1月29日，三大指数涨跌不一，沪指涨0.16%，创业板指冲高回落，全市场超3500只个股下跌。 从板块来看—— 白酒板块掀涨停潮，贵州茅台涨逾8%； 有色金属板块反复活跃，西部黄金（601069）7天4板，中国黄金（600916）5连板，北方铜业（000737）2连板创历史新高； 油气股延续强势，洲际油气7天5板，准油股份2连板，中曼石油4天3板； 房地产板块震荡反弹，大悦城、三湘印象、我爱我家涨停； 下跌方面，芯片产业链下挫，美埃科技、京仪装备跌超9%。 白酒板块创16月来单日最高涨幅 连跌五年的白酒板块突然爆火。 1月29日午间开始，白酒板块持续拉升，多股涨停，其中酒类连锁股华致酒行（300755）涨超16%。（飞天茅台涨至1610元，白酒股集体反弹，段永平： 茅台当前股价不贵） 白酒板块资金流入全市场领跑 行业因素方面，随着春节旺季渐近，龙头白酒价格正在反弹。 近日多平台价格显示，飞天茅台价格节前连续上涨，整箱批价突破1600元。"i茅台"上近几日1499元销售的53度500ml飞天茅台持续售罄，近期多位消费者 对21世纪经济报道记者反馈申购成功的难度在加大，此外精品茅台、丙午马年生肖酒经典版等其他茅台 ...

Core Viewpoint - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.16%, while the Shenzhen Component and ChiNext indices fell by 0.3% and 0.57% respectively, indicating a mixed market sentiment [3][4]. Market Performance - The Shanghai Composite Index closed at 4157.98, gaining 6.75 points or 0.16% [4]. - The Shenzhen Component Index closed at 14300.08, down 42.82 points or 0.3% [4]. - The ChiNext Index closed at 3304.51, decreasing by 19.05 points or 0.57% [4]. - The Sci-Tech Innovation Board Index fell by 49.46 points or 2.63%, closing at 1831.10 [4]. Sector Highlights - The liquor sector saw a significant surge, with stocks like Kweichow Moutai rising over 8%, and nearly 20 liquor stocks hitting the daily limit up [3][5]. - Oil and gas stocks continued their strong performance, with Intercontinental Oil and Gas achieving five consecutive limit-ups [7]. - The AI application sector was active, particularly in short drama and gaming themes, while sectors like semiconductors and commercial aerospace experienced notable pullbacks [3][5]. Capital Flow - There was a net inflow of capital into sectors such as media, food and beverage, and real estate, with Kweichow Moutai, Bluefocus, and Wuliangye receiving net inflows of 3.339 billion, 2.898 billion, and 1.703 billion respectively [9]. - Conversely, significant net outflows were observed in semiconductor and non-ferrous metal sectors, with companies like Industrial Fulian, Sungrow Power, and SMIC facing sell-offs of 6.531 billion, 1.787 billion, and 1.427 billion respectively [9]. Institutional Insights - Citic Securities noted that the index faces pressure above and support below, emphasizing the need to monitor changes in trading volume [11]. - Dexun Securities suggested that the index is likely to maintain narrow fluctuations in the short term [12]. - Dongwu Securities indicated that if trading volume aligns effectively, there is potential for the market to reach new highs in the short term [12].

记者丨肖夏 李益文 编辑丨曾静娇 1月29日，三大指数涨跌不一，沪指涨0.16%，创业板指冲高回落，全市场超3500只个股下 跌。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4157.98 | 14300.08 | 1831.10 | | +6.75 +0.16% -42.82 -0.30% -49.46 -2.63% | | | | 万得全A | 创业板指 | 北证50 | | 6847.28 | 3304.51 | 1536.00 | | -15.99 -0.23% -19.05 -0.57% -26.44 -1.69% | | | | 沪深300 | 中证500 | 中证A500 | | 4753.87 | 8517.84 | 5968.91 | | +35.88 +0.76% -83.32 -0.97% +17.82 +0.30% | | | | 中证1000 | 深证100 | 中证红利 | | 8332.21 | 5854.31 | 5757.64 | | -67.59 -0.80% +6.32 +0.11% +70.32 +1.24% | | | ...

