By 这是对过去一周美国市场的量化回顾。下表中的每个数据均通过对实时行情数据的存储查询得出。本页面每周更新一次，确保数据始终反映最近一个完整的交易周。
指数表现
每个数字背后的完整 SQL
WITH sess AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMin(toFloat64(open), toTimeZone(window_start, 'America/New_York')) AS o,
argMax(toFloat64(close), toTimeZone(window_start, 'America/New_York')) AS c
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker IN ('SPY', 'QQQ', 'DIA', 'IWM')
AND window_start >= now() - INTERVAL 12 DAY AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
wk AS (SELECT ticker, argMin(o, d) AS wo, argMax(c, d) AS wc, min(d) AS d0, max(d) AS d1
FROM sess WHERE d >= (SELECT max(d) FROM sess) - 6 GROUP BY ticker)
SELECT multiIf(ticker = 'SPY', 'S&P 500 (SPY)', ticker = 'QQQ', 'Nasdaq 100 (QQQ)', ticker = 'DIA', 'Dow (DIA)', 'Russell 2000 (IWM)') AS index_etf,
round((wc / wo - 1) * 100, 2) AS week_return_pct,
(SELECT formatDateTime(min(d0), '%b %e') FROM wk) AS week_start,
(SELECT formatDateTime(max(d1), '%b %e') FROM wk) AS week_end
FROM wk
ORDER BY multiIf(ticker = 'SPY', 0, ticker = 'QQQ', 1, ticker = 'DIA', 2, 3)在 Jul 15 至 Jul 21 这一周，S&P 500 (SPY) 的收益率为 -0.79%，Nasdaq 100 (QQQ) 为 -2.06%，Dow (DIA) 为 -0.83%，小盘股 Russell 2000 (IWM) 为 0.43%。这四个指数之间的差距揭示了本周的核心逻辑：当 Nasdaq 与 Russell 走势背离时，市场正在大盘成长股与其他板块之间进行选择。
市场广度：深度分析
指数点位无法反映实际参与的股票数量。本部分统计每日数据：在成交额至少为 5 亿美元的股票中，有多少只股票收涨，又有多少只收跌。
每个数字背后的完整 SQL
WITH day AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMax(toFloat64(close), toTimeZone(window_start, 'America/New_York')) AS c,
sum(toFloat64(close) * toFloat64(volume)) AS dv
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= now() - INTERVAL 14 DAY AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
chg AS (SELECT ticker, d, c, dv, lagInFrame(c) OVER (PARTITION BY ticker ORDER BY d) AS prev_c FROM day),
per_day AS (
SELECT d,
countIf(c > prev_c AND dv >= 500000000 AND prev_c > 3) AS advancers,
countIf(c < prev_c AND dv >= 500000000 AND prev_c > 3) AS decliners,
countIf(dv >= 500000000 AND prev_c > 3) AS total
FROM chg WHERE d >= (SELECT max(d) FROM day) - 12 AND prev_c > 0
GROUP BY d HAVING total >= 100
),
recent AS (SELECT d, advancers, decliners FROM per_day ORDER BY d DESC LIMIT 5)
SELECT d AS date, advancers, decliners FROM recent ORDER BY d ASC这两条线代表了市场参与度。如果全周上涨家数远高于下跌家数，说明指数上涨得到了全市场的支持；如果两者趋于一致或发生交叉，则说明指数上涨仅由少数权重股带动，多数股票并未参与。在最近一个交易日，151 只股票上涨，77 只股票下跌。
板块表现：从优至劣
每个数字背后的完整 SQL
WITH sess AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMin(toFloat64(open), toTimeZone(window_start, 'America/New_York')) AS o,
argMax(toFloat64(close), toTimeZone(window_start, 'America/New_York')) AS c
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker IN ('XLB', 'XLC', 'XLE', 'XLF', 'XLI', 'XLK', 'XLP', 'XLRE', 'XLU', 'XLV', 'XLY')
AND window_start >= now() - INTERVAL 12 DAY AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
wk AS (SELECT ticker, argMin(o, d) AS wo, argMax(c, d) AS wc FROM sess WHERE d >= (SELECT max(d) FROM sess) - 6 GROUP BY ticker)
SELECT multiIf(ticker = 'XLK', 'Technology', ticker = 'XLC', 'Communications', ticker = 'XLE', 'Energy',
ticker = 'XLF', 'Financials', ticker = 'XLI', 'Industrials', ticker = 'XLB', 'Materials',
ticker = 'XLP', 'Staples', ticker = 'XLRE', 'Real Estate', ticker = 'XLU', 'Utilities',
ticker = 'XLV', 'Health Care', 'Consumer Disc.') AS sector,
round((wc / wo - 1) * 100, 2) AS week_return_pct
FROM wk ORDER BY week_return_pct DESC板块看板将本周表现分为领涨板块和落后板块。Energy 以 2.76% 的涨幅领涨，Technology 则以 -2.38% 的涨幅垫底。表现最好的板块与最差板块之间的差距，反映了本周是由板块轮动驱动，还是由整体同步走势驱动。
本周涨跌幅最大的股票
成交活跃股（成交额超过 10 亿美元，不含杠杆和反向 ETF）中周涨跌幅最大的股票：
每个数字背后的完整 SQL
