证券研究报告 | 2025年08月25日 金融工程日报 A 股强势上涨，成交额再破 3 万亿创 9·24 行情以来历史次高 核心观点 金融工程日报 市场表现：今日(20250825) 市场全线上涨，规模指数中上证 50 指数表现较 好，板块指数中科创 50 指数表现较好，风格指数中沪深 300 成长指数表现 较好。有色金属、通信、房地产、商贸零售、食品饮料行业表现较好，纺织 服装、综合金融、石油石化、轻工制造、银行行业表现较差。钨矿、光模块 (CPO)、稀土、光纤、光通信等概念表现较好，电动车、中国广电、家纺、 快递、长江存储等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 91 只股票涨停，有 8 只股票 跌停。昨日涨停股票今日收盘收益为 3.51%，昨日跌停股票今日收盘收益为 -4.62%。今日封板率 68%，较前日下降 16%，连板率 23%，较前日下降 1%。 市场资金流向：截至 20250822 两融余额为 21551 亿元，其中融资余额 21401 亿元，融券余额 149 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 11.5%。 折溢价：20250822 当日 ...

Market Performance - The CSI 1000 index performed well today, while the CSI 50 index declined by 0.15% and the CSI 300 index fell by 0.08%. The CSI 500 index increased by 0.11%, and the CSI 2000 index rose by 0.27% [6] - Among sector indices, the North Securities 50 index showed strong performance with a rise of 0.52%. The comprehensive finance, textile and apparel, communication, banking, and light industry manufacturing sectors performed well, with returns of 1.69%, 1.42%, 0.97%, 0.89%, and 0.56% respectively. Conversely, the defense, non-ferrous metals, electric utilities, steel, and pharmaceutical sectors underperformed, with returns of -1.53%, -0.83%, -0.71%, -0.59%, and -0.55% respectively [7] - Concept themes such as yellow wine, jewelry, home textiles, PEEK materials, and liquid metals performed well, with returns of 5.06%, 3.19%, 3.01%, 2.71%, and 2.00% respectively. In contrast, concepts like gold selection, aviation engines, photolithography machines, AVIC system, and oil and gas reform showed poor performance, with returns of -2.44%, -1.87%, -1.80%, -1.80%, and -1.73% respectively [8] Market Sentiment - At the market close, there were 48 stocks hitting the daily limit up and 19 stocks hitting the limit down. Stocks that hit the limit up yesterday had a closing return of 0.33%, while those that hit the limit down had a return of -3.54% today. The sealing rate today was 62%, unchanged from the previous day, while the consecutive sealing rate dropped by 14% to 12% [2][12][17] Market Capital Flow - As of April 1, 2025, the margin trading balance was 1.914 trillion yuan, with a financing balance of 1.9028 trillion yuan and a securities lending balance of 11.2 billion yuan. The margin trading balance accounted for 2.4% of the total market capitalization, and margin trading accounted for 8.8% of the market turnover [3][20][23] Premium and Discount - On April 1, 2025, the IoT ETF showed the highest premium at 3.15%, while the Sci-Tech Biomedicine ETF had the highest discount at 0.57%. The average discount rate for block trades over the past six months was 5.41%, with a discount rate of 4.29% on the same day [4][25][29] Institutional Attention and Rankings - In the past week, the stocks with the most institutional research were Sanhua Intelligent Control, Magmi Tech, Huayang Group, and others, with Sanhua Intelligent Control being researched by 409 institutions [5][33] - The stocks with the highest net inflow from institutional special seats on April 2, 2025, included Dongtu Technology, Qin Chuan Machine Tool, and others, while those with the highest net outflow included Hangfa Power, Rundu Shares, and others [37][40]