本报讯 上周（7月16日-7月20日）大盘呈现下行走势，两融市场出现分化——融资交易萎靡而融券交易仍保持高位。

Report from our correspondent last week（July 16,-July 20,）The downward trend of present，Two melts market appear differentiation, financing and trade depression securities transactions still remain high。

　　数据显示，上周融资买入额仅为90.46亿元，环比前一周骤降约28.6%，更是今年以来的完整交易周中买入额最低的一周；融资净买入额（融资买入额减去融资偿还额）也较前一周大幅萎缩，仅仅3.1亿元，不但低于前一周近5亿元的规模，还是今年4月下旬以来净买入额最少的一周。而同期融券卖出量为5.84亿股（份），环比减少不到9.8%，为今年来单周融券卖出量第二高；此外，融券余额为12.98亿元，环比仅略减，同样保持高位。截至7月27日，融资融券余额为642.30亿元，环比前一周增长约0.47%。

Data shows，Last week the financing buy amount is 9.046 billion yuan only，A week before the November plunged nearly 28.6%，But since this year JiaoYiZhou complete buy the minimum amount of a week；Financing net buying the forehead（Buyouts can forehead minus payments financing）Also a week before shrinking dramatically，Only 310 million yuan，Not only less than a week before the nearly 500 million yuan of scale，Or this year since late April to buy at least a week of net amount。Over the same period, the amount of securities sold 584 million shares（a），Annulus comparing reduce of less than 9.8%，Single ZhouRong coupons for this year to sell the second high quantity；In addition，Securities balance is 1.298 billion yuan，Annulus comparing only slightly reduced，Also remain high。By July 27,，Margin balance is 64.23 billion yuan，A week before the annulus comparing growth of about 0.47%。

　　对于上周融资大幅萎缩、融券保持高位，东吴证券(601555,股吧)金融研究员张丽丽认为，“这是两融指标连续两周表现出空头态势，特别是上周融资买入中，各行业全部呈现买入萎缩，市场看空态度趋于一致，而地产政策面的偏空以及上交所新政对ST股的打压使得市场后市仍不容乐观。”

Last week a shrinking for financing、Short sale remain high，Soochow securities(601555,Shares it)Financial ZhangLiLi researchers think，“This is two harmony index for two weeks show naked situation，Especially in financing buy last week，Various industries all present buy atrophy，Market watch empty attitude to the agreement，While property of the policy and the new politics to ShangJiaoSuo partial empty ST shares the crackdown that makes the market is still not optimistic。”

　　此外，虽然上周ETF两融标的整体为融资净买入状态，金额累计在2700万元左右。“可以看到，上周的标的ETF融资买入环比萎缩逾两成；而融券卖出微幅减少，但仍保持高位，也体现出卖空的气氛仍在延续。”张丽丽进一步表示，由于在政策面的打压下，本周走势仍不容乐观，并建议本周两融操作中融资交易仍需谨慎，融券则可适当参与前期强势股的回调卖空机会，如医药、酿酒等行业。

In addition，Although last week two ETF for the overall harmony mark financing net buying state，Amounted to 27 million yuan or so。“Can see，Last week's mark ETF buy more than twenty percent financing projects atrophy；And sell securities slightly reduced，But still remain high，Also reflects the atmosphere of the short continuing。”ZhangLiLi further said，Because of the policy in under pressure，Trend this week is still not optimistic，And this week suggest two of financing trading is still melts operation should be cautious，Securities may be appropriate participate in the strong strands of callback shorting the opportunity，Such as medicine、Wine industry, etc。

　　在上周，各行业融资金额同比均下滑较多，而融券方面化工、采掘、黑色金属行业融券金额增加。行业净买入余额增幅前三的家用电器、采掘和金融服务，增幅分别为3%、2%和 1%；净买入余额下降幅度最大的为信息设备、商业贸易和纺织服装等三个行货，同比分别下降3%、2%、1%。上周累计融资买入额前三的个股是五粮液(000858,股吧)、包钢稀土(600111,股吧)和中信证券(600030,股吧)，环比分别减少9%、减少31%和增加24%。 记者 陈刚

In the last week，Various industries of capital are more year-on-year decline，And securities in chemical industry、mining、Black metal industry short sale amount increased。Net buying balance growth industry before the three household electrical appliances、Mining and financial services，Growth of 3%, respectively、2% and 1%；Net buying balance of the greatest reduction for information equipment、Commercial trade and textile clothing and so on three HangHuo，Year-on-year were down by 3%、2%、1%。Total financing buy forehead last week three stocks is wu liang ye(000858,Shares it)、Clad steel rare earth(600111,Shares it)And citic securities(600030,Shares it)，Annulus comparing were reduced by 9%、Reduced by 31% and increases by 24%。 Reporter Chen just just