A股复盘 | 鸡排队 / 2026.01.21 兄弟姐妹萌，今天大赚啊，涨的都是我重仓的！后面给大家精心准备了"光荣卖飞"和"天命资本"操作图！ 今天ETF又双叒叕放量了？ 大家坚持住，听说近期操作挨批评了，后面不会再砸了！ | 宽基指数 | 减持前汇金持有指数ETF 规模(单位:亿元) | 估算汇金26/1/14至今 减持规模(单位:亿元) | | 估算汇金减仓比例 | 估算汇金剩余持仓规模 占指数自由流通市值比重 | | --- | --- | --- | --- | --- | --- | | 沪深300 | 10.020 | | 1.547 | 15% | 3.6% | | Fir 50 | 1,557 | | 282 | 18% | 1.5% | | 中证500 | 1.360 | | 211 | 20% | 1.1% | | 中证1000 | 1.691 | | 307 | 18% | 1.6% | | 创业板指 | ਦੇਰੇ ਕ | | 278 | 38% | 0.7% | | 科创50 | 346 | | 294 | 85% | 0.2% | | 合计 | 15.568 | | 2.934 | ...

主力资金净流出的行业有17个，电力设备行业主力资金净流出规模居首，全天净流出资金66.88亿元， 其次是国防军工行业，净流出资金为29.06亿元，净流出资金较多的还有食品饮料、传媒、商贸零售等 行业。 沪指1月21日上涨0.08%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为有色金属、电子， 涨幅分别为2.79%、2.62%。跌幅居前的行业为银行、煤炭，跌幅分别为1.58%、1.57%。食品饮料行业 位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流入119.83亿元，今日有14个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.62%，全天净流入资金163.69亿元，其次是有色金属行业，日涨 幅为2.79%，净流入资金为72.89亿元。 食品饮料行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | -1.64 | 0.52 | -95232.28 | | 000858 | 五粮液 | -1.77 | 0.68 | -36 ...

全年社零+3.7%，稳健增长，提振政策显效 商贸零售 证券研究报告 行业点评报告 / 2026.01.20 投资评级:看好(维持) 最近 12 月市场表现 -12% -4% 3% 10% 18% 25% 商贸零售 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《社零+1.3%，商品消费略有降速》 2025-12-16 2. 《商社 2026 年年度策略报告》 2025- 12-13 3. 《餐饮增速转正，汽车、石油拖累社零大 盘》 2025-11-17 | 图 | 1： | 月度社零总额和当月同比 3 | | --- | --- | --- | | 图 | 2： | 城镇与乡村社零增速 3 | | 图 | 3： | 社零中商品零售与餐饮增速 3 | | 图 | 4： | 月度限额以上单位消费品零售额和当月同比 4 | | 图 | 5： | 限额以上商品零售增速 4 | | 图 | 6： | 限额以上餐饮收入增速 4 | | 图 | 7 ...

6个行业主力资金净流入。 A股三大指数今日（1月20日）走势分化，行业板块涨少跌多，贵金属、化学原料、水泥建材、化纤行 业涨幅居前，通信设备、光伏设备、航天航空、电源设备、电池、计算机设备、电子元件板块跌幅居 前。 从今日主力资金情况来看，沪深两市全天主力资金净流出764.07亿元。6个行业主力资金净流入，房地 产、食品饮料、商贸零售行业主力资金净流入金额均超2亿元；非银金融、银行行业主力资金净流入金 额均超1亿元；综合行业主力资金净流入4265.12万元。 25个主力资金净流出行业中，电力设备、电子、通信行业主力资金净流出金额居前，均超100亿元；国 防军工、计算机、机械设备行业主力资金净流出金额均超60亿元。 9股遭主力资金净流出均超9亿元 据证券时报·数据宝统计，从个股看，29股主力资金净流入均超2亿元，16股获主力资金净流入均超3亿 元。 浙文互联主力资金净流入5.1亿元，居首。消息面上，近日，浙文互联与字节跳动旗下巨量引擎合作共 建的"派智"灵动数字人，在2025年累计消耗量已突破2.5亿元，同比实现5倍增长，标志着数字人在营销 场景的商业化应用进入成熟阶段。 山子高科、格力电器、沃尔核材主力资金分 ...

