目錄市場周觀察 3宏觀流動性 7微觀流動性 8流入端 10流出端 15圖表目錄圖1：國債收益和DR007變化 8圖2：中美利差滬深300 8圖3：換手率分數變動 8圖4：陸股通周買入 圖5：陸股通周成交額 圖6：新發基金度份變化 12圖7：偏股基金行情緒 12圖8：近四周基份額動情況 12圖9：偏股基金額變情況 12圖10：ETF份額情況 13圖近四周凈申購 13圖12：兩融資金流入情況 14圖13：兩融資金成交情況 14圖14：股權融資變化情況 16圖15：本周解禁市值行分布 17圖16：未來四周解禁市合計 17圖17：減持市值變動情況 18表1：陸股通單凈買和單日買入歷史極值 3表2：北向大幅買入市場表現 4表3：陸股通買賣比且交額超過1000億的TOP10 4表4：北向買賣比TOP10下的市場表現 5表5：北向不同構的買入情況 5表6：北向重點構的買入情況 6表7：陸股通的業持和資金流動變化 7表8：A股資金周度情況 9表9：行業資金動情況 10表10：近四周陸股通行流動情況 表寬基指數ETF份額變動情況 13表12：主要行業主題ETF份額變動情況 13表13：近四周行業融資流動情況 15表14：近4周IPO和定增的行業變化情況 16表15：近四周行業增減變動情況 18市場周觀察426224.49陸股通歷史凈買入極值對市場影響呈中性，核心在于基本面預期。（1）426224.492005916.92于歷史的第690091609.3528和T+205成/100026/賣1.328（3）總體來2021年底-2023202120212023表1：陸股通單日凈買入和單日買入歷史極值凈買入TOP10凈買入買入賣出成交2024/4/26224.49916.92692.431,609.352021/5/25217.23720.46503.231,223.692021/12/9216.56765.89549.331,315.222019/11/26214.30728.43514.131,242.562021/1/8206.15902.38696.241,598.622020/11/9196.99710.31513.321,223.632023/7/25189.83771.92582.081,354.002023/1/30186.14851.24665.101,516.342020/6/19182.33658.70476.371,135.082020/2/3181.89461.07279.18740.25買入TOP10凈買入買入賣出成交2020/7/798.441,005.01906.571,911.582021/9/176.88970.75893.871,864.622024/2/6126.05969.83843.791,813.622024/2/29166.03967.03800.991,768.022020/7/6136.52931.53795.001,726.532024/4/26224.49916.92692.431,609.352024/2/2813.40912.29898.901,811.192021/8/3161.47906.57845.101,751.672021/1/8206.15902.38696.241,598.622021/7/2880.53899.95819.421,719.37數據來源：，WIND表2：北向大幅凈買入后市場表現北向大幅凈 上證指數 萬得全A 滬深300 創業板指買入后漲幅 T+5 T+20 T+5 T+20 T+5 T+20 T+5 T+202021/5/251.21-0.421.821.450.44-3.222.262.842021/12/90.05-2.550.31-3.37-0.87-5.050.90-10.482019/11/26-0.772.60-0.294.28-1.042.60-0.225.412021/1/8-0.10-2.07-1.02-2.91-0.68-0.22-1.931.362020/11/9-0.791.27-1.47-0.10-1.550.82-3.61-3.112023/7/251.84-3.441.34-4.442.12-4.011.41-4.832023/1/30-0.94-0.35 -0.62-1.17-2.72-3.75-2.67-7.812020/6/190.5711.901.80 14.581.5914.455.1217.982020/2/412.776.1710.3413.7218.91中位數0.05-0.35 0.31 -0.10-0.68-0.220.901.36平均值0.701.681.052.340.381.331.662.25上漲占比55.6%44.4%55.6%44.4%44.4%44.4%55.6%55.6%數據來源：，WIND表3：陸股通買/賣比且成交額超過1000億的TOP10買/賣比TOP10凈買入買入賣出成交買/賣2021/5/25217.23720.46503.231,223.691.432019/11/26214.30728.43514.131,242.561.422021/12/9216.56765.89549.331,315.221.392020/11/9196.99710.31513.321,223.631.382020/6/19182.33658.70476.371,135.081.382020/12/1162.93622.16459.231,081.391.352023/7/25189.83771.92582.081,354.001.332024/4/26224.49916.92692.431,609.351.322023/7/28164.03694.20530.171,224.381.312023/1/16158.43680.78522.351,203.131.30數據來源：，WIND表4：北向買/賣比TOP10下的市場表現北向大幅買 上證指數 萬得全A 滬深300 創業板指入后漲幅 T+5 T+20 T+5 T+20 T+5 T+20 T+5 T+202021/5/251.21-0.421.821.450.44-3.222.262.842019/11/26-0.772.60-0.294.28-1.042.60-0.225.412021/12/90.05-2.550.31-3.37-0.87-5.050.90-10.482020/11/9-0.791.27-1.47-0.10-1.550.82-3.61-3.112020/6/190.5711.901.8014.581.5914.455.1217.982020/12/1-1.21-2.11-0.43-1.73-1.13-0.481.774.252023/7/251.84-3.441.34-4.442.12-4.011.41-4.832023/7/280.37-6.470.93-7.500.70-7.101.97-8.072023/1/161.291.942.192.461.53-0.112.93-2.312021/1/8-0.10-2.07-1.02-2.91-0.68-0.22-1.931.36中位數0.21-1.240.62-0.92-0.12 -0.351.59-0.48平均值0.250.070.520.270.11-0.231.060.30上漲占比60.0%40.0%60.0%40.0%50.0%30.0%70.0%50.0%數據來源：，WIND26158.79（56.94（38.12億（34.01億、（18.44億AFOMC表5：北向不同機構的凈買入情況外資銀行外資券商中資券商中資銀行2024/04/0110.750.226.51-0.022024/04/0234.99-41.55-4.110.032024/04/03-0.89-16.90-1.240.142024/04/08-27.33-9.379.15-0.432024/04/09-9.6925.44-4.39-0.092024/04/10-0.89-34.87-2.810.322024/04/11-9.6622.347.65-0.242024/04/1252.88-121.98-7.220.202024/04/152.1775.18-0.260.402024/04/1619.69-44.455.71-0.192024/04/17-28.1424.96-5.670.012024/04/18-34.19-44.09 15.20 0.092024/04/1912.52-38.12-9.86-0.092024/04/22-11.3218.515.51-0.302024/04/23-11.99-21.21-2.210.312024/04/2422.9829.71-0.45-0.042024/04/2510.92-9.210.910.082024/04/2635.30158.7918.79-0.18數據來源：，iChoice表6：北向重點機構的凈買入情況2024/04/152024/04/162024/04/172024/04/182024/04/192024/04/222024/04/232024/04/242024/04/252024/04/26外資券商摩根大通金融(香港)18.6315.1818.5514.31-16.2313.26-8.77-3.30-14.96-12.4710.2512.56-0.21-6.6713.1410.531.422.9056.94外資券商高盛(亞洲)-6.3919.6938.1234.01外資券商摩根士丹利香港證券-14.000.61-5.82-0.28-26.83-7.42-3.08-1.69-6.894.60-15.75-2.62-0.99-2.96-8.93-4.82外資券商美林遠東18.4416.29中資券商中信里昂證券-1.224.88-2.467.80-5.734.07-1.700.571.78外資銀行香港上海匯豐銀行71.5833.61-6.65-8.3232.04 -4.801.754.163.8812.28外資券商瑞銀證券(香港)3.91-0.65-0.98-7.22-3.52-5.374.3610.112.3511.05外資銀行渣打銀行香港-68.45-11.93-3.69-7.94-13.50-8.86-13.84-6.269.459.42外資銀行法國巴黎銀行6.962.281.243.10-10.00-1.35-4.074.16-0.15-7.20-5.535.84-1.53-4.18-2.20-2.544.370.471.580.23-0.261.030.49-0.2918.29 -0.490.408.087.402.27外資銀行法國興業中資券商中金香港證券外資銀行花旗銀行-6.478.07-15.57-1.212.633.562.0521.53-18.341.911.06外資券商ABNAMROClearing5.76-5.96-0.31-0.020.135.74-1.082.63-0.47數據來源：，iChoice（+74.78億（+67.07億（+56.35億（56.26+5303+47.7億2）（+29.51億（+25.41億、電子（+23.08（+18.56（+15.59（+14.33億表7：陸股通的行業持倉和資金流動變化近5日陸股通行業資金變動（市值變動受股價波動影響）申萬行業持倉市值變動2024/4/222024/4/232024/4/242024/4/252024/4/262024/4/222024/4/23資金凈流入2024/4/242024/4/252024/4/26食品飲料56.3431.418.93-1.5447.0714.085.773.550.9714.33電力設備-2.88-26.35-1.2211.3856.353.20-10.29-1.484.2525.41銀行-13.720.994.1844.80-23.30-0.471.288.8517.671.18醫藥生物15.2621.27-0.438.6053.03-0.864.17-0.661.3729.51家用電器-8.28-28.26-4.70-1.8812.98-1.23-3.760.30-6.654.39電子2.83-19.1928.25-6.8874.789.47-12.68-2.52-3.7523.08汽車-16.51-13.909.89-5.2167.07-5.340.06-1.351.9318.56機械設備-10.07-20.453.97-21.8124.944.84-1.140.03-5.046.82非銀金融-1.601.5816.393.3556.26-4.391.846.831.1015.59有色金屬-16.23-15.7819.864.9632.379.6626.015.492.093.04公用事業-8.56-7.9410.53-6.341.04-4.30-0.035.11-2.394.48基礎化工-14.68-17.772.163.4820.80-8.06-4.241.510.839.38交通運輸-1.55-7.026.2310.174.96-3.01-1.261.962.625.73計算機8.04-9.2822.22-11.5923.947.57-8.325.37-7.527.67通信-17.77-5.4719.56-3.4228.28-4.50-4.925.961.288.16石油石化-15.69-6.144.832.225.30-3.690.591.530.653.40煤炭-10.53-12.40-3.381.13-0.228.01-3.94-0.81-1.673.51傳媒-0.50-8.972.85-7.095.560.88-7.16-0.29-3.992.87建筑裝飾-9.14-11.664.23-0.657.31-6.07-4.851.49-0.894.60農林牧漁9.601.50-2.400.164.524.190.690.24-0.523.73建筑材料2.58-6.72-2.971.164.42-0.33-0.55-0.120.651.50國防軍工-2.68-2.705.30-4.978.97-3.910.281.81-2.576.72鋼鐵-5.22-8.52-1.89-3.13-1.410.470.28商貿零售-0.13-3.800.67-0.745.400.23-2.43-0.83-0.342.42美容護理1.516.292.99-0.837.73-0.142.491.05-0.431.50房地產-0.60-1.901.502.5013.830.79-0.611.662.067.05輕工制造-1.01-0.880.940.624.25-3-0.161.19紡織服飾-1.30-1.800.47-0.92-0.31-0.25-0.48-0.01-0.44-0.06社會服務0.93-0.931.10-5 -1.60 0.38-0.121.07環保-1.59-0.650.700.170.59-1.35-0.250.45-0.020.35綜合-0.060.050.020.100.300.060.06數據來源：，iFind宏觀流動性21.89%，185上升.2P23.0，-3.12%5.27BP圖1：國債收益和DR007變化 圖2：中美利差滬深300

