7月21日沪指上涨0.72%，市场两融余额为19179.18亿元，较前一交易日增加155.82亿元。 证券时报·数据宝统计显示，截至7月21日，沪市两融余额9689.11亿元，较前一交易日增加75.49亿元； 深市两融余额9429.27亿元，较前一交易日增加78.76亿元；北交所两融余额60.81亿元，较前一交易日增 加1.58亿元；深沪北两融余额合计19179.18亿元，较前一交易日增加155.82亿元。 分行业看，申万所属行业中，融资余额增加的行业有25个，增加金额最多的行业是医药生物，融资余额 增加18.33亿元；其次是机械设备、电子行业，融资余额分别增加17.15亿元、16.39亿元。 具体到个股来看，融资余额出现增长的股票有2131只，占比57.44%，其中，529股融资余额增幅超过5% 。融资余额增幅最大的是菲利华，该股最新融资余额7.54亿元，较前一交易日增幅达105.62%；股价表 现上，该股当日上涨10.79%，表现强于沪指；融资余额增幅较多的还有恒立钻具、C华新，融资余额增 幅分别为92.92%、74.99%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨6.54%，涨幅居前的有恒 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report - A-share major indexes rose collectively, with the Shanghai Composite Index up 0.72%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 0.87%. The trading volume in the Shanghai and Shenzhen stock markets rebounded significantly, and over 4,000 stocks rose. Industry sectors generally increased, with building materials, building decoration, and steel sectors strengthening significantly while bank stocks fell against the market [2]. - In the domestic economic fundamentals, the Q2 GDP grew 5.2% year-on-year, meeting market expectations. However, the growth rates of social retail sales and fixed - asset investment declined significantly, and the real estate market continued to decline. Exports improved due to the easing of Sino - US trade relations. In financial data, the year - on - year growth rates of M1 and M2 in June accelerated compared to May, with the M1 growth rate rising significantly and the M2 - M1 gap narrowing, indicating improved investment and consumption willingness of residents and enterprises [2]. - The LPR quotes in July remained unchanged. The Q2 GDP meeting expectations alleviated the urgency of LPR cuts. The profit performance of listed companies that have announced semi - annual performance forecasts is differentiated. Overall, the real estate market still drags down fixed - asset investment growth, and the support of the trade - in policy for social retail sales has weakened. However, the effectiveness of loose monetary policies has emerged, which may be reflected in subsequent economic indicators. As the Politburo meeting approaches at the end of July, market bulls may pre - arrange, and stock indexes still have long - term upward potential. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2509) was at 4064.8 (+29.6), IH (2509) at 2771.2 (+8.0), IC (2509) at 6055.6 (+62.4), and IM (2509) at 6463.2 (+59.4). The prices of secondary contracts also increased [2]. - **Contract Spreads**: The spreads between different contracts had various changes, such as the IF - IH spread up 17.8, the IC - IF spread up 32.0, etc. [2]. - **Quarter - to - Month Spreads**: The spreads between quarterly and monthly contracts of different varieties had different trends, with some rising and some falling [2]. 3.2 Futures Positions - The net positions of the top 20 in IF decreased by 130.0 to - 28,974.00, while those in IH increased by 1811.0 to - 15,786.00. The net positions of the top 20 in IC and IM also increased [2]. 3.3 Spot Prices - The spot prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all rose, and the basis of corresponding futures contracts changed, mostly decreasing [2]. 3.4 Market Sentiment - A - share trading volume was 17,271.35 billion yuan, up 1338.16 billion yuan. Margin trading balance decreased by 20.66 billion yuan to 19,023.36 billion yuan. Northbound trading volume increased by 99.31 billion yuan to 1946.21 billion yuan [2]. - The proportion of rising stocks was 73.92%, up 25.91 percentage points. Shibor was 1.366%, down 0.096 percentage points. The closing prices and implied volatilities of call and put options changed, and the 20 - day volatility of the CSI 300 index increased [2]. 3.5 Wind Market Strength and Weakness Analysis - All A - shares, technical, and capital indicators in the Wind analysis showed upward trends, with increases of 1.50, 2.60, and 0.50 respectively [2]. 3.6 Industry News - As of July 18, 1540 A - share listed companies announced 2025 semi - annual performance forecasts, with 674 pre - optimistic, a pre - optimistic ratio of about 43.77% [2]. - On July 21, the 1 - year and 5 - year - plus LPR remained unchanged at 3.0% and 3.5% respectively [2]. 3.7 Key Points of Attention - Key economic data and events to watch include the July SPGI manufacturing PMI preliminary values of France, Germany, the Eurozone, and the UK on July 24, the European Central Bank interest rate decision, US initial jobless claims, and the US July SPGI manufacturing PMI preliminary value, as well as China's June industrial enterprise profits on July 27 [3].

