In the past two weeks, the inflow of foreign capital into A-Shares slowed down, but remained at a high level. The cumulative net purchase in December exceeded 84 billion yuan, a record high in a single month. In terms of position style, in the past two weeks, the small and medium-sized market value sector has increased its position in the north, the science and technology growth sector is still favored, and the net inflow of power equipment, electronics and computer industries ranks among the top three.
1. Overall configuration: the inflow of foreign capital into A-Shares has slowed down in the past two weeks, but still maintained a high level. The cumulative net purchase in December has exceeded 84 billion yuan, a record high in a single month. In the past two weeks, the scale of net capital inflow to the North has decreased slightly compared with that two weeks ago, but the overall level remains high. As of December 30, the net purchase amount of northbound funds in December had exceeded 84 billion yuan, a record high monthly net purchase amount. The RMB exchange rate fell slightly in the past two weeks. In early December, the central bank raised the foreign exchange deposit reserve ratio by two percentage points, which slightly inhibited the rapid appreciation of the RMB, but the overall performance of the RMB exchange rate is still strong. In terms of China US interest rate spread, it has narrowed in the past two weeks. From the perspective of long-term cycle, the net inflow of A-Shares of land stock connect this year has exceeded the same period of previous years, with a net inflow of 427.6 billion at present.
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, the allocation of foreign capital to large and small market values has been relatively balanced recently, and the positions in the small and medium market value sector have increased slightly. Specifically, in the past two weeks, the positions of 300 constituent stocks in Shanghai and Shenzhen have dropped, and the positions of 500 and 1000 constituent stocks in China Securities have rebounded. Among them, the top net inflow stocks in the small and medium market value sector are mostly electronic and power equipment enterprises; From the perspective of industry style, the current northward capital allocation style is still dominated by consumption and growth. The proportion of positions in the consumption sector has been replenished in the past two weeks, and the corresponding proportion of positions in the growth and financial cycle sector has fallen.
3. Industry configuration: as of December 30, the top five heavy warehouse industries of land stock connect were power equipment, food and beverage, medicine and biology, electronics and banking. At this stage, the high boom growth track represented by “new energy guide” and the large consumption sector are still the key allocation direction of foreign investment. In the past two weeks, the position proportion of biomedicine and electronics industry in the heavy position industry of land stock communication rebounded, and the allocation proportion of power equipment and food and beverage industry fell month on month. From the perspective of the net inflow of funds in the industry, the top five industries in the past two weeks are power equipment, electronics, computers, basic chemical industry and national defense and military industry. The growth of science and technology is the main direction of the recent capital increase in the north. The top five industries of position reduction in the past two weeks are food and beverage, medicine and biology, mechanical equipment, household appliances and light industry manufacturing, and the position reduction industries are mostly concentrated in the consumption sector.
4. Stock allocation: from the current top ten heavy positions of northward capital, consumer stocks are still the main heavy positions of foreign capital, and the top ten heavy positions occupy six. As of December 30, the top ten heavyweight stocks of northbound capital were still mainly concentrated in consumption style, with food and beverage occupying three seats, medicine and biology, household appliances and Commerce and retail respectively, and two stocks of power equipment ranked among the top ten heavyweight stocks of foreign capital. In recent two weeks, foreign capital has significantly increased its positions in Contemporary Amperex Technology Co.Limited(300750) and Byd Company Limited(002594) , and the net inflow scale is basically more than 1 billion yuan. The net outflow of Wuxi Apptec Co.Ltd(603259) , Wuliangye Yibin Co.Ltd(000858) , Ping An Bank Co.Ltd(000001) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) was significant, and the scale of net outflow was more than 1 billion yuan.
Risk tip: the sample data is not enough to represent the overall level, the deviation between the division based on self cognition and the market, the error in the statistical method of data processing, the large difference between the position and the current position caused by the rapid change of market situation, etc.
