炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尧望后势 拥挤度是兴证策略团队独家构建的反映热门赛道交易情绪的重要指标，由量能、价格、资金、分析师预 测四大维度、七大指标合成而来，量化跟踪市场情绪变化，对于股价短期走势有较强指示意义。 资料来源：Wind，兴业证券经济与金融研究院整理 注：时间范围为2026/2/2-2026/2/6 资料来源：Wind，兴业证券经济与金融研究院整理 注：时间范围为2025/12/31-2026/2/6 经历前期调整、防御性思维主导后，主要板块拥挤度已出现新老易位、高低易位：部分红利、消费板块 拥挤度升至高位，而多数热门赛道和主题拥挤度已回落至中等甚至偏低水平。 一、TMT 1、光模块：拥挤度中等偏低 资料来源：Wind，兴业证券经济与金融研究院整理 2、服务器：拥挤度水平中等偏低 资料来源：Wind，兴业证券经济与金融研究院整理 3、基站：拥挤度水平中等偏低 资料来源：Wind，兴业证券经济与金融研究院整理 4、光纤光缆：拥挤度水平较高 资料来源：Wind，兴业证券经济与金融研究院整理 5、IDC：拥挤度水平中等偏高 资料来源：Wind，兴业证 ...

Core Viewpoint - The congestion index, developed by the Xingsheng Strategy Team, reflects the trading sentiment in popular sectors through four dimensions: volume, price, funds, and analyst forecasts, providing strong indications for short-term stock price movements [1] Market Overview - The market has shown an upward trend led by certain themes, with profit effects concentrated in a few sectors. While some theme-driven sectors have reached high congestion levels, most sectors remain at moderate or low levels, indicating that there are still many opportunities to explore [6] Sector Summaries - **Optical Modules**: Congestion level is moderately high [7] - **Servers**: Congestion level is moderately low [9] - **Optical Fiber and Cables**: Congestion level is relatively high [12] - **IDC**: Congestion level is moderate [15] - **Computer Equipment**: Congestion level is moderately high [17] - **Optical Components**: Congestion level is moderately high [20] - **RF Components**: Congestion level is relatively high [23] - **PCB**: Congestion level is moderate [26] - **State-owned Cloud**: Congestion level is moderately low [28] - **IT Services**: Congestion level is moderately low [30] - **Financial IT**: Congestion level is moderately high [32] - **Internet of Things**: Congestion level is moderate [34] - **Semiconductor Materials**: Congestion level is moderately high [36] - **Semiconductor Equipment**: Congestion level is moderately high [39] - **Semiconductor Testing**: Congestion level is moderate [41] - **Semiconductor Design**: Congestion level is moderate [44] - **Semiconductor Manufacturing**: Congestion level is moderately high [47] - **Semiconductor Discrete Devices**: Congestion level is moderately low [51] - **Memory**: Congestion level is moderate [53] - **Consumer Electronics**: Congestion level is moderate [56] - **Smart Driving**: Congestion level is moderately high [58] - **Gaming**: Congestion level is moderately low [61] - **Digital Media**: Congestion level is relatively low [64] - **Operators**: Congestion level is moderate [67] Manufacturing Sector - **Automotive Parts**: Congestion level is moderately high [69] - **Passenger Cars**: Congestion level is moderately low [72] - **Lithium Batteries**: Congestion level is moderate [74] - **Hydrogen Energy**: Congestion level is relatively low [76] - **Energy Storage**: Congestion level is moderate [78] - **Wind Power**: Congestion level is moderately low [80] - **Smart Grid**: Congestion level is moderately low [81] - **Photovoltaic Inverters**: Congestion level is moderately low [84] - **Photovoltaic Cells**: Congestion level is relatively high [86] - **Photovoltaic Modules**: Congestion level is moderately high [89] - **Silicon Materials and Wafers**: Congestion level is moderate [91] - **Industrial Robots**: Congestion level is relatively high [94] - **Shipbuilding**: Congestion level is moderately low [96] - **Drones**: Congestion level is relatively high [99] - **Aerospace Engines**: Congestion level is relatively high [101] Consumer and Pharmaceutical Sector - **White Goods**: Congestion level is relatively low [105] - **Baijiu**: Congestion level is relatively low [106] - **Textiles and Apparel**: Congestion level is moderate [107] - **Hotel and Catering**: Congestion level is moderate [110] - **Tourism and Scenic Areas**: Congestion level is moderately high [113] - **Air Transport**: Congestion level is relatively high [116] - **Pig Industry**: Congestion level is moderately low [119] - **Traditional Chinese Medicine**: Congestion level is relatively low [122] - **Innovative Drugs**: Congestion level is relatively low [123] - **Medical Services**: Congestion level is moderately low [125] Financial and Real Estate Sector - **Real Estate**: Congestion level is relatively low [128] - **Banking**: Congestion level is relatively low [130] - **Insurance**: Congestion level is relatively high [132] - **Securities**: Congestion level is moderately low [134] Cyclical Sector - **Coal**: Congestion level is relatively low [136] - **Oil and Petrochemicals**: Congestion level is moderately high [138] - **Steel**: Congestion level is moderate [139] - **Thermal Power**: Congestion level is relatively low [141] - **Industrial Metals**: Congestion level is moderately high [143] - **Chemical Raw Materials**: Congestion level is moderately low [146]

