融资融券周报：主要指数多数下跌，两融余额继续上升-20260121

• 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].