Investment Rating - The report indicates a strong performance of public actively managed equity funds in 2025, with a notable increase in the allocation to non-ferrous metals and non-bank financials, while reducing exposure to media and electronics sectors [1][3][40]. Core Insights - Public actively managed equity funds showed robust excess returns in 2025, with the mixed equity fund index (885001.WI) rising by 33.19%, outperforming major broad-based indices [1][14]. - The allocation to Hong Kong stocks decreased significantly, while the proportion of investments in the ChiNext board increased [2][30]. - There was a substantial increase in allocations to non-ferrous metals and non-bank financials, while reductions were seen in media and electronics sectors [3][42]. Summary by Sections Fund Performance - As of Q4 2025, the total scale of public actively managed equity funds is approximately 3.90 trillion, reflecting a quarter-on-quarter decrease of 4.10% [1][12]. - The share of public actively managed equity funds decreased by 2.53% in Q4 2025 [18]. Sector Allocation Changes - The allocation to non-ferrous metals increased to 8.03%, up by 2.14 percentage points from the previous quarter, marking a continuous rise over four quarters [42]. - The allocation to the electronics sector decreased to 23.78%, down by 1.85 percentage points [43]. - The proportion of investments in the ChiNext board rose from 23.72% in Q3 to 24.91% in Q4 2025 [2][30]. Top Holdings - The top individual stock in public fund allocations is Zhongji Xuchuang, with a holding ratio of 4.04%, primarily due to its price increase rather than new acquisitions [4][40]. - The most actively increased holdings include China Ping An (+0.43 percentage points) and Dongshan Precision (+0.41 percentage points) [4].

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Views of the Report - Overseas data shows the resilience of the US economy, further dampening the Fed's rate - cut expectations. The Fed's non - rate - cut expectations, the possible US government shutdown, and geopolitical turmoil affect asset prices. US stocks are mainly influenced by economic fundamentals [2]. - On the domestic A - share market, the market showed a differentiated trend on Monday. The large - finance and other sectors rose, pulling the index up, while popular themes declined, and trading volume increased, showing a somewhat stagnant upward trend. The base for the broader market is around the 20 - day moving average or 4050. During the earnings report period, cyclical growth stocks with good earnings performance are more stable [2][3]. - The Securities Daily's call to "reject theme speculation and strengthen the rational foundation of the capital market" reflects the management's policy orientation towards a slow - bull market. With the approaching of the pre - Spring Festival trading period, the cooling of leveraged funds is inevitable [3]. 3. Summaries by Relevant Catalogs Important Information - Trump raised the reciprocal tariff rate on South Korea from 15% to 25% due to the South Korean Congress's non - approval of the bilateral trade agreement [5]. - US media reported that Trump thought Iran hoped to reach an agreement [6]. - The probability of a US government shutdown before the end of January is about 80% [7]. - NVIDIA deepened its cooperation with CoreWeave, adding a $2 billion investment [8]. - The EU will fully ban the import of Russian liquefied natural gas in January 2027 and Russian pipeline gas by the end of September 2027 [8]. - The People's Bank of China held the 2026 macro - prudential work meeting to proactively assess systemic financial risks and innovate policy tools to maintain financial market stability [8]. - The Ministry of Foreign Affairs reminded Chinese citizens to avoid traveling to Japan during the Spring Festival [9]. - The Hong Kong Treasury Bureau signed a cooperation agreement with the Shanghai Gold Exchange, aiming to exceed 2000 tons in three years to make Hong Kong a globally trusted gold storage location [9]. - Policies to foster new growth points in service consumption will be introduced soon [10]. - Zijin Mining plans to acquire 100% of Allied Gold Corporation for 28 billion yuan [11]. Futures Market Tracking - **Futures Market Performance**: The Shanghai Stock Exchange 50 Index rose 0.57%, with its futures contracts IH2602, IH2603, IH2606, and IH2609 up 0.69%, 0.67%, 0.76%, and 0.78% respectively. The CSI 300 Index increased 0.10%, and its futures contracts