In the two weeks after November, the net inflow of northward funds returned. Since this year, the speed and scale of the net inflow of northward funds have far exceeded the level of the same period over the years. In terms of position style, in the past two weeks, northward funds continued to increase positions in small and medium-sized stocks, the science and technology growth sector continued to be favored, and the net inflow of electronics, electrical equipment and chemical industry ranked among the top three.
1. Overall configuration: in the two weeks after November, the northward capital returned to net inflow, and the acceleration of the Federal Reserve taper did not affect the inflow rhythm of foreign capital. After a small net outflow in early November, foreign capital has returned to net inflow since mid November, and the speed shows signs of acceleration. In particular, the net inflow of northward funds in a single week in the last week of November exceeded 15 billion, a new high in nearly a month. After the brief disturbance of the Federal Reserve’s opening of taper in early November, foreign capital still maintained a long-term net inflow to a shares, and the expectation of recent taper acceleration did not affect the rhythm of foreign capital inflow. From the perspective of long-term cycle, the net inflow of A-Shares of land stock connect this year has exceeded the same period of previous years, with a net inflow of 358.4 billion at present.
2. Position style: from the perspective of the listed board, the proportion of foreign main board configuration has further declined in the past two weeks, and the proportion of gem and science and innovation board configuration has continued to increase; From the perspective of market value, in the past two weeks, foreign capital has still reduced the large market and increased the small market, the position proportion of CSI 300 component stocks has continued to decline, the position proportion of CSI 1000 component stocks has accelerated, and the attention of northbound funds to small and medium-sized enterprises with market value has continued to increase; From the perspective of industry style, the current northward capital allocation style is still dominated by consumption and growth. The proportion of positions in the growth sector has continued to increase in the past two weeks, the proportion of positions in the cycle sector has been slightly replenished, and the proportion of positions in consumption and large financial style has decreased.
3. Industry configuration: as of December 2, the top five heavy warehouse industries of land stock connect were electrical equipment, food and beverage, medicine and biology, electronics and banking. At this stage, the high boom growth track represented by “new energy guide” and the large consumption sector are still the key allocation direction of foreign investment. In the past two weeks, the proportion of positions in the electronics and electrical equipment industry in the heavy position industry of land stock communication has increased significantly, and the allocation proportion of the pharmaceutical, biological and banking industries has decreased month on month. From the perspective of the net inflow of funds from the industry, the top five industries in the past two weeks are electronics, electrical equipment, chemical industry, non-ferrous metals, medicine and biology, and the semiconductor and new energy industries are the main positions of funds going north in the near future. The top five industries of position reduction in the past two weeks are computer, steel, automobile, banking and transportation. The position reduction industries are mostly concentrated in the cycle and financial sectors.
4. Stock allocation: from the current top ten heavy positions of northward capital, consumer stocks are still the main heavy positions of foreign capital, and the top ten heavy positions occupy seven. As of December 3, the top ten heavyweight stocks of northbound funds were still mainly concentrated in consumption style, with food and beverage occupying three seats, medicine and biology occupying two seats, household appliances and leisure services respectively. Electrical equipment has two stocks, ranking among the top ten heavyweight stocks of foreign capital. In the past two weeks, foreign capital has significantly increased its positions in Contemporary Amperex Technology Co.Limited(300750) , Goertek Inc(002241) , Wuxi Apptec Co.Ltd(603259) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , with a net inflow of more than 1 billion yuan, and a significant net outflow of Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Nari Technology Co.Ltd(600406) , Sangfor Technologies Inc(300454) , Longi Green Energy Technology Co.Ltd(601012) , with a net outflow of more than 1 billion yuan.
Risk tip: the sample data is not enough to represent the overall level, the deviation between the division based on self cognition and the market, the error in the statistical method of data processing, the large difference between the position and the current position caused by the rapid change of market situation, etc.