中債國債到期收益率:2年-美國:國債收益率:2年滬深300指數點數據來源：，WIND 數據來源：，WIND圖3：換手率分位數變動萬得全A換手率分位數均值 中國:中債國債到期收益率:10年5/0115/011數據來源：，WIND微觀流動性A表8：A股資金周度變動情況分類上周本周流入端陸股通偏股型基金-新發偏股基金-股票型ETF融資融券合并-66.9258.016.2145.625.2105.3-5.443.2-86.1-72.1-136.9331.5股權融資37.03.8-IPO0.03.8流出端-定增37.00.0解禁381.01365.4減持 -6.8合并 30.1-1.91.9數據來源：，WIND（基金單位為億份，其余為億元；減持為負表示增持）表9：行業資金變動情況分類陸股通ETF融資融券股權融資解禁增減持石油石化2.5—0.9---鋼鐵-5.7-0.71.6---煤炭---基礎化工-0.6-0.85.5-152.6-0.5有色金屬46.4-1.7-15.3---機械設備5.5-0.2-4.6-24.50.0電力設備21.11.5-18.7-261.63.8國防軍工-9.0-0.2汽車13.9-0.3-2.8-16.10.5家用電器-6.9-0.10.9---紡織服飾-1.2—1.1-669.5-1.6輕工制造1.8—-0.8---食品飲料38.7-5.2-9.1-0.2-0.6農林牧漁8.30.1-2.5-21.3-醫藥生物33.5-0.0-21.4-11.5-0.0商貿零售-0.9—-5.3-0.00.4社會服務-0.0—0.2-39.9-美容護理4.5—-0.6---計算機3.5-2.1-11.7-20.80.0傳媒-7.72.2-9.5---0.0通信5.90.1-0.4-13.7-0.4電子13.5-12.1-22.0-65.30.5環保-0.8—-0.3---公用事業2.7 -1.6-0.9--0.0交通運輸6.1-0.0-1.8-11.1-建筑材料1.2-0.31.4--0.0建筑裝飾----房地產11.24.3-2.7-48.3-銀行28.5-3.93.6---非銀金融21.0-8.8-0.6---綜合0.4—-0.4---數據來源：，WIND（注：ETF單位為億份，其余為億元，特殊標注為無對應行業分類的ETF）流入端257.96上周-66.91億1312.28上周148.82億（46.44（38.69億33.6（7.8（695億（-5.68億。（59.9億（30.3億（29.2億（-23.2億（-23.1億（-18.9。圖4：陸股通周買入 圖5：陸股通周成交額0

