Core summary
In the past two weeks, the inflow of foreign capital into A-Shares has accelerated. Under the background of overseas tightening, it has not affected the allocation demand of foreign capital for a shares. In January, the net purchase amount of northbound funds has been close to 44 billion yuan. In terms of position style, since 2022, northbound funds have continued to increase their positions in the large market value sector, the large financial positions have increased significantly, and the net inflow of banking, power equipment and non bank financial industries ranks among the top three.
1. Overall allocation: the inflow of foreign capital into A-Shares has accelerated in the past two weeks. Under the background of overseas tightening, it has not affected the allocation demand of foreign capital for a shares. In January, the net purchase amount of northbound capital has been close to 44 billion yuan. In the past two weeks, the rate of net capital inflow to the North has accelerated and remained at a high level as a whole. Specifically, from January 12 to 26, the net purchase of northbound funds reached 37 billion yuan, and the net purchase of northbound funds in January was close to 44 billion yuan. In the past two weeks, the RMB exchange rate has continued to strengthen and the interest rate gap between China and the United States has narrowed rapidly. After breaking through the 6.35 mark on January 14, the RMB exchange rate against the US dollar approached the 6.32 mark in the past two weeks and reached 6.322 on January 26. Under the strong influence of the demand for foreign exchange settlement before the festival, the RMB exchange rate performed strongly. In terms of interest rate spread between China and the United States, the interest rate spread between China and the United States has narrowed rapidly in the past two weeks, remained below 1% on the whole, and reached 0.92% on January 25.
2. Position style: from the perspective of the listing board, since 2022, the allocation proportion of the main board and the science and innovation board has increased, and the position of the gem has continued to decline; From the perspective of market value, the allocation of large and small market values by foreign capital has reversed recently. Specifically, in the past two weeks, the positions of CSI 500 and CSI 1000 components have continued to increase, and the positions of CSI 500 and CSI 1000 have continued to fall. Among the CSI 300 components, the leaders in the financial sector are favored, and the attention of northbound funds to small and medium-sized enterprises with market value has weakened; From the perspective of industry style, the current northward capital allocation style is still dominated by consumption and growth. Since 2022, the proportion of positions in the consumer sector has continued to decline, the proportion of large financial sector has increased significantly, the proportion of growth sector has stabilized, and the proportion of cycle sector has decreased slightly.
3. Industry configuration: as of January 25, banks and power equipment are the main positions of funds going north in the near future. There are many positions reduced, and most industries are concentrated in the consumer sector. At this stage, the high boom growth track represented by “new energy guide” and the large consumption sector are still the key allocation direction of foreign capital. In the past two weeks, the position level of traditional Chinese medicine and biology in the heavy warehouse industry of lugutong has dropped significantly, and the position level of power equipment, food and beverage, banking and electronics has rebounded. From the perspective of the net inflow of funds from the industry, the top five industries with net inflow of funds from the north in the past two weeks are banks, power equipment, non bank finance, food and beverage and non-ferrous metals. Banks and power equipment are the main positions of funds from the north in the near future. The top five industries with net outflow are medicine and biology, household appliances, steel, commerce and retail and communication, There are many positions reduced, and most industries are concentrated in the consumption sector.
4. Individual stock allocation: from the current top ten heavy positions of northward capital, consumer stocks are still the main heavy positions of foreign capital, and the top ten heavy positions occupy six. As of January 25, the top ten heavyweight stocks of northbound capital were still mainly concentrated in consumption style, with food and beverage occupying three seats, medicine and biology, household appliances and Commerce and retail respectively. Power equipment still has two stocks, ranking among the top ten heavyweight stocks of foreign capital. In the past two weeks, foreign investors have significantly increased their positions in China Merchants Bank Co.Ltd(600036) , Kweichow Moutai Co.Ltd(600519) , Ping An Insurance (Group) Company Of China Ltd(601318) , Shenzhen Inovance Technology Co.Ltd(300124) and other stocks, with the scale of increasing positions of more than one billion yuan. There was a significant net outflow of Jiangsu Hengrui Medicine Co.Ltd(600276) , Contemporary Amperex Technology Co.Limited(300750) , China Tourism Group Duty Free Corporation Limited(601888) , Aier Eye Hospital Group Co.Ltd(300015) , Midea Group Co.Ltd(000333) and other stocks, with a net outflow scale of more than 1 billion yuan.
Risk warning: the sample data is not enough to represent the overall level, the deviation between the division based on self cognition and the market, the error in the statistical method of data processing, the large difference between the position and the current position caused by the rapid change of the market situation, etc.