Core Insights - The article discusses the "crowding degree" as an important indicator reflecting trading sentiment in popular sectors, constructed by combining four dimensions: volume, price, funds, and analyst forecasts, which quantitatively track market sentiment changes and have strong indicative significance for short-term stock price trends [1]. TMT Sector - Optical modules: Crowding degree is moderately high [6] - Servers: Crowding degree is moderately high [9] - Base stations: Crowding degree is moderately high [11] - Optical fiber and cables: Crowding degree is moderately high [12] - IDC: Crowding degree is moderate [12] - Computer equipment: Crowding degree is moderately low [15] - Optical components: Crowding degree is moderately high [15] - RF components: Crowding degree is moderately high [19] - PCB: Crowding degree is moderate [20] - State-owned cloud: Crowding degree is moderately low [23] - IT services: Crowding degree is low [23] - Financial IT: Crowding degree is low [26] - Internet of Things: Crowding degree is moderate [26] - Semiconductor equipment: Crowding degree is high [30] - Semiconductor materials: Crowding degree is moderately high [31] - Semiconductor packaging and testing: Crowding degree is high [33] - Semiconductor design: Crowding degree is moderately high [33] - Semiconductor manufacturing: Crowding degree is moderately high [37] - Semiconductor discrete devices: Crowding degree is moderately high [37] - Memory: Crowding degree is high [42] - Consumer electronics: Crowding degree is moderately high [44] - Smart driving: Crowding degree is moderate [44] - Gaming: Crowding degree is moderately low [48] - Digital media: Crowding degree is moderately low [50] - Operators: Crowding degree is low [52] Manufacturing Sector - Auto parts: Crowding degree is moderately high [55] - Passenger cars: Crowding degree is moderately high [57] - Lithium batteries: Crowding degree is moderately high [59] - Hydrogen energy: Crowding degree is moderately high [59] - Energy storage: Crowding degree is moderately high [62] - Wind power: Crowding degree is moderately high [62] - Smart grid: Crowding degree is moderately high [65] - Photovoltaic inverters: Crowding degree is moderately high [65] - Photovoltaic cells: Crowding degree is moderately high [69] - Photovoltaic modules: Crowding degree is moderate [69] - Silicon materials and wafers: Crowding degree is moderately high [73] - Industrial robots: Crowding degree is moderately high [73] - Shipbuilding: Crowding degree is low [77] - Drones: Crowding degree is moderately low [77] - Aircraft engines: Crowding degree is low [82] Consumer and Pharmaceutical Sector - White goods: Crowding degree is moderately low [83] - Baijiu: Crowding degree is low [86] - Textiles and apparel: Crowding degree is moderate [88] - Hotel and catering: Crowding degree is moderate [90] - Tourism and scenic spots: Crowding degree is moderately high [90] - Air transport: Crowding degree is moderately high [94] - Pig industry: Crowding degree is moderate [94] - Innovative drugs: Crowding degree is low [97] - Traditional Chinese medicine: Crowding degree is low [99] - Medical services: Crowding degree is low [101] Financial and Real Estate Sector - Real estate: Crowding degree is moderately high [51] - Banking: Crowding degree is low [105] - Insurance: Crowding degree is low [105] - Securities: Crowding degree is moderately low [105] Cyclical Sector - Coal: Crowding degree is high [55] - Steel: Crowding degree is low [111] - Oil and petrochemicals: Crowding degree is moderately low [112] - Thermal power: Crowding degree is moderately low [113] - Industrial metals: Crowding degree is moderate [113] - Chemical raw materials: Crowding degree is moderately low [118]