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A股再度刷新多项纪录:上证指数站上3800点 全市场连续8日成交额超2万亿元
Shang Hai Zheng Quan Bao· 2025-08-22 22:14
8月22日,A股市场势如破竹,再度刷新多项纪录。 沪指单边走强,成功站上3800点,并以3825.76点的全天最高点收盘,续创近十年新高。创业板指涨 3.36%,刷新2023年1月末以来的高度,本月累计涨幅已达15.21%。科创50指数更是大涨8.59%,收盘报 1247.86点,创2022年3月以来新高。 券商板块业绩与市场行情高度相关,近期A股量价齐升,因此资金持续关注券商及金融科技概念。华泰 证券表示,从历史经验来看,券商概念作为"旗手",行情演绎通常较快。但与往常不同,本轮行情市场 持续性更强,券商板块修复节奏也更稳。并且,在过去数轮行情中,券商概念中流通盘小、具有主题概 念的券商明显领涨,但今年以来业绩增长稳健的头部券商涨幅更为明显。 中金公司非银团队认为,随着市场情绪演绎、增量资金入市,券商行业基本面较过往仍有向上动能。券 商自营业务有望延续高景气,资管、投行业务潜在增长空间显著。 成交量能方面,沪深京三市成交额连续第8个交易日突破2万亿元,打破A股历史纪录。2024年11月5日 至13日,A股市场成交额曾连续7日达2万亿元以上。 芯片产业链全线爆发 截至昨日收盘,上证指数涨1.45%,报3825 ...
A股“苏醒”
经济观察报· 2025-08-22 13:49
在这个依然闷热的季节,A股正在苏醒,3800点之上,喜悦、 兴奋、失落、迷惑、焦虑⋯⋯萦绕在已然到来的"牛市"氛围 中。 作者: 蔡越坤等 封图:视觉中国 8月22日,半导体板块爆发,引领上证指数冲上3800点,续创10年新高。两市呈现"双两万亿"的高 景气度现象——成交额连续8个交易日超2万亿元关口,融资融券余额超过2.1万亿元;A股总市值 突破100万亿元大关。 市场上行,背后是资金持续入市。 作为长期资金的代表,保险资金仅在今年上半年新增入市资金超6400亿元,远超去年全年的新增 体量,创历史新高。 作为A股的"定海神针",中央汇金资产管理有限责任公司在二季度期间大举增持ETF(交易型开放 式指数基金),增持金额超1900亿元。 在长期资金的推动下,A股正在迈向新的高度。 在投资者聚集的雪球社区平台,"大盘3800点,你踏空了吗?"列在热门话题榜首。投资者们分享 自己在这一轮行情中的不同体感。 公募基金投研晨会,成了基金"舵手"们热议市场上涨的舞台。在一家大型公募机构的投研晨会上, 基金经理们围坐在一起讨论。看着不断攀升的指数,一名专注成长股投资的基金经理不禁感慨 道:"这行情涨得太猛了!" 一名资深私 ...
刷新最长纪录,A股成交额连续8个交易日超2万亿
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-22 12:02
21世纪经济报道特约记者 庞华玮 A股市场继续沸腾,8月22日,上证指数突破3800点整数关口,再创10年新高。 截至当日收盘,上证指数涨1.45%,报3825.76点。深证成指涨2.07%,创业板指涨3.36%,科创50指数涨 8.59%。 8月22日,两市成交额达2.57万亿元,已连续8个交易日(8月13日—8月22日)突破2万亿元大关,打破了A 股的历史纪录。 业内人士认为,本轮行情是流动性驱动下的"水牛"行情,当下多路资金在推涨股市,目前仍存在着结构 性机会。 值得一提的是,21世纪经济报道记者采访的机构人士大多采取了谨慎投资态度,没有追高,而是更看重 低估值板块和补涨机会。 上证指数站上3800点 8月22日,A股市场三大指数持续走强,沪指突破3800点,刷新了自2015年8月20日以来的新高,创下10 年最高纪录。盘中最高触摸至3825.76点。 市场结构性行情延续。半导体、AI算力、券商等板块轮番发力。 当天,硬科技成为王者。寒武纪以20%涨停,总市值超5200亿元。仅用了一个多月时间,寒武纪就从7 月10日低点520.67元/股上涨至1243.20元/股,股价翻倍,并成为继贵州茅台后,A股市场 ...