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2026 年 01 月 20 日 b l e [Table_Title] 春节出行预定火热，潮宏基业绩 _ M 预增 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2026.01.12-2026.01.16），商贸零售/社会服务/美容护理分别- 1.47%/1.53%/-0.21%，在 31 个一级行业中排名第 23/6/14,同期上证 综指-0.45%，深证成指+1.14%，沪深 300 -0.57%。 本周行业重点事件及资讯 国务院总理李强 1 月 16 日主持召开国务院常务会议。会议听取提振 消费专项行动进展情况汇报并研究加快培育服务消费新增长点等促消 费举措。 （1）美护：巨子生物自主研发的 "重组 I 型α1 亚型胶原蛋白及透 明质酸钠复合溶液" 正式获得国家药品监督管理局（NMPA）三类医 疗器械批准。若羽臣与口服美容品牌美斯蒂克共同宣布，双方正式达 成长期战略合作。绽妍生物正式启动北交所上市的辅导流程。半亩花 田母公司山东花物堂递交上市申请，拟冲刺港交所主板上市。汉高集 团正与美国专业洗 ...

1月20日，A股震荡回调，上证指数险守4100点，创业板指跌破3300点，深证成指、沪深300、中证500等均收出带长下影线的小阴线，市场成交2.8万亿 元。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | | 14155.63 | -0.97% | | 000001 | 上证指数 | . | 4113.65 | -0.01% | | 399006 | 创业板指 | | 3277.98 | -1.79% | | 000016 | 上证50 | | 3070.65 | -0.17% | | 000300 | 沪深300 | . | 4718.88 | -0.33% | | 000688 | 科创50 | | 1482.99 | -1.58% | | 899050 | 北证50 | . . | 1517.60 | -2.00% | | 000905 | 中证500 | | 8247.80 | -0.48% | | 000852 | 中证1000 | | 8182.75 | -1.00% | 盘面上，化工、贵金属、房 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The secondary - market trends of industrial bond sub - industries show a divergence in the correlation between primary and secondary markets. This divergence may be due to differences in supply among industries and differences in bond liquidity and trading popularity within each industry. If an industry has many issuing entities with strong willingness and ability to issue bonds and is in a good development trend, the probability of a synchronous resonance relationship between primary - market supply and secondary - market demand is relatively high, which can improve the accuracy of judging trading signals of narrowing spreads from daily net financing [1][14]. - Most industries have trading signals transmitted from primary - market supply to secondary - market demand, including comprehensive, non - ferrous metals, and others. Some industries show a stronger negative correlation between primary - market supply and secondary - market demand, such as comprehensive and non - ferrous metals. Some industries have a weak correlation between daily net financing and daily spreads, including communication and food and beverage [2][4]. Summary by Directory 1. Industrial Bond Sub - industries Show Divergence in Primary - Secondary Market Trend Correlation - **Research Method**: Classify industrial bond issuers by Shenwan primary industries, calculate the daily net financing and daily credit spreads of each sub - industry from January 1, 2025, to December 19, 2025, to observe the correlation between primary - market supply and secondary - market demand [12]. - **Divergence Performance**: Most industries have trading signals transmitted from primary - market supply to secondary - market demand, while some do not show this feature significantly [13]. - **Reasons for Divergence**: Differences in supply among industries are related to the number, size, and life - cycle stage of issuing entities. Differences in bond liquidity and trading popularity within industries are related to the scale of outstanding bonds, valuation levels, and event catalysts [14]. 1.1. Industries with Obvious Correlation - **Comprehensive Industry**: From January to March 2025, daily net financing decreased and daily spreads increased; from March to June, daily net financing increased and daily spreads decreased; from June to December, both were in a low - level oscillation [21]. - **Non - ferrous Metals Industry**: From January to July 2025, daily net financing increased and daily spreads decreased; from July to September, daily net financing decreased and daily spreads increased; from October to December, both were in a low - level oscillation [25]. - **Other Industries**: Similar analysis is conducted for industries such as pharmaceutical biology, social services, and others, with different trends in different time intervals [27][30][32]. - **Common Features**: These industries generally have a large scale of outstanding bonds and high institutional investor attention, which is conducive to the transmission of primary - market supply changes to secondary - market spread changes [3][87]. 1.2. Industries with General Correlation - **Industries Included**: Communication, food and beverage, and other industries have a weak correlation between daily net financing and daily spreads, and the linkage and transmission between primary - and secondary - market indicators are relatively weak [4][13]. - **Reasons**: These industries have low participation in the bond market, and their secondary - market trading demand is more affected by overall bond - market trends, industry risk premiums, and liquidity premiums. Different types of industries have specific reasons for the weak correlation [4][90][91].

