Market Overview - On January 20, the A-share market experienced adjustments, with the Shanghai Composite Index briefly falling below 4100 points before closing at 4113.65, a slight decrease of 0.01% [1] - The Shenzhen Component Index and the ChiNext Index also saw declines, closing down 0.97% and 1.79% respectively [1] Sector Performance - According to Wind data, previously strong sectors such as telecommunications, computers, and electronics led the market decline on January 20 [2] - The telecommunications sector fell by 3.23% with a trading volume of 141.9 billion, while the defense and military industry dropped by 2.87% with a volume of 164.5 billion [3] - The computer sector decreased by 1.94% with a trading volume of 186.9 billion, and the electronics sector fell by 1.23% with a volume of 485.1 billion [3] Market Dynamics - Analysts attribute the market adjustment to two main factors: the impact of counter-cyclical policy adjustments and a shift in market style [5] - Recent trading days have shown a significant decrease in trading volume, with three out of the last four days recording less than 3 trillion in trading volume [5] - The market is experiencing a "high-low switch," with funds moving towards traditional sectors as earnings forecasts for listed companies are set to peak [5] Technical Analysis - The Shanghai Composite Index formed a doji candlestick pattern, indicating potential stabilization, but the market remains cautious with a focus on defensive strategies [5] - Analysts suggest that as long as the index does not fall below 4080 points, there is a likelihood of a resumption of upward momentum [6] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext are currently above their three-year median levels, indicating suitability for medium to long-term investments [6] Earnings Season Impact - As earnings forecasts enter a peak disclosure period, the correlation between stock prices and earnings is expected to increase significantly [7] - The market may undergo structural adjustments based on fundamentals, with previous hot sectors facing earnings validation while some low-priced, high-quality stocks may attract new capital [7]

2026年伊始，A股市场便以一派火热景象迎接投资者，市场热度在多个维度均有所体现，尤其以融资余额的迅猛增长最为引人注目。数据显示，从2025年12 月15日至2026年1月14日短短一个月内，A股融资余额犹如脱缰野马，自2.489万亿元一路飙升至2.681万亿元附近，增幅逼近2000亿元，投资者借钱炒股的热 情空前高涨。1月12日，单日融资净买入额更是创下阶段性纪录，高达460.5亿元。 杠杆资金的持续涌入，也反映出市场对某些特定板块的狂热追捧。据统计，电子、国防军工、计算机、电力设备等行业在过去一个月内融资净买入额均突破 百亿元大关，其中电子行业以高达315亿元的融资净买入额遥遥领先。 然而，就在市场一片欢腾之际，监管之手悄然伸出。1月14日午间休市时段，沪深北三大交易所同步发布公告，宣布自当日起将融资保证金最低比例由80% 上调至100%。此举无疑是一记重拳，直击市场过热后的非理性炒作行为。值得注意的是，此次调整采取"新老划断"原则，仅适用于新开融资合约，存量合 约则不受影响，体现出监管层呵护市场的良苦用心。 其次，市场结构正在发生深刻变化。前期被热炒的AI应用、商业航天等题材股，由于缺乏业绩支撑，成为资 ...

2026.01. 20 V U.U 170 V UNS / 70 1.1370 A股三大指数呈现分化调整格局,上证指数展现出较强韧性,4100点失而复得,主要得益于房 地产、银行、石油石化等权重板块的拉升,深证成指与创业板指受科技成长股承压有所调整。 2231 家上涨 涨跌停比 散户资金净流入 两市成交额温和放量,资金从前期热门题材板块流 向估值相对较低或有一定基本面支撑的板块,板块 轮动、资金高低切换带来的调仓换股操作,是贡献 成交额放大的重要因素,另外部分投资者选择卖出 获利了结或止损,同时也有资金在调整中寻找低吸 机会,共同推动了成交额的放大。 资金情绪 9 市场跌多涨少,分化明显。受政策预期与防御属性 影响,房地产产业链涨幅居前,石油石化、基础化工 板块表现活跃, 大消费 (如食品饮料) 和银行板块相 对抗跌。国防军工行业表现不佳,TMT板块(通信、 计算机、电子等）及电力设备 (新能源)等科技成长 方向普遍调整幅度较大。 两市成交额 10万亿元 ▲2.56% 主力资金净流出 068.4 机构调仓换股,抛售电力设备、通信、航天航空等前期热门板块,转向估值较低、具备防御属性的银行、工 程建设、保险、房地 ...