【广发资产研究】风险情绪回暖,权益领跑全球——全球大类资产追踪双周报(8月第二期)
戴康的策略世界· 2025-08-22 10:27
戴康 CFA 广发证券发展研究中心 董事总经理(MD)、首席资产研究官 邮箱:daikang@gf.com.cn 报告摘要 ● 全球大类资产表现与宏观交易主线:(8.11-8.19),权益类资产明显跑赢大宗商品与债券,投资者策略上倾向继 续增加权益风险敞口,而债市则保持防守与等待。 从宏观层面看,全球市场风险偏好中枢波动抬升,但有边际回落 扰动需要关注。国际市场方面,前期美俄会谈促进风险偏好回升,同时通胀数据披露后市场对美联储9月降息的预期 抬升,但8月19日晚间受本周五鲍威尔将在全球央行年会讲话的避险预期抢跑影响,美国市场的降息预期有所回落, 市场有较大震荡,同时受MIT的AI泡沫报告与Altman的AI泡沫言论影响,美股科技板块有较大回撤,市场情绪有边 际恶化倾向。国内市场方面,当前市场在外部环境较缓和背景下,视线更多集中在居民"存款搬家"现象下国内权益 市场的优异表现。国内"反内卷"政策成效逐步显现,加之关税忧虑略有缓解、地缘冲突缓和迹象,提振了整体风险 偏好,股债跷跷板行情演绎,"存款搬家"进入股市大背景下,国内债市行情整体偏弱。另外,提醒关注本周香港 Hibor利率快速回升使得港币流动性收紧及港币兑 ...
债市日报:8月22日
Xin Hua Cai Jing· 2025-08-22 09:29
新华财经北京8月22日电(王菁)债市周五(8月22日)震荡走弱,增值税调整后的长债新发定价略高, 一级市场弱势情绪午后传导至二级市场,国债期货收盘全线下跌,银行间现券收益率午后多数小幅上行 1BP左右;公开市场单日净投放1232亿元,短端资金利率延续回落。 机构认为,从金融数据显示"存款搬家"的信号来看,无论是从超额储蓄或存款到期的角度,预计或有5 万亿元以上规模从存款流出,投资于"固收+"等资管产品。本轮资金波动除缴税外,股市火热带动的资 产配置调整可能影响更大,在股市没有明显降温前,其牵动影响或仍存,还需央行公开市场灵活对冲。 【海外债市】 北美市场方面,当地时间8月21日,美债收益率集体上涨,2年期美债收益率涨4.19BPs报3.781%,3年期 美债收益率涨3.92BPs报3.736%,5年期美债收益率涨3.49BPs报3.841%,10年期美债收益率涨2.92BPs报 4.316%,30年期美债收益率涨2.14BPs报4.908%。 【行情跟踪】 国债期货收盘全线下跌,30年期主力合约跌0.12%报115.980,10年期主力合约跌0.18%报107.660,5年 期主力合约跌0.07%报105.3 ...
