Key investment points:
1、 As of November 30, 2021, the market value of A-Shares held by land stock connect funds was 2632.462 billion yuan, accounting for 3.61% of the circulating market value of a shares, down 0.1 percentage point from 3.71% at the end of October. From the perspective of capital flow, the net inflow of land stock connect in November was 18.490 billion yuan, a decrease of 14.349 billion yuan compared with that in October. From October 2020 to now, the capital of land stock link has shown net inflow for 14 consecutive months; From January to November this year, the accumulated net inflow of land stock connect funds into A-Shares was 343.177 billion yuan. In November, the RMB showed strong resilience and the RMB exchange rate continued to appreciate. On the one hand, China’s exports are strong this year and the demand for foreign exchange settlement is strong at the end of the year; On the other hand, the covid-19 mutant strain found in South Africa in November may disturb the global supply chain again. China has experience and advantages in epidemic prevention and control. The impact of the epidemic on Chinese production is less than that abroad, which also provides support for the RMB exchange rate.
2、 In November, LSC increased its positions on GEM (+ 1.36%) and Kechuang board (+ 0.12%) and reduced its positions on the main board (- 1.48%). As of November 30, the allocation ratios of LSC funds on the main board, gem and Kechuang board were 79.51%, 19.59% and 0.90% respectively. LSC’s allocation trend to Kechuang and gem continues.
3、 From the perspective of the net flow direction of land stock connect, it flows into industries such as “electrical equipment, electronics and chemical industry” and out of industries such as “household appliances, banking and building materials”. From the perspective of ultra-low distribution in the industry, In November, the capital of LSC was over allocated with “electrical equipment (7.12%), food and beverage (6.54%), household appliances (4.11%)” and low allocated with “Bank (- 3.58%), non bank finance (- 2.17%), national defense and military industry (- 1.67%)”. From the change of position proportion, LSC mainly increased its positions in “Electronics (0.98%), electrical equipment (0.62%) and non-ferrous metals (0.22%)” in November, mainly reducing its positions “Banking (- 0.64%), leisure services (- 0.42%), household appliances (- 0.28)”.
4、 From the market value of stock positions, as of November 30, luchutong held ” Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Midea Group Co.Ltd(000333) , China Merchants Bank Co.Ltd(600036) , Longi Green Energy Technology Co.Ltd(601012) ” and other stocks, with market values of 170.54 billion yuan, 132.637 billion yuan, 84.108 billion yuan, 71.112 billion yuan and 57.322 billion yuan respectively. Dynamically speaking, in November, the market value of land stock connect capital holdings increased more respectively ” Contemporary Amperex Technology Co.Limited(300750) , Kweichow Moutai Co.Ltd(600519) , Goertek Inc(002241) , East Money Information Co.Ltd(300059) , Eve Energy Co.Ltd(300014) “, and the market value of holdings decreased more respectively ” China Tourism Group Duty Free Corporation Limited(601888) , Longi Green Energy Technology Co.Ltd(601012) , China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) , Gree Electric Appliances Inc.Of Zhuhai(000651) “. From the perspective of net capital flow, the main net inflows are ” Contemporary Amperex Technology Co.Limited(300750) , Goertek Inc(002241) , Shenzhen Inovance Technology Co.Ltd(300124) , East Money Information Co.Ltd(300059) , China Tourism Group Duty Free Corporation Limited(601888) “; Mainly net outflow ” Gree Electric Appliances Inc.Of Zhuhai(000651) , Midea Group Co.Ltd(000333) , Longi Green Energy Technology Co.Ltd(601012) , China Vanke Co.Ltd(000002) , Nari Technology Co.Ltd(600406) “.
Risk tips:
Liquidity risk, capital market supervision, large fluctuations in overseas markets, black swan incident, etc.
