1. Overall configuration: the panic of mutated virus suddenly arose, and the global risk assets shook sharply. The panic of mutated virus suddenly arose, and the global risky assets were sold off. The epidemic in Europe continued to deteriorate last week, On Thursday, South Africa announced the discovery of a new mutant virus (Omicron), and research results have shown that the new virus variant is compared with other variants “Spike protein changes more, and the number of mutations is twice that of the previous delta strain. Therefore, it may be stronger in immune escape ability and transmission ability, probably higher than beta virus, and the effectiveness of the current covid-19 vaccine may not be as expected. Under the sudden impact of the new mutant strain, the global panic increased rapidly, and the VIX Index jumped rapidly the next day, once Approaching an all-time high of 29. The fear of the outbreak of the epidemic triggered a “panic sell-off” of global risk assets. In terms of commodities, the main contract of WTI crude oil fell by more than 13% in a single day and Lun copper fell by more than 3%; European and American stock markets fell collectively, and the S & P 500 fell 2.27% in a single day; The main force of 10-year US bonds and safe haven assets such as London gold rose significantly.
The northward trading market withdrew slightly, and the configuration market continued to flow in. Despite the rapid rise of market panic, the specific transmission and spread risk of new mutant strains have not been verified, and there are still many variables. On November 26, 4.489 billion yuan flowed out in a single day, But this Monday (November 29) it has turned into a net inflow of RMB 3.284 billion, and the short-term panic impact has not driven the continuous significant withdrawal of foreign capital. In conclusion, affected by the epidemic concerns, there is a small withdrawal in the short-term northward trading market, with a net outflow of RMB 1.902 billion in a single week, but the allocation market continues to have a net inflow of RMB 7.893 billion. Northward funds maintained a net inflow last week, with a net inflow of RMB 5.71 billion in a single week. The same is true The funds going south also turned into inflow last week, with a cumulative net inflow of about 242 million yuan during the week. As of November 26, the cumulative net inflow of northward allocation and trading has reached 362.338 billion yuan and – 21.467 billion yuan respectively this year.
2. Industry configuration: electronic holdings are the top, and banks are mostly reduced. From the overall perspective, the net inflow of Electronics (+ 2.927 billion), non-ferrous metals (+ 2.857 billion) and electrical equipment (+ 2.462 billion) ranks first, with the largest outflow from banks (- 2.099 billion), automobiles (- 1.287 billion) and steel (- 1.226 billion);
From the perspective of capital type splitting: from the perspective of trading disk, the net inflow of non-ferrous metals (+ 2.42 billion) is the largest, while the net outflow of banks (- 1.856 billion) is the largest; from the perspective of configuration disk, the net inflow of electrical equipment (+ 3.083 billion) is the largest, while the net outflow of building materials (- 621 million) is the largest.
3. Individual stock allocation: Contemporary Amperex Technology Co.Limited(300750) increased holdings ranked first, and Inner Mongolia Yili Industrial Group Co.Ltd(600887) decreased holdings mostly. From the overall perspective, Contemporary Amperex Technology Co.Limited(300750) (+ 3.049 billion yuan), Kweichow Moutai Co.Ltd(600519) (+ 1.830 billion yuan) and Wuliangye Yibin Co.Ltd(000858) (+ 875 million yuan) are among the top net inflow, while Inner Mongolia Yili Industrial Group Co.Ltd(600887) (- 1.812 billion yuan), Eve Energy Co.Ltd(300014) (- 1.247 billion yuan) and China Merchants Bank Co.Ltd(600036) (- 1.090 billion yuan) are the most outflow.
From the perspective of fund type splitting, from the perspective of trading order, Kweichow Moutai Co.Ltd(600519) (+ 1.169 billion yuan), Zhejiang Huayou Cobalt Co.Ltd(603799) (+ 809 million yuan) and Fangda Carbon New Material Co.Ltd(600516) (+ 748 million yuan) are the top net inflow, while Inner Mongolia Yili Industrial Group Co.Ltd(600887) (- 1.24 billion yuan), China Merchants Bank Co.Ltd(600036) (- 941 million yuan) and Eve Energy Co.Ltd(300014) (- 929 million yuan) are the most outflow. From the perspective of the configuration panel, Contemporary Amperex Technology Co.Limited(300750) (+ 2.828 billion yuan), Guangzhou Tinci Materials Technology Co.Ltd(002709) (+ 754 million yuan) and Kweichow Moutai Co.Ltd(600519) (+ 661 million yuan) are the top net inflow, while Inner Mongolia Yili Industrial Group Co.Ltd(600887) (- 571 million yuan), Sangfor Technologies Inc(300454) (- 375 million yuan) and Midea Group Co.Ltd(000333) (- 355 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