存款搬家进A股?机构:仍是起步期
财联社· 2025-08-22 09:10
Core Viewpoint - The article discusses the phenomenon of "deposit migration" in China, where residents are shifting their savings from banks to non-bank financial institutions and capital markets due to declining deposit interest rates and improving stock market performance [3][4][6]. Group 1: Reasons for Deposit Migration - The continuous decline in deposit interest rates is a significant factor driving deposit migration, as residents seek higher returns in capital markets [3][4]. - Historical patterns show that deposit migration has occurred multiple times since 2005, with low interest rates being a key driver, but capital market performance being the core motivator [3][4]. - As of 2022, the interest rates for savings accounts have dropped to 0.2%-0.3%, prompting residents to look for better investment opportunities [3][4]. Group 2: Potential Scale of Funds Released - Estimates suggest that the current round of deposit migration could release over 5 trillion yuan into the capital markets, based on excess savings and maturing deposits [6][7]. - Specifically, over 30 trillion yuan in excess savings has been accumulated since 2018, with 5 trillion yuan formed post-2022 likely to be more flexible for investment [7]. - By 2025, over 90 trillion yuan in deposits are expected to mature, with 5%-10% potentially seeking higher returns, translating to a possible outflow of 4.5 trillion to 9 trillion yuan [7]. Group 3: Impact on A-shares - The relationship between deposit migration and A-shares is complex, with historical data indicating that stock market performance often precedes significant deposit migration [8][10]. - Past trends show that deposit migration typically accelerates in the later stages of a bull market, suggesting caution as this could indicate a market peak [10]. - Current data indicates that the ratio of household deposits to total stock market value remains high, suggesting ample room for wealth reallocation into equities [10]. Group 4: Asset Allocation Trends - Initially, funds from deposit migration are expected to flow into stable assets such as bank wealth management products and money market funds, reflecting residents' risk aversion [11][12]. - Over time, as market conditions stabilize, a gradual shift towards equity assets is anticipated, supported by favorable policies and market performance [14][18]. - By 2025, it is projected that approximately 70% of the migrating funds will be allocated to stable assets, with 25% directed towards equities [12][14]. Group 5: Conditions for Future Deposit Migration - Four key conditions for a new round of deposit migration have been identified: declining deposit rates, liquidity expansion, emerging asset profitability, and supportive policies [15][17]. - Historical patterns indicate that deposit migration often follows a significant stock market rally, with a lag as residents confirm market trends [16][17]. - The current environment shows that all conditions for a potential new wave of deposit migration are in place, suggesting an increasing likelihood of funds flowing into the capital markets [17][18].
加速“打钱”!刚刚,市场彻底爆发!
券商中国· 2025-08-22 07:30
刚刚,大盘站上3800点,A50续创十个月新高! 乐观的氛围 市场活跃,券商必有机会。上午人工智能激发热情,今日(8月22日)午后,券商股带动非银板块集体飙升,信达证券率 先封板,光大证券接力涨停,证券ETF午后一度飙涨超3.6%。 在美股和港股走势出现停滞的同时,A50指数站上了14700点的关键水平刷新了去年10月以来的新高。多头在14180点附近 强势突破显示出当前强劲的上行动能,若不跌破图中趋势线,对后市继续保持乐观。 | 亮价▼ | 叠加 ▼ | 画线 | 显示 ▼● | 简约 | 隐藏 ▶▶ 57 | | A50期指当月连续 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | CN00Y | | | | | | | | | 1.48% | | 14725.0 | +215.0 | | | | | | | | 1.19% | | | +1.48% | | | | | Mr. W | | | 0.89% | 求 | 14725.0 | | 145 | | | | | | | 0.59% ...
中国股市第三波大行情已到?
日经中文网· 2025-08-22 02:56
Core Viewpoint - The article discusses the significant shift in China's banking deposits, with a notable decrease in bank deposits and an increase in non-bank deposits, indicating a potential influx of funds into the stock market, reminiscent of past market bubbles in 2007 and 2015 [2][4]. Group 1: Banking Deposit Changes - In July, Chinese residents' bank deposits decreased by approximately 1 trillion yuan, while non-bank deposits increased by 2 trillion yuan, signaling a "fund migration" towards stock investments [4]. - The People's Bank of China reported that new bank loans fell for the first time in 20 years, raising concerns about the implications for the stock market [2][4]. Group 2: Stock Market Performance - The total market capitalization of China's A-shares has surpassed 100 trillion yuan, with the Shanghai Composite Index reaching its highest point in a decade [2]. - The number of new A-share accounts opened in July approached 2 million, a 70% increase compared to the same period last year, indicating growing investor interest [4]. Group 3: Historical Context of Market Bubbles - The article compares the current market conditions to previous bubbles in 2007 and 2015, highlighting the factors that led to those bubbles and subsequent crashes [6][8]. - In 2007, the Shanghai Composite Index peaked at 6092.057 points, driven by rapid economic growth and state-owned enterprise reforms, but collapsed following the listing of China National Petroleum Corporation [7][8]. - The 2015 bubble saw the index rise to 5166.350 points, fueled by government stimulus measures and increased leverage, but ultimately crashed due to regulatory interventions [9][10]. Group 4: Current Market Dynamics - The current financing balance in Shanghai exceeds 1 trillion yuan, approaching levels seen during the 2015 bubble, raising concerns about potential overvaluation [11]. - Unlike previous bubbles, there is a diversification in investment vehicles, with increased interest in ETFs linked to various assets beyond traditional stocks [11].
