[capital going north in a week] new energy track without fear of external market shocks

This week, affected by the tense situation in Russia and Ukraine, the global market fluctuated and the risk aversion increased. In the first half of the week, there was a slight net outflow of funds going north. However, foreign investors have increasingly positive views on a shares. This week, Goldman Sachs, HSBC, Credit Suisse and other well-known international investment institutions have been singing more about the Chinese market, and the funds going north began to return to A-Shares in the second half of the week.

(net purchase of over 100 million yuan of individual stocks by northbound capital this week)

Overall, the total amount of funds going north this week was a small net sale of 2.4 billion yuan. From the perspective of market, it continues to show the pattern of strong Shanghai and weak Shenzhen. The net purchase of Shanghai Stock connect is more than 3.1 billion yuan and the net sales of Shenzhen Stock connect is more than 5.5 billion yuan. However, the trading willingness of northbound capital decreased significantly this week, and the daily turnover was less than 100 billion yuan, of which only 77.5 billion yuan was traded on Wednesday, a new low in nearly a year and a half (excluding the delay in the opening of the Hong Kong stock exchange due to the rainstorm on June 28, 2021, northbound capital was only traded for half a day).

After the Spring Festival, the new energy track returned to the sight of funds going north. This week, it bought more than 2 billion yuan in the electrical equipment industry, the only industry with a net purchase of more than 2 billion yuan; Covid-19 specific drugs were approved for import registration. At the same time, many overseas countries relaxed travel control measures, and the recovery expectation of the transportation industry was unprecedentedly strong. Northbound funds also increased their positions by more than 1.3 billion yuan against the trend this week; Cars, leisure services, light industry manufacturing and banks also received a net purchase of more than 100 million yuan from going north this week.

Since the transaction of A-Shares fell below trillion yuan at the end of January, the trading volume has remained in the doldrums. This week, the transaction volume of the two cities hit a new low, which put pressure on securities companies' shares. Northbound funds reduced their holdings of non bank financial industries by more than 2.7 billion yuan, making it the industry with the most net sales this week; The number of confirmed cases of overseas epidemics has peaked, and medical and biological products have once again become the focus of selling. This week, nearly 1.3 billion yuan was sold by funds going north; Building decoration, computer, electronics and other industries were also net sold by funds going north this week, exceeding 100 million yuan.

After the Spring Festival, the construction of new infrastructure accelerated, pushing up the price of silicon wafers. According to wind data, as of this week, the polycrystalline silicon dense material increased from 230 yuan / kg at the end of last year to 241 / kg, an increase of 4.78%; The price of silicon wafer increased even more, and the single crystal silicon wafer rebounded from 5.70 yuan / piece to 6.39 yuan / piece, an increase of 12.11%.

The high outlook of the photovoltaic industry has directly promoted the performance of relevant listed companies. According to wind data, as of the end of this week, a total of 18 companies in the A-share photovoltaic equipment industry have issued performance forecasts for 2021, of which 13 have increased in advance, accounting for more than 70%, and the net profit of 8 is expected to increase by more than 100%.

Photovoltaic giant Longi Green Energy Technology Co.Ltd(601012) has raised the price of silicon wafers twice in a row this year. This week, it spent 542 million yuan to buy Longi Green Energy Technology Co.Ltd(601012) in the north. It is increasing its positions every trading day, increasing its holdings of more than 8.16 million shares in total. This week, Longi Green Energy Technology Co.Ltd(601012) also showed a bottom rebound trend.

Sungrow Power Supply Co.Ltd(300274) integrates a number of new energy concepts such as photovoltaic, wind energy, energy storage and hydrogen energy, and has become the favorite stock of funds going north this year. Although the share price of Sungrow Power Supply Co.Ltd(300274) has continued to decline since its peak in October last year, Beishang capital recently increased its position against the trend and bought net for five consecutive weeks. Its position has increased from 156 million shares at the beginning of the year to 188 million shares at present, and its position has reached a record high.

Photovoltaic concept equity such as Tongwei Co.Ltd(600438) , Ming Yang Smart Energy Group Limited(601615) , Trina Solar Co.Ltd(688599) , Zhejiang Chint Electrics Co.Ltd(601877) also received additional positions of funds going north this week. In addition, Shenzhen Inovance Technology Co.Ltd(300124) , Nari Technology Co.Ltd(600406) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Dongfang Electric Corporation Limited(600875) and other new energy concept equity also received a net purchase of more than 100 million yuan of funds going north this week.

Guotai Junan Securities Co.Ltd(601211) it is expected that the global new energy vehicles, photovoltaic and other sectors are expected to achieve 53% and 40% growth rates respectively in 2022. The boom is still very strong. It is valuable in the macro environment in 2022 and is expected to continue to exceed market expectations. The time and space for the adjustment of relevant individual stocks have been very sufficient, and the market has accumulated enough counterattack force.

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