IF2602, IF2603, IF2606, and IF2609 rose 0.21%, 0.22%, 0.30%, and 0.14% respectively. The CSI 500 Index fell 0.97%, and its futures contracts IC2602, IC2603, IC2606, and IC2609 dropped 1.98%, 2.17%, 2.42%, and 2.72% respectively. The CSI 1000 Index declined 1.24%, and its futures contracts IM2602, IM2603, IM2606, and IM2609 decreased 2.40%, 2.67%, 2.68%, and 2.91% respectively [13]. - **Futures Trading Volume and Open Interest**: The total trading volume of futures was 778,013 lots, an increase of 176,215 lots. The total open interest was 39,867 lots, a decrease of 16,877 lots [14]. Spot Market Tracking - **Spot Market Performance**: The Wind All - A Index fell 0.68%, the Shanghai Composite Index dropped 0.09%, the Shenzhen Component Index declined 0.85%, and the ChiNext Index decreased 0.91%. Among sectors, non - ferrous metals, petroleum and petrochemicals, coal, and agriculture, forestry, animal husbandry, and fishery led the gains, while military industry, automobiles, social services, and electronics led the losses [35]. - **Influence of Market Styles on Indexes**: For the SSE 50 Index, the cyclical style contributed positively, while the growth and consumer styles contributed negatively on the day. For the CSI 300 Index, the cyclical and financial styles contributed positively, while the growth and consumer styles contributed negatively. For the CSI 500 and CSI 1000 Indexes, most styles contributed negatively on the day [36][37]. - **Valuation and Other Indicators**: The report presents the valuation and historical quantiles of important indexes and Shenwan sectors, as well as data on market weekly average trading volume, weekly average turnover rate, the number of rising and falling stocks, index trading volume changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading volume [38][44]. Liquidity Tracking - The report shows the central bank's open - market operations (including money injection, money withdrawal, and net money injection) and the Shibor interest rate level [50][51].

Report Industry Investment Rating No information provided in the report. Core Views - Scale: The growth of passive index funds has slowed down. As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF-linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale [3]. - Position: The positions of active equity funds decreased slightly. In terms of arithmetic average and stock market value weighted average position levels, the positions of active equity funds decreased by 1.13 pct. and 0.91 pct. respectively. Specifically, the funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [3]. - Sector distribution and allocation: There was a significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board. In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. Specifically, the under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [3]. - Industry allocation: In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [3]. - Heavy - held individual stocks: The total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5 [3]. - Total shareholding: Stocks such as Foxconn Industrial Internet were reduced, while stocks such as Industrial Bank were increased. In Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [3]. - Central Huijin ETF holdings: According to the holder data disclosed in the Q4 2025 public fund regular reports, as of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [3]. Summary by Directory 1. Equity Fund Scale, Position, and Sector Distribution - **1.1 Passive index fund quantity and scale growth slow down, active equity fund positions decrease slightly**: As of the end of Q4 2025, there were 7,583 equity funds (excluding ETF - linked funds and FOF funds) in the market, an increase of 294 from Q3 2025. The total scale of all equity funds was RMB 9,457.212 billion, a decrease of RMB 27.704 billion from the previous quarter. Passive index funds had the largest increase in both quantity and scale. In Q4 2025, the positions of active equity funds decreased slightly. The arithmetic average and stock market value weighted average position levels decreased by 1.13 pct. and 0.91 pct. respectively. The funds with the largest position decreases were partial equity hybrid funds and flexible allocation funds [10][12]. - **1.2 Significant reduction in the allocation to the Hong Kong Stock Exchange and an increase in the allocation to the Main Board**: In Q4 2025, the total scale of all top ten heavy - held stocks decreased by RMB 67.305 billion compared with the