Group 1 - The core viewpoint indicates that during the week of July 10-16, the A-share market saw an increase in margin financing balance, with a general rise in turnover rates and trading volumes across major indices. The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading the gains [1][2][3]. Group 2 - The stock-bond yield spread increased, indicating a relatively high investment cost-effectiveness in equity investments. As of July 16, 2025, the dividend yield of the CSI 300 was 3.06%, while the 10-year government bond yield was 1.66%, resulting in a stock-bond yield of -1.40%, which is higher than the average since the beginning of 2025 by 0.30 percentage points [13][16]. - The average margin financing balance for the week was approximately 1.89 trillion yuan, an increase of 1.10% compared to the previous week. The proportion of financing purchases in total A-share trading volume rose to 10.48%, up by 0.47 percentage points [16][19]. - Major indices experienced a general increase in trading volumes, with the CSI 300 showing the largest increase of 27.81% compared to the previous week, followed by the Shanghai Composite Index with an 18.54% increase [19][20]. Group 3 - The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading with a rise of 2.7 percentage points, followed by the CSI 500 with a 1.9 percentage point increase. The PB valuation percentiles also saw a general increase, with Wind's dual innovation index rising the most by 3.0 percentage points [23][27]. - Among different styles, the consumer sector led the increase in PE valuation percentiles by 1.2 percentage points, followed by the cyclical sector with a 1.0 percentage point increase. In terms of PB valuation percentiles, the cyclical sector saw the largest increase of 13.5 percentage points [31][35]. - In terms of industry performance, the oil and petrochemical sector led the increase in PE valuation percentiles by 4.0 percentage points, while the public utilities sector saw a decline of 1.8 percentage points [45][48].

Core Insights - The total margin balance in the market has reached 1,897.176 billion yuan, marking an increase for eight consecutive trading days, with a total increase of 44.249 billion yuan during this period [1][2]. Margin Balance by Market - The margin balance in the Shanghai market is 959.238 billion yuan, increasing by 4.516 billion yuan, while the Shenzhen market's balance is 932.019 billion yuan, up by 2.241 billion yuan [1]. - The North Exchange's margin balance is 5.920 billion yuan, with a slight increase of 12.442 million yuan [1]. Industry Analysis - Out of 31 industries, 29 have seen an increase in margin balance, with the non-bank financial sector leading with an increase of 5.901 billion yuan [1][2]. - The highest percentage increase in margin balance was observed in the non-ferrous metals industry at 5.98%, followed by coal and building materials at 4.92% and 4.77% respectively [1][2]. Individual Stock Performance - During the margin balance increase, 56.87% of the stocks saw an increase in their margin balance, with 48 stocks experiencing a growth of over 50% [4]. - The stock with the highest increase in margin balance is Guoyi Bidding, which saw a 251.61% increase, followed by Feili Hua at 227.29% [4][5]. - The average stock price of those with significant margin balance increases rose by 11.90%, with Guoyi Bidding showing the best performance with an 82.84% increase [4]. Top Stocks by Margin Balance Increase - The top three stocks with the highest margin balance increase are: - Guoyi Bidding: 12.0416 million yuan, 251.61% increase, 82.84% price increase [5]. - Feili Hua: 30.261 million yuan, 227.29% increase, 20.22% price increase [5]. - Dongtianwei: 42.345 million yuan, 185.91% increase, 52.32% price increase [5]. Significant Margin Net Purchases - A total of 160 stocks saw net margin purchases exceeding 100 million yuan, with Dongshan Precision leading with an increase of 892 million yuan, representing a 24.32% growth [6][7].

