【博时市场点评1月8日】沪深两市调整，成交小幅回落 每日观点 今日沪深三大指数调整，沪指止于十四连阳。两市成交较昨日缩量至2.82万亿，资金情绪仍较为活跃。 近期美国公布一系列经济数据，12月美国制造业PMI数据为47.9%，低于预期和前值，呈现"供强需 弱"的格局，其中产出指数虽较上月回落，但仍处于扩张区间，新订单指数小幅回升，但仍处于收缩区 间，进口订单指数较上月大幅回落；12月非制造业PMI为54.4%，大幅超出预期，并创下一年来新高， 主要是受到假期因素影响。昨晚公布的12月ADP就业数据，新增就业人数低于预期，劳动力需求仍偏 弱。往后看，今年美国由关税导致的再通胀影响有限，在就业市场仍处在供需弱平衡状态下，降息仍有 必要性。节奏上看，一季度暂缓降息概率较大，或在二季度完成美联储主席换届后再次开启降息。 消息面 国家外汇管理局1月7日发布的数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11 月末上升115亿美元，升幅为0.34%，创10年新高。2025年12月末，我国黄金储备为7415万盎司，环比 增加3万盎司，为我国央行连续第14个月增持黄金。 简评：2025年12月，受主 ...

Group 1: Index Trends - On January 6th, the Shanghai Composite Index rose 1.5% to close at 4083.67 points with a trading volume of 1175.769 billion yuan; the Shenzhen Component Index rose 1.4% to close at 14022.55 points with a trading volume of 1630.739 billion yuan [1] - The CSI 1000 Index rose 1.43% with a trading volume of 580.815 billion yuan, opening at 7756.16, closing at 7864.9, with a daily high of 7864.9 and a low of 7755.07 [1] - The CSI 500 Index rose 2.13% with a trading volume of 571.675 billion yuan, opening at 7663.94, closing at 7814.14, with a daily high of 7814.65 and a low of 7663.66 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan, opening at 3106.52, closing at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] - The SSE 50 Index rose 1.9% with a trading volume of 180.048 billion yuan; it opened at 3106.52, closed at 3158.76, with a daily high of 3158.76 and a low of 3106.09 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 111.02 points from the previous close, with sectors such as electronics, power equipment, and computer significantly driving the index up [2] - The CSI 500 rose 162.94 points from the previous close, with sectors such as electronics, non - ferrous metals, and national defense and military industry significantly driving the index up [2] - The SSE 300 rose 72.94 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] - The SSE 50 rose 59.01 points from the previous close, with sectors such as non - bank finance, non - ferrous metals, and electronics significantly driving the index up [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was - 3.62, IM01 was - 59.76, IM02 was - 111.71, and IM03 was - 334.86 [13] - For IC contracts, the average daily basis for IC00 was 7.39, IC01 was - 25.74, IC02 was - 47.13, and IC03 was - 215.14 [13] - For IF contracts, the average daily basis for IF00 was 2.31, IF01 was - 7.94, IF02 was - 11.17, and IF03 was - 55.76 [13] - For IH contracts, the average daily basis for IH00 was 0.34, IH01 was - 0.55, IH02 was 1.4, and IH03 was - 8.09 [13]

宏观流动性： 上周美元指数有所回升，中美利差"倒挂"程度有所加深。10Y 美债名义/实际利率均回升，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，期限利差(10Y-1Y)收窄。 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。军工、纺服、轻工、商贸零售、消费者服务等板块的交易热度均处 于 80%分位数以上。通信、电新、电子、化工板块的波动率均依然处于 80%历史分位数以上。 机构调研： 基于前 10 大活跃股口径，北上在有色、军工、汽车等板块的买卖总额之比上升，在电子、通信、电新等板块回落。基 于北上持股数量小于 3000 万股的标的口径：北上主要净买入电子、军工、有色等板块，净卖出食品饮料、纺服等板 块。综合来看：北上可能主要净买入军工、有色、汽车、机械、非银等板块，净卖出食品饮料等板块。 两融活跃度有所回落，但仍处于 2025 年 11 月以来的相对高位 上周两融净卖出 22.73 亿元，行业上，主要净买入军工、电力及公用事业、传媒等板块，净卖出非银、通信、电子等 板块。电力及公用事业、家电、食品饮料等板块融资买入占比上升。风格上，两融仅净卖出中盘成长、大盘价值。 龙 ...

