1. Overall configuration: the external pressure rises again and flows out slightly northward. The epidemic situation in Europe and the United States rebounded rapidly, inflation pressure continued to be high, and risk appetite was suppressed again. Last week, the epidemic situation in Europe and the United States accelerated to rebound. The number of new cases in a single day in the United Kingdom and the United States exceeded 100000 and 200000 respectively. At the same time, the latest PCE in the United States continued to rise to 5.7% year-on-year in November, and the core PCE also rose to 4.7% year-on-year, which exceeded expectations and continued to reach a new high since 1989. Overseas inflationary pressure continued to rise. In addition, the obstruction of the Biden government’s nearly $2 trillion spending bill also impacted the market risk appetite to a certain extent. The VIX Index rose significantly, and the U.S. stock market also fell on the same day. Subsequently, the Biden government claimed that it was still possible to reach an agreement with Senator Manchin on its $2 trillion economic plan. The market pessimism was gradually corrected, and the U.S. stock market also strengthened one after another, The S & P 500 reached a new high.
The rhythm of admission to the North slowed down, the allocation disk flowed in slightly, and the trading disk continued to flow out. After the large inflow in the early stage, the admission rhythm of going north has slowed down obviously, but it has also been observed recently that the impact of external disturbances on going north has been weakened, the emotional disturbance of foreign capital “cracking down on counterfeits” has basically subsided, the overseas epidemic situation and inflation have been basically “normalized”, and the fluctuation of going north has weakened as a whole. Last week, the accumulated net outflow of funds from Beishang was about 1.221 billion yuan, of which the net outflow from trading disk was about 3.915 billion yuan and the net inflow from allocation disk was about 2.980 billion yuan. At the same time, the funds going south maintained inflow for five consecutive weeks, with a cumulative net inflow of about 10.895 billion yuan last week. As of December 24, the cumulative net inflows of northbound trading and configuration have reached 5.651 billion yuan and 411.805 billion yuan respectively this year.
2. Industry configuration: new energy has been added against the trend. From the overall perspective, the net inflow of power equipment (+ 3.625 billion), electronics (+ 1.709 billion) and utilities (+ 897 million) ranks first, with the largest outflow of food and beverage (- 2.967 billion), mechanical equipment (- 1.403 billion) and banks (- 779 million); From the perspective of fund type splitting: from the perspective of trading, the net inflow of power equipment (+ 2.409 billion) is the largest, while the net outflow of food and beverage (- 2.745 billion) is the largest; From the perspective of configuration disk, the net inflow of power equipment (+ 1.216 billion) is the largest, while the net outflow of pharmaceutical and biological (- 7.80) is the largest.
3. Individual stock allocation: Guangzhou Tinci Materials Technology Co.Ltd(002709) increased holdings ranked first, and Wuliangye Yibin Co.Ltd(000858) decreased holdings mostly. From an overall perspective, Guangzhou Tinci Materials Technology Co.Ltd(002709) (+ 623 million yuan), Lianchuang Electronic Technology Co.Ltd(002036) (+ 540 million yuan) and Qingdao Haier (+ 478 million yuan) rank first in net inflow; While Wuliangye Yibin Co.Ltd(000858) (- 1.459 billion yuan), Ping An Bank Co.Ltd(000001) (- 953 million yuan) and Wuxi Apptec Co.Ltd(603259) (- 701 million yuan) mostly flowed out.
From the perspective of fund type splitting, from the perspective of trading order, Eve Energy Co.Ltd(300014) (+ 653 million yuan), Guangzhou Tinci Materials Technology Co.Ltd(002709) (+ 587 million yuan) and Shanghai Putailai New Energy Technology Co.Ltd(603659) (+ 456 million yuan) rank first in net inflow; While Contemporary Amperex Technology Co.Limited(300750) (- 983 million yuan), Shenzhen Inovance Technology Co.Ltd(300124) (- 712 million yuan) and Wuliangye Yibin Co.Ltd(000858) (- 699 million yuan) mostly flowed out. From the perspective of configuration disk, Contemporary Amperex Technology Co.Limited(300750) (+ 1.312 billion yuan), Qingdao Haier (+ 636 million yuan) and Shenzhen Inovance Technology Co.Ltd(300124) (+ 489 million yuan) rank first in net inflow; While Wuxi Apptec Co.Ltd(603259) (- 784 million yuan), Wuliangye Yibin Co.Ltd(000858) (- 759 million yuan) and Eve Energy Co.Ltd(300014) (- 521 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
(Guosheng securities)