Core Insights - The total margin balance of the Sci-Tech Innovation Board reached 160.125 billion yuan on July 15, 2025, an increase of 42.9586 million yuan from the previous trading day [1] - The financing balance amounted to 159.530 billion yuan, up by 34.5688 million yuan, while the securities lending balance was 0.0596 billion yuan, increasing by 8.3898 million yuan [1] Recent Margin Trading Overview - On July 15, 2025, the total margin balance was 1601.25 billion yuan, with a daily increase of 0.43 billion yuan [1] - The financing balance on the same day was 1595.30 billion yuan, reflecting a daily increase of 0.345688 billion yuan [1] - The securities lending balance was 5.96 billion yuan, showing a daily increase of 0.083898 billion yuan [1] - The margin balance has shown fluctuations over the past days, with notable increases on July 14 (8.29 billion yuan) and July 11 (-7.79 billion yuan) [1]

Market Overview - The total margin balance in the market reached 1,890.406 billion yuan, increasing by 5.016 billion yuan from the previous trading day, marking a continuous increase for seven trading days [1] - During this period, the total margin balance increased by 37.479 billion yuan [1] Industry Analysis - Among the 31 industries categorized by Shenwan, 28 industries saw an increase in margin balance, with the non-bank financial sector leading with an increase of 4.840 billion yuan [1] - The highest percentage increase in margin balance was observed in the non-ferrous metals industry, which rose by 5.18%, followed by construction materials and coal, with increases of 4.50% and 4.33% respectively [1][2] Individual Stock Performance - 55.51% of the stocks saw an increase in margin balance, with 37 stocks experiencing a margin balance increase of over 50% [3] - The stock with the highest increase in margin balance was Feiliwa, which saw a growth of 288.85%, followed by Guoyi Bidding with an increase of 224.63% [3][4] - The average stock price of those with significant margin balance increases rose by 11.04%, outperforming the market [4] Top Margin Balance Increases - The top three stocks with the highest margin balance increases were: - Dongshan Precision: increased by 1.097 billion yuan, with a growth rate of 29.93% [7] - Zhongji Xuchuang: increased by 865 million yuan, with a growth rate of 13.04% [7] - BYD: increased by 742 million yuan, with a growth rate of 5.45% [7] Summary of Margin Balance by Industry - The non-bank financial industry had a margin balance of 160.581 billion yuan, increasing by 3.11% [2] - The computer industry had a margin balance of 145.949 billion yuan, increasing by 3.37% [2] - The non-ferrous metals industry had a margin balance of 82.937 billion yuan, increasing by 5.18% [2]

Group 1 - The continuous increase in margin trading balance reflects growing investor confidence in the market, with the Shanghai Composite Index returning to 3500 points, potentially attracting more capital [2] - In June, the number of new A-share accounts reached 1.65 million, a year-on-year increase of 53%, indicating heightened market participation [2] - As of July, 24 out of 31 industries in the Shenwan classification saw an increase in margin trading balance, with the top five industries for net buying being non-ferrous metals, electric equipment, non-bank financials, computers, and electronics [2] Group 2 - In July, 150 A-share companies received over 100 million yuan in margin buying, with the top ten stocks being Pudong Development Bank, Dongshan Precision, BYD, Zijin Mining, and others [3] - As of June 30, the number of individual investors engaging in margin trading reached 7.48 million, showing a continuous acceptance of credit trading tools among retail investors [3] - The non-bank financial sector saw an increase of 4.54 billion yuan in margin balance since July, with the securities sector maintaining high profitability in the first half of the year [2][3]

