最近市场里，融资类资金的规模连续好几天往上走，总规模到了2.6万亿左右，不少朋友看着盘面的起起落落，一会儿觉得机会来了，一会儿又怕踩 坑。其实很多时候，我们看到的盘面表现，未必是真实的交易意愿，就像有些标的看着要回落，实际背后有大资金在动作；有些标的看着有反弹，实 际只是虚晃一枪。今天就和大家聊聊怎么用量化数据看透这些假象。 | | | 1月9日融资净买入居前个股 | | | | | --- | --- | --- | --- | --- | --- | | 代理 | 简称 | 融资净买人 | 最新融资余额 | 占流通市值 | 行业 | | | | (亿元) | (亿元) | 比例 (%) | | | 601318 | 中国智安 | 11.37 | 276.34 | 3.76 | 非银金融 | | 002202 | 全风科技 | 9.48 | 43.18 | 4.02 | 电力设备 | | 300308 | 中标旭创 | 5.41 | 214.70 | 3.33 | 通信 | | 300418 | 昆仑万维 | 5.02 | 35.19 | 5.19 | 传媒 | | 600030 | 中信证券 | 4.99 ...

1月12日，A股市场整体上涨。 截至收盘，上证指数收报4165.29点，上涨1.09%；深证成指收报14366.91点，上涨1.75%；创业板指收 报3388.34点，上涨1.82%。两市合计成交36013.76亿元，较上一交易日增加4786.81亿元。 1.两市主力资金净流出超210亿元 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-12 | -213.07 | -198.59 | -51. 60 | 53. 33 | | 2026-1-9 | -298.04 | -164. 63 | 1.02 | -16. 77 | | 2026-1-8 | -374. 35 | -163. 14 | -6. 58 | -144. 92 | | 2026-1-7 | -471.98 | -191. 26 | 8. 31 | -213. 68 | | 2026-1-6 | -176. 68 | -147.71 | 18. 05 | 33. ...

1月12日，A股市场整体上涨。 截至收盘，上证指数收报4165.29点，上涨1.09%；深证成指收报14366.91点，上涨1.75%；创业板 指收报3388.34点，上涨1.82%。两市合计成交36013.76亿元，较上一交易日增加4786.81亿元。 1. 两市主力资金净流出超210亿元 今日沪深两市主力资金开盘净流出198.59亿元，尾盘净流出51.6亿元，全天净流出213.07亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-12 | -213.07 | -198.59 | -51. 60 | 53. 33 | | 2026-1-9 | -298.04 | -164. 63 | 1.02 | -16. 77 | | 2026-1-8 | -374. 35 | -163. 14 | -6. 58 | -144. 92 | | 2026-1-7 | -471.98 | -191.26 | 8. 31 | -213. ...

两市全天特大单净流出4.26亿元，其中77股特大单净流入超2亿元，东方财富特大单净流入20.71亿元， 特大单净流入资金居首。 特大单资金净流出的行业共有19个，净流出资金最多的是电子，特大单净流出资金88.84亿元，其次是 电力设备，特大单净流出资金88.01亿元，净流出资金居前的还有基础化工、有色金属等行业。 具体到个股来看，77股特大单净流入超2亿元，东方财富特大单净流入20.71亿元，净流入资金规模居 首；中国卫星特大单净流入资金18.52亿元，位列第二；净流入资金居前的还有领益智造、岩山科技、 海格通信等。特大单净流出股中，中国平安特大单净流出资金25.52亿元，净流出资金最多；阳光电 源、金风科技特大单净流出资金分别为19.26亿元、17.63亿元，净流出资金规模位列第二、第三。 沪指今日收盘上涨1.09%。资金面上看，沪深两市全天特大单净流出4.26亿元，共计2234股特大单净流 入，2818股特大单净流出。 从申万一级行业来看，今日有12个行业特大单资金净流入，计算机特大单净流入规模居首，净流入资金 175.38亿元，该行业指数今日上涨7.26%，其次是传媒，今日上涨7.80%，净流入资金为6 ...

