近期，A股稳步向上，作为市场的杠杆资金，融资买入余额对应上涨。 最新数据显示，A股融资余额合计约20122亿元，单日增加168.41亿元。值得注意的是，这是A股时隔十年融资余额再度突破两万亿元，上一次还需要追溯到2015年 7月1日。 从近期走势观察，自6月以来，融资余额呈现持续增长态势。对比今年6月首个交易日（6月3日），融资余额累计增加了2195.12亿元。与此同时，融资余额占A股 流通市值的比例为2.29%。 分市场来看，沪市融资余额约10217.92亿元，深市融资余额约9838.97亿元，北交所融资余额约65.1亿元。 A股向上，热钱持续入市。 截至8月11日，沪深两市融资余额实现重要突破，时隔十年再次突破两万亿元大关。 时隔十年再破两万亿元 融资去哪儿？ 融资余额突破两万亿元，哪些行业和个股受到资金的青睐呢？ Wind统计数据显示，自6月3日以来，融资余额超过千亿元的有7个行业，分别是电子（2327.87亿元）、非银金融 （ 1633.77亿元）、计算机（1540.81亿元）、医 药生物（1513.55亿元）、电力设备（1458.78亿元）、机械设备（1087.54亿元）、汽车（1043.85亿元） ...

以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1.主力资金： 近两周主力资金合计净流出-2348.16亿元，有两个行业实现主力资金净流入，分别为银行和交通运输，主力资金净流出额前 三的行业为计算机、电子和机械设备。 2.融资融券数据： 当前市场融资融券余额为19474.29亿元，较上期上升0.28%，其中融资余额19338.41亿元，融券余额135.88亿元。本 期两融日均交易额为1815.92亿元，较上期上升7.72%，其中融资日均净买入1810.12亿元，较两周前上升7.70%，融券日均净卖出5.79 亿元，较上期上升12.96%。近两周融资净买入前三的行业分别为医药生物、电子和机械设备；融券净卖出前三的行业分别为电力设备、有 色金属和国防军工。 3.涨跌情况： 近两周全市场上涨家数高于下跌家数，近两周涨幅前三的行业为国防军工、机械设备和通信，下跌的行业为商贸零售、石油 石化和非银金融。 4.强弱分析： 近两周全部A股强弱分析得分为5.38，沪深300强 ...

证券研究报告 | 行业周报 2025 年 08 月 11 日 非银行金融 1、《关注美国降息预期效应，两融规模或波动迈向 新高-非银周观点》2025-08-05 作者 相关研究 强于大市（维持评级） 行业走势 -5% 5% 15% 25% 34% 44% 54% 64% 2024-08 2024-12 2025-04 2025-08 非银行金融 沪深300 持续关注美联储降息效应，两融增长态势有望延续-非银周观点 近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经 济定调及美国关税等政策效应，市场下半周有所缩量，两融波动新高，银行、 保险板块高位波动，券商、多元金融板块有所调整。我们判断，宏大叙事、 海外经济数据及关税政策或是关键因素，券商为代表的非银金融或呈现震荡 走势。并购线建议重点关注以信达证券、首创证券、浙商证券、国联民生、 中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合能力强、 风险资本指标优化、受益 ETF 发展的华泰证券、中金公司等；同时从赔率弹 性角度，建议逢低关注布局金融 IT 板块，建议重点关注财富趋势、同花顺、 九方智投等；互金平台建议关注东方财富、指南针等； ...

截至8月8日，市场最新融资余额为19953.59亿元，较上个交易日环比减少35.59亿元，分行业统计，申万 所属一级行业有10个行业融资余额增加，有色金属行业融资余额增加最多，较上一日增加3.59亿元；融 资余额增加居前的行业还有计算机、汽车、国防军工等，融资余额分别增加3.34亿元、1.21亿元、 8118.55万元；融资余额减少的行业有21个，机械设备、通信、非银金融等行业融资余额减少较多，分 别减少6.71亿元、6.53亿元、5.26亿元。 以幅度进行统计，综合行业融资余额增幅最高，最新融资余额为36.00亿元，环比增长2.10%，其次是社 会服务、有色金属、美容护理行业，环比增幅分别为0.68%、0.40%、0.39%；融资余额环比降幅居前的 行业有煤炭、通信、建筑装饰等，最新融资余额分别有154.27亿元、699.19亿元、358.57亿元，分别下 降1.00%、0.92%、0.88%。（数据宝） 8月8日各行业融资余额环比变动 | 传媒 | 439.76 | -2.37 | -0.54 | | --- | --- | --- | --- | | 食品饮料 | 525.34 | -2.79 | -0 ...

