from natural cellulose sources without altering their chemical structure, resulting in improved physical properties such as moisture absorption and breathability compared to cotton [3][5]. - The production of regenerated cellulose fibers in China is projected to reach 5.155 million tons in 2024, representing a year-on-year increase of 7.5% [1][13]. - The main categories of regenerated cellulose fibers include viscose fibers and differentiated fibers, with viscose fibers dominating the market, expected to reach 4.435 million tons in 2024, accounting for 86% of the total production [14]. Industry Chain - The industry chain encompasses the procurement of raw materials like cotton, hemp, bamboo, and trees, leading to applications in clothing and home textiles [9][11]. - Regenerated cellulose fibers are widely used in clothing due to their breathability and moisture absorption, as well as in home textiles like towels and curtains [9]. Competitive Landscape - Leading companies in the regenerated cellulose fiber industry include Xinjiang Zhongtai Chemical Co., Ltd., Nanjing Chemical Fiber Co., Ltd., and New乡化纤股份有限公司, which leverage technology and brand strength to maintain market share [16][17]. - Smaller and medium-sized enterprises are also emerging, focusing on technological upgrades and niche market development [16]. Development Trends - The industry is expected to undergo intelligent upgrades, with technologies like vortex spinning enhancing production efficiency and product quality [21]. - Market demand for regenerated cellulose fibers is anticipated to grow across various sectors, including apparel, home textiles, and medical applications, driven by increasing environmental consciousness [22]. - There is a trend towards product diversification, with companies developing functional fibers to meet specific consumer needs, such as temperature-regulating and antibacterial properties [24].