Group 1 - The core point of the article is that Xiyegongsi (000960.SZ) experienced a significant decline, with a cumulative drop of 23% over three days, leading to a trading halt [1] - The turnover rate for Xiyegongsi reached 6.33%, with a total transaction amount of 3.829 billion yuan [1] - The data from the Dragon and Tiger list indicates that the Shenzhen Stock Connect bought 456 million yuan and sold 120 million yuan, resulting in a net purchase of 336 million yuan [1] Group 2 - Seven institutions bought a total of 314 million yuan and sold 556 million yuan, leading to a net sell of 242 million yuan [1] - The top five buying entities accounted for 21.90% of the total transaction amount, with the largest buyer being the Shenzhen Stock Connect, contributing 456.43 million yuan, which is 11.92% of the total [1] - The trading activity shows a net buying of 1.39 billion yuan from the listed positions, with total buying at 838.42 million yuan and total selling at 699 million yuan [1]

预计沪锌宽幅调整，关注2.4支撑。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 24515 | -1320 03-04月合约价差:沪锌(日,元/吨) | -15 | 30 | | | LME三个月锌报价(日,美元/吨) | 3370 | -42 沪锌总持仓量(日,手) | 215326 | -17909 | | | 沪锌前20名净持仓(日,手) | 16607 | 5829 沪锌仓单(日,吨) | 0 | 0 | | | 上期所库存 ...

Group 1 - In the fourth week of January, the total net outflow of funds was 148.3 billion, compared to a net inflow of 173.9 billion in the previous week [1][8] - The short-term sentiment indicator is at a high level since 2005, with the recent weekly turnover rate (annualized) at 627%, placing it in the 90th percentile historically [1][12] - The long-term sentiment indicator is at a medium-low level since 2005, with the recent A-share risk premium at 2.48%, in the 46th percentile historically [2][12] Group 2 - The top three industries by trading volume percentage in the past week were semiconductor (99%), non-ferrous metals (98%), and defense industry (97%), while the lowest were food processing (0%), transportation (0%), and real estate (1%) [2][14] - The highest financing transaction percentage industries were machinery equipment (86%), electric power equipment (82%), and social services (79%), while the lowest were banking (14%), non-bank financials (20%), and real estate (20%) [2][14]

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 2.48% to close at 4015.75 points, marking the largest single-day drop since April 7, 2025 [3] - The Shenzhen Component Index fell by 2.69% to 13824.35 points, while the ChiNext Index decreased by 2.46% to 3264.11 points [3] - Total trading volume in the Shanghai and Shenzhen markets was 260.69 billion, a decrease of 255.8 billion from the previous trading day [3] Individual Stock Performance - A total of 4465 stocks declined, while only 741 stocks rose, indicating a broad market sell-off [3] - The median decline across all stocks was 2.15%, reflecting a simultaneous drop in both volume and price [3] Sector Performance - Only two sectors, electric grid equipment and the liquor industry, saw gains, with the liquor sector's core stocks performing particularly well [4] - The banking sector attempted to stabilize the market but ultimately closed down by 0.26% [4] - The most significant declines were seen in cyclical stocks, particularly precious metals, with declines in mining, coal, non-ferrous metals, steel, and oil sectors, many of which experienced drops close to 5% [4] Commodity Market Impact - The commodity market experienced extreme volatility, with gold prices plummeting to $4559 per ounce, a drop of 3.83%, and oil prices falling by 4.88% [5] - Silver prices also fell to $73.15 per ounce, down by 6.81%, indicating a chain reaction affecting related A-share sectors [5] Economic Indicators - Recent PMI data released by the National Bureau of Statistics showed a comprehensive decline in economic activity, with manufacturing, non-manufacturing, and composite business indices all falling below the "50 boom-bust line," indicating a slowdown compared to the end of last year [5] - The real estate and construction materials sectors weakened significantly, influenced by a reported loss of 82 billion from Vanke, compounding the market's challenges [5] Future Market Outlook - The current market downturn is seen as a potential opportunity for the upcoming Spring Festival market rally, with expectations for the index to form a new range-bound trading pattern [6] - The core support logic is based on the prior cooling of large blue-chip stocks under "national team" regulation, which has mitigated some risks [6] - Blue-chip valuations are at historical lows, suggesting limited downside potential for the index, as evidenced by the stable performance of major liquor stocks and the four major banks [6]