WITH sess AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMin(toFloat64(open), toTimeZone(window_start, 'America/New_York')) AS o,
argMax(toFloat64(close), toTimeZone(window_start, 'America/New_York')) AS c,
sum(toFloat64(close) * toFloat64(volume)) AS dv
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= now() - INTERVAL 12 DAY AND ticker NOT IN ('SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT') AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
wk AS (SELECT ticker, argMin(o, d) AS wo, argMax(c, d) AS wc, sum(dv) AS wd, count() AS n
FROM sess WHERE d >= (SELECT max(d) FROM sess) - 6 GROUP BY ticker)
SELECT ticker, round((wc / wo - 1) * 100, 1) AS week_return_pct, round(wd / 1e9, 1) AS week_dollar_bn
FROM wk WHERE wd >= 1000000000 AND wo >= 10 AND n >= 4
ORDER BY (wc / wo - 1) DESC LIMIT 7SSPC 是所有高流动性股票中的领头羊，本周上涨了 21.9%。跌幅最大的股票则为：
每个数字背后的完整 SQL
WITH sess AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
argMin(toFloat64(open), toTimeZone(window_start, 'America/New_York')) AS o,
argMax(toFloat64(close), toTimeZone(window_start, 'America/New_York')) AS c,
sum(toFloat64(close) * toFloat64(volume)) AS dv
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= now() - INTERVAL 12 DAY AND ticker NOT IN ('SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT') AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
wk AS (SELECT ticker, argMin(o, d) AS wo, argMax(c, d) AS wc, sum(dv) AS wd, count() AS n
FROM sess WHERE d >= (SELECT max(d) FROM sess) - 6 GROUP BY ticker)
SELECT ticker, round((wc / wo - 1) * 100, 1) AS week_return_pct, round(wd / 1e9, 1) AS week_dollar_bn
FROM wk WHERE wd >= 1000000000 AND wo >= 10 AND n >= 4
ORDER BY (wc / wo - 1) ASC LIMIT 7PENG 是成交活跃股中跌幅最大的，跌幅为 -28.8%。完整的滚动排行榜会持续更新，请访问 每周涨跌幅页面。
成交额集中度
成交金额显示了市场的资金实际流向，这与涨跌幅最大的股票并不总是吻合。
每个数字背后的完整 SQL
WITH sess AS (
SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
sum(toFloat64(close) * toFloat64(volume)) AS dv
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= now() - INTERVAL 12 DAY AND ticker NOT IN ('SOXL','SOXS','TQQQ','SQQQ','NVDL','NVDS','NVD','TSLL','TSLQ','TSLZ','SPXL','SPXS','UPRO','SPXU','LABU','LABD','FAS','FAZ','TNA','TZA','YINN','YANG','UDOW','SDOW','BOIL','KOLD','UCO','SCO','USD','SSO','SDS','QLD','QID','ERX','ERY','DRN','DRV','CURE','SOXY','MUU','SNXX','UVXY','SVXY','UVIX','SVIX','BULZ','WEBL','WEBS','DPST','DRIP','GUSH','AGQ','ZSL','BITX','ETHU','MSTX','MSTU','CONL','DUST','JNUG','JDST','NUGT') AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60 + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY ticker, d
),
wk AS (SELECT ticker, sum(dv) AS wd FROM sess WHERE d >= (SELECT max(d) FROM sess) - 6 GROUP BY ticker)
SELECT ticker, round(wd / 1e9, 1) AS week_dollar_bn FROM wk ORDER BY wd DESC LIMIT 8MU 是本周成交金额最高的股票，达 191.8 亿美元。高成交额配合小幅波动，通常意味着高流动性权重股在换手；高成交额配合大幅波动，则代表市场共识。该列表顶部的股票通常是巨型股或本周的热点股；通过将其与上方的涨跌幅榜对比，可以区分出哪些是涨跌剧烈的股票，哪些仅仅是交易活跃的股票。
如何解读市场周报
将以下四个维度结合来看，比单一的指数点位更能准确描述市场周。指数表现反映了以大盘股为权重的平均收益。市场广度反映了实际参与的股票数量：指数上涨但广度不足，意味着市场走势过于集中，历史表明这种走势难以持续；而广度较好则意味着市场整体在发生结构性转变。板块表现揭示了市场风格：最差与最好板块之间的差距较宽，意味着存在板块轮动和选股行情；差距较窄则意味着市场处于普涨或普跌的整体趋势中。最后，涨跌幅榜和成交额榜指出了具体的驱动股票，将剧烈波动的股票与交易活跃的巨头区分开来。本报告每周将这四个维度并列呈现，让您看到的不是单一标题，而是一幅完整的市场图景。所有数据均通过存储查询计算得出，确保与实时行情完全一致。
常见问题
本周市场发生了什么？
在 Jul 15 至 Jul 21 这一周，S&P 500 的收益率为 -0.79%，Nasdaq 100 为 -2.06%。Energy 是表现最强的板块，Technology 是表现最弱的板块。在最近一个交易日，151 只高成交活跃股上涨，77 只下跌。上述图表提供了详细数据。
本报告多久更新一次？
每周更新一次。本页面基于过去五个交易日的实时查询计算得出，因此始终反映最近一个完整的交易周。订阅者每周会收到一封电子邮件。
数据来源是什么？
所有数据均通过对市场行情数据（股票分钟线）的存储查询得出。您可以打开任何板块下的 SQL 语句进行审计，或在 Strasmore 终端上运行相同的查询。
想在收件箱中获取这些数据吗？这是订阅者收到的每周回顾：每周一封邮件，用数据解读市场，所有数据均可审计。如需查看每日动态，请访问 涨跌幅 和 空头头寸 页面。