1月20日，A股震荡回调，上证指数险守4100点，创业板指跌破3300点，深证成指、沪深300、中证500等均收出带长下影线的小阴线，市场成交2.8万亿 元。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | | 14155.63 | -0.97% | | 000001 | 上证指数 | . | 4113.65 | -0.01% | | 399006 | 创业板指 | | 3277.98 | -1.79% | | 000016 | 上证50 | | 3070.65 | -0.17% | | 000300 | 沪深300 | . | 4718.88 | -0.33% | | 000688 | 科创50 | | 1482.99 | -1.58% | | 899050 | 北证50 | . . | 1517.60 | -2.00% | | 000905 | 中证500 | | 8247.80 | -0.48% | | 000852 | 中证1000 | | 8182.75 | -1.00% | 盘面上，化工、贵金属、房 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The secondary - market trends of industrial bond sub - industries show a divergence in the correlation between primary and secondary markets. This divergence may be due to differences in supply among industries and differences in bond liquidity and trading popularity within each industry. If an industry has many issuing entities with strong willingness and ability to issue bonds and is in a good development trend, the probability of a synchronous resonance relationship between primary - market supply and secondary - market demand is relatively high, which can improve the accuracy of judging trading signals of narrowing spreads from daily net financing [1][14]. - Most industries have trading signals transmitted from primary - market supply to secondary - market demand, including comprehensive, non - ferrous metals, and others. Some industries show a stronger negative correlation between primary - market supply and secondary - market demand, such as comprehensive and non - ferrous metals. Some industries have a weak correlation between daily net financing and daily spreads, including communication and food and beverage [2][4]. Summary by Directory 1. Industrial Bond Sub - industries Show Divergence in Primary - Secondary Market Trend Correlation - **Research Method**: Classify industrial bond issuers by Shenwan primary industries, calculate the daily net financing and daily credit spreads of each sub - industry from January 1, 2025, to December 19, 2025, to observe the correlation between primary - market supply and secondary - market demand [12]. - **Divergence Performance**: Most industries have trading signals transmitted from primary - market supply to secondary - market demand, while some do not show this feature significantly [13]. - **Reasons for Divergence**: Differences in supply among industries are related to the number, size, and life - cycle stage of issuing entities. Differences in bond liquidity and trading popularity within industries are related to the scale of outstanding bonds, valuation levels, and event catalysts [14]. 1.1. Industries with Obvious Correlation - **Comprehensive Industry**: From January to March 2025, daily net financing decreased and daily spreads increased; from March to June, daily net financing increased and daily spreads decreased; from June to December, both were in a low - level oscillation [21]. - **Non - ferrous Metals Industry**: From January to July 2025, daily net financing increased and daily spreads decreased; from July to September, daily net financing decreased and daily spreads increased; from October to December, both were in a low - level oscillation [25]. - **Other Industries**: Similar analysis is conducted for industries such as pharmaceutical biology, social services, and others, with different trends in different time intervals [27][30][32]. - **Common Features**: These industries generally have a large scale of outstanding bonds and high institutional investor attention, which is conducive to the transmission of primary - market supply changes to secondary - market spread changes [3][87]. 1.2. Industries with General Correlation - **Industries Included**: Communication, food and beverage, and other industries have a weak correlation between daily net financing and daily spreads, and the linkage and transmission between primary - and secondary - market indicators are relatively weak [4][13]. - **Reasons**: These industries have low participation in the bond market, and their secondary - market trading demand is more affected by overall bond - market trends, industry risk premiums, and liquidity premiums. Different types of industries have specific reasons for the weak correlation [4][90][91].

1月20日，沪指下跌0.01%，深成指下跌0.97%，创业板指下跌1.79%，沪深300指数下跌0.33%。可交易 A股中，上涨的有2233只，占比40.85%，下跌的3102只。 资金面上，今日主力资金全天净流出957.23亿元，已连续11个交易日资金呈净流出状态。其中，创业板 主力资金净流出361.69亿元；科创板主力资金净流出107.81亿元；沪深300成份股主力资金净流出248.80 亿元。 分行业来看，申万所属的一级行业中，今日上涨的有20个，涨幅居前的行业为石油石化、建筑材料，涨 幅为1.74%、1.71%。跌幅居前的行业为通信、国防军工，跌幅为3.23%、2.87%。 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） | | --- | --- | --- | --- | --- | --- | | 银行 | 0.80 | 14.72 | 环保 | 0.45 | -5.04 | | 房地产 | 1.55 | 6.27 | 社会服务 | 0.01 | -5.20 | | 基础化工 | 1.15 | 4.75 | 钢铁 | 0 ...