沪指1月12日上涨1.09%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为传媒、计算机，涨 幅分别为7.80%、7.26%。非银金融行业今日上涨0.53%。跌幅居前的行业为石油石化、煤炭、房地产， 跌幅分别为1.00%、0.47%、0.29%。 非银金融行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300059 | 东方财富 | 3.81 | 5.24 | 180250.91 | | 601099 | 太平洋 | 7.84 | 15.36 | 131457.65 | | 000776 | 广发证券 | 1.79 | 1.66 | 29640.57 | | 601162 | 天风证券 | 3.96 | 5.80 | 17142.06 | | 601995 | 中金公司 | 1.31 | 1.17 | 13321.38 | | 601211 | 国泰海通 | 0.00 | 0.89 | 12790.49 | | 600030 | 中信证券 | 0.74 | 1.78 | 1 ...

Core Viewpoint - The A-share market experienced a strong start in the first week of 2026, with significant inflows of leveraged funds, indicating a positive market sentiment and potential for continued investment activity [1][3]. Group 1: Market Performance - In the first week of 2026, the A-share market saw a net inflow of financing funds amounting to 857.79 billion yuan, ranking as the fifth largest weekly net inflow in A-share history [1][3]. - The total trading volume in the A-share market exceeded 30 trillion yuan on January 9, 2026, reflecting heightened market activity and investor interest [3]. Group 2: Fund Inflows - The first four days of the week recorded daily net inflows exceeding 100 billion yuan, with figures of 192.66 billion yuan, 188.87 billion yuan, 249.02 billion yuan, and 159.44 billion yuan, indicating a strong acceleration of fund entry [3]. - The electronic sector attracted the most attention from financing clients, with a net inflow of 158.12 billion yuan, significantly higher than other sectors [8]. - Non-bank financials and the computer sector also received substantial net inflows, each exceeding 60 billion yuan [9]. Group 3: Investor Behavior - Many existing clients increased their positions, primarily focusing on short-term operations and chasing market hotspots, while new account openings were not yet evident [6]. - Over 70% of the stocks saw net buying from financing clients, with seven stocks exceeding 1 billion yuan in net buying, including XW Communication and China Ping An [10]. Group 4: Future Market Outlook - Analysts suggest that the current market momentum is supported by multiple liquidity factors, including significant inflows into A500 ETF and a strengthening yuan, which reflects international confidence in China [12]. - The spring market is expected to have further room for growth, with technology sectors likely to remain a long-term focus, while value sectors may also present opportunities [12][13].

Group 1 - The A-share market experienced a strong start in the first week of 2026, with a net inflow of margin financing reaching 857.79 billion yuan, ranking fifth in A-share history for single-week net inflows [1][2] - The first four days of the week saw daily net inflows exceeding 100 billion yuan, indicating a rapid influx of funds, although the fifth day showed a significant slowdown with a net inflow of only 67.81 billion yuan [2] - The electronic industry was particularly favored by margin investors, attracting a net inflow of 158.12 billion yuan, significantly higher than other sectors [5][6] Group 2 - Other sectors that received notable net inflows included non-bank financials and computers, each exceeding 60 billion yuan in net buying [6] - Over 70% of margin trading stocks experienced net buying, with seven stocks seeing net inflows exceeding 10 billion yuan, including XW Communication and China Ping An [7] - Analysts suggest that the strong performance in the A-share market is driven by multiple liquidity factors, including abnormal inflows into A500 ETF and the continuous appreciation of the yuan, reflecting international capital's restored confidence in China [8][9]

