证券时报•数据宝统计显示，1月9日当日陆股通成交额3696.43亿元，互联互通机制开通以来累计成交额 203.17万亿元，首次突破203万亿元整数关。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：北上资金累计成交额突破203万亿元） 互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破203万亿元。 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破202万亿元。 证券时报•数据宝统计显示，1月6日当日陆股通成交额3185.91亿元，互联互通机制开通以来累计成交额 202.14万亿元，首次突破202万亿元整数关。（数据宝） （原标题：北上资金累计成交额突破202万亿元） ...

互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破201万亿元。 证券时报·数据宝统计显示，12月29日当日陆股通成交额2251.78亿元，互联互通机制开通以来累计成交 额201.07万亿元，首次突破201万亿元整数关。（数据宝） （文章来源：证券时报网） ...

互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破200万亿元。 证券时报·数据宝统计显示，12月18日当日陆股通成交额1833.98亿元，互联互通机制开通以来累计成交 额200.12万亿元，首次突破200万亿元整数关。（数据宝） （文章来源：证券时报网） ...

Macro Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread has deepened. The nominal and real interest rates of 10Y US Treasury bonds have both rebounded, with inflation expectations remaining unchanged [1][14]. - Offshore dollar liquidity has marginally tightened, while the domestic interbank funding environment remains balanced and relatively loose. The yield spread between 10Y and 1Y bonds continues to widen [1][19]. Market Trading Activity - Overall market trading activity has increased, with trading heat in sectors such as light industry, retail, military, textiles, communications, and real estate all above the 80th percentile [2][25]. - The volatility of major indices has generally increased, with the volatility of sectors like communications, electric power, and electronics remaining above the 80th historical percentile [2][31]. Institutional Research - Research activity is concentrated in sectors such as electronics, pharmaceuticals, electric power, machinery, and non-ferrous metals, with an upward trend in research heat for non-ferrous metals, computers, and textiles [3][42]. Analyst Forecasts - Analysts have adjusted the net profit forecasts for the entire A-share market for 2025/2026, with increases in forecasts for sectors including pharmaceuticals, coal, automobiles, food and beverage, and oil and petrochemicals [4][21]. - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has increased across the A-share market [4][17]. Northbound Trading Activity - Northbound trading activity has rebounded, continuing to net sell A-shares. The ratio of buy/sell amounts in sectors like communications, electronics, and finance has increased, while it has decreased in electric power, chemicals, and automobiles [5][31]. - Northbound trading primarily net bought sectors such as communications, machinery, and home appliances, while net selling occurred in pharmaceuticals, computers, and electronics [5][33]. Margin Financing Activity - The activity of margin financing has slightly increased but remains at a relatively low level since late July 2025. The main net purchases were in sectors like electronics, communications, and military [6][39]. - The proportion of financing purchases in sectors such as oil and petrochemicals, retail, and electronics has increased [6][38]. Hot Stocks Trading - The trading volume on the "Dragon and Tiger List" has increased, with sectors like retail, light industry, and electric power showing relatively high and rising trading volumes [7][41]. Active Equity Fund Positioning - The positions of actively managed equity funds have continued to decline, with significant increases in positions in sectors like pharmaceuticals, agriculture, and retail [8][45]. - The correlation of actively managed equity funds with mid/small-cap growth and mid-cap value has increased, while the correlation with large-cap growth and large/small-cap value has decreased [8][48]. - The scale of newly established equity funds has continued to decline, with both active and passive fund sizes decreasing [8][50].

（原标题：北上资金累计成交额突破199万亿元） 证券时报•数据宝统计显示，12月12日当日陆股通成交额3096.84亿元，互联互通机制开通以来累计成交 额199.30万亿元，首次突破199万亿元整数关。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破199万亿元。 ...

证券时报·数据宝统计显示，12月5日当日陆股通成交额1926.85亿元，互联互通机制开通以来累计成交额 198.14万亿元，首次突破198万亿元整数关。（数据宝） （文章来源：证券时报网） 互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破198万亿元。 ...

Core Insights - The northbound capital trading has remained active since the launch of the interconnectivity mechanism, with cumulative trading volume surpassing 197 trillion yuan for the first time [1] Group 1 - On November 28, the daily trading volume of the Shanghai-Hong Kong Stock Connect reached 186.35 billion yuan [1] - The cumulative trading volume since the launch of the interconnectivity mechanism has reached 197.17 trillion yuan, marking a significant milestone [1]

Core Insights - The northbound capital flow has remained active since the launch of the interconnection mechanism, with cumulative trading volume exceeding 196 trillion yuan for the first time [1] Trading Activity - On November 21, the trading volume of the Shanghai-Hong Kong Stock Connect reached 233.4 billion yuan [1] - The cumulative trading volume since the launch of the interconnection mechanism has reached 196.14 trillion yuan, marking a significant milestone [1]

Core Insights - The northbound capital trading has remained active since the launch of the interconnection mechanism, with cumulative trading volume exceeding 195 trillion yuan for the first time [1] Trading Activity - On November 14, the trading volume of the Shanghai-Hong Kong Stock Connect reached 209.82 billion yuan [1] - The cumulative trading volume since the launch of the interconnection mechanism has reached 195.09 trillion yuan, marking a significant milestone [1]