盘面上，化工、贵金属、房地产、航空机场等板块涨幅居前，航天装备、光伏设备、通信设备、玻璃玻 纤等板块跌幅居前。 Wind实时监测数据显示，公用事业行业获得主力资金逾37亿元净流入，建筑装饰获得逾36亿元净流 入，房地产、银行、基础化工、建筑材料四行业均获得超20亿元净流入，交通运输、商贸零售也获得超 10亿元净流入。电子、电力设备、通信、国防军工、计算机等行业主力资金则净流出超百亿元。 个股方面，中国西电、山子高科、浙文互联、中国电建、九鼎新材（维权）、通富微电等6股获主力资 金净流入超10亿元，湖南白银、上海电力、格力电器、中国中免等逾180股也获得超亿元净流入。 | 代码 | 名称 | 现价 | 涨跌幅 | 主力净流入额 | 总市值1 | | --- | --- | --- | --- | --- | --- | | 601179 | 中国西电 | 15.63c | 8.84% | 15.61亿 | 801亿 | | 000981 山子高科 | | 5.42c | 6.69% | 14.23亿 | 542亿 | | 600986 浙文互联 | | 9.97c | 10.04% | 13.18亿 | 148 ...

【博时市场点评1月20日】两市继续震荡，市场风格切换 每日观点 今日沪深三大指数震荡调整，两市成交较昨日小幅放量至2.8万亿，资金交易热度较前期有所降温，市 场风格呈现从高估值成长板块向价值板块切换的特征。昨日发布2025年中国实际GDP同比5.0%，四季 度实际GDP同比4.5%，符合市场预期。12月规模以上工业增加值同比增长5.2%，全国固定资产投资累 计同比-3.8%。消费方面，12月份社零同比增速为0.9%。四季度经济仍主要呈现供给强于需求、外需好 于内需的特征，单12月看，生产端和外需端呈现强韧性，但投资和消费仍然偏弱，内需不足仍是核心问 题。展望今年，经济总体从追求速度向追求质量和效率转变仍然是核心逻辑，供给强需求弱的背景下， 进一步优化供给、修复价格、改善盈利将是重要的目标。 消息面 1月20日，中国人民银行授权全国银行间同业拆借中心公布，2026年1月20日贷款市场报价利率（LPR） 为：1年期LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 简评：LPR"按兵不动"符合市场预期，反映出在近期银行净息差承压、12月金融数据显示企业贷款利率 已处于历史低位的背 ...

芬坎蒂尼与莱昂纳多均为意大利政府控股企业，目前已在多个项目中开展合作。然而，由于政治因素与商业优先事项上的分歧，双方此前有关深化产业整合 的讨论一直未能取得进展。 中国航空新闻网讯：据外媒1月19日报道，意大利国防与航空航天巨头莱昂纳多集团董事长斯特凡诺·蓬泰科尔沃日前公开表示，未来可能与意大利国有造船 企业芬坎蒂尼集团进行合并。 蓬泰科尔沃在米兰博科尼大学举行的一次会议上作出上述表态。当时，芬坎蒂尼集团运营执行副总裁克劳迪奥·西西利诺也在听众席就座。蓬泰科尔沃表 示："希望有一天我们之间能够合并。"不过他并未进一步阐述具体细节。 ...

证券研究报告 | 策略点评 2026 年 01 月 20 日 投资要点 今日关注 指数涨跌情况：今日 A 股主要指数悉数收跌。截止收盘，上证指数跌 0.01%， 收报 4113.65 点；深证成指跌 0.97%，报 14155.63 点；科创 50 跌 1.58%，收 报 1482.99 点；创业板指跌 1.79%，收报 3277.98 点。总体上，全天个股涨少 跌多，Wind 数据显示，全市场 2231 只个股上涨，3102 只个股下跌，137 只个 股收平。沪深两市今日成交额合计 27777 亿元，较上个交易日放量 693 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，石油石化、建筑材料、房地产、 交通运输、建筑装饰、基础化工等涨幅靠前，涨幅分别为 1.74%、1.71%、1.55%、 1.25%、1.24%、1.15%，通信、国防军工、计算机等跌幅靠前，跌幅分别为 3.23%、 2.87%、1.94%。 概念板块涨跌情况：今日涨幅居前概念板块为培育钻石、水泥制造精选、房 地产精选、大基建央企、化学原料精选、食品加工精选、先进封装、黄金珠 宝、一级地产商、航空运输精选、银行精选、央企、老基建、西部大基建 ...