滬股通凈買入億元 深股通凈買入億陸股通凈買入億元

0

滬股通周成交金額億元 深股通周成交金額億元2020-05-29 2021-05-29 2022-05-29 2023-05-29 2020-05-29 2021-05-29 2022-05-29 2023-05-29數據來源：，WIND 數據來源：，WIND表10：近四周陸股通行業流動情況申萬一級 20240403 20240412 20240419 20240426 近四周合計 趨勢圖有色金屬-17.133.8-3.246.459.9銀行-1.8 -4.27.811.628.5 30.3醫藥生物-0.3-0.4-3.35.0-15.633.529.2非銀金融-11.17.321.0 16.8食品飲料-26.02.5 38.7 6.2 5.511.811.010.210.1機械設備-5.7基礎化工12.5-2.8 1.1 -0.6電力設備5.3 2.0 -18.3-1.9 -2.9 1.21.5 0.0 2.7-0.8 -0.7 2.9-1.8 2.2 -4.2 21.1房地產11.2 7.61.8 6.04.5 5.98.3 4.5輕工制造美容護理農林牧漁環保0.2 0.8 1.5 -0.8 1.6-1.0 1.7 1.2 -1.2 0.7紡織服飾汽車-4.0-2.0 -7.9 13.9 0.1綜合-0.2 -0.4 0.1 0.4 -0.13.6 -6.1 -0.4 2.3 -0.60.4 -1.8 0.7 0.0 -0.72.5 -4.6 -5.0 6.1 -1.06.9 -1.2 -1.5 -5.7 -1.55.4 -6.1 4.7 -5.7 -1.77.6 -5.2 -7.2 2.7 -2.2國防軍工社會服務交通運輸鋼鐵建筑裝飾公用事業煤炭-3.4 -4.0--3.9-5.4石油石化0.1-3.4 -4.5電子-15.615.9-22.013.5-8.3建筑材料0.80.0-7.2 -5.9-12.1計算機-15.0-4.8-4.6-3.8-3.7-16.4-17.4通信-7.7-10.9家用電器0.5-8.7-6.9-7.7-18.9傳媒-5.9 -5.8-23.1-23.2商貿零售1.0-12.8-10.4-0.9數據來源：，WIND483.59105.2721.8%（25.65.84月偏20.43（325.01月為18.33本周公募基金總份額為27.80萬億份，環比上周增加11745.72億份，其中偏股型基金5.84萬億減少505.19億份、偏債型基金9.07萬億份增加575.57億份。圖6：新發基金度份變化 圖7：偏股基金行情緒0

