Group 1 - The television broadcasting sector increased by 1.01% on September 26, with ST Guangwang leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - ST Guangwang's closing price was 4.82, with a rise of 3.21%, and a trading volume of 134,400 shares, amounting to 63.99 million yuan [1] Group 2 - The television broadcasting sector experienced a net outflow of 370 million yuan from institutional investors, while retail investors saw a net inflow of 407 million yuan [2] - Wireless Media had the largest decline at -10.82%, closing at 41.20, with a trading volume of 98,500 shares and a transaction value of 409 million yuan [2] - The trading data indicates that several companies, including Guizhou Broadcasting and Jishi Media, also faced significant declines in their stock prices [2] Group 3 - The net inflow from retail investors for various companies showed mixed results, with some companies like ST Guangwang and Gohua Cable experiencing net outflows from institutional and speculative investors [3] - The data reveals that ST Guangwang had a net outflow of 1.32 million yuan from institutional investors, while retail investors contributed a net inflow of 227,400 yuan [3] - Overall, the sector's performance reflects a complex interplay of institutional and retail investor behaviors, with notable variations across different companies [3]

看着手机里不断弹出的基金限购公告，我不禁想起十年前刚入行时的困惑。那时的我和大多数散户一样，以为这些公告只是例行公事。直到后来通过量化数 据分析，才发现这背后隐藏着机构资金的精妙布局。 格雷厄姆曾说"牛市是普通投资者亏损的主要原因"，这句话在我十年的投资生涯中不断得到验证。牛市中的暴跌往往让散户措手不及，而机构却能精准把握 进出时机。 以2024年9月24日后的行情为例，表面上指数震荡不前，但个股表现却天差地别。亚辉龙和汇金科技就是最好的对比案例。 汇安基金、湘财久盈等机构的限购措施看似是为了保护投资者利益，实则暗含更深层的市场逻辑。作为一名量化投资者，我发现这些动作往往与机构资金的 季节性调仓密切相关。 记得2015年那轮牛市后的惨痛教训：大多数散户在牛市中亏损高达60%，而同期机构却赚得盆满钵满。这让我深刻认识到，决定股价走势的不是表面的涨 跌，而是背后资金的真实流向。 通过长期跟踪量化数据，我发现一个有趣的现象：A股市场早已告别了齐涨共跌的时代。2016年至2019年间，即便在没有牛市的背景下，个人投资者平均收 益仍为负值，而机构投资者却实现了可观的盈利。 | 同版 | 总收益 | 擇时收益 | 造股收 ...

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of the 28 sectors rising, led by Media and Communication sectors with increases of 2.23% and 1.99% respectively. The Textile and Apparel, and Comprehensive sectors saw the largest declines of 1.45% and 1.30% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 28.778 billion yuan, with 5 sectors experiencing net inflows. The Electric Equipment sector led with a net inflow of 3.916 billion yuan and a daily increase of 1.60%, followed by the Computer sector with a net inflow of 2.545 billion yuan and a daily increase of 1.55% [1] Mechanical Equipment Sector Performance - The Mechanical Equipment sector declined by 0.32%, with a net capital outflow of 2.832 billion yuan. Out of 530 stocks in this sector, 141 rose, 5 hit the daily limit, and 385 fell. There were 198 stocks with net capital inflows, with Huagong Technology leading at 1.245 billion yuan, followed by Yingweike and Hezhuan Intelligent with inflows of 528 million yuan and 276 million yuan respectively [2] Top Gainers in Mechanical Equipment Sector - The top gainers in the Mechanical Equipment sector included: - Huagong Technology: +10.00%, turnover rate 10.27%, net inflow 1.245 billion yuan - Yingweike: +7.94%, turnover rate 12.13%, net inflow 528 million yuan - Hezhuan Intelligent: +9.98%, turnover rate 6.30%, net inflow 276 million yuan [2] Top Losers in Mechanical Equipment Sector - The top losers in the Mechanical Equipment sector included: - Huichuan Technology: -0.49%, turnover rate 2.87%, net outflow 378 million yuan - Dongfang Precision: -2.70%, turnover rate 10.83%, net outflow 250 million yuan - Zhongkong Technology: -0.34%, turnover rate 3.27%, net outflow 238 million yuan [4]

002138 顺络电子 1.46 4.45 9540.00 电子行业资金流出榜 沪指9月25日下跌0.01%，申万所属行业中，今日上涨的有7个，涨幅居前的行业为传媒、通信，涨幅分 别为2.23%、1.99%。跌幅居前的行业为纺织服饰、综合，跌幅分别为1.45%、1.30%。电子行业今日下 跌0.07%。 资金面上看，两市主力资金全天净流出287.78亿元，今日有5个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.60%，全天净流入资金39.16亿元，其次是计算机行业，日涨 幅为1.55%，净流入资金为25.45亿元。 主力资金净流出的行业有26个，电子行业主力资金净流出规模居首，全天净流出资金162.41亿元，其次 是机械设备行业，净流出资金为28.32亿元，净流出资金较多的还有基础化工、房地产、国防军工等行 业。 电子行业今日下跌0.07%，全天主力资金净流出162.41亿元，该行业所属的个股共467只，今日上涨的有 140只，涨停的有4只；下跌的有323只。以资金流向数据进行统计，该行业资金净流入的个股有122只， 其中，净流入资金超亿元的有17只，净流入资金居首的是沃尔核材， ...