previous quarter. Among them, the scale of the Main Board increased, while the scales of the other sectors decreased. The allocation ratio of the Main Board increased by 2.14 pct. quarter - on - quarter, and the allocation ratio of the Hong Kong Stock Exchange decreased by 1.54 pct. quarter - on - quarter. Compared with the allocation ratio of the total A - share floating market value among sectors, active equity funds continued to under - allocate the Main Board and over - allocate the Science and Technology Innovation Board and the Growth Enterprise Market in Q4. The under - allocation ratio of the Main Board was - 20.51%, and the over - allocation ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 13.50% and 7.00% respectively. The under - allocation ratio of the Main Board and the over - allocation ratio of the Science and Technology Innovation Board both narrowed slightly quarter - on - quarter [15][16]. 2. Industry Allocation - **2.1 Heavy - held A - share industry distribution**: In Q4 2025, the top ten heavy - held industries of active equity funds were electronics, non - ferrous metals, power equipment, communication, computer, machinery, automobile, non - bank finance, pharmaceutical biology, and household appliances. Compared with Q3 2025, the rankings of non - ferrous metals and other industries increased significantly, while the ranking of pharmaceutical biology decreased significantly. In Q4, the top five industries with an increase in the proportion of holding market value were non - ferrous metals, communication, household appliances, environmental protection, and non - bank finance; the top five industries with a decrease in the proportion of holding market value were electronics, pharmaceutical biology, media, banking, and machinery [22][24]. - **2.2 Heavy - held A - share active allocation**: Compared with the weights of CSI 300 constituent stocks, in Q4, active equity funds' heavy - held A - shares maintained a relatively high over - allocation ratio in industries such as electronics, non - ferrous metals, and power equipment. The over - allocation ratio of electronics was 7.31%, that of non - ferrous metals was 4.10%, and that of power equipment was 2.05%. Industries such as banking, non - bank finance, and food and beverage were still under - allocated. The under - allocation ratio of banking was - 9.62%, that of non - bank finance was - 6.44%, and that of food and beverage was - 4.12%. Compared with Q3, the over - allocation ratio of non - ferrous metals increased significantly, while the over - allocation ratio of electronics decreased significantly [28]. 3. Heavy - Held Stock Situation - **3.1 Tencent Holdings drops out of the top 5, Zijin Mining enters the top 5**: Among the top 20 heavy - held stocks by market value, the total market value of active equity funds' holdings of CATL was RMB 181.5 billion, ranking first. The top five stocks in terms of holding market value were CATL, Zhongji Innolight, New Fiber Optic, Kweichow Moutai, and Zijin Mining. Compared with the previous quarter, Tencent Holdings dropped out of the top 5, and Zijin Mining entered the top 5. In terms of the number of funds with positions, the top five stocks with the most positions in Q4 were CATL, Zhongji Innolight, Zijin Mining, New Fiber Optic, and Tencent Holdings. Among them, 2,043 active equity funds held positions in CATL. Compared with the previous quarter, Zhongji Innolight's ranking rose by 2 places, and Tencent Holdings' ranking dropped by 2 places [31][33]. - **3.2 Stocks such as Foxconn Industrial Internet are reduced, while Industrial Bank is increased**: From the perspective of the change in the total amount of heavy - held stocks held by active equity funds, in Q4, Industrial Bank, Ping An of China, Meituan - W, Tuojing Technology, and Dongshan Precision had the highest increase in total shareholding. In contrast, Foxconn Industrial Internet, East Money, Alibaba - W, EVE Energy, and CATL had the highest reduction in total shareholding [35]. 4. Central Huijin ETF Holdings As of the end of Q4 2025, the shareholdings of Central Huijin Investment Co., Ltd. and Central Huijin Asset Management Co., Ltd. in most broad - based and industry - specific ETFs remained stable. Only in some industry - themed ETFs were there small redemption actions observed: the special plan managed by Huijin Asset Management redeemed 16 million shares of the automobile ETF and 338 million shares of the electronics ETF under China Asset Management in Q4 [37].

