Core Insights - The North Exchange 50 index experienced a decline of 2.50%, closing at 1,565.58 points, with a trading volume of 480.45 billion yuan and a turnover rate of 7.90% on January 13, 2026 [1][4] - The overall valuation of companies listed on the North Exchange is approximately 49.78 times earnings, which is higher than the valuations of companies on the ChiNext and Sci-Tech Innovation Board [1][8] - The most significant gainers in the market included sectors such as media (+9.8%), oil and petrochemicals (+6.3%), and pharmaceuticals (+5.4%), while the largest declines were seen in non-ferrous metals (-9.7%), defense and military (-6.9%), and telecommunications (-4.5%) [1][2] Market Performance - The North Exchange's total market capitalization reached 944.93 billion yuan, with a circulating market value of 575.17 billion yuan [1] - The trading activity on January 13 showed a significant increase compared to the average daily trading volume of 26.13 billion yuan from the previous week [1] - Among the 287 listed companies, 102 saw an increase in stock price, while 182 experienced a decline, indicating a mixed market sentiment [1] Individual Stock Performance - The top-performing stocks included Xin Ganjiang (+30.00%), Kang Le Wei Shi (+29.90%), and Yi Neng Power (+20.06%), while the largest losers were Tian Li Composite (-16.24%), Fuji Da (-13.96%), and Xing Chen Technology (-12.88%) [6][7] - The most actively traded stocks by turnover included Xing Tu Ce Kong (2.271 billion yuan), Liu Jin Technology (1.623 billion yuan), and Zhong Cheng Technology (1.268 billion yuan) [1] Valuation Analysis - The average price-to-earnings (P/E) ratio for companies in the non-ferrous metals sector was the highest at 136.3 times, followed by household appliances at 91.6 times and telecommunications at 90.2 times [1][8] - The valuation of companies on the North Exchange remains consistently higher than that of companies on the ChiNext, indicating a premium for North Exchange listings [1][9] Industry Insights - The North Exchange is witnessing a diverse range of industry performances, with significant growth in sectors like pharmaceuticals and media, while traditional sectors like non-ferrous metals are facing challenges [1][10] - The distribution of listed companies across various industries shows a balanced representation, with a focus on innovation-driven sectors [11]

Market Overview - The Shanghai Composite Index closed at 4138.76 points, down 0.64%, with a trading volume of 14816 billion yuan [1] - The Shenzhen Component Index closed at 14169.40 points, down 1.37%, with a trading volume of 21694.91 billion yuan [1] - The ChiNext Index closed at 3321.89 points, down 1.96%, with a trading volume of 10869.22 billion yuan [1] - The STAR 50 Index closed at 1469.57 points, down 2.8%, with a trading volume of 1044 billion yuan [1] - The total trading volume of both markets reached a historical high of 36510.91 billion yuan, an increase of 496.71 billion yuan from the previous trading day [1] Sector Performance - Among industry sectors, oil and petrochemicals, pharmaceuticals, non-ferrous metals, precious metals, and insurance showed the highest gains [3] - Concepts such as recombinant proteins, lithium mines, CRO, vitamins, and gold were actively traded [3] - The sectors with the largest declines included defense, electronics, communications, construction materials, machinery, real estate, and steel [3] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 1286.54 billion yuan, with the ChiNext experiencing a net outflow of 557.08 billion yuan [4][5] - Only three sectors, namely pharmaceuticals, beauty care, and oil and petrochemicals, saw net inflows of main funds, totaling 39.91 billion yuan, 1.15 billion yuan, and 0.82 billion yuan respectively [5] - The computer sector had the largest net outflow of main funds, amounting to 223.21 billion yuan [5] Individual Stock Performance - A total of 1977 stocks experienced net inflows, with 92 stocks receiving over 1 billion yuan in net inflows [6][7] - The stock with the highest net inflow was Haige Communication, with a net inflow of 17.57 billion yuan [7] - Conversely, 3188 stocks faced net outflows, with 371 stocks seeing over 1 billion yuan in net outflows [8][9] - The stock with the highest net outflow was Goldwind Technology, with a net outflow of 50.08 billion yuan [9] Institutional Activity - Institutional investors had a net buying of approximately 17.66 billion yuan, with 25 stocks being net bought and 14 stocks being net sold [10] - The stock with the highest net buying by institutions was China Satellite, with a net buying amount of about 6.79 billion yuan [10]

