10月21日，A股呈单边上行走势，量价齐升。港股也同步走强，恒生指数高位横盘，尾盘涨幅收窄，收 涨0.76%。在港股板块中，石油石化、非银金融、家电、建筑等股息特征较强的板块走势较好。 | 名称 | | | --- | --- | | Wind香港电气设备 | 2.35% | | Wind香港日常消费等 | 2.33% | | Wind香港半导体 | 2.17% | | Wind香港造纸与包装 | 1.85% | | Wind香港非银金融 | 1.82% | | Wind香港可选肖费零售 | 1.59% | | Wind香港工业贸易与综合 | 1.45% | | Wind香港家电II | 1.39% | | Wind香港石油石化 | 1.36% | | Wind香港建筑 | 1.21% | | Wind香港机械 | 1.22% | | Wind香港钢铁Ⅱ | 1.19% | | Wind香港纺织服装Ⅱ | 1.05% | 港股高股息代表性ETF、被动跟踪标普港股通低波红利指数的港股通红利ETF（159220）场内收涨 0.59%。从日线维度来看，自9月11日以来的回调与反弹后，产品已连续2个交易日创下收盘价新 ...

二、资金加减仓方向 具体到细分板块，宽基&策略板块ETF中，净流入前三大板块依次为：策略-红利、科创200、科创50；净流出前三大板块依次为：中证A500、创业板、中证 500。 行业&主题板块ETF中，净流入前五大板块依次为：非银金融、银行、半导体芯片、稀土、有色金属；净流出前五大板块依次为：通信、化工、泛医药、消 费电子、金融科技。 | | | 当周净流入前五及后五的行业&主题板块 | | | | | --- | --- | --- | --- | --- | --- | | 板块 | | 本周流入资金 本周规模变动 | 本年流入资金 | 本年规模变动 | 其余规模 | | 非银金融 | 88.33 | 30.97 | 1.034.44 | 1,099.74 | 2.031.07 | | 银行 | 83.58 | 99.89 | 206.58 | 221.89 | 395.50 | | 未合体芯片 | 68.92 | -44.57 | 6.87 | 436.24 | 1.550.33 | | 稀土 | 49.88 | 44.64 | 115.79 | 148.61 | 179.18 | | 有色金属 | ...

Market Overview - The A-share market experienced a significant rise on October 21, with the Shanghai Composite Index surpassing 3900 points, increasing by over 1% [1][3] - Nearly 4600 stocks in the market saw gains, with notable stocks like MicroPort Scientific and Zhongyu Technology hitting the 30% limit up [1] Index Performance - As of the midday close, the Shanghai Composite Index rose by 1.2% to 3910.13 points, the Shenzhen Component Index increased by 1.97%, and the ChiNext Index surged by 2.92% [3] Sector Performance - The communication sector led the gains with a rise of over 4%, followed by electronics, construction decoration, and real estate sectors, each increasing by over 2% [5] - Non-bank financial stocks also performed well, with several brokerage stocks reaching their daily limit up [5] Company Earnings Reports - Multiple companies disclosed their Q3 2025 earnings reports, leading to stock price increases for many growth companies [2][11] - Notable earnings included CATL, which reported a revenue of 283.07 billion yuan for the first three quarters, a year-on-year increase of 9.28%, and a net profit of 49.03 billion yuan, up 36.20% [11] - Dazhu CNC reported a revenue of 3.90 billion yuan for the first three quarters, a 66.53% increase, and a net profit of 492 million yuan, up 142.19% [12] Economic Outlook - West Securities noted that the economy is expected to have support in Q4, with a GDP growth of 5.2% year-on-year for the first three quarters, exceeding the growth target of around 5% [6] - The government has allocated 500 billion yuan to local governments and introduced new policy financial instruments to support project capital [6] Industry Growth Projections - Various sectors are expected to show good growth or recovery in Q3 2025, including advanced manufacturing, technology (TMT), pharmaceuticals, and non-bank financials [7][8][9][10] - The advanced manufacturing sector is projected to see improvements in high-demand areas such as energy storage and military equipment [7] - The technology sector is anticipated to maintain high growth, particularly in AI, storage, and semiconductor industries [7]

| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 通信 | 1055.42 | 13.27 | 1.27 | | 非银金融 | 1912.55 | 6.24 | 0.33 | | 煤炭 | 149.44 | 4.97 | 3.44 | | 电力设备 | 2015.41 | 2.60 | 0.13 | | 医药生物 | 1627.28 | 1.99 | 0.12 | | 银行 | 749.10 | 1.37 | 0.18 | | 美容护理 | 66.78 | 0.91 | 1.38 | | 房地产 | 341.85 | 0.88 | 0.26 | | 交通运输 | 403.13 | 0.88 | 0.22 | | 基础化工 | 942.96 | 0.61 | 0.06 | | 公用事业 | 515.14 | 0.28 | 0.05 | | 食品饮料 | 540.17 | 0.17 | 0.03 | | 建筑材料 | 134.77 | 0.10 | 0.07 | | 建筑装饰 | 383.73 | 0.09 | 0.02 ...

