新年伊始，A股市场放量上涨，融资融券（简称两融）余额也显著增长。据中证数据有限责任公司公布 的最新数据，截至1月7日，A股市场两融余额为26047.42亿元，首次突破2.6万亿元大关。期货日报记者 注意到，1月5日至7日，两融余额连续3个交易日攀升，累计增加640.60亿元。对此，分析人士认为，A 股市场气势如虹主要得益于政策预期向好、资金流动性改善与市场情绪回暖，投资者对后市信心增强， 各类资金积极参与明显提升了市场整体成交。 谈及两融交易活跃度持续提升，中国国际期货研究院负责人李冰在接受记者采访时表示，去年12月中旬 以来，A股市场便呈现出节节攀升的多头趋势，元旦假期后两融交投活跃且余额持续增长更是延续了假 期前市场的多头氛围。 "元旦假期前，投资者因担忧假期消息面的不确定性，常在加杠杆方面较为谨慎。而假期后，随着半导 体、有色资源、机器人等主题板块活跃，资金明显加快了入市布局的步伐。"李冰进一步解释道。 南华期货权益与固收研究分析师廖臣悦认为，两融余额增长是市场情绪回暖与风险偏好回升的重要信 号。"开年以来，A股市场放量大涨，截至1月8日，已连续3个交易日成交额超过2.8万亿元，交投热情显 著升温。市场 ...

证券时报·数据宝统计显示，1月7日，科创板两融余额合计2799.86亿元，较上一交易日增加36.31亿元。 连续3个交易日增加。其中，融资余额合计2789.71亿元，较上一交易日增加36.23亿元；融券余额合计 10.15亿元，较上一交易日增加838.80万元。（数据宝） | 日期 | 两融余额（亿元） | 较上一交易日增减（亿元） | 融资余额（亿元） | 融券余额（亿元） | | --- | --- | --- | --- | --- | | 2026.01.07 | 2799.86 | 36.31 | 2789.71 | 10.15 | | 2026.01.06 | 2763.55 | 17.85 | 2753.49 | 10.07 | | 2026.01.05 | 2745.70 | 33.15 | 2735.90 | 9.80 | | 2025.12.31 | 2712.55 | -25.75 | 2703.30 | 9.25 | | 2025.12.30 | 2738.30 | 11.82 | 2728.77 | 9.53 | | 2025.12.29 | 2726.47 | 8.92 | 271 ...

本报记者 于 宏 开年以来，市场交投活跃，A股市场单日成交额显著放量，融资融券（以下简称"两融"）余额也水 涨船高。最新数据显示，截至1月6日，两融余额达2.58万亿元，创历史新高。从资金流向来看，半导 体、工业金属等板块成为年初融资流入的重要方向。 资金青睐半导体等行业 中证数据有限责任公司发布的最新数据显示，截至1月6日，两融余额达2.58万亿元，较上年同期规 模增长40.93%。其中，融资余额为2.56万亿元，占据绝对主导地位；融券余额为175.96亿元。1月6日， 两融交易额达3289.07亿元，占A股当日交易额的11.61%。 对此，巨丰投资首席投资顾问张翠霞对《证券日报》记者表示："两融余额一向被视作衡量市场活 跃度与投资者情绪的重要指标。开年以来两融余额创下新高，明确释放出市场信心增强、投资者风险偏 好回升的积极信号。随着各类政策利好的持续释放和国内经济的稳步复苏，投资者对后市预期乐观，因 此对于杠杆资金的使用更加积极。" 据梳理，1月5日、1月6日两个交易日，两融余额累计增加了392.24亿元，增长明显。Wind资讯数据 显示，1月5日至1月6日，融资净买入额位列前三的行业分别为半导体、工业金 ...

