From February 21 to February 25, the total net outflow of funds from Beishang was 6.413 billion yuan. The net outflow of Shanghai Stock connect was 5.269 billion yuan and that of Shenzhen Stock connect was 1.144 billion yuan. The net outflow in the previous period was 2.399 billion yuan. Among them, the net inflow of non-ferrous metals, coal and food and beverage ranked first, with an inflow of 1.981 billion yuan, 1.649 billion yuan and 1.644 billion yuan respectively; The net outflow of non bank finance, banking and food and beverage was large, with an outflow of 3.401 billion yuan, 3.068 billion yuan and 2.913 billion yuan respectively. On February 25, more than half of the top 20 heavyweight stocks increased their holdings, of which Wuxi Lead Intelligent Equipment Co.Ltd(300450) , China Yangtze Power Co.Ltd(600900) and Contemporary Amperex Technology Co.Limited(300750) increased their holdings by 0.30%, 0.08% and 0.07% respectively Ping An Insurance (Group) Company Of China Ltd(601318) , Ping An Bank Co.Ltd(000001) and Luxshare Precision Industry Co.Ltd(002475) respectively reduced their holdings by 0.44%, 0.31% and 0.18%.
Chinese capital: the two financial institutions showed an upward trend this week. The balance of the two financial institutions on February 24 was 1727111 billion yuan, an increase of 5.836 billion yuan compared with February 17. As of February 25th last week, the balance of more than half of the industry recovered. Among them, the balance of non-ferrous metals, petrochemicals and basic chemicals rebounded significantly, rising by 1.084 billion yuan, 965 million yuan and 916 million yuan respectively; Power equipment, commercial retail and mechanical equipment fell significantly, down 1.277 billion yuan, 497 million yuan and 289 million yuan respectively. Combined with the funds for going north, domestic and foreign investment is relatively consistent in non-ferrous metals, public utilities and computers; There are great differences in the allocation of power equipment, non bank finance and food and beverage. Compared with last week, the fund shares of SSE 50ETF and CSI 300etf decreased by 260.1 million and 151.2 million respectively; The fund shares of CSI 500etff and gem 50ETF increased by 04.8 million and 680 million respectively.
Macro interest rate: this week, the central bank carried out a total of 810 billion yuan of reverse repo for seven days, and the interest rate was the same as before. Superimposed on the maturity of 50 billion yuan of reverse repo, the central bank released a net liquidity of 760 billion yuan in this period. As of February 25, the overnight Shibor increased by 12.100 BP to 2.2310% compared with the previous period, and the 7-day Shibor increased by 22.400 BP to 2.3220%. Inter bank liquidity is tight. The yield of one-year treasury bonds increased by 4.61 BP to 2.0242%, the yield of three-year treasury bonds decreased by 1.38 BP to 2.2950%, the yield of 10-year Treasury bonds decreased by 2.25 BP to 2.7750%, and the risk-free interest rate decreased. On February 25, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 6.63 BP to 0.62%, 8.64 BP to 0.79% and 2.64 BP to 1.21% respectively compared with February 18; Compared with February 18, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 0.33 BP to 0.50%, 3.33 BP to 0.62% and 0.33 BP to 0.75% respectively. Credit spreads all increased.
Risk warning: repeated outbreaks outside China; Monetary policy exceeded expectations