有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600988 赤峰黄金 | | -3.29 | 3.65 | -22637.51 | | 000630 铜陵有色 | | 8.12 | 6.93 | -21961.74 | | 601168 西部矿业 | | 6.07 | 5.02 | -20115.30 | | 600392 盛和资源 | | -1.55 | 4.60 | -15193.53 | | 600362 江西铜业 | | 6.10 | 4.88 | -14833.66 | | 300139 晓程科技 | | -3.99 | 21.00 | -14470.89 | | 601600 中国铝业 | | 0.13 | 1.70 | -12982.65 | | 600489 中金黄金 | | -0.34 | 2.19 | -10134.58 | | 002738 中矿资源 | | 4.32 | 5.65 | -9160.72 | | 002716 湖南白银 | | -2. ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The short - term view of the stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating. The core logic lies in the game between the short - term profit - taking intention of funds and the long - and medium - term fermentation of policy - favorable expectations [1][5]. 3. Summary According to the Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term profit - taking intention of funds and long - and medium - term fermentation of policy - favorable expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. Yesterday, all stock indices rose comprehensively, with IC and IM leading the gains. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2347.1 billion yuan, a decrease of 171.3 billion yuan from the previous day. The rebound was accompanied by a reduction in stock market trading volume and a decrease in the open interest of stock index futures, indicating that investors still have differences in their views on the future market. The main trading logic of the stock market comes from policy expectations and capital flows. The game between the profit - taking rhythm of funds and the fermentation of policy expectations needs to be focused on. On one hand, as the valuation has risen significantly, especially when the index rebounds to near the previous high, the demand for profit - taking of profitable funds increases. On the other hand, the policy - favorable expectations and the long - term net inflow trend of the capital side constitute the long - and medium - term driving force for the upward movement of the stock index. The fermentation of policy - favorable expectations depends on the convening of the important meeting in October. The fact that the margin trading balance has exceeded 2.4 trillion yuan and the significant year - on - year increase in new non - bank deposits in July and August indicate the signs of residents' wealth allocation to the equity market. In general, due to the index approaching the previous high and the approaching long holiday, the stock index is expected to be mainly in wide - range oscillation in the short term [5].

投资咨询业务资格：证监许可【2011】1778 号 目前期权隐含波动率有所回落，考虑到股指中长线向上，可以继续持 有牛市价差或比例价差。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 金融期权 | 日报 2025 年 9 月 24 日 金融期权 专业研究·创造价值 股市成交缩量，股指全面反弹 核心观点 今日各股指全面上涨，其中中证 500 与中证 1000 涨幅居前。沪深京三 市全天成交额 23471 亿元，较上日缩量 1713 亿元。不过本次反弹伴随的是 股市成交金额缩量，以及股指期货持仓量减仓，这意味着投资者对后市的看 法仍存分歧。目前股市的主要交易逻辑来自于政策预期以及资金流向这两 方面，后市需要重点关注资金止盈节奏与政策预期发酵的博弈情况。一方面 随着估值端显著上升，特别是指数反弹至前期高点附近，获利资金止盈需求 上升，投资者落袋为安的想法有所升温；另一方面，政策利好预期与资金面 长期净流入趋势构成驱动股指上行的中长期动力。目前政策利好预期的发 酵有待 10 月重磅会议的召开，增量资金方面从融资余额突破 2.4 万亿 ...

汽车行业资金流出榜 汽车行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002085 | 万丰奥威 | 4.47 | 10.62 | 49824.25 | | 603809 | 豪能股份 | 10.02 | 7.04 | 32741.80 | | 600418 | 江淮汽车 | 2.38 | 3.18 | 28791.37 | | 002708 | 光洋股份 | 9.97 | 14.56 | 16585.67 | | 601777 | 千里科技 | 5.11 | 2.03 | 12929.75 | | 300680 | 隆盛科技 | 2.41 | 9.81 | 12921.90 | | 603786 | 科博达 | 6.76 | 2.48 | 10339.51 | | 000980 | 众泰汽车 | 2.40 | 4.73 | 10185.93 | | 603306 | 华懋科技 | -0.61 | 6.13 | 9523.65 | | 002765 | 蓝黛科技 | 7.32 | ...

沪指9月24日上涨0.83%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为电力设备、电子， 涨幅分别为2.88%、2.76%。计算机行业今日上涨2.52%。跌幅居前的行业为银行、煤炭、通信，跌幅分 别为0.36%、0.29%、0.01%。 300042 朗科科技 4.09 14.05 10162.92 计算机行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600410 | 华胜天成 | -1.34 | 14.06 | -22722.43 | | 002261 | 拓维信息 | 0.19 | 8.60 | -19174.65 | | 002065 | 东华软件 | -6.08 | 13.00 | -18046.22 | | 688111 | 金山办公 | 5.21 | 2.07 | -16355.18 | | 300085 | 银之杰 | 0.65 | 8.20 | -15456.27 | | 688343 | 云天励飞-U | -0.14 | 6.57 | -15079.2 ...

| 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.76 | 130.46 | 轻工制造 | 0.87 | -1.05 | | 计算机 | 2.52 | 50.21 | 综合 | 0.27 | -1.82 | | 电力设备 | 2.88 | 45.30 | 交通运输 | 0.43 | -2.23 | | 非银金融 | 0.80 | 14.43 | 煤炭 | -0.29 | -3.10 | | 传媒 | 2.59 | 13.93 | 家用电器 | 0.88 | -4.01 | | 机械设备 | 1.81 | 12.20 | 社会服务 | 0.51 | -4.84 | | 基础化工 | 1.69 | 12.18 | 商贸零售 | 0.98 | -5.16 | | 房地产 | 2.25 | 12.14 | 有色金属 | 1.38 | -6.97 | | 钢铁 | 0.95 | 11.46 | 国防军工 | 0.94 | -7.60 | | 石油石化 | 0.56 | ...