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

Market Overview - The market experienced a significant decline with all three major indices dropping over 2%, and the Shanghai Composite Index falling by 2.48% [1] - A total of 36 stocks hit the daily limit up, while 18 stocks faced limit down, resulting in a sealing rate of 67% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] Sector Performance - The electric grid equipment, liquor, and food and beverage sectors led the market gains, while non-ferrous metals, oil and gas, and semiconductors faced significant declines [1] - The electric grid equipment sector saw a strong performance with multiple stocks hitting the limit up, driven by high demand for transformers and related products [5] - The liquor sector, particularly stocks like Huangtai Liquor and Jin Hui Liquor, showed resilience with multiple consecutive limit up days, attributed to the upcoming Spring Festival demand [8][19] Stock Analysis - The consecutive limit up rate for stocks reached 42.85%, with three stocks achieving three consecutive limit ups [3] - Stocks such as Wanfeng Co., Huangtai Liquor, and Hong Kong Film Industry achieved three consecutive limit ups, indicating strong market interest [11][20] - The AI application and computing rental sectors showed mixed performance, with some stocks like Litong Electronics and Qunxing Toys hitting limit up, while others faced pullbacks [6][22] Future Outlook - The market is expected to face continued volatility, with significant pressure from the decline in cyclical sectors affecting overall market sentiment [9] - The electric grid equipment sector may continue to perform well in the short term, despite potential cost pressures from rising metal prices [5] - The liquor sector is anticipated to benefit from seasonal demand, but overall market sentiment remains cautious due to broader economic conditions [8][19]

中金岭南今日跌停，成交额20.97亿元，换手率6.76%，盘后龙虎榜数据显示，深股通专用席位买入1.43 亿元并卖出2331.85万元，3家机构专用席位净买入9039.99万元，有2家机构专用席位净卖出1.00亿元。 (本文来自第一财经) ...

A股三大指数今日集体下跌，截至收盘沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%，北证50指数 跌2.03%，沪深京三市成交额26066亿元，较上日缩量2558亿元。 A股全线重挫：贵金属崩了 沪银、钯、铂等十几个品种集体跌停 国内商品期货收盘普跌，沪银、钯、铂、沪镍、沪锡、沪铜、沪铝、国际铜、不锈钢、原油、燃料油、 铝合金、碳酸锂主力合约跌停；沪锌跌超6%，LU燃油、纯苯跌超5%，乙二醇、液化气等跌逾4%， NR、焦炭等跌超3%，豆油、塑料等跌超2%，玻璃、红枣等跌超1%，玉米、淀粉等小幅下跌；烧碱、 原木等极少数品种收涨。 来源：橙柿互动综合 盘面上，全市场超4600只个股下跌，其中123只个股跌停。 从板块来看，白酒概念反复活跃，皇台酒业3连板，金徽酒3天2板，水井坊触及涨停。电网设备概念逆 势走强，汉缆股份、白云电器、三变科技、保变电气等多股涨停。 下跌方面，有色金属、油气、化工、煤炭、半导体等板块跌幅居前。其中有色金属板块遭重挫，四川黄 金、赤峰黄金、铜陵有色、西部矿业等多股跌停。存储芯片概念大跌，兆易创新、开普云跌停。 ...

锡业股份今日跌停，成交额38.29亿元，换手率6.33%，盘后龙虎榜数据显示，深股通专用席位买入4.56 亿元并卖出1.20亿元，3家机构专用席位净买入2.31亿元，有4家机构专用席位净卖出4.73亿元。 ...

2月首个交易日，市场全天震荡调整，三大指数均跌超2%。截至收盘，沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上 一个交易日缩量2508亿。盘面上，全市场超4600只个股下跌，其中123只个股跌停。从板块来看，白酒概念反复活跃，皇台酒业3连板，金徽酒3天2板，水井 坊触及涨停。电网设备概念逆势走强，汉缆股份、白云电器、三变科技、保变电气等多股涨停。下跌方面，有色金属、油气、化工、煤炭、半导体等板块跌 幅居前。 国联民生证券表示，市场在趋势上行后，窄幅震荡，波动率先升后降，当前或仍需要震荡消化前期涨幅。一方面，本月以沪深300为首的ETF流出较多，对 宽基指数形成压力，大盘风格明显弱于小盘，另一方面，主题轮动加速，部分主题冲高回落，短期小盘、成长占优，但后续有再均衡的需求。中期看，市场 波动率仍较低，仍处于趋势上行的过程中，春季行情仍在延续。随着ETF流出放缓，后续大盘权重股或有补涨的机会。我们认为在当前市场环境下，市场仍 缺乏盈利验证，并且流动性较为充裕，市场仍会灌输各类主题资产和宏大叙事下的投资机会，因而在市场完成调整后，主题资产仍会有新的机会。 浙商证券表示，展 ...