证券 时报·数据宝统计，今日有4个行业主力资金净流入，27个行业主力资金净流出。资金净流入金额最 大的行业为医药生物，涨跌幅1.21%，整体换手率4.18%，成交量较前一个交易日变动43.54%，主力资 金净流量43.48亿元；今日资金净流出最大的行业为电子，涨跌幅-3.30%，整体换手率4.66%，成交量较 前一个交易日变动-7.96%，主力资金净流量-370.10亿元。（数据宝） | 房地产 | 55.88 | -4.39 | 2.55 | -1.67 | -18.88 | | --- | --- | --- | --- | --- | --- | | 家用电 | 26.68 | 4.56 | 3.49 | -1.50 | -26.74 | | 器 | | | | | | | 商贸零 | 63.80 | 3.39 | 5.34 | -1.50 | -28.28 | | 售 | | | | | | | 非银金 | 73.75 | -10.97 | 1.76 | -0.13 | -31.66 | | 融 | | | | | | | 基础化 | 91.87 | -6.33 | 3.36 | -0.47 | -3 ...

高换手率个股中，公布2025年全年业绩预告的共有5只。业绩预告类型来看，预增有5只。以净利润增幅 中值来看，净利润增幅最高的是川金诺，预计净利润中值为4.55亿元，同比增幅为158.44%；天溯计 量、新广益、纳百川紧随其后，预计净利润增幅中值为10.31%、10.00%、9.72%。（数据宝） 创业板指今日下跌1.96%，报收3321.89点，创业板全日成交额10869.22亿元，比上个交易日减少92.97亿 元。今日可交易创业板股中，402只股收盘上涨，涨幅超过10%的有30只，其中，思创医惠、诺思格、 泓博医药等11股涨停，涨幅在5%至10%之间的有51只，收盘下跌的有972只，跌幅超10%的有29只。 证券时报·数据宝统计显示，换手率方面，创业板今日平均换手率为8.00%，换手率区间分布显示，换手 率超过20%的有119只，换手率10%~20%之间的有231只，换手率5%~10%的有491只，换手率1%~5%的 有532只，换手率不足1%的有20只。 换手率最高的是威士顿，该股今日收盘上涨10.39%，全天换手率53.67%，成交额14.76亿元；其次是天 龙集团，该股今日收盘涨停，全天换手率52.8 ...

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 (up 1.62%) and the pharmaceutical and biotechnology sector (up 1.21%) [1] - The defense and military industry and the electronics sector saw the largest declines, down 5.50% and 3.30% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 162.743 billion yuan, with only four industries seeing net inflows [1] - The pharmaceutical and biotechnology sector had the highest net inflow of capital at 4.348 billion yuan, followed by the oil and petrochemical sector with 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] Pharmaceutical and Biotechnology Sector Performance - The pharmaceutical and biotechnology sector rose by 1.21%, with a total of 478 stocks in the sector, of which 329 stocks increased in value and 16 stocks hit the daily limit [2] - A total of 256 stocks in the sector saw net capital inflows, with 21 stocks receiving over 100 million yuan in net inflows; leading was Mindray Medical with a net inflow of 372 million yuan [2] - The stocks with the highest net outflows included Hainan Haiyao, Huahai Pharmaceutical, and Sanbo Brain Science, with net outflows of 204 million yuan, 164 million yuan, and 153 million yuan respectively [2] Top Gainers in Pharmaceutical Sector - Notable gainers included: - Mindray Medical: up 0.09% with a capital flow of 371.57 million yuan [3] - International Medical: up 9.96% with a capital flow of 290.33 million yuan [3] - Haiwang Biological: up 9.97% with a capital flow of 242.73 million yuan [3] - Boji Pharmaceutical: up 19.96% with a capital flow of 241.23 million yuan [3] - Erkang Pharmaceutical: up 19.95% with a capital flow of 237.43 million yuan [3] Top Losers in Pharmaceutical Sector - Notable losers included: - Hainan Haiyao: down 4.82% with a capital outflow of 203.78 million yuan [5] - Huahai Pharmaceutical: down 3.60% with a capital outflow of 163.67 million yuan [5] - Sanbo Brain Science: down 3.93% with a capital outflow of 153.22 million yuan [5] - Xiangrikui: down 5.49% with a capital outflow of 147.26 million yuan [5] - Luyan Pharmaceutical: down 3.74% with a capital outflow of 110.10 million yuan [5]

