沪深股通今日合计成交4209.36亿，其中紫金矿业和宁德时代分居沪股通和深股通个股成交额首位。板块主力资金方面，医药板块主力资金净流入居首。 ETF成交方面，科创100ETF基金（588220）成交额环比增长211%。 龙虎榜方面，海格通信走出2连板，获两家一线游资（国泰海通证券宜昌沿江大道、国泰海通证券上海江苏路）分别买入3.71亿、2.64亿，同时遭一家一线游 资（华鑫证券上海红宝石路）卖出0.4亿。商业航天概念今日集体退潮，航天电子遭大量资金博弈，一家机构卖出11.1亿，一家量化资金（国泰海通证券总 部）卖出4.29亿，两家一线游资（国泰海通证券宜昌沿江大道、国泰海通证券南京太平南路）合计卖出12.68亿，同时两家机构买入7.59亿，一家量化资金 （国信证券浙江互联网分公司）买入2.73亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1824.91亿，深股通总成交金额为2384.45亿。 | | 沪股道（ | 1月13日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601899 | 紫 ...

两市全天特大单净流出1035.54亿元，其中46股特大单净流入超2亿元，海格通信特大单净流入26.56亿 元，特大单净流入资金居首。 特大单净流入资金排名 所属行业来看，上述特大单净流入资金居前个股中，医药生物、传媒、电力设备行业最为集中，上榜个 股分别有8只、8只、6只。（数据宝） | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 002465 | 海格通信 | 24.20 | 10.00 | 26.56 | 国防军工 | | 600089 | 特变电工 | 27.37 | 10.01 | 26.06 | 电力设备 | | 300315 | 掌趣科技 | 6.86 | 14.91 | 10.53 | 传媒 | | 600588 | 用友网络 | 17.28 | 7.87 | 9.93 | 计算机 | | 603986 | 兆易创新 | 263.50 | 0.64 | 6.16 | 电子 | | 600170 | 上海建工 | 3.04 | 10.14 | 5.88 | 建筑装饰 | ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down by 0.64% closing at 4138.76 points, the Shenzhen Component down by 1.37% at 14169.40 points, the Sci-Tech 50 down by 2.80% at 1469.57 points, and the ChiNext Index down by 1.96% at 3321.89 points [1] - Overall, there were 1619 stocks that rose and 3726 stocks that fell, with a total market turnover of 36510 billion yuan, an increase of 496 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Oil & Petrochemicals, Pharmaceuticals & Biotechnology, Nonferrous Metals, Media, and Banking, with respective gains of 1.62%, 1.21%, 0.91%, 0.67%, and 0.65% [1] - Conversely, sectors such as Defense & Military, Electronics, Telecommunications, Computers, and Building Materials experienced declines, with losses of 5.50%, 3.30%, 2.88%, 1.92%, and 1.87% respectively [1] Sector Highlights - The top-performing concept sectors today included CRO, Selected Medical Services, Weight Loss Drugs, SPD, Lithium Extraction from Salt Lakes, Genetic Testing, Lithium Mining, Pharmaceutical Digitalization, Selected Insurance, Stem Cells, Synthetic Biology, Influenza, Gold & Jewelry, and Biotechnology [2]

近半年该股累计上榜龙虎榜20次，上榜次日股价平均涨2.50%，上榜后5日平均涨11.59%。 资金流向方面，今日该股主力资金净流出19.10亿元，其中，特大单净流出16.70亿元，大单资金净流出 2.39亿元。近5日主力资金净流出37.86亿元。 雷科防务今日跌停，全天换手率33.96%，成交额80.96亿元，振幅11.98%。龙虎榜数据显示，深股通净 卖出1.83亿元，营业部席位合计净卖出2.99亿元。 深交所公开信息显示，当日该股因日跌幅偏离值达-8.58%上榜，深股通净卖出1.83亿元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交13.97亿元，其中，买入成交额为4.57亿 元，卖出成交额为9.39亿元，合计净卖出4.82亿元。 具体来看，今日上榜的营业部中，深股通为第一大卖出营业部，买入金额为439.30万元，卖出金额为 1.87亿元，合计净卖出1.83亿元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国信证券股份有限公司浙江互联网分公司 | 10610.14 ...

