Weekly macro review: money market and capital price. This week (from February 7, 2022 to February 13, 2022, the same below), a total of RMB 1100 billion of reverse repo expired in the open market of the central bank, and a total of RMB 100 billion was invested in the reverse repo in the open market of the central bank, realizing a net return of RMB 100 billion. For the whole week, the overnight, 7-day, 14 day, 21 day and one month inter-bank pledge repo interest rates in the inter-bank market changed by 64.38bp, -52.4bp, -52.39bp, -28.96bp and -30.8bp to 1.849%, 2.0119%, 2.1161%, 2.3504% and 2.3098% respectively; The overnight, 7-day, 14 day, 21 day and one month interbank pledge repo rates of deposit institutions in the interbank market changed by 61.86bp, -27.6bp, -62.64bp, -28.09bp and -29.0bp to 1.7985%, 1.9792%, 1.9375%, 2.1713% and 2.2297% respectively; Shibor’s overnight, 7-day, 14 day, 21 day and one month interest rates changed by 61.2bp, -22.9bp, -58.9bp and -4.999bp to 1.812%, 2.021%, 1.972% and 2.369% respectively. Most of the interest rate bond yields rose this week, of which the yield of five-year treasury bonds rose the most, 11.86bp, and the yield of US Treasury bonds also rose. Among them, the yield of one-year US Treasury bonds rose the most, 18bp.
Weekly asset performance review: in terms of China’s stock index, the CSI 300, CSI 500, SSE 50, gem and Kechuang 50 index rose or fell by 0.82%, 2.5%, 2.91%, – 5.59% and – 4.85% respectively this week. In terms of style, CITIC finance, cycle, consumption, growth and stability index rose or fell by 5.8%, 3.25%, 0.02%, – 1.89% and 7% respectively this week. In terms of industry, the top five shenwanyi industries with yield this week are coal, petroleum and petrochemical, building decoration, building materials and steel, with yield of 13.86%, 7.98%, 7.85%, 7.02% and 6.95% respectively; The shenwanyi industries with the lowest yield are automobile, beauty care, medicine and biology, electronics and power equipment, with the yield of – 1.10%, – 1.48%, – 2.73%, – 3.32% and – 8.18% respectively. In terms of overseas stock indexes, this week, NASDAQ, S & P 500, Dow Jones industrial, Nikkei 225, French CAC40, British FTSE 100 and German DAX index rose or fell by – 2.18%, – 1.82%, – 1%, 0.93% and 0.87%, 1.92% and 2.16% respectively. The CSI convertible bond index rose 1.82% this week. In terms of valuation, the weighted conversion premium rate, arithmetic average conversion premium rate, weighted implied volatility and arithmetic average implied volatility of convertible bonds changed by – 2.87%, – 0.1%, 0.67% and 1.62% (absolute level) to 37.11%, 43.58%, 33.09% and 43.97% respectively.
Weekly fund strategy evaluation: this week, the yield ranking of various types of funds is pure debt fund, primary debt fund, stock long short fund, partial debt hybrid fund, secondary debt fund, balanced hybrid fund, index enhanced fund, flexible allocation fund, partial stock hybrid fund and stock fund.
This week’s simulated portfolio: mixed strategy balanced portfolio has position adjustment operation in this period.
Risk tips: the economic impact of covid-19 virus variants exceeded expectations; The policy is not as expected; All assets allocated in the balanced portfolio of mixed strategies (including but not limited to convertible bonds, stocks, indexes, etc.) do not constitute investment purchase suggestions.