A股,大利好!高盛最新发声:中国股市仍有上涨空间
Cai Jing Wang· 2025-08-22 02:05
Core Viewpoint - Foreign capital remains optimistic about the Chinese stock market, particularly small and mid-cap stocks, despite recent gains in major indices [1][2]. Group 1: Market Performance - Since the rebound began on April 8, the Shanghai Composite Index has risen over 21%, the Shenzhen Component Index over 27%, and the ChiNext Index over 43% [2]. - The CSI 300 Index has increased by over 19%, while the CSI 500 and CSI 1000 indices have risen by 26.8% and 31.96%, respectively [2]. - The CPO index has shown the strongest performance with a rise of over 123%, while other indices related to light chips, CRO, and rare earths have also seen significant increases [2]. Group 2: Capital Flow and Investment Trends - High net worth individuals have only allocated 22% of their financial assets to funds and stocks, indicating a potential inflow of over 10 trillion yuan into the market [2]. - There are signs of a shift in household savings from bank deposits to stock investments, as indicated by a negative monthly change in household deposits and an increase in non-bank financial institution deposits [3]. - The A-share market has become the most net bought market recently, with a buying ratio of 1.1 times [3]. Group 3: Broker Insights - CICC reports that since May, there have been signs of deposits moving to the stock market, with M1 growth rising to 5.6% in July from 2.3% in May [5]. - The rapid growth of margin accounts at brokerages suggests that deposits are being prepared for market entry, with non-bank deposits increasing by 1.4 trillion yuan in July [6]. - The trading volume in the A-share market has significantly increased, with daily turnover surpassing 2 trillion yuan and margin financing exceeding 2 trillion yuan [6]. Group 4: Future Outlook - Huaxi Securities believes that the A-share market has ample space and opportunities, supported by strong household savings and a shift in risk appetite among residents [7]. - The potential inflow of household savings into the stock market could be substantial, with estimates suggesting a range of 5 trillion to 7 trillion yuan [6][7]. - The current valuation of A-shares remains reasonable compared to historical levels, indicating potential for further growth [6].
大额存单搬家!“与股市回暖显著关联”,商业银行大额存单转让区“热闹”起来
Hua Xia Shi Bao· 2025-08-22 00:33
华夏时报记者张萌卢梦雪北京报道 "终于抢到2%以上的大额存单了!" 8月20日,90后投资者小吴告诉记者,由于认为当前存款利率偏低,她已蹲守多家银行的大额存单转让区近半个月。"这周开始,明显感觉转让的大额存单 多了起来。" 小吴最终成功购入某股份银行的大额存单,原年利率为2.1%,但因转让方让利,她的实际年化收益率超过了2.15%。 在农业银行、民生银行等机构APP的大额存单转让区,不少购入不足一个月的大额存单也被挂牌,且通常伴随小幅让利。尽管偶尔能刷到利率大幅高于当 前市场水平的转让产品,但往往上架即"秒没",抢手程度可见一斑。 记者注意到,近期银行大额存单转让区"热闹"起来。有转让者不惜折价转让,或是将刚购入数日的大额存单火速挂牌,引来不少小吴一样的投资者"蹲 守"。 北京财富管理行业协会特约研究员杨海平向《华夏时报》记者分析称,近期大额存单转让量增加与股市回暖有显著的关联性,他同时判断,在存款利率下 行与股市赚钱效应驱动下,"存款搬家"进入股市的现象在现阶段将会延续。 大额存单"拼手速" 资金跑步入市重现 "大额存单转让随时放出,只要有人转让上面就可以看到。" 8月21日,记者以投资者身份向平安银行咨询 ...