Core Viewpoint - The three major stock indices closed mixed, with the Shanghai Composite Index up by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 0.3% and 0.57% respectively. The STAR Market Index dropped by 2.63% [1] Group 1: Stock Performance - The liquor sector experienced a surge, with Kweichow Moutai rising over 8% [1] - Gold stocks continued their strong performance, with multiple stocks reaching new highs [1] - AI application themes were active, particularly in the short drama and gaming sectors, leading the market [1] Group 2: Sector Movements - Real estate, insurance, and banking sectors showed notable gains [1] - Semiconductor, computing hardware, commercial aerospace, and humanoid robot concept stocks experienced significant pullbacks [1] Group 3: Market Activity - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 32,594 billion yuan, an increase of 2,671 billion yuan compared to the previous day [1] - Over 3,500 stocks in the three markets closed in the red [1]

Market Performance - The Shanghai Composite Index rose by 0.16%, while the ChiNext Index fell by 0.57% [1] - Liquor stocks experienced a surge, with Kweichow Moutai increasing by over 8% [1] - Gold stocks continued their strong performance, with multiple stocks reaching new highs [1] Sector Highlights - The AI application sector was active, particularly in short drama and gaming, leading the market [1] - Real estate, insurance, and banking sectors showed significant gains [1] - The semiconductor, computing hardware, commercial aerospace, and humanoid robot sectors experienced notable pullbacks [1] ETF Performance - In the afternoon, liquor stocks led to a surge in ETFs, with the Penghua Fund Liquor ETF hitting the daily limit [1] - The Food and Beverage ETFs rose by 7.89% and 7.58%, respectively [1] - Oil and gas stocks were active, with the Fidelity Fund S&P Oil and Gas ETF also hitting the daily limit [1] - Brazilian ETFs from E Fund and Huaxia Fund reached their daily limit [1] - Gold prices reached a historical high, with the Qianhai Kaiyuan Gold ETF and the Jiashi Gold ETF rising by 5.8% [1] Sector Declines - The semiconductor sector declined, with the E Fund Semiconductor Equipment ETF and the Semiconductor Equipment ETF falling by 4.64% and 4.51%, respectively [1] - The consumer electronics sector also adjusted, with the Fidelity Consumer Electronics ETF and the E Fund Consumer Electronics ETF both dropping by 3.49% [1]

"老登"回来了？ "动销跟踪看，近期茅台动销及批价均好于市场预期。"招商证券在1月26日发布的研报中表示，i茅台以及专卖店自发团购拓宽消费群体，逐步交易出了价格底部。根 据i茅台官方公众号1—9日累计超40万成交测算，预计i茅台1月投放超千吨。同时，传统渠道动销量未见明显下滑。截至目前预计全渠道动销量有小幅增长、价格坚 挺、2月传统渠道动销有望加速。结合基金四季报持仓，白酒板块重仓比例已降至3.5%，超配比例仅为1.0%，低于2013年的一季度到二季度，环比2025年三季度持 平，重申白酒底部买点已经出现。 今日（1月29日），白酒等消费股迎来大反弹。截至收盘，贵州茅台大涨8.6%，成交额超260亿元。金种子酒、皇台酒业、迎驾贡酒、金徽酒等近20股涨停。白酒板块 全天成交金额超600亿。 消息面上，本周以来，多款飞天茅台价格涨幅明显，与1月26日相比，2026年飞天茅台原箱（53度/500ml）上涨了55元，2026年飞天茅台散瓶上涨了20元；2025年飞天 茅台原箱（53度/500ml）上涨了55元，2025年飞天茅台散瓶上涨了20元。 华安证券在近日的研报中也指出，以食品饮料为代表的消费行业已经历持续5年 ...

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous trading day [1][6] - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 0.3% and 0.57%, respectively [1][2] Sector Performance - The liquor sector saw a surge, with Kweichow Moutai rising over 8%, and nearly 20 stocks in the sector hitting the daily limit [2] - Oil and gas stocks continued to perform strongly, with Intercontinental Oil and Gas achieving five consecutive trading limits in seven days [4] - The semiconductor, computing hardware, commercial aerospace, and humanoid robot sectors experienced noticeable pullbacks [2] Individual Stock Highlights - Notable gainers in the liquor sector included: - Jinzhongzi Wine: +10.04% [3] - Liquor stocks such as Luzhou Laojiao and Wuliangye also saw increases of +10% [3] - In the oil and gas sector, Keli Co., Ltd. surged by 29.99%, while Tongyuan Petroleum and Qianeng Hengxin rose by 20.04% and 20.00%, respectively [5] Capital Flow - Main capital inflows were observed in the media, food and beverage, and real estate sectors, while outflows were noted in the semiconductor, non-ferrous metals, and home appliance sectors [9] - Specific stocks with significant net inflows included Kweichow Moutai (3.339 billion yuan), Bluefocus (2.898 billion yuan), and Wuliangye (1.703 billion yuan) [10] - Conversely, Industrial Fulian, Sungrow Power, and SMIC faced net outflows of 6.531 billion yuan, 1.787 billion yuan, and 1.427 billion yuan, respectively [10] Institutional Insights - Citic Securities noted that the index faces pressure above and support below, emphasizing the need to monitor changes in trading volume [11] - Dexun Securities suggested that the index is likely to maintain narrow fluctuations in the short term [11] - Dongwu Securities indicated that if trading volume effectively supports the market, there is potential for the market to reach new highs in the short term [11]