偏股基金億份 偏債基金億份 其他

平均認購時間天 募資額/募集目標右50 40 100%30 80%20 40%10 20%0 0% 數據來源：，WIND 數據來源：，WIND圖8：近四周基份額動情況 圖9：偏股基金額變情況基金份額變動2024/04/03 2024/04/12 2024/04/19 2024/04/2650000

偏股型基金份額 收盤價

3,8003,6003,4003,2003,0002,8002021/09/10 2022/09/10 2023/09/10數據來源：，iFIND 數據來源：，iFINDETF328TF43.170.2；ETF300（23.9億，12100（3.56470（1.873.55（-1.460.。EF（596億，.6（127億，.21（8.7億，0.8。圖10：ETF份額情況 圖近四周凈申購ETF份額（億份）股票型 債券型 商品型 貨幣型 跨境型25,00020,00015,00010,0005,00002020/1/1 2021/1/1 2022/1/1 2023/1/1

500

ETF份凈申購（億份）2024/4/3 2024/4/12 2024/4/19數據來源：，WIND 數據來源：，WIND表11：寬基指數ETF份額變動情況寬基指數2024/4/3份額（億份）2024/4/12 2024/4/192024/4/26ETF變動2024/4/3 2024/4/12 2024/4/19 2024/4/26上證50509.20503.41504.97503.510.98%-1.14%0.31%-0.29%中證500349.63343.24343.02355.89-1.18%-1.83%-0.06%3.75%中證1000292.66285.15287.18300.75-1.80%-2.57%0.71%4.72%創業板指849.99860.39853.97863.62-0.57%1.22%-0.75%1.13%滬深3002138.602120.962121.802145.590.09%-0.82%0.04%1.12%科創501667.911679.431672.571678.600.26%0.69%-0.41%0.36%科創創業50511.42511.86511.19511.32-0.32%0.09%-0.13%0.03%MSCI中國A50245.14243.89236.53237.87-0.77%-0.51%-3.02%0.57%中證A50130.62139.82150.33155.71-5.32%7.04%7.52%3.58%數據來源：，WIND表12：主要行業/主題ETF份額變動情況行業/主題2024/4/3ETF份額（億份）2024/4/12 2024/4/192024/4/262024/4/3ETF變動2024/4/12 2024/4/192024/4/26有色金屬126.51128.45128.21126.553.25%1.53%-0.19%-1.29%電力設備199.95138.20199.06197.44137.57198.98-1.87%-0.45%-0.43%-0.81%0.78%0.41%0.54%新能車137.61138.14-1.39%-0.03%新能電池135.38136.76136.17136.910.29%1.02%-0.43%新能源143.02148.19142.43142.19142.50-0.86%-0.74%-0.42%-0.48%-0.16%0.22%碳中和147.48146.36145.67-0.76%-0.47%消費157.59156.28153.48152.06-0.14%-0.83%-1.79%-0.93%醫藥生物1819.00142.491834.40145.111846.26147.151846.25147.210.61%0.85%0.65%0.00%0.04%農林牧漁1.68%1.84%1.41%食品飲料270.95269.97268.89263.660.42%-0.36%-0.40%-1.94%TMT309.52310.28307.08168.93305.15166.861.83%0.24%-0.19%-1.03%-0.63%計算機172.25171.924.38%-1.74%-1.22%傳媒143.29149.09150.12995.22152.27-0.08%4.05%0.69%1.43%電子988.43998.60983.140.59%1.03%-0.34%-1.21%國防軍工258.61260.72257.18259.59-0.11%-0.31%0.82%-1.36%0.94%國企349.97340.75870.92351.09356.04358.04357.55364.000.32%1.41%0.42%紅利348.470.41%2.26%2.75%1.66%非銀金融884.27118.81891.10882.33-0.28%1.53%0.77%-0.98%銀行123.69115.36111.41-0.94%-3.95%-2.91%-3.42%數據來源：，WIND（本表僅列舉份額較高的行業或主題ETF，其中部分主題ETF跟蹤指數涵蓋不同的申萬一級行業，而根據實際進行劃分）融資融券：72.64.16億5.06億，7.90上周億690.3億上周7385億50（上周15.6億（97億5.5億（36億；（-22.0億（-21.4（-18.7億。（80.3億（15.7億（13.4（-61.3億（-58.4億、電子（-52.5億。圖12：兩融資金流入情況 圖13：兩融資金成交情況10000

