证券研究报告 | 2026年01月23日 金融工程日报 A 股震荡攀升，太空光伏方向井喷、算力硬件股回调 折溢价：20260122 当日 ETF 溢价较多的是钢铁 ETF，ETF 折价较多的是 游戏传媒 ETF 浦银。近半年以来大宗交易日均成交金额达到 23 亿元， 20260122 当日大宗交易成交金额为 34 亿元，近半年以来平均折价率 6.82%，当日折价率为 6.85%。近一年以来上证 50、沪深 300、中证 500、 中证 1000 股指期货主力合约的年化贴水率中位数分别为 0.68%、3.79%、 11.11%、13.61%，当日上证 50 股指期货主力合约年化升水率为 1.36%， 处于近一年来 89%分位点，当日沪深 300 股指期货主力合约年化升水率为 1.05%，处于近一年来 93%分位点；当日中证 500 股指期货主力合约年化升 水率为 5.82%，处于近一年来 99%分位点；当日中证 1000 股指期货主力合 约年化升水率为 3.98%，处于近一年来 98%分位点。 机构关注与龙虎榜：近一周内调研机构较多的股票是润丰股份、海康威视、 邦彦技术、阿拉丁、太力科技、英联股份、泰恩康、佰维 ...

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].