Core conclusion
From December 20 to December 24, the total net outflow of funds from Beishang was 1.221 billion yuan. The net inflow of Shanghai Stock connect was 1.12 billion yuan and the net outflow of Shenzhen Stock connect was 2.341 billion yuan. The net inflow in the previous period was RMB 11.467 billion. Among them, the net inflow of electronics, public utilities and petroleum and petrochemical industry ranked first, with an inflow of 2.948 billion yuan, 1.439 billion yuan and 879 million yuan respectively; The net outflow of light industry manufacturing, real estate and coal was large, with an outflow of 2.972 billion yuan, 1.375 billion yuan and 777 million yuan respectively. On December 24, more than half of the top 20 heavy position shares were increased, of which Luxshare Precision Industry Co.Ltd(002475) , China Merchants Bank Co.Ltd(600036) and Foshan Haitian Flavouring And Food Company Ltd(603288) were increased by 11.77%, 9.84% and 5.21% respectively; Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Shenzhen Inovance Technology Co.Ltd(300124) and Wanhua Chemical Group Co.Ltd(600309) reduced their holdings by 10.68%, 6.70% and 4.44% respectively.
Chinese capital: the two financial institutions showed an upward trend this week. The balance of the two financial institutions on December 23 was 1841.48 billion yuan, down 8.384 billion yuan from December 16. 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, public utilities, agriculture, forestry, animal husbandry and fishery rebounded significantly, rising by 3.616 billion yuan, 2.402 billion yuan and 2.282 billion yuan respectively; Power equipment, electronics and non bank finance fell more, down 6.637 billion yuan, 3.614 billion yuan and 3.442 billion yuan respectively. In terms of funds for going north, the allocation of domestic and foreign capital in public utilities, petroleum and petrochemical and banks is relatively consistent; In electronics, light industry manufacturing and basic chemical industry, there are great differences in configuration. Compared with last week, SSE 50ETF fund, CSI 300etf, CSI 500etf and gem 50ETF fund increased by 145.8 million, 206.1 million, 180 million and 282 million respectively.
Macro interest rate: this week, the central bank carried out 7-day reverse repurchase of RMB 50 billion, with the interest rate unchanged from the previous one. It carried out 14-day reverse repurchase of RMB 50 billion, superimposed with the maturity of RMB 50 billion reverse repurchase, and the central bank released a net liquidity of RMB 50 billion in this period. As of December 23, the overnight Shibor decreased by 2.200 BP to 1.8400% compared with the previous period, and the 7-day Shibor decreased by 20.800 BP to 1.9430%. Interbank liquidity is loose. The yield of one-year treasury bonds increased by 1.77 BP to 2.3386%, the yield of three-year treasury bonds decreased by 1.3 BP to 2.5596%, the yield of 10-year Treasury bonds decreased by 3.09 BP to 2.8203%, and the risk-free interest rate remained stable. Compared with December 17, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 1.78 BP to 0.42%, increased by 0.21 BP to 0.59% and decreased by 2.79 BP to 1.17%; Compared with December 17, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 5.22 BP to 0.45%, 5.22 BP to 0.56% and 6.22 BP to 0.76% respectively. Credit spreads increased by more than half.
Risk tips: repeated outbreaks outside China; Monetary policy exceeded expectations
