From February 7 to February 11, the total net inflow of funds going north was 10.744 billion yuan. The net inflow of Shanghai Stock connect was 17.354 billion yuan and the net outflow of Shenzhen Stock connect was 6.610 billion yuan. The net outflow in the previous period was 26.071 billion yuan. Among them, the net inflow of banks, non bank finance and non-ferrous metals ranked first, with an inflow of 7.157 billion yuan, 5.946 billion yuan and 3.342 billion yuan respectively; There was a significant net outflow of power equipment, computers, medicine and biology, with an outflow of 3.337 billion yuan, 3.217 billion yuan and 2.402 billion yuan respectively. Compared with January 28, on February 11, more than half of the top 20 heavy warehouse shares were increased, of which Ping An Insurance (Group) Company Of China Ltd(601318) , Luxshare Precision Industry Co.Ltd(002475) and China Merchants Bank Co.Ltd(600036) increased their holdings by 0.55%, 0.31% and 0.22% respectively; Longi Green Energy Technology Co.Ltd(601012) , Jiangsu Hengrui Medicine Co.Ltd(600276) and Contemporary Amperex Technology Co.Limited(300750) reduced their holdings by 0.41%, 0.16% and 0.16% respectively.
Chinese capital: the two financial institutions showed an upward trend this week. The balance of the two financial institutions on February 11 was 1721.346 billion yuan, an increase of 8.179 billion yuan compared with January 28. Compared with the previous period, as of February 11, the balance of two financial institutions in more than half of the industries fell. Among them, the balance of electronics, architectural decoration and computers rebounded significantly, rising by 1.086 billion yuan, 908 million yuan and 876 million yuan respectively; Basic chemical industry, non bank finance and petrochemicals fell more, down 1.076 billion yuan, 812 million yuan and 796 million yuan respectively. Combined with the funds for going north, domestic and foreign investment is relatively consistent in electronics, architectural decoration and food and beverage; There are great differences in the allocation of computers, medicine, biology and non bank finance. Compared with last week, the fund shares of SSE 50ETF and CSI 500etf decreased by 1.440.9 billion and 0.08 million respectively; The fund shares of CSI 300etf and gem 50ETF increased by 126 million and 762 million respectively.
Macro interest rate: this week, the central bank has carried out a total of 100 billion yuan of reverse repo for seven days, and the interest rate is the same as before. Superimposed on the maturity of 900 billion yuan of reverse repo, the central bank has recovered a net liquidity of 800 billion yuan in this period. As of February 11, the overnight Shibor increased by 61.200 BP to 1.8100% compared with the previous period, and the 7-day Shibor decreased by 22.900 BP to 2.0200%. Inter bank liquidity is tight. The yield of one-year treasury bonds decreased by 3.15 BP to 1.9192%, the yield of three-year treasury bonds increased by 10.5 BP to 2.3465%, the yield of 10-year Treasury bonds increased by 8.7 BP to 2.7891%, and the risk-free interest rate increased. On February 11, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 5.89 BP to 0.49%, 7.89 BP to 0.67% and 11.89 BP to 1.28% respectively compared with January 28; Compared with January 28, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 0.77 BP to 0.56%, decreased by 0.24 BP to 0.68% and decreased by 0.24 BP to 0.88% respectively. Credit spreads fell by more than half.
Risk warning: repeated outbreaks outside China; Monetary policy exceeds expectations