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 政策讯号下看当前转债估值 ——可转债周报 20260117 报告要点 [Table_Summary] 融资保证金上调或对转债短期情绪有所压制，在全市场溢价率逼近前高的背景下，或需警惕回 调风险。结构上，年后中大盘转债主导估值抬升，低评级品种估值上行，小盘及高评级估值相 对低估；在高估值市场背景下需防范强赎引致溢价压缩。当周 A 股震荡分化，中盘及科创指数 占优，传媒、计算机等科技成长方向领涨，拥挤度分化。转债市场走强，中小盘转债优于大盘， 估值普遍拉伸，隐波与市价中位数维持高位，部分双高标的涨幅居前。一级市场发行较平稳， 储备充裕；条款博弈仍是焦点，下修意愿弱而赎回博弈加剧，需关注大额高评级品种强赎风险。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 政策讯号下看当前转债估值 2] ——可转债周报 20260117 [Table_Summary2] 当周核心观点 SAC：S0490524080003 SAC：S04905 ...

基金 2026 年 1 月 27 日 主动权益基金 2025 年四季报 股票仓位回落，重点增持有色金属和通信行业 相关研究报告 【平安证券】基金季度报告*主动权益基金 2024 年 四季报：股票仓位下降，增持电子、减持有色金属 *20250125 【平安证券】基金季度报告*主动权益基金 2025 年 一季报：港股仓位抬升，腾讯控股成为第一大重仓 股*20250425 【平安证券】基金季度报告*主动权益基金 2025 年 二季报：新发规模边际回暖，港股仓位继续抬升 *20250724 【平安证券】基金季度报告*主动权益基金 2025 年 三季报：股票仓位抬升，重点增持科技和新能源行 业*20251030 证券分析师 | 郭子睿 | 投资咨询资格编号 | S1060520070003 | | --- | --- | --- | | GUOZIRUI807@pingan.com.cn | 任书康 | 投资咨询资格编号 | | S1060525050001 | RENSHUKANG722@pingan.com.cn | | | 陈瑶 | 投资咨询资格编号 | S1060524120003 | | CHENYAO370 ...

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The equity bull market expectation combined with the rigid demand for convertible bonds has led to persistently high valuations in the convertible bond market. Attention should be paid to the risks of forced redemptions and the double - kill of the underlying stocks and valuations during the earnings disclosure period. [4] Summary by Directory 1. Market Performance - Last week, the median convertible bond price continued to rise to 142 yuan. The average daily trading volume of the entire convertible bond market was 78.6 billion yuan, a 15% decrease from the previous week. The 100 - yuan premium rate continued to rise to 35% at its historical high level. The implied volatility fluctuated around the historical extreme of 45%, and the implied volatility spread dropped from around 13% to around 11%. The trading sentiment of convertible bonds cooled marginally, the trading popularity of low - rated convertible bonds was adjusted, but the turnover rate of small - balance convertible bonds remained high. [1] - Among sub - new bonds, the median price of the underlying stocks rose 2.9%, the median price of convertible bonds rose 3.9%, and the conversion premium rate increased by 2.6%. High - parity convertible bonds rose 2.4%, outperforming the underlying stocks by 0.8%. [1] - In a high - level environment, each industry is mainly composed of equity - like convertible bonds and double - high convertible bonds. Industries with more than 50% of double - high convertible bonds include agriculture, forestry, animal husbandry, and fishery, automotive, computer, and pharmaceutical and biological sectors, with relatively high deviations in convertible bond valuations; industries with more than 50% of equity - like convertible bonds include non - ferrous metals, non - bank finance, military, and machinery and equipment, with high elasticity and strong offensive capabilities. [2] 2. Capital Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the main ETFs represented by the SSE 50 and CSI 1000 had capital outflows, while the CSI 2000 had an inflow of 25% and the gold ETF's share increased by 12%. [3] - The convertible bond ETF has been sought after by funds recently, with its fund shares increasing significantly for three consecutive weeks, and last week, the shares continued to grow by 6%. The share of interest - rate bonds continued to shrink significantly. [3] 3. Investment Strategy - When selecting bonds, emphasis should be placed on the performance support of the underlying stocks. For the latest earnings forecasts, pay attention to Bojun Convertible Bond and Guoli Convertible Bond. [4] - For new bonds, it is recommended to focus on: Weidao Convertible Bond and Yongxi Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond for power grid equipment; Yingliu Convertible Bond for gas turbines; Bo 25 Convertible Bond for automotive parts' wire - controlled braking suppliers; and Jin 25 Convertible Bond. [4]

