1. Overall configuration: internal and external expectations are good, and flow northward to a new high. External panic weakened, internal expectations improved, and one-day inflow to the North hit a record high. Although the range of new mutant strains continues to spread, the latest research also shows that the severe and lethal rates may not be as high as before. The epidemic panic has been significantly relieved in the past week, the VIX Index fell sharply in the first half of the week, and the repair of risk preference has led to a significant strengthening of US stocks. At the same time, China has successively released positive signals, a new round of RRR reduction has further released liquidity, the Politburo meeting and the central economic work conference have also continued to strengthen the policy expectation of stable growth. At the same time, after PMI returned to the expansion range, the export data in October also exceeded the expectation, the latest social and financial data has also been marginally better, and China’s economic growth expectation has been boosted again, The RMB appreciated continuously from December 8 to 9, reaching 6.33 at one time. The positive internal and external resonance drives the improvement of risk appetite. On December 9, the central bank announced to increase the foreign exchange deposit reserve ratio to strengthen the management of foreign exchange liquidity.
Trading plate and configuration plate were added together, and the net inflow to the North reached an all-time high. Last week, the panic of overseas covid-19 epidemic subsided significantly, and the signals of stable growth in China were intensively released. The cumulative net inflow of funds going north in a single week was about 48.834 billion yuan, a record high, including about 25.395 billion yuan for trading and 23.746 billion yuan for allocation. At the same time, the funds going south maintained inflow for three consecutive weeks, with a cumulative net inflow of about 11.767 billion yuan last week. As of December 10, the cumulative net inflows of northbound trading and configuration have reached 15.711 billion yuan and 389.648 billion yuan respectively this year.
2. Industry configuration: Food and beverage and big finance have been significantly added. From the overall perspective, the net inflow of food and beverage (+ 10.827 billion), non bank finance (+ 8.881 billion) and banks (+ 8.063 billion) ranks first, with the largest outflow of non-ferrous metals (- 493 million), building materials (- 424 million) and communications (- 327 million);
From the perspective of fund type splitting: from the perspective of trading disk, the net inflow of food and beverage (+ 6.766 billion) is the largest, while the net outflow of non-ferrous metals (- 1.462 billion) is the largest; from the perspective of allocation disk, the net inflow of food and beverage (+ 4.061 billion) is the largest, while the net outflow of transportation (- 461 million) is the largest.
3. Individual stock allocation: Kweichow Moutai Co.Ltd(600519) increased holdings ranked first, and Contemporary Amperex Technology Co.Limited(300750) decreased holdings mostly. From the overall perspective, Kweichow Moutai Co.Ltd(600519) (+ 4.374 billion yuan), East Money Information Co.Ltd(300059) (+ 3.488 billion yuan) and China Merchants Bank Co.Ltd(600036) (+ 2.72 billion yuan) are among the top net inflow, while Contemporary Amperex Technology Co.Limited(300750) (- 1.567 billion yuan), Unigroup Guoxin Microelectronics Co.Ltd(002049) (- 901 million yuan) and Sanan Optoelectronics Co.Ltd(600703) (- 735 million yuan) are the most outflow.
From the perspective of fund type splitting, from the perspective of trading order, Kweichow Moutai Co.Ltd(600519) (+ 3.057 billion yuan), Citic Securities Company Limited(600030) (+ 2.188 billion yuan) and Ping An Insurance (Group) Company Of China Ltd(601318) (+ 1.872 billion yuan) are the top net inflows, while Contemporary Amperex Technology Co.Limited(300750) (- 1.573 billion yuan), Unigroup Guoxin Microelectronics Co.Ltd(002049) (- 960 million yuan) and Zhejiang Huayou Cobalt Co.Ltd(603799) (- 739 million yuan) are the most outflow. From the perspective of the configuration panel, East Money Information Co.Ltd(300059) (+ 1.924 billion yuan), Wuliangye Yibin Co.Ltd(000858) (+ 1.489 billion yuan) and China Tourism Group Duty Free Corporation Limited(601888) (+ 1.436 billion yuan) are the top net inflows, while Sanan Optoelectronics Co.Ltd(600703) (- 1.66 billion yuan), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (- 625 million yuan) and Shenzhen Topband Co.Ltd(002139) (- 503 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
