- The report does not contain any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The content primarily focuses on market data, financing and securities lending balances, industry characteristics, and ETF/stock-specific financing and securities lending activities[1][2][9]. - The report provides detailed data on financing and securities lending balances, including weekly changes in financing balances (+267.64 billion RMB) and securities lending balances (-2.63 billion RMB), as well as the total two-market balance of 27,003.83 billion RMB as of January 20, 2026[12][13][15]. - Industry-specific financing and securities lending characteristics are analyzed, highlighting sectors with the highest and lowest financing and securities lending activities. For example, the non-bank financial, communication, and electronics sectors had the highest financing buy-in ratios, while the textile and apparel, light manufacturing, and building materials sectors had the lowest[29][34][35]. - The report also identifies the top ETFs and stocks by financing net buy-in amounts, such as the "China Ping An" stock (601318) with a financing net buy-in of 230.64 million RMB and the "China Securities Electric Network Equipment Theme ETF" (159326.SZ) with a financing net buy-in of 42.23 million RMB[44][45][49]. - Securities lending activities are also detailed, with the top stocks by net securities lending sell-out amounts including "Jerry Shares" (002353.SZ) with 18.67 million RMB and "Giant Network" (002558.SZ) with 17.67 million RMB[50][51].

1月21日，A股市场冲高回落，截至收盘，沪指涨0.08%，深成指涨0.7%，创业板指涨0.54%，科创综指 涨2.32%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | the control control concession in the control of the controllers and | 4116.94c | 3.29 | 0.08% | | 399001 | 深证成指 | S | 14255.13c | 99.50 | 0.70% | | 399006 | 创业板指 | In | 3295.52c | 17.54 | 0.54% | | 000680 | 科创综指 | Non m | 1862.69c | 42.21 | 2.32% | 盘面上，半导体、AI算力产业链集体爆发，GPU、先进封装、CPO方向齐上涨。有色金属板块活跃，黄 金股掀涨停潮，锂矿、铜矿涨幅靠前。银行、煤炭、白酒、零售板块走弱。 具体来看，贵金属板块集体爆发，招金黄金、四川黄金、西部 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable amounts withdrawn from companies across different sectors, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Stock Performance and Fund Outflows - The top stock with the largest fund outflow is XW Communication, with a withdrawal of 1.851 billion yuan and a decline of 10.16% in its stock price [2] - Guizhou Moutai follows with a fund outflow of 1.480 billion yuan and a decrease of 1.64% [2] - TBEA Co., Ltd. experienced a fund outflow of 1.294 billion yuan and a drop of 3.83% [2] - Other notable companies with significant outflows include: - Sanzi Gaoke: -0.993 billion yuan, -4.43% [2] - Goldwind Technology: -0.892 billion yuan, -2.34% [2] - Zhongji Xuchuang: -0.829 billion yuan, -0.53% [2] Group 2: Sector Analysis - The consumer electronics sector is represented by XW Communication and Lens Technology, both experiencing substantial fund outflows [2][3] - The beverage industry, highlighted by Guizhou Moutai, shows a minor decline in stock price despite significant fund outflow [2] - The power equipment sector, including TBEA Co., Ltd. and China Western Power, reflects mixed performance with varying fund outflows [2][3] - The telecommunications sector, represented by companies like Zhongji Xuchuang and Fenghuo Communication, also shows notable fund withdrawals [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Xinyi Communication experienced a capital outflow of 1.23 billion, with a price drop of 7.98% [1][2] - Tebian Electric witnessed a capital outflow of 671 million, with a price decline of 2.5% [1][2] - Shanzi Gaoke had a capital outflow of 636 million, with a decrease of 4.8% [1][2] - Tianyin Electromechanical saw an outflow of 501 million, with a drop of 2.34% [1][2] - Kweichow Moutai experienced a capital outflow of 431 million, with a decline of 0.84% [1][2] Group 2: Additional Stocks with Notable Outflows - Baiwei Storage had a capital outflow of 388 million, with a price drop of 1.55% [1][2] - Fenghuo Communication saw an outflow of 363 million, with a slight increase of 0.19% [1][2] - Goldwind Technology experienced a capital outflow of 357 million, with a price increase of 0.54% [1][2] - Shannon Chip Creation had an outflow of 337 million, with a decline of 1.36% [1][2] - Agricultural Bank saw a capital outflow of 333 million, with a drop of 1.67% [1][2] Group 3: Further Stocks with Capital Outflows - China Satellite Communications experienced a capital outflow of 332 million, with a decline of 1.3% [3] - Shanghai Electric saw an outflow of 326 million, with a price drop of 2.7% [3] - Wuliangye experienced a capital outflow of 324 million, with a decline of 1.52% [3] - Shanghai Hanxun had an outflow of 303 million, with a drop of 2.15% [3] - Jiuding New Materials saw a capital outflow of 297 million, with a significant decline of 6.03% [3]

