From February 28 to March 4, the total net inflow of funds going north was 4.274 billion yuan. The net inflow of Shanghai Stock connect was 5.035 billion yuan and the net outflow of Shenzhen Stock connect was 761 million yuan. The net outflow in the previous period was 6.413 billion yuan. Among them, the net inflow of non-ferrous metals, power equipment and electronics ranked first, with an inflow of 3.264 billion yuan, 2.687 billion yuan and 2.616 billion yuan respectively; The net outflow of non bank finance, automobile and food and beverage was large, with an outflow of 2.804 billion yuan, 2.633 billion yuan and 2.599 billion yuan respectively. On March 4, half of the top 20 heavyweight shares were increased, of which Sungrow Power Supply Co.Ltd(300274) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Longi Green Energy Technology Co.Ltd(601012) increased their holdings by 0.63%, 0.42% and 0.29% respectively Ping An Insurance (Group) Company Of China Ltd(601318) , Wuliangye Yibin Co.Ltd(000858) and Yunnan Energy New Material Co.Ltd(002812) reduced their holdings by 0.27%, 0.23% and 0.20% respectively.
Chinese capital: the two financial institutions showed an upward trend this week. The balance of the two financial institutions on March 3 was 1730262 billion yuan, an increase of 3.151 billion yuan compared with February 24. Compared with last week, as of March 4, the balance of two financial institutions in more than half of the industries fell. Among them, the balance of transportation, petroleum, petrochemical and power equipment rebounded significantly, rising 666 million yuan, 469 million yuan and 468 million yuan respectively; Architectural decoration, banking and real estate fell more, down 700 million yuan, 696 million yuan and 532 million yuan respectively. Combined with the funds for going north, domestic and foreign capital are relatively consistent in transportation, power equipment, medicine and biology; There are great differences in the allocation of non-ferrous metals, electronics and public utilities. Compared with last week, the fund shares of SSE 50ETF and gem 50ETF increased by 75.6 million and 228 million respectively; CSI 300etf and CSI 500etff and fund shares decreased by 29.7 million and 06.4 million respectively.
Macro interest rate: this week, the central bank carried out a total of 380 billion yuan of reverse repo for seven days, and the interest rate was the same as before. After the expiration of 810 billion yuan of reverse repo, the central bank recovered a net liquidity of 430 billion yuan in this period. As of March 4, the overnight Shibor decreased by 32.900 BP to 1.9020% compared with the previous period, and the 7-day Shibor decreased by 27.400 BP to 2.0480%. Interbank liquidity is loose. The yield of one-year treasury bonds increased by 8.32 BP to 2.1074%, the yield of three-year treasury bonds increased by 3.59 BP to 2.3309%, the yield of 10-year Treasury bonds increased by 3.75 BP to 2.8175%, and the risk-free interest rate increased. On March 4, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 5.43 BP to 0.68%, 2.44 BP to 0.82% and 3.44 BP to 1.25% respectively compared with February 25; Compared with February 25, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 0.17 BP to 0.50%, 0.16 BP to 0.62% and 0.16 BP to 0.75% respectively. The credit spread increases or decreases by half.
Risk warning: repeated outbreaks outside China; Monetary policy exceeded expectations