Core Viewpoint - The A-share market experienced a strong start in the first week of 2026, with significant inflows of leveraged funds, indicating a positive market sentiment and potential investment opportunities [2][5][18]. Group 1: Market Performance - The first week of 2026 saw a net inflow of financing funds reaching 857.79 billion yuan, ranking fifth in A-share history for single-week net inflows [2][5]. - The total trading volume in the A-share market exceeded 30 trillion yuan on January 9, reflecting heightened market activity and investor interest [4]. - Daily net inflows for the first four days of the week were substantial, exceeding 100 billion yuan each day, with figures of 192.66 billion, 188.87 billion, 249.02 billion, and 159.44 billion yuan respectively [6]. Group 2: Sector Focus - The electronic sector attracted the most attention from financing clients, with a net inflow of 158.12 billion yuan, significantly higher than other sectors [12]. - The non-ferrous metals sector followed with a net inflow of 95.62 billion yuan, while the defense and military industry saw an increase of 91.73 billion yuan, indicating growing interest in these areas [13]. - Other sectors such as non-bank financials and computers also received over 60 billion yuan in net financing [14]. Group 3: Investor Behavior - Investors showed a strong inclination towards short-term operations, primarily chasing hot themes, with many existing clients increasing their positions rather than new account openings [3][9]. - Over 70% of the stocks in the financing market experienced net buying, with seven stocks exceeding 1 billion yuan in net inflows, including significant contributions from XW Communication and China Ping An [15][16]. Group 4: Future Outlook - Analysts suggest that the current market momentum is supported by multiple liquidity factors, including abnormal inflows into A500 ETF and the continuous appreciation of the yuan, which reflects international confidence in China [18][19]. - The spring market is expected to have further room for growth, with technology sectors likely to remain a long-term focus, while value sectors may also present opportunities [20][21]. - Short-term market dynamics may shift, with potential changes in sentiment and policy risks to be monitored, but overall risks are considered manageable [22].

宏观流动性： 上周美元指数继续回升，中美利差"倒挂"程度有所收敛。10Y 美债名义/实际利率均回落，通胀预期回升。离岸美元 流动性边际宽松，国内银行间资金面均衡偏松，期限利差(10Y-1Y)走阔。 交易热度、波动与流动性： 市场交易热度继续回升，主要指数波动率均回升。大多数行业的交易热度处于 90%分位数以上，具体而言：军工、轻 工、化工、传媒、纺服等板块的交易热度均处于 90%分位数以上。通信板块的波动率均依然处于 80%历史分位数以上。 机构调研： 电子、医药、计算机、机械、电新等板块调研热度居前，石油石化、计算机、农林牧渔、军工、汽车等调研热度上升。 分析师预测： 全 A 的 2026 年净利润预测被下调。行业上，有色、化工、交运、消费者服务、纺服等 26 年净利润预测被上调。指数 上，上证 50、沪深 300 的 26 年净利润预测被上调，创业板指、中证 500 的 26 年净利润预测被下调。风格上，大盘/ 中盘成长、大盘/中盘价值的 26 年的净利润预测均被上调，小盘成长/价值的 26 年的净利润预测均被下调。 北上活跃度继续回升，延续大幅净买入 A 股 基于前 10 大活跃股口径，北上在家电、传媒 ...

从资金布局的行业方向看，电子行业成为融资客重点加仓领域，当周获得158.12亿元的融资净流入，规模居各行业之首。有色金属、国防军工行业紧随其 后，分别获得95.62亿元和91.73亿元的融资净买入。非银金融、计算机行业也获得超过60亿元的融资净流入。 根据东方财富Choice数据统计，2026年开年首个交易周（1月5日至1月9日），A股市场融资资金呈现加速流入态势，单周净买入额达857.79亿元。这一规模 在A股历史单周融资净流入记录中排名第五。 数据显示，该周前四个交易日资金流入尤为显著，每日净流入规模均超过百亿元，具体分别为192.66亿元、188.87亿元、249.02亿元和159.44亿元。最后一个 交易日流入速度有所放缓，净流入额为67.81亿元。 在个股层面，超过70%的两融标的实现融资净买入。其中，信维通信、中国平安当周融资净买入规模均超过18亿元；金风科技、中信证券分别获净买入 16.24亿元和14.53亿元；蓝色光标、招商银行、香农芯创的融资净买入额也超过10亿元。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有来自深圳一家中型券商营业部的人士表示， ...