Against the background of the continuous appreciation of the RMB exchange rate, there has been a significant net inflow of northward funds since December, of which the net inflow of 48.8 billion in the second week of December hit a record high in a single week. In terms of position style, in the past two weeks, the capital preference in the North has shifted to the market, the financial and consumer sectors have regained their favor, and the net inflow of non bank finance, food and beverage and banking industries ranked among the top three.
1. Overall allocation: there was a significant net inflow of funds from the north, with a net inflow scale of more than 61 billion, including a net inflow of 48.8 billion in the second week of December, a record high in a single week. Under the background of the recent continuous appreciation of the RMB exchange rate, the inflow of foreign capital into A-Shares has significantly accelerated, boosting the market to further strengthen. Specifically, in early December, the exchange rate of RMB against the US dollar broke through the 6.35 mark, strongly standing at the high level since May 2018. Subsequently, it remained at a high level after the central bank raised the foreign exchange deposit reserve ratio. As of December 16, the net inflow of funds from the north in the past two weeks had exceeded 61 billion yuan. Since December, the net inflow has exceeded 76 billion yuan, of which the net inflow of 48.8 billion yuan in the second week of December hit a record high in a single week. From the long-term perspective, the net inflow of A-Shares of land stock connect this year has exceeded the same period of previous years, and the current net inflow is 425.3 billion.
2. Position style: from the perspective of the listing board, the proportion of foreign main board configuration has increased in the past two weeks, the proportion of gem configuration has decreased, and the science and innovation board has continued to increase its positions; From the perspective of market value, in the past two weeks, foreign capital has increased and decreased the market, the position proportion of CSI 300 component stocks has increased, the position proportion of CSI 500 and CSI 1000 component stocks has decreased, and the allocation of funds to small and medium-sized enterprises with market value has decreased; From the perspective of industry style, the current northward capital allocation style is still dominated by consumption and growth. In the past two weeks, the position proportion of the financial sector has increased, the periodic sector has increased slightly, and the position proportion of consumption and growth style has decreased.
（ Sealand Securities Co.Ltd(000750) ）