Group 1 - The core viewpoint of the news highlights the significant inflow of funds into the electric grid equipment ETF, which has seen a net subscription of 5.15 billion shares and an estimated net subscription of 918 million yuan, marking a continuous trend of investment in this sector [1] - The electric grid equipment ETF has experienced a total net inflow of over 9.4 billion yuan over the past nine days, reaching a new high in total scale of 14.506 billion yuan, making it the largest ETF in the electric grid industry [1] - The State Grid has announced a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, while the Southern Power Grid is expected to invest around 1 trillion yuan, leading to a total investment of nearly 5 trillion yuan in the industry over the next five years, significantly exceeding previous plans [2] Group 2 - The North American market is witnessing a surge in demand for electrical equipment driven by aging infrastructure and the electricity needs of AI data centers, with exports of transformers, high-voltage switches, and wires from China expected to see double-digit growth by 2025 [2] - Leading companies in the electrical equipment export sector, such as Siyi Electric, are projected to exceed market expectations for their 2025 performance, with a forecasted year-on-year increase of 79% in net profit for Q4 2025 [2] - The electric grid equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with key weighted stocks including State Grid NARI (a leader in smart grid technology), TBEA (a core supplier of ultra-high voltage equipment), and Siyi Electric (focused on R&D and manufacturing of electrical equipment) [2]

Market Overview - The Shanghai Composite Index fell by 0.01% to close at 4113.65 points, with a daily high of 4128.93 points [1] - The Shenzhen Component Index decreased by 0.97% to 14155.63 points, reaching a high of 14337.12 points [1] - The ChiNext Index dropped by 1.79% to 3277.98 points, with a peak of 3347.94 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 27003.83 billion yuan, with a financing balance of 26830.44 billion yuan and a securities lending balance of 173.39 billion yuan [2] - The margin trading and securities lending balance decreased by 136.8 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13644.95 billion yuan, down by 76.94 billion yuan from the previous day, while the Shenzhen market's balance was 13358.87 billion yuan, a decrease of 59.87 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - TBEA Co., Ltd. (特变电工) with 29.12 billion yuan [3] - Zhongji Xuchuang (中际旭创) with 23.59 billion yuan [3] - Xinyisheng (新易盛) with 20.75 billion yuan [3] Fund Issuance - Two new funds were issued yesterday: Wanjiayuanli Bond C (万家元利债券C) and Wanjiayuanli Bond A (万家元利债券A) [4][5] Top Net Buying on Dragon and Tiger List - The top ten net buying amounts on the Dragon and Tiger list were: - Hunan Silver (湖南白银) with 12554.74 million yuan [6] - Jiayun Technology (佳云科技) with 12306.17 million yuan [6] - Jiangtian Chemical (江天化学) with 12254.26 million yuan [6]

Market Overview - A-shares showed divergence on January 20, with the Shanghai Composite Index slightly down by 0.01% at 4113.65 points, while the Shenzhen Component Index fell by 0.97%, the ChiNext Index by 1.79%, and the STAR Market 50 by 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of approximately 693.72 billion yuan compared to the previous day [1] - A total of 2139 stocks rose, while 2918 stocks declined, indicating a bearish market sentiment [1] Sector Performance - The banking sector and a few other sectors saw net inflows from major funds, while the communication equipment sector experienced the highest net outflow [1] - Epoxy propylene, silver, and precious metals were among the top gainers, while sectors like space computing and Google concepts faced significant declines [1] Company Highlights - Liou Co. resumed trading and announced its ongoing efforts in AI-related business applications, although it has not yet formed a significant profit model, with AI revenue being a small part of overall income [2] - Hunan Silver, a leading silver smelting and deep processing company, benefits from a complete industrial chain and has long-term growth potential in the new energy sector, attracting institutional and foreign capital [2] - Hongbaoli reported double-digit revenue growth, with record sales in polyether and isopropanol amine products, supported by a robust cash flow and alignment with market trends in epoxy propylene and building energy efficiency [2] - TBEA is benefiting from a 4 trillion yuan fixed asset investment policy by the State Grid, with strong order backlogs and significant net profit growth [3] - China XD Electric is experiencing a surge in demand due to accelerated approvals for ultra-high voltage projects and increased investment in the power grid [3] - Shanzi High-Tech is gaining attention due to its transition from real estate to core businesses in new energy vehicle components and semiconductor materials, as well as its involvement in the restructuring of Nezha Automobile [3] - Haige Communication is involved in several high-profile sectors, including brain-computer interfaces and satellite internet, with recent developments causing stock price volatility [3] Popular Stocks - The top ten popular stocks in the A-share market include Liou Co., Hunan Silver, Hongbaoli, TBEA, China XD Electric, Shanzi High-Tech, Haige Communication, Silver Nonferrous Metals, Tongfu Microelectronics, and China National Chemical [5]