盘面上，化工、贵金属、房地产、航空机场等板块涨幅居前，航天装备、光伏设备、通信设备、玻璃玻 纤等板块跌幅居前。 Wind实时监测数据显示，公用事业行业获得主力资金逾37亿元净流入，建筑装饰获得逾36亿元净流 入，房地产、银行、基础化工、建筑材料四行业均获得超20亿元净流入，交通运输、商贸零售也获得超 10亿元净流入。电子、电力设备、通信、国防军工、计算机等行业主力资金则净流出超百亿元。 个股方面，中国西电、山子高科、浙文互联、中国电建、九鼎新材（维权）、通富微电等6股获主力资 金净流入超10亿元，湖南白银、上海电力、格力电器、中国中免等逾180股也获得超亿元净流入。 | 代码 | 名称 | 现价 | 涨跌幅 | 主力净流入额 | 总市值1 | | --- | --- | --- | --- | --- | --- | | 601179 | 中国西电 | 15.63c | 8.84% | 15.61亿 | 801亿 | | 000981 山子高科 | | 5.42c | 6.69% | 14.23亿 | 542亿 | | 600986 浙文互联 | | 9.97c | 10.04% | 13.18亿 | 148 ...

| 有色金属 | | | | 西部材料 | | | --- | --- | --- | --- | --- | --- | | 通信 | -3.06 | 754.04 | 0.40 | 大唐电信 | -9.98 | | 综合 | -3.19 | 22.88 | -1.37 | 南京新百 | -9.95 | | 国防军工 | -3.41 | 883.06 | 45.81 | 海格通信 | -8.81 | （文章来源：证券时报网） 今日各行业表现（截至上午10:27） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 房地产 | 0.86 | 189.40 | 20.93 | 城投控股 | 10.11 | | 石油石化 | 0.72 | 80.28 | 26.01 | 蓝焰控股 | 2.86 | | 美容护理 | 0.70 | 35.84 | 11.01 | 延江股份 | 9.34 | | 食品饮料 | 0.41 | 146.32 | 15.74 | 朱老六 | 11.39 ...

个股方面，33只个股获融资净买入额超1亿元。江淮汽车获融资净买入额居首，净买入3.62亿元；融资净买入额居前的还有紫光股份、精测电子、拓普集 团、澜起科技、新泉股份、阳光电源、浙文互联、中国平安、金风科技等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 = | 证券简称 = | 交易日期 ◀ | | 1 | 600418.SH | 江淮汽车 | 2026-01-19 | | 2 | 000938.SZ | 紫光股份 | 2026-01-19 | | ന | 300567.SZ | 精测电子 | 2026-01-19 | | ব | 601689.SH | 拓普集团 | 2026-01-19 | | 5 | 688008.SH | 澜起科技 | 2026-01-19 | | 6 | 603179.SH | 新泉股份 | 2026-01-19 | | 7 | 300274.SZ | 阳光电源 | 2026-01-19 | | 8 | 600986.SH | 浙文互联 | 2026-01-19 | | 9 | 601318.SH | 中国平安 | 2026-01- ...