1. Overall configuration: the periphery continues to be disturbed and turns northward to outflow. The tension between Russia and Ukraine impacted risk appetite, and the US dollar rose slightly. In terms of risk appetite, on February 15, Russia made a partial withdrawal decision, the tension between Russia and Ukraine eased, the market panic index (VIX) fell sharply, and the market risk appetite rebounded. However, on February 17, Russian media said that Ukraine opened fire on the disputed areas in eastern Ukraine, which triggered the rise of risk aversion in the market again, and the VIX Index soared by 15.73%. In terms of foreign exchange, the minutes of the Federal Reserve’s interest rate meeting in January were released, which was basically consistent with the information conveyed by Powell at the press conference on January 26. There was no incremental hawkish information, and the US dollar index rose slightly, up about 0.07% last week.
The minutes of the Fed’s interest rate meeting were “moderate”, and US stocks rose first and then fell. Russian President Vladimir Putin announced a partial withdrawal on February 15. With the easing of the situation in Russia and Ukraine, the market panic index fell sharply, and the three major indexes of US stocks stopped falling and rebounded. However, on February 17, the situation in Russia and Ukraine became tense again, causing market panic, and the three major indexes of US stocks fell collectively. Among them, the Dow hit the biggest one-day decline this year on Thursday. In addition, the minutes of the Federal Reserve’s interest rate meeting in January were released, and there was no incremental hawkish information in the minutes. The market is expected to ease the range of interest rate hikes in March, and the number of implied interest rate hikes of federal fund interest rate futures decreased after the minutes were released.
There was a significant outflow of trading orders, the admission of allocation orders was accelerated, and the funds going north were slightly outflow. The situation in Russia and Ukraine continued to be disturbed, the Fed’s expectation of raising interest rates eased, and the funds going north turned into outflow, with a cumulative net outflow of about 2.399 billion yuan in a single week. In terms of fund type splitting, there are obvious differences between trading disk and allocation disk. Among them, trading disk turns into obvious outflow, with a net outflow of about 10.878 billion yuan, while the inflow of allocation disk accelerates, with a net inflow of about 10.772 billion yuan. At the same time, the funds going south turned into outflow, with a cumulative net outflow of about 6.129 billion yuan last week. As of February 18, the cumulative net inflow of northbound trading and configuration has reached -6.861 billion yuan and 36.555 billion yuan respectively since this year.
2. Industry allocation: transportation and banks are among the top in terms of additional allocation. From the overall perspective, the net inflow of transportation (+ 1.878 billion yuan), banks (+ 1.464 billion yuan) and power equipment (+ 1.059 billion yuan) ranks first, with the largest outflow of medicine and Biology (- 1.480 billion yuan), computers (- 1.117 billion yuan) and architectural decoration (- 936 million yuan);
From the perspective of fund type splitting: from the perspective of trading, the net inflow of transportation (+ 1.11 billion yuan) is the largest, while the net outflow of power equipment (- 2.021 billion yuan) is the largest; From the perspective of configuration disk, the net inflow of power equipment (+ 3.080 billion yuan) is the largest, while the net outflow of household appliances (- 577 million yuan) is the largest.
3. Allocation of individual shares: Citic Securities Company Limited(600030) increase in holdings ranks first, and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) decrease in holdings is most. From the overall perspective, Citic Securities Company Limited(600030) (+ 1.859 billion yuan), Shenzhen Inovance Technology Co.Ltd(300124) (+ 1.098 billion yuan) and Byd Company Limited(002594) (+ 812 million yuan) rank first in net inflow; While Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (- 1.011 billion yuan), Hoshine Silicon Industry Co.Ltd(603260) (- 947 million yuan) and Ping An Insurance (Group) Company Of China Ltd(601318) (- 673 million yuan) mostly flowed out.
From the perspective of fund type splitting, China stock market news (+ 991 million yuan), Byd Company Limited(002594) (+ 689 million yuan) and Inner Mongolia Yili Industrial Group Co.Ltd(600887) (+ 419 million yuan) rank first in net inflow from the perspective of trading disk; While Ping An Insurance (Group) Company Of China Ltd(601318) (- 1.090 billion yuan), Hoshine Silicon Industry Co.Ltd(603260) (- 898 million yuan) and Yunnan Energy New Material Co.Ltd(002812) (- 881 million yuan) mostly flowed out. From the perspective of configuration disk, Citic Securities Company Limited(600030) (+ 1.746 billion yuan), Shenzhen Inovance Technology Co.Ltd(300124) (+ 1.391 billion yuan) and Zijin Mining Group Company Limited(601899) (+ 882 million yuan) rank first in net inflow; While Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (- 923 million yuan), China stock market news (- 884 million yuan) and Midea Group Co.Ltd(000333) (- 449 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
