1. Overall configuration: Overseas uncertainties abound, and the configuration disk flows in steadily. Inflation pressure superimposed on repeated outbreaks, and overseas uncertainty increased significantly. At the beginning of November, although the Federal Reserve taper landed, the overall statement was partial to dove, and the developed markets were significantly stronger, which restricted the flow of funds to emerging markets to a certain extent. However, with the rising inflationary pressure in Europe and the United States, the overall position of the Federal Reserve has turned one after another, especially after Powell’s re-election, he once again released hawkish signals, the pace of bond purchase may be accelerated, and the expectation of early termination of taper continues to strengthen. At the same time, the European epidemic continued to deteriorate in the past month. At the end of the month, a new mutant strain from South Africa was revealed, adding more variables to the global epidemic. The VIX Index once approached a 30-year high, global risk assets suffered a “panic sell-off”, and overseas uncertainty increased significantly. The allocation disk entered steadily, the trading disk outflow slightly, and the position of mass entrepreneurship and innovation continued to rise. Despite the continuous increase in overseas uncertainty, northbound funds continued to maintain a net inflow. As of November 30, northbound funds had accumulated a net inflow of about 18.490 billion yuan in November. According to our disassembly and estimation, the allocation disk was still the main force in November, with a net inflow of about 20.716 billion yuan in a single month, while the trading disk funds were slightly outflow restricted by external risk appetite, with a net outflow of about 1.104 billion yuan in a single month. From the perspective of plate positions, in November, the positions of gem and Kechuang board continued to rise, while the positions of main board continued to fall. As of November 30, the positions on the main board, gem and Kechuang board were 79.51%, 19.59% and 0.90% respectively.
2. Style and structure: the technology sector has been intensively overweight. From the perspective of capital splitting, the science and technology sector has gained consistent positions in the trading plate and allocation plate. The main differences between the two focus on the choice of reducing positions in the consumer medicine and financial plate. The trading plate has significantly reduced its holdings in finance, while the allocation plate mainly reduces its holdings in consumer medicine.
3. Industry flow: the inflow of electrical equipment ranks first, and the outflow of household appliances is most. On the whole, the top three industries with net inflow in November were electrical equipment, electronics and chemical industry; The top three industries of net outflow are household appliances, banking and building materials. At the trading level, the top three industries with net inflow are electronics, electrical equipment and mechanical equipment in turn; The top three industries with net outflow are banking, food and beverage and transportation. At the configuration panel level, the top three industries with net inflow are electrical equipment, chemical industry and electronics in turn; The top three industries with net outflow are household appliances, building materials and biomedicine.
4. Position distribution: most electronic positions rose, and bank positions continued to fall. In terms of northward position distribution, the positions of electronic and electrical equipment industry rebounded significantly in November, while most of the bank positions fell. At the market value level, the electronics, electrical equipment and non-ferrous metals industries led the increase in the market value of their holdings, while the banking, leisure services and household appliances industries mostly fell in the market value of their holdings.
5. Individual stock allocation: the concentration dropped and Contemporary Amperex Technology Co.Limited(300750) gained a substantial increase. On the whole, the top five stocks with net inflow are Contemporary Amperex Technology Co.Limited(300750) , Goertek Inc(002241) , Shenzhen Inovance Technology Co.Ltd(300124) , East Money Information Co.Ltd(300059) and China Tourism Group Duty Free Corporation Limited(601888) ; The top five stocks of net outflow are Gree Electric Appliances Inc.Of Zhuhai(000651) , Midea Group Co.Ltd(000333) , Longi Green Energy Technology Co.Ltd(601012) , Nari Technology Co.Ltd(600406) and China Vanke Co.Ltd(000002) . At the trading level, the top five stocks are Contemporary Amperex Technology Co.Limited(300750) , China Tourism Group Duty Free Corporation Limited(601888) , Goertek Inc(002241) , East Money Information Co.Ltd(300059) and Hongfa Technology Co.Ltd(600885) ; The top five stocks of net outflow are Guangzhou Tinci Materials Technology Co.Ltd(002709) , Byd Company Limited(002594) , Longi Green Energy Technology Co.Ltd(601012) , Ping An Insurance (Group) Company Of China Ltd(601318) and China Vanke Co.Ltd(000002) . At the configuration panel level, the top five stocks of net inflow are Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Inovance Technology Co.Ltd(300124) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Goertek Inc(002241) and Yunnan Energy New Material Co.Ltd(002812) ; The top five stocks of net outflow are Gree Electric Appliances Inc.Of Zhuhai(000651) , Nari Technology Co.Ltd(600406) , Midea Group Co.Ltd(000333) , Sany Heavy Industry Co.Ltd(600031) and Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) .
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