截至上午收盘，上证指数报收3653.50点，上涨0.51%；深证成指收于11293.25点，上涨1.48%；创业板 指上涨1.99%；科创50指数上涨0.88%。 两市涨停股一览 | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） | 封单资金（万元） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 002941 | 新疆交建 | 15.19 | 1.06 | 10564.58 | 160475.97 | 建筑装饰 | | 000627 | *ST天茂 | 1.52 | 1.18 | 73470.74 | 111675.52 | 非银金融 | | 002670 | 国盛金控 | 16.56 | 10.40 | 4496.38 | 74460.13 | 非银金融 | | 002466 | 天齐锂业 | 44.91 | 5.46 | 1458.45 | 65498.90 | 有色金属 | | 301251 | 威尔高 | 55.69 | 32.44 | 1161.72 | 64695.99 | 电子 | | 002008 | 大 ...

Market Overview - The Shanghai Composite Index increased by 2.11% to close at 3635.13 points, with a weekly high of 3645.37 points [1] - The Shenzhen Component Index rose by 1.25% to 11128.67 points, reaching a peak of 11229.59 points [1] - The ChiNext Index saw a 0.49% increase, closing at 2333.96 points, with a maximum of 2372.68 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 3.87%, the Dow Jones Industrial Average rising by 1.35%, and the S&P 500 increasing by 2.43% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 1.43% and the Nikkei 225 increased by 2.5% [1] New Stock Issuance - One new stock was issued last week: Zhigao Machinery (920101.BJ) on August 5, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 20031.09 billion yuan, with a financing balance of 19889.53 billion yuan and a securities lending balance of 141.56 billion yuan [3] - The margin trading balance increased by 294.86 billion yuan compared to the previous week [3] - The top three stocks by financing purchase amount were Northern Rare Earth (58.53 billion yuan), Zhongji Xuchuang (49.9 billion yuan), and Dongfang Fortune (48.27 billion yuan) [3][4] Fund Issuance - A total of 21 new funds were issued last week, including various index funds and mixed funds [5] - Notable funds include Ping An Ru Yi Short-term Bond Fund and Penghua CSI Bank Index Fund [5][6] Company Buybacks - There were 23 buyback announcements last week, with the highest amounts executed by Junxin Environmental Protection (50.99 million yuan), Mianbao (12.13 million yuan), and Runze Technology (10.47 million yuan) [7] - The sectors with the highest buyback amounts were Environmental Protection, Pharmaceutical Biology, and Electronics [7][8]

国泰海通证券发布研报称，展望下半年，港股有望继续延续牛市走势，增量资金继续流入和资产结构性 优势是两大驱动因素。流动性影响因素上，资金流出项与流入项都需要关注。从港股资金流出项看，综 合IPO和再融资视角，年内后续融资规模或近3000亿港元；减持方面，港股二季度解禁高峰已过，整体 减持压力趋缓，但高估值且解禁集中的新消费或存解禁压力。资金流入方面，该行指出，港股全年南向 增量供给望超1.2万亿，外资有望边际改善，为港股资金蓄水池提供源源活水。 恒生指数高开0.35%，恒生科技指数涨0.19%。盘面上，锂矿概念强势，天齐锂业涨超14%，赣锋锂业涨 超11%；新消费概念走弱，百胜中国跌近2%。 关于港股后市 华泰证券发布港股策略研报称，近期港股回调主因内外预期修正，但中期流动性宽松逻辑不改。配置上 建议寻找景气改善+低估值板块，尤其强调对科技板块的配置；短期交易围绕中报业绩展开，建议关 注：1)估值有性价比且景气改善的游戏和互联网电商龙头；2)前向12个月估值分位数略高但盈利兑现度 高，如港股创新药及非银金融。 浙商证券认为，建议坚持当前中线仓位。行业配置方面，继续采取"1+1+X"均衡配置，但需要注意积极 挖掘 ...