丨证券研究报告丨 金融工程丨点评报告 [Table_Title] 两融余额创新高，杠杆资金流入了哪些行业？ 报告要点 [Table_Summary] 截至 2025 年 12 月 30 日，全市场融资融券余额达到 25552.84 亿元，创历史新高。近 5 日融 资净买入最多的行业是电子，累计融资净买入 78.7 亿元，其次是电力设备，近 5 日累计融资净 买入 74.6 亿元，国防军工、机械设备和有色金属排名第三到第五；从融资买入占成交额比例来 看，融资买入交易较为活跃的是非银金融、电子、通信、家用电器和电力设备。 分析师及联系人 [Table_Author] 鲍丰华 刘胜利 SAC：S0490521070001 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 两融余额创新高，杠杆资金流入了哪些行业？ [Table_Summary2] 两融余额创历史新高 近期融资融券余额回升，受到市场关注。12 月 30 日，全市场融资融券余额达到 25552.84 亿 元，创历史新高， ...

[Table_Title] 科创板块交投活跃 [Table_ReportDate] 2025 年 12 月 30 日 | | | [Table_Authors] 分析师: 宫慧菁 执业证书编号： S0270524010001 电话： 18028875418 邮箱： gonghj@wlzq.com.cn [Table_ReportList] 相关研究 策略研究|策略月报 关注"十五五"产业布局的重点方向 A 股市场投资风格出现切换 A 股三季报盈利能力延续修复 策 略 研 究 策 略 月 报 证 券 研 究 报 告 [Table_RightTitle] ⚫ 12 月 A 股主要股指上涨：截至 12 月 25 日收盘，上证综指 收报 3,959.62 点，较 11 月末上涨 1.83%。分结构看，本月 A 股主要股指上涨。其中，创业板指、中证 500 指数涨幅较 大。 ⚫ 本月市场流动性有所下降：12 月，从 A 股市场供给端看， A 股限售解禁规模环比回升，重要股东当月为净减持。从需 求端看, A 股成交额有所下降，新成立的偏股型基金份额 环比减少。总体来说，受年末机构资金回笼、投资者风险偏 好下降及外部流动性 ...

证券时报·数据宝统计，截至下午13:58，今日沪指涨0.73%，A股成交量1019.90亿股，成交金额16448.90 亿元，比上一个交易日增加23.17%。个股方面，3564只个股上涨，其中涨停72只，1681只个股下跌， 其中跌停8只。从申万行业来看，通信、综合、电子等涨幅最大，涨幅分别为4.51%、3.51%、2.69%； 煤炭、食品饮料、公用事业等跌幅最大，跌幅分别为1.33%、0.47%、0.38%。（数据宝） 今日各行业表现（截至下午13:58） （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 4.51 | 1361.95 | 27.30 | 天孚通信 | 20.00 | | 综合 | 3.51 | 52.36 | 79.04 | 粤桂股份 | 6.62 | | 电子 | 2.69 | 3141.21 | 31.05 | 东田微 | 20.00 | | 非银金融 | 2.03 | 753.99 | 57.51 | 兴业证 ...

Core Points - The Green Governance Index (980058) closed at 1324.41 points, up 0.4%, with a trading volume of 87.561 billion yuan and a turnover rate of 1.14% [1] - Among the index constituents, 39 stocks rose while 58 fell, with Northern Huachuang leading the gainers at 3.67% and Luzhou Laojiao leading the decliners at 3.76% [1] Index Constituents - The top ten constituents of the Green Governance Index include: - Ningde Times (12.72% weight) at 383.35 yuan, up 1.93% [1] - Midea Group (6.81% weight) at 81.89 yuan, down 0.34% [1] - Dongfang Wealth (5.82% weight) at 22.39 yuan, up 0.72% [1] - Luxshare Precision (5.40% weight) at 59.63 yuan, up 1.38% [1] - Sungrow Power Supply (4.99% weight) at 177.55 yuan, up 0.24% [1] - Wuliangye (3.94% weight) at 114.45 yuan, down 0.99% [1] - Gree Electric Appliances (3.16% weight) at 40.94 yuan, up 0.32% [1] - Northern Huachuang (2.82% weight) at 449.79 yuan, up 3.67% [1] - Inovance Technology (2.63% weight) at 72.65 yuan, up 3.39% [1] - ZTE Corporation (2.52% weight) at 42.92 yuan, down 0.88% [1] Capital Flow - The net outflow of main funds from the index constituents totaled 2.808 billion yuan, while retail investors saw a net inflow of 3.06 billion yuan [1] - Detailed capital flow for specific stocks shows: - Ningde Times had a main fund net inflow of 568 million yuan [2] - Inovance Technology had a main fund net inflow of 15 million yuan [2] - Dongfang Wealth experienced a main fund net inflow of 76.89 million yuan [2] Recent Adjustments - The Green Governance Index constituents were adjusted recently, adding 10 new stocks, effective December 15, 2025 [3] - New additions include: - Zhongke Environmental Protection (77.42 billion yuan market cap) [3] - Dongsoft Zhaibo (72.07 billion yuan market cap) [3] - Furan Energy (158.40 billion yuan market cap) [3] - Water Technology (51.67 billion yuan market cap) [3] - Satellite Chemical (567.95 billion yuan market cap) [3] - Jinhe Industry (115.60 billion yuan market cap) [3] - Changbao Co. (70.35 billion yuan market cap) [3] - Shuanghuan Transmission (338.81 billion yuan market cap) [3] - Shield Environment (136.16 billion yuan market cap) [3] - Fu'ao Co. (94.25 billion yuan market cap) [3]