开年以来，市场交投活跃，A股市场单日成交额显著放量，融资融券（以下简称"两融"）余额也水涨船 高。最新数据显示，截至1月6日，两融余额达2.58万亿元，创历史新高。从资金流向来看，半导体、工 业金属等板块成为年初融资流入的重要方向。 ETF（交易型开放式指数基金）也是融资流入的重要渠道。同期，市场上最受融资客青睐的ETF为海富 通中证短融ETF，融资净买入额达12.22亿元；其次为富国中债7—10年政策性金融债ETF，融资净买入 额达7.82亿元；华泰柏瑞沪深300ETF、南方中证500ETF融资净买入额分别为4.53亿元、3.69亿元。 资金青睐半导体等行业 中证数据有限责任公司发布的最新数据显示，截至1月6日，两融余额达2.58万亿元，较上年同期规模增 长40.93%。其中，融资余额为2.56万亿元，占据绝对主导地位；融券余额为175.96亿元。1月6日，两融 交易额达3289.07亿元，占A股当日交易额的11.61%。 对此，巨丰投资首席投资顾问张翠霞对《证券日报》记者表示："两融余额一向被视作衡量市场活跃度 与投资者情绪的重要指标。开年以来两融余额创下新高，明确释放出市场信心增强、投资者风险偏好回 升 ...

（来源：极目新闻） 中泰证券股份有限公司（原名齐鲁证券有限公司）成立于2001年5月，是全国大型综合类上市券商（股票代 码：600918），主要经营证券经纪、承销与保荐、投资咨询、证券自营、财务顾问、融资融券、基金与金融 产品代销、基金托管、股票期权做市等业务。 极目新闻记者 刘闪 近日，中国人民银行山东省分行行政处罚决定信息公示表显示，因未按照规定开展客户尽职调查、未按照规 定报告可疑交易，中泰证券股份有限公司被警告、罚款869000元。 ...

Market Style Characteristics - The market style during the year-end and beginning of the year shows a clear defensive characteristic, with large-cap value style prevailing while the small-cap style represented by the CSI 1000 is under pressure [1][3][8] - Institutional investors tend to adopt a conservative investment behavior due to annual performance assessments and settlements, leading to a significant reduction in risk appetite [3][8] - As the market enters the peak period for annual performance forecasts in January, uncertainty regarding earnings becomes a major concern, causing funds to flow towards more stable large-cap blue-chip stocks [3][8] Monetary Policy and Interest Rates - The central bank conducted a net injection of 219 billion yuan in the open market during the week of December 15-19, with upcoming reverse repos and MLF totaling 8.775 billion yuan [3][17] - Money market interest rates are declining, with the R007 rising by 0.7 basis points and the DR007 falling by 2.8 basis points, indicating a widening interest rate spread [3][17] Supply and Demand of Funds - The net inflow of funds in the secondary market has expanded, with a net buy of 34.2 billion yuan in financing and a net inflow of 560.8 billion yuan in ETFs [3][30] - The issuance of new equity public funds increased by 68.5 million units, while the net reduction by major shareholders rose to 121.9 billion yuan [3][30][34] Market Sentiment - The trading activity of financing funds has weakened, with the proportion of financing transactions in the A-share market decreasing to 11.3% [3][39] - The VIX index has declined, indicating an improvement in market risk appetite, while the focus on style indices and major industries has shifted towards consumer staples and discretionary sectors [3][41][45] Industry Preferences - The electronic, communication, and power equipment sectors received significant net inflows, with net inflows of 121.5 billion yuan, 67.2 billion yuan, and 47.6 billion yuan respectively [3][49] - The defense industry experienced net outflows, while the financing funds showed a net buy of 34.2 billion yuan, with the electronic sector leading the net buy [3][49]

| 日期 | 两融余额（亿元） | 较上一交易日 | 融资余额 | 融券余额 | | --- | --- | --- | --- | --- | | | | 增减（亿元） | （亿元） | （亿元） | | 2025.12.22 | 2650.54 | 17.58 | 2641.23 | 9.31 | | 2025.12.19 | 2632.96 | 11.93 | 2623.98 | 8.98 | | 2025.12.18 | 2621.03 | 7.44 | 2612.02 | 9.01 | | 2025.12.17 | 2613.59 | 3.39 | 2604.45 | 9.14 | | 2025.12.16 | 2610.20 | -6.30 | 2601.31 | 8.89 | | 2025.12.15 | 2616.50 | 27.11 | 2607.44 | 9.06 | | 2025.12.12 | 2589.39 | -16.68 | 2580.20 | 9.19 | | 2025.12.11 | 2606.07 | -1.71 | 2597.12 | 8.95 | | 2025.12.1 ...

