Since February, the inflow of foreign capital into A-Shares has slowed down, which is mainly affected by the continuous adjustment of A-Shares after the holiday and the more than expected tightening of the Federal Reserve. As of February 17, the net purchase amount of northbound funds in February had only reached 1.788 billion yuan. In terms of position style, since the Spring Festival in 2022, northward funds have continued to increase positions in the large market value sector, large financial positions continue to increase, and the net inflow of banking, non-bank finance and non-ferrous metal industries ranks among the top three.
1. Overall allocation: since February, the inflow of foreign capital into A-Shares has slowed down, which is mainly affected by the continuous adjustment of A-Shares after the holiday and the more than expected tightening of the Federal Reserve. In the past two weeks, the net inflow rate of northbound funds has slowed down. As of February 17, the net purchase amount of northbound funds in February reached only 1.788 billion yuan. Since February, the RMB exchange rate has continued to strengthen, and the interest rate gap between China and the United States has continued to narrow. After the festival, the RMB exchange rate against the US dollar rose to 6.369 on February 8. In the past two weeks, it was close to the 6.33 mark and reached 6.335 on February 16. Under the influence of the continuous warming of the market expectation of the strong interest rate increase by the Federal Reserve, the performance of the RMB exchange rate remained strong. In terms of the interest rate difference between China and the United States, the interest rate difference between China and the United States has continued to narrow in the past two weeks, mainly due to the rapid rise of US bond interest rate, which reached 0.76% on February 16.
2. Position style: from the perspective of the listing board, since the Spring Festival, the allocation ratio between the main board and the science and innovation board has risen again, and the position on the gem has continued to fall; From the perspective of market value, foreign capital has continued to increase its positions in the large market value sector recently. Specifically, in the past two weeks, the position of CSI 300 component stocks has continued to increase, the allocation proportion of CSI 500 component stocks has increased, while the position of CSI 1000 continues to decline. Among the CSI 300 component stocks, the leader in the financial sector is favored, and the growing enterprises have been increased in the CSI 1000 component stocks; From the perspective of industry style, the current capital allocation style of going north is still dominated by consumption and growth. Since the Spring Festival, the proportion of positions in growth and consumption sectors has decreased slightly, and the proportion of positions in big finance and cycle sectors has increased.
3. Industry configuration: as of February 17, banks and non bank finance are the main positions increasing direction of funds going north recently, and the industries with more positions decreasing are medicine, biology and computer. 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 power equipment, food and beverage, medicine and biology in the heavy position industry of land stock communication has decreased slightly, the position of banks has increased significantly, and has surpassed medicine and biology to become the third largest industry in the position proportion of land stock communication. From the perspective of the net inflow of funds in the industry, the top five industries with net inflow of funds in the past two weeks are banking, non-bank finance, non-ferrous metals, transportation and electronics. The finance and cycle sector is the main direction of increasing positions of funds in the north in the near future. The top five industries with net outflow are computer, medicine and biology, power equipment, basic chemical industry and national defense and military industry, There are many positions reduction industries, which are mostly concentrated in the growth sector.
4. Allocation of individual stocks: 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 five. As of February 17, the top ten heavyweight stocks of northbound funds were still mainly concentrated in consumption style, with food and beverage occupying three seats, household appliances and commercial retail respectively. There are still two stocks in the top ten heavy positions of foreign capital, Ping An Insurance (Group) Company Of China Ltd(601318) Xinjin has become one of the top ten heavy positions of foreign capital. Since February, foreign investors have significantly increased their positions in Zijin Mining Group Company Limited(601899) , China Merchants Bank Co.Ltd(600036) , Ping An Insurance (Group) Company Of China Ltd(601318) , Citic Securities Company Limited(600030) and other stocks, with the increase scale of more than 1 billion yuan. There was a significant net outflow of Contemporary Amperex Technology Co.Limited(300750) , Ganfeng Lithium Co.Ltd(002460) , Longi Green Energy Technology Co.Ltd(601012) , Yunnan Energy New Material Co.Ltd(002812) 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.