1月13日，沪指下跌0.64%，深成指下跌1.37%，创业板指下跌1.96%，沪深300指数下跌0.60%。可交易 A股中，上涨的有1622只，占比29.75%，下跌的3729只。 资金面上，今日主力资金全天净流出1627.43亿元，已连续6个交易日资金呈净流出状态。其中，创业板 主力资金净流出510.74亿元；科创板主力资金净流出189.50亿元；沪深300成份股主力资金净流出363.77 亿元。 分行业来看，申万所属的一级行业中，今日上涨的有6个，涨幅居前的行业为石油石化、医药生物，涨 幅为1.62%、1.21%。跌幅居前的行业为国防军工、电子，跌幅为5.50%、3.30%。 行业资金流向方面，今日有4个行业主力资金净流入，医药生物行业主力资金净流入规模居首，该行业 今日上涨1.21%，全天净流入资金43.48亿元，其次是石油石化行业，日涨幅为1.62%，净流入资金为 5.86亿元。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 医药生物 | 1 ...

主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，全天净流出资金370.10亿元，其次 是计算机行业，净流出资金为231.07亿元，净流出资金较多的还有国防军工、通信、电力设备等行业。 资金面上看，两市主力资金全天净流出1627.43亿元，今日有4个行业主力资金净流入，医药生物行业主 力资金净流入规模居首，该行业今日上涨1.21%，全天净流入资金43.48亿元，其次是石油石化行业，日 涨幅为1.62%，净流入资金为5.86亿元。 电子行业今日下跌3.30%，全天主力资金净流出370.10亿元，该行业所属的个股共476只，今日上涨的有 34只，涨停的有1只；下跌的有435只。以资金流向数据进行统计，该行业资金净流入的个股有92只，其 中，净流入资金超亿元的有9只，净流入资金居首的是兆易创新，今日净流入资金5.26亿元，紧随其后 的是京东方A、赛微电子，净流入资金分别为3.77亿元、2.85亿元。电子行业资金净流出个股中，资金 净流出超亿元的有93只，净流出资金居前的有领益智造、寒武纪-U、工业富联，净流出资金分别为 23.47亿元、22.80亿元、18.81亿元。（数据宝） 电子行业资金流入榜 | ...

Market Overview - The Shanghai Composite Index fell by 0.64% on January 13, with six industries experiencing gains, led by the oil and petrochemical sector at 1.62% and the pharmaceutical and biotechnology sector at 1.21% [1] - The defense and military industry had the largest decline, dropping by 5.50%, followed by the electronics sector, which fell by 3.30% [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 162.74 billion yuan, with only four industries seeing net inflows [1] - The pharmaceutical and biotechnology sector had the highest net inflow of 4.348 billion yuan, while the oil and petrochemical sector saw a net inflow of 586 million yuan [1] - The electronics industry experienced the largest net outflow, totaling 37.010 billion yuan, followed by the computer industry with a net outflow of 23.107 billion yuan [1] Defense and Military Industry Performance - The defense and military industry had 138 stocks, with only 11 stocks rising and one hitting the daily limit, while 126 stocks fell, including 20 that hit the daily limit [2] - The top stock for net capital inflow in this sector was Haige Communication, with a net inflow of 2.067 billion yuan, followed by Inner Mongolia First Machinery Group and Hongdu Aviation with net inflows of 191 million yuan and 93.939 million yuan, respectively [2] - A total of 44 stocks in the defense and military sector saw net outflows exceeding 100 million yuan, with the largest outflows from Aerospace Electronics, Aerospace Development, and Raytheon Defense, amounting to 4.706 billion yuan, 2.107 billion yuan, and 1.910 billion yuan, respectively [2] Top Gainers and Losers in Defense and Military Sector - The top gainers in the defense and military sector included Haige Communication (10.00% increase), Inner Mongolia First Machinery Group (4.30% increase), and Hongdu Aviation (2.39% increase) [3] - The top losers included Aerospace Electronics (-10.01% decrease), Aerospace Development (-10.00% decrease), and Raytheon Defense (-9.99% decrease) [4]

