证券研究报告 | 2026年01月12日 金融工程日报 沪指 17 连阳，两市成交额 3.6 万亿元破历史记录 市场表现：20260112 大部分指数处于上涨状态，规模指数中中证 1000 指 数表现较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 成长 指数表现较好。传媒、计算机、国防军工、综合金融、商贸零售行业表现较 好，石油石化、煤炭、房地产、农林牧渔、银行行业表现较差。Kimi、量子 材料、智谱 AI、拼多多合作商、小红书平台等概念表现较好，草甘膦、锂电 负极、央企煤炭、六氟磷酸锂、保险精选等概念表现较差。 市场情绪：20260112 市场情绪较为高涨，收盘时有 197 只股票涨停，有 9 只股票跌停。昨日涨停股票今日收盘收益为 6.06%，昨日跌停股票今日收盘 收益为-0.85%。今日封板率 76%，较前日提升 11%，连板率 46%，较前日 提升 21%，连板率创近一个月新高。 市场资金流向：截至 20260109 两融余额为 26276 亿元，其中融资余额 26099 亿元，融券余额 177 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 11.0%。 折 ...

证券研究报告 | 策略点评 2026 年 01 月 12 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260112 今日关注 指数涨跌情况：今日 A 股主要指数全数上涨。截止收盘，沪指涨 1.09%，收报 4165.29 点；深证成指涨 1.75%，收报 14366.91 点；科创 50 涨 2.43%，收报 1511.84 点；创业板指涨 1.82%，收报 3388.34 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4141 只个股上涨，1179 只个股下跌，144 只个股 收平。沪深两市今日成交额合计 36014 亿元，较上个交易日放量 4787 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，传媒、计算机、国防军工、社 会服务和通信等行业领涨，涨幅分别为 7.80%、7.26%、5.66%、3.21%和 2.74%， 石油石化、煤炭和房地产行业下跌，跌幅分别为 1.00%、0.47%和 0.29%。 板块涨跌情况：今日涨幅居前概念板块为 Kimi、拼多多合作商、小红书平台、 卫星 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.39% closing at 4002.76 points, the Shenzhen Component Index down by 1.03% at 13289.01 points, and the ChiNext Index down by 1.40% at 3134.32 points. Overall, 2784 stocks rose while 2500 fell, with a total trading volume of 19936 billion yuan, a decrease of 1809 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as retail, real estate, steel, basic chemicals, and agriculture showed positive growth, with increases of 1.43%, 0.81%, 0.62%, 0.61%, and 0.60% respectively. Conversely, industries like telecommunications, electronics, computers, coal, and defense showed declines, with decreases of 2.20%, 1.74%, 1.41%, 1.34%, and 1.18% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included cultivated diamonds, superhard materials, lithium battery electrolytes, germanium-gallium-antimony inks, calcium titanate batteries, HJT batteries, BC batteries, SPD, Pinduoduo partners, TOPcon batteries, dairy industry, cross-strait integration, high turnover, energy exports, and PEEK materials [2].

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.22% to close at 3922.41 points, and the Shenzhen Component Index also increasing by 0.22% to 13025.45 points. However, the Sci-Tech 50 Index fell by 0.30% to 1401.26 points, while the ChiNext Index saw a slight increase of 0.09% to 3062.16 points. Overall, 2991 stocks rose, 2301 fell, and 143 remained unchanged, with a total trading volume of 16439 billion yuan, a decrease of 239.47 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, coal, oil and petrochemicals, social services, non-ferrous metals, non-bank financials, and media sectors experienced the highest gains. Conversely, the telecommunications, real estate, building materials, electronics, pharmaceutical biology, and national defense industries faced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included ice and snow tourism, lithium mining, central enterprise coal, near-term new stocks, short drama games, lithium extraction from salt lakes, quantum technology, selected chemical fibers, cybersecurity, operating systems, cross-strait integration, selected coal mining, Kimi, aluminum industry, and lithium battery electrolyte sectors [2].

- The Shanghai Composite Index experienced a slight increase of 0.10% on October 16, 2025[5] - The CSI 300 Value Index performed well, rising by 0.64% on the same day[5] - The coal, banking, and food & beverage sectors showed strong performance with returns of 2.49%, 1.41%, and 0.98% respectively[6] - The ETF with the highest premium on October 15, 2025, was the CSI A100 Index ETF with a premium of 2.38%[22] - The ETF with the highest discount on the same day was the STAR Market Composite Index ETF Xingye with a discount of 0.68%[22] - The financing balance as of October 16, 2025, was 24,401 billion yuan, while the securities lending balance was 171 billion yuan[17] - The financing and securities lending balance accounted for 2.6% of the market's total circulating market value as of October 16, 2025[21] - The financing and securities lending transactions accounted for 11.1% of the market's total transaction volume on the same day[21] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.05%, 2.72%, 10.32%, and 12.84% respectively[27] - On October 16, 2025, the annualized discount rate for the main contract of the SSE 50 stock index futures was 0.04%, at the 51st percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 300 stock index futures on the same day was 3.34%, at the 44th percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 500 stock index futures on the same day was 12.74%, at the 36th percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 1000 stock index futures on the same day was 14.45%, at the 39th percentile over the past year[27]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.18% closing at 3821.83 points, and the Shenzhen Component Index down 0.29% closing at 13119.82 points. The ChiNext Index increased by 0.21% to close at 3114.55 points. Overall, 4264 stocks fell while 1107 stocks rose, with a total trading volume of 24944 billion yuan, an increase of 3729 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, only five sectors including banking, coal, electric equipment, public utilities, and home appliances saw gains, while the rest experienced declines. The sectors that led the decline included social services, retail, computer, comprehensive, steel, and pharmaceutical biology [1][2]. Sector Highlights - The top-performing concept sectors today included semiconductor equipment, semiconductor silicon wafers, advanced packaging, central enterprise banks, photolithography machines, the SMIC industrial chain, EDA, selected banks, Moore Threads, selected central enterprise coal, semiconductor industry, semiconductor materials, the National Big Fund, selected coal mining, and photovoltaic inverters [2].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.21% to close at 3387.57 points, while the Shenzhen Component Index increased by 0.44% to 10294.22 points. The ChiNext Index fell by 0.22% to 995.49 points, and the Growth Enterprise Market Index rose by 0.83% to 2065.39 points. Overall, there were more decliners than advancers, with 3599 stocks declining and 1615 stocks advancing across the market. The total trading volume in the Shanghai and Shenzhen markets reached 11734 billion yuan, an increase of 37.64 billion yuan compared to the previous trading day [1]. Industry Performance - Among the primary industries, coal, non-ferrous metals, electric equipment, banking, pharmaceutical biology, and transportation sectors led the gains, while beauty care, electronics, media, social services, machinery equipment, and retail sectors experienced declines [1]. - The top-performing concept sectors included gold and jewelry, selected air transport, power batteries, coal mining, central enterprise coal, lithium battery anodes, lithium iron phosphate batteries, solid-state batteries, sodium-ion batteries, complete vehicles, cobalt mines, battery recycling, new energy vehicles, germanium-gallium-antimony ink, and antibiotics [2].