Group 1 - The ChiNext Growth Index rose by 2.5%, the ChiNext Index increased by 2.0%, and the ChiNext Mid-Cap 200 Index went up by 1.3%, with the ChiNext ETF (159915) achieving a trading volume exceeding 4.5 billion yuan [1] - According to Shenwan Hongyuan Securities, the key cyclical catalysts for the end of the year and the beginning of the next have not yet arrived, and the trend of technology growth industries remains concentrated [1] - The overall profitability effect of A-shares has returned to a medium-low level, and the adjustment phase is nearing its end, while the relative dispersion indicator of the ChiNext compared to the CSI 300 has dropped to a low level, indicating that the short-term cost-effectiveness of the "high-cut low" market is not high [1] Group 2 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, with a significant proportion in emerging industries, particularly in the power equipment, communication, and electronics sectors, accounting for nearly 60% [3] - The ChiNext 200 ETF tracks the ChiNext Mid-Cap 200 Index, which includes 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with the information technology sector accounting for over 40% [3] - The ChiNext Growth ETF tracks the ChiNext Growth Index, composed of 50 stocks with strong growth characteristics, high performance growth, and good liquidity, with the communication, power equipment, electronics, non-bank finance, and pharmaceutical sectors collectively accounting for about 80% [3]

10月20日，A股市场整体上涨。 截至收盘，上证指数收报3863.89点，上涨0.63%；深证成指收报12813.21点，上涨0.98%；创业板指收报2993.45 点，上涨1.98%。两市合计成交17376.05亿元，较上一交易日减少2005.11亿元。 1. 两市主力资金净流出超80亿元 今日沪深两市主力资金开盘净流入51.9亿元，尾盘净流出12.11亿元，全天净流出84.46亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-10-20 | -84. 46 | 51. 90 | -12. 11 | 31.55 | | 2025-10-17 | -799.18 | -215. 51 | -166. 07 | -465. 74 | | 2025-10-16 | -385.88 | -92. 42 | -57. 78 | -196. 72 | | 2025-10-15 | -92. 94 | -93.74 | 39.27 | ...

10月20日，A股市场整体上涨。 截至收盘，上证指数收报3863.89点，上涨0.63%；深证成指收报12813.21点，上涨0.98%；创业板指收报2993.45 点，上涨1.98%。两市合计成交17376.05亿元，较上一交易日减少2005.11亿元。 1. 两市主力资金净流出超80亿元 今日沪深两市主力资金开盘净流入51.9亿元，尾盘净流出12.11亿元，全天净流出84.46亿元。 3.电力设备等行业实现净流入 | 资金净流入居前的行业 | | | | --- | --- | --- | | 行业 涨跌幅 | 净流入资金 | 资金流入较多个股 | | | (亿元) | | | 电力设备 1. 84% | 35. 22 | 卧龙电驱 | | 4. 61% 煤炭 | 32. 31 | 永泰能源 | | 机械设备 1.92% | 23. 39 | 英维克 | | 交通运输 1. 44% | 20. 26 | 南方航空 | | 银行 0. 02% | 11. 87 | 农业银行 | | 资金净流出居前的行业 | | | | 行业 涨跌幅 | 净流入资金 | 资金流出较多个股 | | | (亿元) | | | 非 ...

Market Overview - The Shanghai Composite Index rose by 0.63% on October 20, with 26 out of the 28 sectors experiencing gains, led by the communication and coal industries, which increased by 3.21% and 3.04% respectively [1] - The metal sector faced the largest decline, dropping by 1.34% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 4.601 billion yuan, with 12 sectors seeing net inflows [1] - The communication sector had the highest net inflow of 4.397 billion yuan, followed by the coal sector with 1.148 billion yuan [1] - The metal sector experienced the largest net outflow, totaling 4.699 billion yuan, with the computer sector following with a net outflow of 2.390 billion yuan [1] Nonferrous Metals Sector Performance - The nonferrous metals sector had 137 stocks, with 66 stocks rising and 70 stocks falling on the day [2] - Among the stocks, 1 reached the daily limit up, while 2 hit the daily limit down [2] - The top three stocks with the highest net inflow in the nonferrous metals sector were: - Antai Technology: 274 million yuan - Dongfang Tantalum: 125 million yuan - Yun Aluminum: 85.5 million yuan [2] - The stocks with the largest net outflow included: - Baiyin Nonferrous: 500 million yuan - Zijin Mining: 481.8 million yuan - Zhongjin Gold: 454 million yuan [4]

根据wind数据，现金流ETF（159399）实时盘中净流入2300万份，连续5日净流入超1.3亿元，资金抢筹 现金流资产。 国泰海通指出，富时中国A股自由现金流主题近期市场关注度有所提升。从资金流向来看，内外资共同 加仓电子和有色金属等现金流表现较好的周期行业，其中电子行业外资净流入达34.7亿元，有色金属净 流入20.4亿元。ETF资金方面，非银金融和电力设备等现金流稳定的行业净流入居前，分别达37.4亿元 和28.9亿元。整体来看，现金流质量较好的周期和科技板块更受资金青睐。 投资者可关注现金流ETF（159399）。市场表现来看，标的指数富时现金流指数2016年至2024年连续9 年跑赢中证红利指数和沪深300指数。现金流 ETF（159399）的标的指数聚焦大中市值，标的指数央国 企占比高于同类现金流指数，月月可评估分红，自上市以来已经连续分红8个月，感兴趣的投资者或可 持续关注。 （文章来源：每日经济新闻） ...

Core Viewpoint - Current internal growth expectations are relatively subdued, leading investors to focus more on fundamental movements during the earnings season, seeking structural highlights through the third-quarter reports [1] Summary by Categories Earnings Highlights - Key areas to focus on in the third-quarter reports include sectors such as gold, TMT (Technology, Media, and Telecommunications) benefiting from high AI demand, and non-bank financials [1] High-Growth Opportunities - High-growth opportunities that are less correlated with economic cycles and external risks include the AI industry chain, as well as white goods, construction machinery, and power grid equipment that are well-positioned for trade with non-US economies and have sufficient overseas production capacity [1] Supply-Side Improvements - Industries that have achieved supply-side clearing in a moderately recovering environment include industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, rail transit equipment, and railway and highway sectors [1]