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by leveraged funds and retail investors, with significant contributions from speculative and foreign capital, leading to a notable increase in market risk appetite [1][3]. Group 1: Market Performance - During the first week of January 2026, the A-share market saw a substantial increase, with the Wind All A Index rising by 5.1% and the average daily trading volume surging over 700 billion yuan to 2.85 trillion yuan [1]. - The financing balance reached a historical high of 2.61 trillion yuan, accounting for 2.53% of the total A-share market capitalization, placing it in the 96th percentile historically since 2021 [3][10]. Group 2: Investor Sentiment - Retail investor sentiment has significantly improved, with net inflows of 155.7 billion yuan, marking the second-highest level in the past year [3][15]. - The activity of speculative funds has also increased, with an average daily trading volume of 31.4 billion yuan on the Long Hu List, reaching a six-month peak [3][17]. Group 3: Foreign Investment - Foreign capital has shown a renewed interest, with the average daily trading volume of the Stock Connect increasing by 98.6 billion yuan to 327.2 billion yuan, representing an increase of 0.73 percentage points in trading volume share [3][19]. - Passive foreign capital has turned into a slight net inflow of 6.7 million dollars, indicating a stronger attraction towards technology sectors [3][23]. Group 4: Macro Liquidity - The central bank's significant net withdrawal of 166 billion yuan has not tightened market liquidity, as interbank market interest rates have declined, maintaining a loose monetary environment [6][8]. - The RMB exchange rate appreciated to 6.98 against the US dollar, with the 2-year and 10-year China-US interest rate differentials narrowing [9]. Group 5: ETF Market Dynamics - The ETF market has shown structural divergence, with a slight net outflow of 390 million yuan from stock ETFs, while industry-themed ETFs attracted a net inflow of 13.6 billion yuan [25][26]. - Broad-based ETFs faced significant net outflows, particularly from the CSI A500-related ETFs, which saw a redemption of 13.1 billion yuan [25].

我留意到有只股票在2025年2/3季度，2个月时间股价实现翻倍，但过程里每次创出阶段新高后就会调整，尤其是图里标注的一二三 位置，只看走势的话，很容易觉得见顶了就赶紧离场。看图1： 最近看市场数据，申万31个一级行业里，29个都拿到了融资净买入，其中计算机行业的净买入金额最高，电子、国防军工、有色金 属等多个行业也在前列。个股层面，有两千多只股票获融资净买入，上百只股票净买入超1亿元，其中22只股票的净买入金额超过3 亿元。 面对这样的市场表现，很多人最头疼的还是高低点的判断，毕竟只看走势很容易误判。我之前就见过朋友因为盯着股价走势，在股 票创新高后调整时慌忙卖出，结果错过后续的上涨行情。量化大数据刚好能帮我们跳出这种认知误区，看清市场的真实状态。一、 别被走势高低点带偏 真正决定高低点的是交易意愿，尤其是机构大资金的交易意愿，而这只能通过真实的交易行为来判断。随着量化大数据技术的提 升，现在已经能清晰捕捉到这类行为，这也是近年量化交易优势明显的原因，核心是底层数据处理能力的升级，不再只依赖表面走 势来做判断。二、量化数据还原真实参与度 这张图是刚才那只股票的量化交易行为数据图，图中橙色柱体是「机构库存」数据 ...

| 配置关注权益商品，行业聚焦中盘蓝筹： | 2026-01-04 | | --- | --- | | ——资产配置月报 202601 | | | 权益、商品延续强势，风险资产占优： | 2025-12-30 | | 20251226 多资产配置周报 | | | 当低利率邂逅风偏回归，资产配置被动为 | 2025-12-12 | | 盾，主动为矛：——2026 年多资产配置展 | | | 望 | | | 交易平稳，预期主导：——资产配置月报 | 2025-12-03 | | 202512 | | | 资产配置策略中低波分化，行业策略转 | 2025-12-03 | | 向：——资产配置模型月报 202512 | | 资产配置 | 定期报告 国内风险评价稳步下行，A 股/商品占优 20260112 多资产配置周报 研究结论 报告发布日期 2026 年 01 月 13 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | | 周仕盈 | 执业证书编号：S08601 ...