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 - A-share listed companies reported a total revenue of approximately 71.92 trillion yuan in 2024, a year-on-year decrease of 0.22%, and a net profit attributable to shareholders of 5.21 trillion yuan, down 2.96% year-on-year [2] - Among the 5411 A-share listed companies, 4029 achieved profitability, with 2567 companies experiencing a year-on-year increase in net profit, representing about 48% [2] - The main board saw declines in both revenue and net profit, with decreases of 0.39% and 1.83% respectively, while the ChiNext and Sci-Tech Innovation Board showed positive revenue growth but declining net profits [2][3] Group 2 - In Q1 2025, A-share listed companies achieved a total revenue of 16.83 trillion yuan, a year-on-year decline of 0.38%, while net profit attributable to shareholders increased by 3.47% to 1.49 trillion yuan [4] - The ChiNext board experienced revenue and net profit growth of 6.05% and 15.40% respectively, contrasting with declines in the Sci-Tech Innovation Board and Beijing Stock Exchange [4] - The semiconductor, home appliance, and hardware equipment sectors saw revenue growth exceeding 15%, indicating a shift towards structural optimization in the A-share market [4]