截至9月30日，招商证券股东户数17.59万，较上期增加23.14%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，招商证券实现营业收入182.44亿元，同比增长27.76%；归母净利润88.71亿元，同比增 长24.08%。 分红方面，招商证券A股上市后累计派现376.68亿元。近三年，累计派现89.92亿元。 机构持仓方面，截止2025年9月30日，招商证券十大流通股东中，中国证券金融股份有限公司位居第七 大流通股东，持股1.71亿股，持股数量较上期不变。香港中央结算有限公司位居第八大流通股东，持股 1.49亿股，相比上期减少7961.12万股。国泰中证全指证券公司ETF（512880）位居第十大流通股东，持 股9590.01万股，为新进股东。 责任编辑：小浪快报 12月19日，招商证券涨0.12%，成交额4.56亿元。两融数据显示，当日招商证券获融资买入额5978.16万 元，融资偿还5080.28万元，融资净买入897.89万元。截至12月19日，招商证券融资融券余额合计26.73 亿元。 融资方面，招商证券当日融资买入5978.16万元。当前融资余额26.70亿元，占流通市值的2.1 ...

Market Overview - The total margin balance in the two markets is 24,993.7 billion, showing a week-on-week decrease of 0.14% [1] - The financing purchase amount is 1,712.2 billion, reflecting a week-on-week decline of 7.13% [1] Industry Insights - The top 20 industries by margin balance are as follows: - Semiconductor: 1,779.3 billion - Securities: 1,400.6 billion - Communication Equipment: 994.5 billion - Battery: 812.7 billion - Banking: 764.0 billion - Software Development: 723.4 billion - Automotive Parts: 613.4 billion - Consumer Electronics: 611.8 billion - Military Equipment: 586.1 billion - IT Services: 570.2 billion - Photovoltaic Equipment: 555.8 billion - Components: 552.1 billion - Complete Vehicles: 524.9 billion - Chemical Pharmaceuticals: 493.6 billion - Electric Power: 490.7 billion - Industrial Metals: 457.8 billion - General Equipment: 448.7 billion - Computer Equipment: 427.2 billion [4] Individual Stock Insights - The top five stocks by financing purchase amount are: - Xinyi Technology: 3.27 billion, with a financing purchase ratio of 18.85%, and a price change of -4.62% [7] - Zhongji Xuchuang: 2.22 billion, with a financing purchase ratio of 16.04%, and a price change of -3.18% [7] - Aerospace Electronics: 1.73 billion, with a financing purchase ratio of 16.19%, and a price change of 1.65% [7] - Shenghong Technology: 1.64 billion, with a financing purchase ratio of 18.73%, and a price change of -4.56% [7] - Sunshine Power: 1.28 billion, with a financing purchase ratio of 14.15%, and a price change of -4.83% [7]

Group 1 - The core event was the opening of the new securities office of Zhongtai Securities in Sanya, Hainan, aimed at supporting the development of Hainan Free Trade Port [1][3] - Zhongtai Securities aims to position itself as a "city partner" by providing six key services: strategic guidance, enterprise growth support, industry cluster partnership, risk management, wealth preservation, and urban development assistance [1] - The strategic cooperation agreement signed between Zhongtai Securities and Hainan Development Holdings marks a new phase of collaboration, focusing on deepening cooperation in various sectors to support the high-quality development of Sanya's real economy [2] Group 2 - The newly opened securities office will offer diverse financial services including brokerage, investment consulting, and margin financing, serving as a crucial support for the Hainan Free Trade Port [3] - Experts at the seminar provided insights on macroeconomic trends, Hainan's closure policies, opportunities in artificial intelligence, and the development of Hainan's advantageous industries [3] - Zhongtai Securities emphasizes its commitment to serving the real economy and aims to provide professional and efficient financial services to investors and enterprises in Hainan [3]