证券时报·数据宝统计，截至上午收盘，今日沪指涨0.42%，A股成交量810.18亿股，成交金额12367.56 亿元，比上一个交易日增加26.14%。个股方面，3672只个股上涨，其中涨停66只，1592只个股下跌， 其中跌停5只。从申万行业来看，有色金属、通信、商贸零售等涨幅最大，涨幅分别为2.55%、2.51%、 1.46%；农林牧渔、银行、非银金融等跌幅最大，跌幅分别为0.39%、0.22%、0.21%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 有色金属 | 2.55 | 934.05 | 83.34 | 亚太科技 | 10.06 | | 通信 | 2.51 | 981.99 | 34.40 | 广和通 | 20.01 | | 商贸零售 | 1.46 | 207.22 | 33.21 | 赫美集团 | 10.12 | | 社会服务 | 1.33 | 105.68 | 20.18 | 峨眉山A | 10.02 | | 国防军工 | 1.26 | ...

Market Performance - The Shanghai Composite Index increased by 1.40% this week, while the Shenzhen Component Index rose by 3.56%, and the ChiNext Index saw a gain of 4.54%. The CSI 300 Index increased by 1.64% [1] - Among the tradable A-shares, 4,542 stocks rose, accounting for 83.46%, while 861 stocks declined [1] Capital Flow - The total net outflow of main funds this week was 22.065 billion yuan. The ChiNext experienced a net outflow of 14.216 billion yuan, while the STAR Market had a net inflow of 0.268 billion yuan. The CSI 300 saw a net outflow of 8.318 billion yuan [1][2] - On November 28, the net inflow for the Shanghai and Shenzhen markets was 10.840 billion yuan, while on November 27, there was a significant net outflow of 21.827 billion yuan [2] Industry Performance - Out of the 27 first-level industries classified by Shenwan, the top-performing sectors this week were Communication and Electronics, with increases of 8.70% and 6.05%, respectively. The sectors with the largest declines were Oil & Petrochemicals and Banking, with decreases of 0.73% and 0.59% [3] - The Electronics industry had the highest net inflow of main funds, totaling 9.946 billion yuan, while the Communication industry followed with a net inflow of 3.077 billion yuan [3][4] Individual Stock Performance - A total of 2,135 stocks experienced net inflows this week, with 253 stocks having net inflows exceeding 100 million yuan. The stock with the highest net inflow was Sungrow Power Supply, which rose by 8.94% with a net inflow of 2.239 billion yuan [5] - The stocks with the largest net outflows included Industrial Fulian, Yidian Tianxia, and Zhongji Xuchuang, with net outflows of 2.418 billion yuan, 1.429 billion yuan, and 1.310 billion yuan, respectively [5]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.46% closing at 3972.03 points, the Shenzhen Component down 0.11% at 13202.00 points, the Sci-Tech 50 down 0.53% at 1354.04 points, and the ChiNext Index down 0.20% at 3105.20 points [1][10] - Overall, the number of stocks that rose and fell was nearly balanced, with 2582 stocks rising and 2724 stocks falling, while 138 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 19108 billion, a decrease of 473 billion from the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included Computer (up 1.67%), National Defense and Military Industry (up 1.59%), Coal (up 1.32%), Telecommunications (up 1.10%), and Real Estate (up 1.00%). Conversely, the sectors that experienced the largest declines were Pharmaceutical and Biological (down 1.73%), Banking (down 1.31%), Non-Bank Financials (down 1.11%), Building Materials (down 0.93%), and Home Appliances (down 0.84%) [1][10] Concept Sector Performance - The concept sectors that performed well today included Lithium Mining, Cross-Strait Integration, Salt Lake Lithium Extraction, Operating Systems, Aquaculture, WEB 3.0, Pinduoduo Partners, Lithium Battery Electrolyte, Lithium Battery Cathode, Multi-Modal Models, AIGC, Cybersecurity, Virtual Humans, Power Batteries, and Baidu Platform [2]