从融资净买入金额来看，有30只个股获融资净买入超亿元。其中，宁德时代、海格通信、世纪华通融资 净买入金额排名前三，分别获净买入8.11亿元、4.81亿元、2.68亿元。 从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中安旭生物、鲁阳节 能、视声智能融资买入额占成交额比重排名前三，分别为39.01%、30.66%、30.55%。 A股1月20日共有3763只个股获融资资金买入，有569股买入金额超亿元。其中，特变电工、中际旭创、 新易盛融资买入金额排名前三，分别获买入29.12亿元、23.59亿元、20.75亿元。 ...

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 7.83 | 219.71 | 28.06 | -8.84 | 中信证券股份有限公司绍 | 华西证券股份有限公司长 | | | | | | 兴群贤路证券营业部 | 春前进大街证券营业部 | 证券时报·数据宝统计显示，特变电工今日收盘价为30.78元，上涨0.92%，日换手率为16.85%，成交额 为262.85亿元，全天主力资金净流出14.80亿元，近5日该股累计上涨12.46%，近5日资金合计净流出 80.15亿元。 两融数据显示，该股最新融资余额为80.72亿元，近5日增加22.35亿元，增幅为38.28%。（数据宝） 1月20日特变电工大宗交易一览 特变电工1月20日大宗交易平台出现一笔成交，成交量7.83万股，成交金额219.71万元，大宗交易成交价 为28.06元，相对今日收盘价折价8.84%。该笔交易的买方营业部为中信证券股份 ...

Core Insights - The report from Goldman Sachs highlights a significant investment in China's power grid, with a target of 4 trillion RMB during the 14th Five-Year Plan (2026-2030), marking a 40% increase from the previous plan's 2.8 trillion RMB [3][4][19] - The investment shift focuses on accommodating renewable energy and digital economy needs, indicating a structural transformation in the power grid's role from merely transmitting electricity to efficiently integrating variable renewable energy sources [3][4][18] Investment Scale and Growth Logic - The unprecedented investment base supports a robust growth outlook for the power grid sector, with an average annual investment exceeding 800 billion RMB [4][19] - The growth logic is evolving, with a clear bifurcation in investment phases: high-voltage direct current (UHV) investments are expected to grow by 24% in 2026, while investments will shift towards smart grid infrastructure from 2028 to 2030 [7][22] Structural Changes in Investment - A significant structural change is underway, with distribution network investments projected to surpass transmission investments, increasing from 57% to 59% of total investments from 2026 to 2030 [8][23] - This shift reflects a fundamental redefinition of the grid's functionality, necessitating upgrades to accommodate distributed energy resources, electric vehicle charging stations, and virtual power plants [10][25] Necessity for Smart Investments - By 2030, renewable energy is expected to account for 30% of total electricity generation, introducing challenges for grid stability that require heightened levels of smart investments [11][26] - Investment growth may temporarily slow in 2027-2028 due to project cycles, but is anticipated to accelerate again in 2029-2030 to address increasing balance challenges [11][26] Market Dynamics and Leading Companies - The market is increasingly favoring leading companies in the sector, with major players like Suyuan Electric, Pinggao Electric, and TBEA capturing significant market shares in core equipment categories [12][29] - This "stronger getting stronger" dynamic suggests that as overall demand increases, companies with technological, brand, and delivery advantages will gain more substantial market shares and performance elasticity [12][29] Future System Upgrades - The 4 trillion RMB investment blueprint is not merely about infrastructure expansion; it represents a comprehensive upgrade of the energy system's underlying architecture, aiming to create a stronger, smarter, and more flexible power system [15][30] - The immediate benefits from UHV and backbone network upgrades are clear, while the long-term potential from grid digitalization and distribution network intelligence presents a valuable opportunity for future growth [15][30]