Market Overview - On July 14, the Shanghai Composite Index rose by 0.27%, with the total margin trading balance reaching 1,885.39 billion yuan, an increase of 9.595 billion yuan compared to the previous trading day [1] - The margin trading balance in the Shanghai market was 951.969 billion yuan, up by 4.975 billion yuan; in the Shenzhen market, it was 927.508 billion yuan, up by 4.612 billion yuan; and in the Beijing Stock Exchange, it was 5.912 billion yuan, up by 849.08 thousand yuan [1] Industry Analysis - Among the industries classified by Shenwan, 24 industries saw an increase in margin trading balance, with the largest increase in the non-ferrous metals sector, which rose by 1.381 billion yuan [1] - The computer and non-bank financial sectors also saw significant increases in margin trading balances, rising by 1.103 billion yuan and 1.079 billion yuan, respectively [1] Stock Performance - A total of 2,011 stocks experienced an increase in margin trading balance, accounting for 54.56% of the total, with 295 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Guoyi Tender, with a latest balance of 11.2835 million yuan, up by 86.01% from the previous trading day, and its stock price rose by 18.33% [1] - Other notable stocks with significant increases in margin trading balance included Tianhong Lithium and Huayang Transmission, with increases of 77.77% and 73.27%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in margin trading balance, the average increase in stock price was 5.21%, with Guoyi Tender, Yahu Medicine, and Sanchuan Wisdom leading the gains at 18.33%, 17.32%, and 15.27%, respectively [2] - Conversely, the stocks with the largest declines included Pulian Software, Yue Gaosu A, and Ruijie Network, with declines of 6.92%, 3.56%, and 2.53%, respectively [2] Margin Trading Balance Declines - A total of 1,675 stocks saw a decrease in margin trading balance, with 238 stocks experiencing a decline of over 5% [4] - The stock with the largest decline was Tanshizhe, with a latest margin trading balance of 18.9151 million yuan, down by 94.06% from the previous trading day [4] - Other stocks with significant declines included Bubugao and Zhongjie Oil and Gas, with decreases of 82.38% and 81.03%, respectively [4]

两融余额持续回升，最新市场两融余额18757.94亿元，连续5个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至7月11日，沪深北两融余额为18757.94亿元，较上一交易日增加20.81亿 元，其中融资余额18625.86亿元，较上一日增加20.82亿元。分市场来看，沪市两融余额为9469.95亿 元，较上一日增加20.07亿元，深市两融余额9228.96亿元，较上一日增加1.60亿元。北交所两融余额 59.04亿元，较上一日减少8580.47万元。值得注意的是，这已经是两融余额连续5个交易日持续增加，其 间两融余额合计增加228.68亿元。 分行业看，两融余额连续增加的态势下，申万所属的31个行业中，融资余额增加的共有22个行业，非银 金融行业融资余额增加最多，其间融资余额增加35.37亿元，融资余额增加居前的行业还有有色金属、 计算机等；融资余额减少的行业有食品饮料、交通运输等。以幅度进行统计，有色金属行业融资余额增 幅最高，达4.13%，其次是建筑材料、公用事业，增幅分别为3.80%、2.87%。 融资余额行业变动 | 行业 | 最新融资余额（亿元） | 融资余额增加额（亿 ...

Group 1 - The total margin balance of the Shanghai, Shenzhen, and Beijing stock exchanges reached 1,875.794 billion yuan as of July 11, showing an increase of 22.868 billion yuan compared to the previous week, marking the third consecutive week of increase [1] - The financing balance was 1,862.586 billion yuan, with a weekly increase of 22.539 billion yuan, also the third consecutive week of increase, while the margin trading balance was 132.08 billion yuan, increasing by 0.328 billion yuan [1] - The latest market ETF margin balance was 99.108 billion yuan, with a weekly increase of 0.509 billion yuan, where the ETF financing balance was 93.306 billion yuan, increasing by 0.532 billion yuan, and the ETF margin balance decreased by 22.9472 million yuan [1] Group 2 - In the Shanghai market, the margin balance was 946.995 billion yuan, increasing by 12.187 billion yuan, with the financing balance increasing by 12.049 billion yuan and the margin balance increasing by 0.137 billion yuan [1] - In the Shenzhen market, the margin balance was 922.896 billion yuan, increasing by 10.643 billion yuan, with the financing balance increasing by 10.452 billion yuan and the margin balance increasing by 0.191 billion yuan [1] - The Beijing Stock Exchange's margin balance was 5.904 billion yuan, increasing by 0.038336 billion yuan, with the financing balance increasing by 0.0384556 billion yuan and the margin balance decreasing by 0.001196 million yuan [1]