Group 1: Fund Positioning Insights - In Q4 2025, the proportion of actively managed equity funds holding stocks decreased to 84% of total assets, with increased allocations to cyclical and AI sectors, while reducing exposure to Hong Kong stocks[2] - The configuration coefficient for A-share communication and non-ferrous metals increased significantly, while media and real estate saw the largest declines[2] - The concentration of holdings among top 50 and top 100 stocks decreased to 52.7% and 63.3% respectively, indicating a slight diversification in fund holdings[20] Group 2: Market Trends and Performance - Fund redemptions in Q4 2025 narrowed by over 50% compared to Q3 2025, with net asset values recovering to levels seen in 2020-2021, suggesting reduced redemption pressure[4] - The low concentration of holdings is primarily in cyclical and technology sectors, with significant interest in TMT (semiconductors) and cyclical products[3] - The overall configuration coefficient for the cyclical sector rose to 100%, indicating strong fund interest in this area[26] Group 3: Sector-Specific Adjustments - Funds are increasingly focusing on communication and non-ferrous metals, with a consensus to increase positions in these sectors while reducing exposure to pharmaceuticals and retail[5] - The consumer sector saw a general reduction in allocation, particularly in food and beverage, with white liquor allocations dropping to a historical low of 0%[27] - The manufacturing sector's configuration coefficient decreased, with notable reductions in defense and power equipment, while solar equipment saw an increase[26]

Core Viewpoint - The non-bank financial sector has experienced significant fluctuations, with the insurance sector reaching a five-year high before facing a two-week correction, highlighting a divergence in the driving logic between insurance and brokerage firms [1] Group 1: Insurance Sector Value Reassessment - The insurance sector is undergoing a value reassessment driven by liability-side reforms, asset-side recovery, and regulatory easing, leading to sustained fundamental improvements since 2025 [2] - Structural optimization on the liability side is central to the value recovery, with regulatory changes lowering the guaranteed interest rates for various insurance products, thus alleviating long-term risks and improving the cost structure [3] - The asset side has seen a reversal in returns, with the ten-year government bond yield stabilizing at 1.84% by the end of 2025, improving the industry's profit outlook and driving significant profit growth among major insurers [4] - Regulatory easing and product strategy optimization have created a synergistic effect, supporting valuation recovery in the insurance sector, particularly through the promotion of dividend insurance products [5] Group 2: Liquidity Support in the Insurance Sector - The influx of medium- to long-term funds into the market has become a key feature since 2025, with these funds favoring high-dividend assets, making the insurance sector a primary beneficiary [6] - Policies initiated in early 2025 aimed at promoting medium- to long-term funds entering the market have provided comprehensive institutional support for insurance investments [6] - A positive cycle has formed where increased returns from equity investments lead to more funds flowing into the insurance sector, enhancing liquidity and market activity [7] Group 3: Brokerage Sector Performance and Future Direction - The brokerage sector is experiencing a paradox of high earnings growth but stagnant stock prices, attributed to regulatory changes and shifts in market funding flows [8] - Despite impressive earnings growth in 2025, the brokerage sector has not led market rallies, contrasting sharply with its role during the 2015 bull