三、市场资金流向 截至 20260324 两融余额为26136亿元，其中融资余额25964亿元，融券余额172亿元。 两融余额占流通市值比重为2.7%，两融交易占市场成交额比重为8.7%。 四、折溢价 20260324当日ETF溢价较多的是沪深300ETF方正富邦，ETF折价较多的是G60创新 ETF申万菱信。近半年以来大宗交易日均成交金额达到21亿元，20260324当日大宗交 易成交金额为12亿元，近半年以来平均折价率7.06%，当日折价率为7.80%。近一年 以来上证50、沪深300、中证500、中证1000股指期货主力合约的年化贴水率中位数分 别为0.89%、4.34%、10.99%、13.21%，当日上证50股指期货主力合约年化贴水率为 4.45%，处于近一年来29%分位点，当日沪深300股指期货主力合约年化贴水率为 8.31%，处于近一年来27%分位点；当日中证500股指期货主力合约年化贴水率为 13.19%，处于近一年来36%分位点；当日中证1000股指期货主力合约年化贴水率为 15.22%，处于近一年来34%分位点。 报 告 摘 要 一、 市场表现 20260325市场全线上涨，规模指数中中证 ...

证券研究报告 | 2026年03月25日 金融工程日报 沪指延续反弹重回 3900 点，封板率创近一个月新高 核心观点 金融工程日报 市场表现：20260325 市场全线上涨，规模指数中中证 2000 指数表现较好， 板块指数中中小100指数表现较好，风格指数中中证500成长指数表现较好。 通信、有色金属、综合、电子、消费者服务行业表现较好，煤炭、石油石化、 银行、食品饮料、综合金融行业表现较差。光纤、网络切片、宽带提速、两 岸融合、光通信等概念表现较好，央企煤炭、航运精选、港口精选、光伏玻 璃、高送转等概念表现较差。 市场情绪：20260325 市场情绪较为高涨，收盘时有 106 只股票涨停，有 5 只股票跌停。昨日涨停股票今日高开高走，收盘收益为 4.47%，昨日跌停股 票今日收盘收益为-1.73%。今日封板率 80%，较前日提升 5%，连板率 29%， 较前日下降 3%，封板率创近一个月新高。 市场资金流向：截至 20260324 两融余额为 26136 亿元，其中融资余额 25964 亿元，融券余额 172 亿元。两融余额占流通市值比重为 2.7%，两融 交易占市场成交额比重为 8.7%。 折溢价：2 ...

- The market saw a significant rebound with the Shanghai Composite Index showing a V-shaped recovery, and hot themes like space photovoltaics and commercial aerospace experiencing a full rebound[1] - On February 3, 2026, the market saw a broad-based rise, with the CSI 500 index performing well among scale indices, the STAR 100 index performing well among sector indices, and the CSI 500 Growth index performing well among style indices[2] - The mechanical, defense, building materials, basic chemicals, and steel industries performed well, while the banking, non-bank, coal, oil and petrochemicals, and electric utilities industries performed poorly[2] - Market sentiment on February 3, 2026, showed 82 stocks hitting the daily limit up and 23 stocks hitting the daily limit down, with a sealing rate of 78% and a continuous board rate of 36%[2] - As of February 2, 2026, the balance of margin financing and securities lending was 27,091 billion yuan, with a margin financing balance of 26,927 billion yuan and a securities lending balance of 164 billion yuan[2] - The ETF with the highest premium on February 2, 2026, was the G60 Innovation ETF by Shenwan Lingxin, with a premium of 1.83%, while the ETF with the highest discount was the Nonferrous Metals ETF by Huatai-PineBridge, with a discount of 3.89%[3] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.63%, 3.79%, 11.15%, and 13.61%, respectively[3] - On February 3, 2026, the annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures were 0.48%, 1.41%, 0.53%, and 2.94%, respectively[3] - The stocks with the most institutional attention over the past week were Ying Tang Zhikong, Ninebot-WD, Shanghai Bank, Gelisi, Tongli Shares, Taienkang, Wangsu Technology, and ST Jingji, with Ying Tang Zhikong being surveyed by 196 institutions[4] - The top ten stocks with net inflows from institutional seats on February 3, 2026, were Tongling Nonferrous Metals, Sanbian Technology, Robotec, Hunan Gold, Aerospace Development, Zhongchao Holdings, Autoway, Dikang Shares, Shuangjie Electric, and Hongqiang Shares[4] - The top ten stocks with net outflows from institutional seats on February 3, 2026, were Junda Shares, Wanfeng Shares, Jept, Southern Network Energy, Urban Development, Tongyu Communications, Zerun New Energy, Weiling Shares, Liujin Technology, and Intercontinental Oil and Gas[4]