From December 13 to December 17, the total net inflow of funds going north was RMB 11.467 billion. The net inflow of Shanghai Stock connect was 6.953 billion yuan and that of Shenzhen Stock connect was 4.514 billion yuan. The net inflow in the previous period was 48.834 billion yuan. Among them, the net inflow of non bank finance, steel and public utilities ranked first, with an inflow of 6.947 billion yuan, 2.355 billion yuan and 2.065 billion yuan respectively; There was a large net outflow of medicine, biology, non-ferrous metals and power equipment, with an outflow of 3.527 billion yuan, 1.704 billion yuan and 1.205 billion yuan respectively. This week, more than half of the top 20 heavy warehouse shares were overweight, East Money Information Co.Ltd(300059) , Kweichow Moutai Co.Ltd(600519) and Wanhua Chemical Group Co.Ltd(600309) were overweight by 1.01%, 0.94% and 0.69% respectively; Ping An Bank Co.Ltd(000001) , Nari Technology Co.Ltd(600406) and Wuxi Lead Intelligent Equipment Co.Ltd(300450) reduced their holdings by 0.54%, 0.44% and 0.20% respectively.
Chinese capital: the two financial institutions showed an upward trend this week. On December 16, the balance of the two financial institutions was 1849.964 billion yuan, up 7.644 billion yuan from December 9. By industry, compared with the same period last month, the balance of two financial institutions in the industry rebounded by more than half. Food and beverage, basic chemical industry and computer industry picked up a lot, rising by 3.513 billion yuan, 2.820 billion yuan and 2.676 billion yuan respectively; Non bank finance, petroleum and petrochemical and building materials fell more, down 4.394 billion yuan, 1.536 billion yuan and 1.212 billion yuan respectively. Combined with the funds for going north, the allocation of domestic and foreign capital in public utilities, computers and basic chemical industry is relatively consistent; In non bank finance, there are great differences in the allocation of food and beverage, medicine and biology. Compared with last week, the number of SSE 50ETF funds, CSI 300etf and CSI 500etf increased by 1384.2 million, 254.7 million and 40 million respectively, and the number of gem 50ETF funds decreased by 380 million.
Macro interest rate: this week, the central bank carried out reverse repo for 7 days, with an interest rate of 50 billion yuan, which was the same as before. When the reverse repo expired, the central bank released a net liquidity of 0 billion yuan in this period. As of December 17, Shibor rebounded by 5.500 BP to 1.8620% overnight compared with the previous period, and Shibor decreased by 3.300 BP to 2.1510% in 7 days. Inter bank liquidity was stable. The yield of one-year treasury bonds increased by 3.14 BP to 2.3108%, the yield of three-year treasury bonds decreased by 3.80 BP to 2.5733%, and the yield of 10-year Treasury bonds increased by 0.51 BP to 2.8577%. The risk-free interest rate remained stable. Compared with December 10, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 2.27 BP to 0.44%, increased by 0.26 BP to 0.59% and decreased by 3.74 BP to 1.20%; Compared with December 10, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 3.02 BP to 0.40%, 5.10 BP to 0.51% and 5.10 BP to 0.70% respectively. Credit spreads were cut by more than half.
Risk tips: repeated outbreaks outside China; Monetary policy exceeded expectations
