The micro capital gap has widened. The total capital supply in this period is about 43.1 billion yuan, and the capital demand is 75 billion yuan. The net inflow to the market is – 31.9 billion yuan, which is expanded compared with – 17.9 billion yuan in the previous period.
New issuance of partial stock public offering: although it has rebounded, it is still at a low level. The new share of partial share public offering in this period was 26.466 billion, an increase of 142.63% compared with 10.908 billion in the previous period, but the absolute level is still low.
Capital going north: the overall high level fluctuates, and nonferrous metals and power equipment continue to be optimistic. 1) The overall net inflow of funds going north in the current period was -2.138 billion yuan, a decrease of – 125.62% compared with the net inflow of 8.346 billion yuan in the previous period. Since the beginning of 2022, the cumulative net inflow of funds from northbound has maintained a volatile trend. As of March 6, the net inflow was 23 billion yuan, a low level. 2) Industry capital flow: upstream raw materials continue to flow into non-ferrous metals, and the inflow of coal has been enlarged. Midstream manufacturing continues to flow into power equipment, and electronic outflow turns to inflow. Downstream consumption, the outflow trend of food and drink remains unchanged, and the marginal of medicine turns to net inflow. Financial housing construction, non bank outflow, banks turned to outflow after a significant net inflow in the beginning of the year. The net inflow of supporting services, public utilities and transportation is relatively large.
Two financing funds: bottom recovery, giving priority to the upstream. 1) The balance of financing and securities lending rebounded from the bottom, with a financing balance of 1.63 trillion and a securities lending balance of 94.8 billion. The overall proportion in the circulating market value of a rebounded from the previous low of 2.41% to 2.45%. The trading heat of Liangrong also rebounded. The proportion of Liangrong trading volume in the total a trading volume rebounded from the previous low of 6.43% to 7.32%, and the net purchase of Liangrong in this period also reached 9.5 billion yuan. 2) The two financing funds flowed into the upstream industry significantly in the current period, totaling 6.4 billion, with significant inflows of basic chemical industry, petroleum and petrochemical and non-ferrous metals; The net outflow of power equipment manufactured in the midstream reached – 3.3 billion in this period, forming a major drag; Downstream domestic food and drink turned to net inflow in the current period, reaching 1.2 billion; All financial and housing construction industries received net inflows; The overall capital flow of support services in this period is balanced, and there is no obvious trend. In 2022ytd, only the net inflow of media, household appliances and social services is still positive.
Equity ETFs: the net subscription amount of equity ETFs in this period reached 9.288 billion, an increase of 112.96% compared with 4.361 billion in the previous period, with strong subscription strength.
Equity financing: return to normal rhythm after the festival. The overall equity financing in this period reached 45.4 billion yuan, an increase of 76% compared with 25.8 billion yuan in the previous period, and returned to the normal rhythm after the Spring Festival. According to the data disclosed as of March 6, the IPO scale is expected to be 16.4 billion yuan and the listing scale is expected to be 4.7 billion yuan in the next two weeks.
Industrial capital: the net reduction of basic chemical industry is relatively large. 1) The net reduction of industrial capital in this period reached 16.7 billion yuan, an increase of 9% compared with 15.3 billion yuan in the previous period, and the pace of reduction is still stable. 2) The net reduction of basic chemical industry in this period was significantly up to 4 billion yuan, dragging down the whole upstream; All industries in the middle reaches have reduced their holdings to a certain extent, and the overall reduction is close to that in the upper reaches, up to 5.5 billion yuan; The pace of downstream shareholding reduction slowed down to 1.9 billion yuan in the current period.
Lifting of restrictions on sales: there is great pressure on the lifting of restrictions on midstream and non bank. The market value of the lifting of the ban during this period is 119.5 billion yuan, a change of – 52% compared with 251 billion yuan in the previous period. At present, it is in the stable stage of lifting the ban, and the next peak of lifting the ban is expected to be at the end of June. The market value of the lifting of the ban in the next two weeks is expected to be 89.9 billion yuan, mainly focusing on the overall midstream manufacturing and non bank financial and architectural decoration industries in financial housing construction.
Market: the beginning of the year is not the capital pulse. The net inflow of southward capital in the current period was 12.852 billion yuan, an increase of 754.61% compared with -1.963 billion yuan in the previous period, but the absolute inflow is still stable.
Risk tip: the liquidity of the stock market has changed beyond expectations, the ability of objective data to explain the change of stock price is limited, and the data update and calculation error.
