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In the first half of July, A-share financing balance plummeted by 1307亿元, with financing clients mainly selling storage stocks, but shares such as InnoLight saw contrarian buying. 东 东方财富网
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弓长人青 2026-07-16 19:46 上海
A股市场迎来了一场年内最大规模的“卸杠杆”。
7月刚过半，融资余额即减少了1307亿元，创下2026年以来最大单月降幅。资金撤出的前十股票中，寒武纪居首，另外有4只都是存储概念股。然而，即便在杠杆资金整体撤退的背景下，仍有不少个股获得了逆势加仓。
具体来看，今年1-6月融资余额累计上涨4729亿元，尤其是4-6月连续三个月超千亿流入，市场情绪高涨。不过，7月上半月融资余额减少了1307亿元，抹去了全年近三成的增量。
在7月融资净卖出前十大个股中，寒武纪以44.5亿元的融资净卖出高居榜首，德明利、京东方A、大族激光紧随其后。其中，跌幅最大的是佰维存储，半月跌39.3%，另外还有三只存储概念也进榜，德明利跌36.8%、北京君正跌29.9%、江波龙34.1%。
值得注意的是，这四只存储股今天的跌幅也不小，德明利跌停，北京君正跌8.19%，江波龙跌5%，佰维存储跌1.36%。
从融资净买入的前十大股来看，融资客净买入最多的是新易盛，其以36.5亿的融资增长额遥遥领先，比第二名浪潮信息（8.4亿）高出4倍多，不过，其7月股价反而下跌了10.6%，呈现出越跌、融资客加仓越狠的局面，此外还有中国船舶、TCL科技、北方华创、紫光国微也是如此。
中邮证券研报认为，7月初A股市场出现连续调整，多个行业板块出现明显下跌，投资者风险偏好短期快速下降，杠杆资金主动减仓，导致融资偿还额持续高于融资买入额。
浙商证券策略首席分析师认为，本轮A股杠杆水平整体可控。当前市场依旧处于共识行情的“风险钝化阶段”，目前还并没有证据证明进入了“共识松动阶段”。 仅供投资者参考，不构成投资建议 阅读原文
Key Quotes
> Just halfway through July, financing balance decreased by 1307亿元, setting the largest monthly decline since 2026.
> Cambricon led the list with net financing sales of 44.5亿元, followed by Demingli, BOE A, and Huagong Laser.
> Financing clients' largest net purchases were in InnoLight, with a financing increase of 36.5亿, far ahead of second-place Inspur Information, which is more than four times lower.
> China Post Securities' research report believes that in early July, the A-share market experienced consecutive adjustments, investors' risk appetite fell sharply in the short term, and leveraged funds actively reduced positions.
> Zheshang Securities' chief strategy analyst believes that the overall leverage level in this round of A-shares is controllable, and there is currently no evidence indicating entry into a 'consensus loosening phase'.
Tags
A-shares
Margin Trading
Storage Concept
Market Analysis
Investment
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