野村东方国际 资产重估策略适合牛市吗？20250809 摘要 市场估值重心正从净利润转向资产重估，因低利率环境使企业永续净利 润增长更难，高成长行业商业模式受阻。 企业为优化 ROE，从规模扩张转向提升经营效率，龙头企业通过缩减现 金循环周期和账期管理来改善净利润和净资产周转效率。 过去三年沪深 300 指数资本总额持续攀升，推动技术研发突破，维持并 强化国际竞争力，为资产重估提供支撑。 资产重估定价方法为 ROE 乘以分红留存率，适用于经济稳定增长期，关 注留存收益对净资产的推动，估值从 PE 转向 PB。 金融股超额收益源于高于市场均值的资产创造增速和资金催化，大市值 公司资产重估增速显著高于中小公司，配置价值更高。 沪深 300 指数通过提高现金周转能力显著改善资产重估增速，主要得益 于龙头企业现金周转能力大幅增加。 中国企业研发投入未受泡沫破裂影响，具备强大的资本投入能力和出海 机遇，通过明星企业拉动供应链实现全球化扩张。 Q&A 过去两年时间里提出的资产重估策略在当前市场环境中的有效性如何？ 资产重估策略在当前市场环境中依然有效。尤其是在去年（2024 年）到今年 （2025 年），资产重估增速对于 ...

【A 股市场大势研判】 指数震荡调整 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3635.13 | -0.12% | -4.54 | | | 深证成指 | 11128.67 | -0.26% | -29.27 | | | 沪深 300 | 4104.97 | -0.24% | -9.70 | | | 创业板 | 2333.96 | -0.38% | -8.90 | | | 科创 50 | 1043.54 | -1.39% | -14.67 | | | 北证 50 | 1441.72 | -1.22% | -17.74 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 综合 | 1.56% | 计算机 | -2.38% | 新疆振兴 | 2.98% | 华为欧拉 ...

Group 1 - The current market sentiment suggests that small and micro-cap stocks need to slow down, as their valuation and earnings growth do not justify further upward movement [2] - The five strong industries (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) have more reasonable valuations compared to the small and micro-cap stocks [2] - The driving force behind the small and micro-cap stocks is primarily liquidity, with significant contributions from quantitative products, small active equity products, and retail investors [2] Group 2 - Recent data indicates that A-shares experienced a rebound driven by trading funds, with a notable increase in margin trading balances reaching a near 10-year high [3][6] - The market is expected to maintain a high level of volatility, with sector rotation likely to occur as companies report their semi-annual results [3][6] - The "anti-involution" policy is showing initial effects, and the determination and difficulty of implementing such policies should not be underestimated [3] Group 3 - July exports exceeded expectations, particularly in the machinery, automotive, and integrated circuit sectors, indicating resilience in growth [5] - The Producer Price Index (PPI) has stabilized, benefiting sectors like black metals, non-ferrous metals, coal, and photovoltaic industries, which are experiencing price rebounds [5] - The overall economic fundamentals are showing a trend of stability and improvement, suggesting a focus on sectors with high growth or improvement in earnings for investment [5] Group 4 - The market is expected to remain in a high oscillation range, supported by favorable liquidity conditions, with a focus on sectors with strong earnings momentum [6][10] - The "anti-involution" concept is anticipated to be a recurring theme in market trends, with growth sectors likely to show high levels of activity [6] - The military industry is expected to remain a point of interest, particularly as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins to take shape [6] Group 5 - The current market adjustment is seen as a structural shift rather than a peak in the economic cycle, with limited impact on overall market sentiment [14] - The market is transitioning from traditional cyclical sectors to technology sectors, with a focus on AI and robotics as key investment areas [14] - The "anti-involution" policies are expected to lead to a structural market trend similar to previous government-led initiatives aimed at boosting demand [14]