Market Performance - The Sci-Tech 50 Index fell by 2.80%, closing at 1469.57 points, with a total trading volume of 7.145 billion shares and a turnover of 375.183 billion yuan, resulting in an average turnover rate of 3.64% [1] - Among the tradable stocks on the Sci-Tech board, 167 stocks closed higher, with 9 stocks rising over 10%, and 431 stocks closed lower, with 24 stocks declining over 10% [1] Stock Turnover Rates - The distribution of turnover rates shows that 12 stocks had turnover rates exceeding 20%, 54 stocks had rates between 10% and 20%, and 129 stocks had rates between 5% and 10% [1] - The stock with the highest turnover rate was Jianxin Superconductor, which closed up by 2.04% with a turnover rate of 25.97% and a trading volume of 388 million yuan [1] - Other notable stocks with high turnover rates include Angrui Micro, which closed down by 9.04% with a turnover rate of 22.67%, and Puyuan Information with a turnover rate of 22.11% [1] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation, with 53 stocks, followed by the computer and pharmaceutical sectors with 36 and 25 stocks, respectively [2] - Among the stocks with a turnover rate over 5%, 61 stocks increased in price, with Rongchang Bio, Tianzhihang, and Guangyun Technology leading with increases of 20.00%, 16.62%, and 16.42% respectively [2] Capital Flow - In terms of capital flow, 69 stocks experienced net inflows from main funds, with the highest net inflows seen in Lvdexiebo, Qiangyi Co., and Tianzhihang, amounting to 166 million yuan, 130 million yuan, and 129 million yuan respectively [2] - Conversely, significant net outflows were observed in Xinke Mobile, Huahong Company, and Western Superconductor, with outflows of 719 million yuan, 671 million yuan, and 511 million yuan respectively [2] Leverage Fund Movements - A total of 146 stocks received net purchases from leveraged funds, with notable increases in financing balances for Xinyuan Micro, Xinghuan Technology, and Dekeli, which saw increases of 562 million yuan, 505 million yuan, and 396 million yuan respectively [2] - Stocks with the largest decreases in financing balances included Youxun Co., Tengjing Technology, and Rongbai Technology, with reductions of 245 million yuan, 115 million yuan, and 8.719 million yuan respectively [2]

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]

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 | ...

Core Viewpoint - As of the end of 2025, the northbound capital has shifted its focus towards hard technology and non-ferrous metals industries, with ten industries having a market value of over 100 billion yuan [1][7]. Industry Summary - The top three industries by market value held by northbound capital at the end of 2025 are: - Power Equipment: 449.5 billion yuan, a 60.04% increase from 2024 [3][7]. - Electronics: 387 billion yuan, an 85.02% increase from 2024 [3][7]. - Non-ferrous Metals: 185.6 billion yuan, a 173.04% increase from 2024 [3][7]. - Other industries with significant holdings include: - Banking: 217.6 billion yuan, a 56.45% increase [3]. - Machinery: 98.6 billion yuan, a decrease of 3.49% [3]. - Pharmaceuticals: 148.2 billion yuan, a decrease of 35.52% [4]. Major Holdings - The top ten stocks held by northbound capital at the end of 2025 include: - Ningde Times: 254.3 billion yuan, a 76.57% increase [5][8]. - Midea Group: 77 billion yuan, a decrease of 7.99% [5][8]. - Kweichow Moutai: 75.8 billion yuan, a decrease of 35.82% [5][8]. - China Merchants Bank: 51.4 billion yuan, a 2.92% increase [5][8]. - Zijin Mining: 47.1 billion yuan, a 120.18% increase [5][8]. - Notable changes in the top ten include: - Northern Huachuang, Zhongji Xuchuang, and Lixun Precision entering the list, while Longjiang Power, Mindray Medical, and BYD dropped out [8].