融資凈流入 融券凈流兩融凈流入

19001400900400-100

周均融資買入額 周均融券賣出額 數據來源：，WIND 數據來源：，WIND表13：近四周行業融資凈流動情況申萬一級20240403202404122024041920240426近四周合計趨勢圖有色金屬31.556.57.5-15.380.3國防軍工10.0-15.7公用事業3.80.310.3-0.913.4石油石化0.3-7.2交通運輸-1.83.8建筑裝飾-2.8-2.4社會服務1.92.7-家用電器-0.3-0.1環保-0.3-0.50.8-0.3-0.2綜合-0.60.9-0.2-0.4-0.3紡織服飾-1.10.1-0.81.1-0.7美容護理0.3-0.8-0.1-0.6-1.2食品飲料-1.0 12.5 -4.4-9.1-2.0商貿零售0.72.4-0.4-5.3-2.6汽車0.7-1.20.7-2.8-2.6基礎化工-1.2-3.7-3.45.5-2.7建筑材料-3.3-0.5-0.41.4-2.8輕工制造-0.40.2-2.1-0.8-3.1農林牧漁-0.91.6-3.7-2.5-5.5鋼鐵-2.9-1.1-4.91.6-7.2房地產-0.2-5.3-5.5-2.7-13.6銀行-7.4-5.4-7.23.6-16.5煤炭-8.2-9.5 -1.6 1.6-17.7機械設備-1.6-6.7-7.6-4.6-20.6非銀金融-10.4-15.6-8.9-0.6-35.5通信-10.1-17.0-10.9-0.4-38.4電力設備2.5-4.7-19.8-18.7-40.7傳媒-6.2-15.3-13.9-9.5-44.9電子10.7-26.4-14.8-22.0-52.5醫藥生物-6.8-15.5-14.7-21.4-58.4計算機-11.2-21.6-16.7-11.7-61.3數據來源：，WIND3.2. 流出端股權融資（：本周O共13.84圖14：股權融資變化情況IPO募集資金（億元） 配股募集資金（億元） 定增募集資金（億元）8數據來源：，WIND表14：近4周IPO和定增的行業變化情況2024/4/32024/4/12IPO2024/4/192024/4/26合計2024/4/32024/4/12定增2024/4/192024/4/26合計石油石化----------鋼鐵----------煤炭------4.38--4.38基礎化工-----8.50---8.50有色金屬----------機械設備----------電力設備------6.32--6.32國防軍工----------汽車-----11.83---11.83家用電器----------紡織服飾----------輕工制造-----3.86---3.86食品飲料-------0.97-0.97農林牧漁----------醫藥生物------7.00--7.00商貿零售----------社會服務----------美容護理----------計算機----------傳媒----------通信----------電子3.94---3.94-----環保----------公用事業----------交通運輸-------36.00-36.00建筑材料----------建筑裝飾----------房地產----------銀行----------非銀金融----------綜合----------數據來源：，WIND（注：部分上市企業未劃定申萬行業分類，故與整體統計有偏差）669.4627.41%、261.550.99%152.581.00%65.280.21%、房地產48.34億占比1.08%。未來四周解禁壓力較大的為電子474.02億、機254.25230.03136.34133.50億。圖15本周解禁市值（億元）石油石化石油石化計算機傳媒房地產銀行非銀金融綜合數據來源：，WIND圖16：未來四周解禁市值合計未來四周預計解禁市值合計億元石油石化石油石化計算機傳媒房地產銀行非銀金融綜合數據來源：，WIND1.902.014.051.640.630.490.400.1744.88億、2.421.951.890.79億。圖17：減持市值變動情況凈減持（億元） 上證綜指（右）4000數據來源：，WIND

4000350030002500表15：近四周行業增減持變動情況凈增持2024/4/32024/4/122024/4/192024/4/26近四周合計趨勢圖石油石化--5.01-5.01鋼鐵-----煤炭--3.03-3.03基礎化工-0.10-0.371.00-0.490.05有色金屬--0.01---0.01機械設備-0.08-1.15-0.690.02-1.89電力設備1.631.530.283.807.24國防軍工----0.17-0.17汽車0.56-1.260.070.53-0.10