market, due to intensified regulation and a shift in investor focus [9] - Mergers and acquisitions are seen as a necessary path for restructuring the brokerage industry, with government support aimed at enhancing international competitiveness and optimizing resource allocation [12] Group 4: Structural Opportunities in Non-Bank Financial Sector - The non-bank financial sector is positioned for structural opportunities as the equity market recovers, benefiting from increased trading volumes and improved profitability in both brokerage and insurance sectors [13] - The brokerage sector is currently undervalued, with significant potential for valuation recovery, particularly through mergers and acquisitions that enhance competitive positioning [14] - The insurance sector is expected to see continued growth in new policy premiums, driven by attractive product offerings in a low-interest-rate environment, making it a core focus for investment [15]

Investment Rating - The report indicates a positive outlook for sectors such as non-ferrous metals, communication, and non-bank financials, while suggesting a reduction in exposure to electronics and pharmaceuticals [4][6][9]. Core Insights - The overall asset scale of public funds continues to expand, with total assets rising from 38.1 trillion to 39.5 trillion yuan in the fourth quarter of 2025. However, the proportion of equity assets has decreased by 0.7 percentage points to 22.9%, while bond assets have increased by 0.6 percentage points to 53.4% [2][3]. - Active equity funds have seen a slight decrease in total assets from 3.1 trillion to 3 trillion yuan, with stock assets dropping to 2.6 trillion yuan and a decrease in equity position by 1.4 percentage points to 87%. A-share positions have increased from 71.7% to 72.3% [3][4]. - The report highlights a shift in fund holdings, with a decrease in concentration among leading stocks, as the top 100 stocks' market value share fell from 60.3% to 58.8% [6][9]. Summary by Sections Public Fund Position Changes - In Q4 2025, the A-share index rose by 2.2%, while the ChiNext index fell by 10.1%. The median return for actively managed equity funds was -1.5%, marking the lowest quarterly return of the year [1][3]. - The report notes that the proportion of equity assets in public funds has decreased, with stock assets slightly increasing to over 9 trillion yuan, but the overall equity proportion has declined [2][3]. Sector Allocation Changes - There has been an increase in allocations to non-ferrous metals (up 2.3 percentage points), communication (up 2 percentage points), and non-bank financials (up 1 percentage point). Conversely, reductions were noted in electronics (down 1.8 percentage points), pharmaceuticals (down 1.7 percentage points), and media [6][7][9]. - The report indicates that the communication equipment sector has seen significant increases in allocations, while sectors like consumer electronics, innovative pharmaceuticals, and semiconductors have experienced notable reductions [15][19]. Market Outlook - The report suggests that the A-share market is expected to show a "long-term" and "steady" trend, supported by multiple factors including industry hotspots, improving profit expectations, and a favorable liquidity environment [9][10]. - Recommendations for future investments include focusing on sectors with growth potential such as AI technology, overseas demand-driven industries, and high-dividend yielding companies [10].

截至1月26日，市场融资余额合计2.71万亿元，较前一交易日增加18.81亿元，其中，沪市融资余额 13667.99亿元，较前一交易日增加13.82亿元；深市融资余额13323.04亿元，较前一交易日增加5.73亿 元；北交所融资余额89.19亿元，较前一交易日减少7343.29万元。 证券时报·数据宝统计显示，具体到个股，1月26日共有1936只股获融资净买入，净买入金额在千万元以 上的有707只，其中53只融资净买入额超亿元。中国平安融资净买入额居首，当日净买入4.44亿元，其 次是北方稀土、中国铝业，融资净买入金额分别为4.17亿元、4.16亿元，融资净买入金额居前的还有西 部矿业、迈为股份、东方财富等。 | 代码 | 简称 | 1月26日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 601318 | 中国平 | 0.38 | 44408.15 | 3316709.51 | 4.85 | 非银金 | | | ...