Market Overview - The market showed significant divergence today, with traditional blue-chip sectors like liquor and real estate surging, leading to a substantial rise in the Shanghai Stock Exchange 50 Index, while technology sectors such as semiconductors and chips weakened, resulting in notable declines in the STAR Market and ChiNext Index [1] - The total market turnover reached 3.2 trillion yuan, an increase of over 200 billion yuan compared to the previous trading day, with more than 3,500 stocks declining [1] Key Signals - Three major changes in the market were noted: 1. The simultaneous rise of real estate and liquor stocks indicates potential structural volatility as the market rotates towards these rebound assets [1] 2. The recent surge in commodities, including gold, reflects liquidity trends, while cryptocurrencies have remained relatively subdued, suggesting inflation expectations may significantly impact AI and computing power [1] 3. The unexpected performance of government bonds, particularly the strong showing of 30-year treasury futures, indicates a complex narrative in the market, suggesting that the rotation is not strictly binary [1] Sector Performance - Consumer stocks, particularly liquor and retail, saw a significant afternoon rally, with Kweichow Moutai rising by 8% and several stocks hitting the daily limit [1] - Precious metals and oil and gas stocks experienced volatility but ultimately rallied, with China Gold achieving five consecutive limit-ups and Hunan Gold four consecutive limit-ups [1] - AI application concepts surged, with multiple stocks like Sai Group and Tiandi Online hitting the daily limit [1] - The banking sector also saw gains, with Qingdao Bank hitting the daily limit, while semiconductor, military, and automotive sectors faced the largest declines [1] Fund Flow - Major funds focused on sectors such as advertising, software development, and liquor, with significant net inflows into stocks like BlueFocus, Kweichow Moutai, and iFlytek [3] Future Outlook - Short-term market trends indicate a continued oscillation, with the Shanghai Composite Index expected to maintain an upward trajectory, although space for growth before the Spring Festival appears limited [2][8] - The market sentiment is supported by a weakening US dollar and ongoing monetary easing, which may provide a conducive environment for further capital inflow [7] - The upcoming earnings reports from A-share companies and North American tech giants are anticipated to have a more pronounced impact on market structure [6]

1月29日，白酒股午后持续拉升。数据显示，截至13时49分，表征板块的白酒基金LOF(161725)放量涨 5.46%，一度涨5.90%。 消息面上，飞天茅台价格节前连续上涨，整箱批价突破1600元。第三方报价平台显示，1月29日，2026 年原箱茅台价格单瓶价格上涨20元为1610元/瓶，回升到1600元以上，散瓶的价格保持在1570元/瓶，前 几日茅台的批价还稳定在1550元/瓶左右。记者在"i茅台"平台看到，1499元的普茅连续第29天在多次秒 空后显示售罄。 中信证券认为，2026年来白酒行业发生了较多大事件和变化，推动渠道升级和突破。短期，白酒龙头企 业开始积极拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市场量价平 衡；尾部企业停产、出清库存。长期，"以消费者为核心"的渠道协同体系料将成为行业下轮周期中核心 竞争力，需要企业逐步提升拓客能力、服务能力和场景运营能力。新一轮市场培育下，行业整体有望受 益于本轮新消费者获取和消费者教育提升效果。 ...

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index rising by 0.16% to close at 4157 points, while the Shenzhen Component Index fell by 0.3% and the ChiNext Index decreased by 0.57% [1] - The total market turnover reached 3.26 trillion yuan, an increase of 267.1 billion yuan compared to the previous trading day, with over 3500 stocks declining [1] Sector Highlights - The liquor sector experienced a surge, with Kweichow Moutai's price rising nearly 9%, and over twenty stocks including Wuliangye and Luzhou Laojiao hitting the daily limit [1] - The precious metals sector continued to rise, with spot gold approaching 5600 USD, leading to multiple stocks like Sichuan Gold and Zhaojin Gold hitting the daily limit [1] - AI application stocks collectively surged, with a significant increase in related stocks [1] - The cultural media sector also saw gains, with stocks like Zhejiang Wenlian hitting the daily limit [1] - Insurance stocks were active, with China Pacific Insurance leading the gains [1] - Real estate, oil and gas services, and banking sectors showed notable increases [1] Declines in Specific Sectors - The high-bandwidth memory and SMIC concepts faced declines, with Jingce Electronics dropping nearly 9% [1] - The electronic chemicals sector experienced widespread declines, with Anji Technology falling over 8% [1] - The electronic components and PCB sectors also saw declines, with Yidong Electronics dropping over 11% [1] - Other sectors such as power grid equipment, superconducting concepts, and optical communication modules faced significant downturns [1]