负债行为跟踪：咬紧科技不放松

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - This week, the performance of broad - based indexes was differentiated. The science and technology sector generally rose, with more declines on Monday and Tuesday and most sectors rising with heavy trading volume from Wednesday to Friday. The main line of science and technology is more focused and clear, and it is the sector where the consensus of funds on the liability side is concentrated and the best elastic offensive variety [4][11]. - Although broad - based ETFs continued to have net outflows this week, industry ETFs were in a net - buying state. The science and technology sector still had substantial net buying, and the inflow of funds into the non - ferrous sector was significant [5]. - The margin trading and short - selling transaction volume decreased significantly, and the margin trading and short - selling balance first decreased and then increased. The demand for hedging reflected by stock index futures weakened after Wednesday [6][9]. - Foreign capital actively participated as a right - side force in the New Year's opening market, and its participation degree even exceeded that of margin trading and short - selling. It has become a more active incremental force in the short - term market [10]. Summary by Relevant Catalogs A - share Market - Index Performance: This week, the performance of broad - based indexes was differentiated. The CSI 300 fell by 0.6%, while the Shanghai and Shenzhen indexes rose by 0.8% and 1.1% respectively. The CSI 500 and the micro - cap index performed well, rising by 4.3% and 5.2% respectively. The performance of technology stocks was also differentiated, with the ChiNext Index falling by 0.3%, the STAR 50 rising by 2.6%, and the CSI 1000 rising by 2.9% [14]. - Trading Volume: The trading volume of broad - based indexes decreased significantly. The average daily trading volume decreased from 3.5 trillion to 2.8 trillion. Specifically, the trading volume of the entire A - share market decreased from over 3 trillion from Monday to Thursday to about 2.7 trillion, and rebounded to over 3 trillion on Friday [19]. A - share Industry - Industry Performance: This week, the top five rising industries were building materials (8.82%), basic chemicals (6.76%), steel (5.78%), petroleum and petrochemicals (5.76%), and non - ferrous metals (4.92%). The top five falling industries were banks (- 4.07%), media (- 2.96%), communications (- 2.77%), non - bank finance (- 2.57%), and computers (- 2.52%) [26]. - Science and Technology Sub - sectors: Since 2026, areas such as storage, semiconductors, and HBM have had relatively large excess returns compared to the Wind All - A Index. The excess returns of commercial aerospace and optical modules, which performed well in December, have declined or even turned negative. This week, the science and technology sector generally rose, with more declines on Monday and Tuesday and most sectors rising with heavy trading volume from Wednesday to Friday [28][32]. ETF Funds - Broad - based ETFs: Index ETF funds continued to have large - scale net outflows, with large - cap index ETFs having more outflows. The average daily net outflow of the CSI 300 ETF was over 14 billion, the average daily net outflow of the SSE 50 ETF was 7.3 billion, and the average daily net outflow of the CSI 1000 ETF was 6.2 billion. The SSE Composite Index ETF had a slight net inflow [37]. - Industry ETFs: Although broad - based ETFs still had net outflows this week, industry ETFs were in a net - buying state. The non - ferrous sector had a significant pulsed inflow of funds, and the science and technology sector still had substantial net buying. Science and technology sub - sectors represented by software and satellites continued to rank high in terms of net inflow [44]. Leveraged Funds - Margin Trading and Short - Selling Transaction Volume and Balance: After the implementation of the new margin trading and short - selling regulations on January 19, the proportion of margin trading and short - selling transactions decreased from 11.2% to 9.9%. The margin trading and short - selling balance first decreased and then increased, with the average balance this week being about 2.72 trillion, slightly higher than last week's 2.70 trillion [49]. - Broad - based Index Margin Trading and Short - Selling: From Monday to Tuesday this week, except for the SSE 50 and the STAR 50, the leveraged funds of most broad - based index components had net outflows; from Wednesday to Thursday, the leveraged funds of the CSI 300, SSE Composite Index, SSE 50, and CSI 1000 index components turned into net inflows. Overall, the net inflow of index margin trading and short - selling this week was less than that of last week [54]. - Industry Margin Trading and Short - Selling: On Monday and Tuesday this week, most industries de - leveraged, while on Wednesday and Thursday, most industries re - leveraged. Non - bank finance, communications, transportation, and comprehensive industries had relatively large increases in the proportion of margin trading net buying to trading volume [59]. - Stock Market Value and Margin Trading and Short - Selling: This week, stocks of all market - value gradients added leverage, with stocks with a market value of over 500 billion adding leverage to a greater extent [61]. - Popular Stocks and Margin Trading and Short - Selling: Popular stocks in electronics, power equipment, national defense and military industry, and non - ferrous metals mostly added leverage, while popular stocks in the media mostly de - leveraged. The proportion of leveraged funds in the trading volume of the top 35 popular stocks decreased this week [64][68]. Quantitative Funds - Quantitative Index Enhancement Excess Returns: Since January, the excess returns of the CSI 500 and CSI 1000 quantitative index enhancement have fallen to negative values, with the medians being - 1.14% and - 0.07% respectively [72]. - Stock Index Futures Basis: This week, the basis of stock index futures declined compared to last week but still remained at a relatively high level. From Wednesday to Friday, the basis of near - month stock index futures turned into a premium, indicating a weakening of hedging demand after Wednesday [78]. Main Funds - Broad - based Index Main Funds: The main funds of the CSI 300, ChiNext, and STAR Market continued to have net outflows this week, but the outflow slowed down significantly compared to last week. The CSI 300 had a large - scale net outflow from Monday to Tuesday and then turned into a net inflow on Wednesday and Thursday [83]. - Industry Main Funds: This week, the main funds flowed out of most industries, with the largest outflows in electronics, followed by computers, communications, and power equipment. The outflows were relatively large on Monday and Tuesday. The main funds flowed into banks, building materials, and coal [91]. North - bound Funds - Participation Degree: Foreign capital actively participated as a right - side force in the New Year's opening market, and its participation degree even exceeded that of margin trading and short - selling. The trading volume proportion of north - bound funds increased from 11.0% before the New Year's Day to 11.8%, an increase of 0.8 percentage points, while the proportion of margin trading and short - selling only increased from 10.6% to 11.0%, an increase of 0.4 percentage points [93]. - Trading Volume and Proportion: This week, the total trading volume of north - bound funds decreased, with the average daily trading volume decreasing from 401.1 billion to 338.5 billion, and the proportion of A - share trading volume increasing from 11.61% to 12.10%. Since late December, the trading activity of north - bound funds has significantly rebounded [102].