1. Overall configuration: without fear of internal and external disturbances, go north to a new high. Internal and external disturbances increased, accelerated admission to the north, and flowed into a record high in a single month. In December, the epidemic situation at home and abroad repeated again. The number of new cases in Britain and the United States once exceeded 200000 and 500000 in a single day. At the same time, the U.S. government’s infrastructure plan was frustrated again, the inflation in Europe and the United States continued to be high, the overseas risk appetite was disturbed again, and the “crackdown on counterfeiting” of Chinese foreign investment once aroused market concerns, but the expectation of steady growth continued to strengthen, The landing of a new round of RRR reduction also further protects the financial force, and the latest PMI, export and social finance data also boost China’s economic growth expectations again. Therefore, despite the increase in internal and external disturbances, the growth expectation of A-share assets is steadily improving, the admission of funds going north is accelerated, and the monthly net inflow hit a record high.
Trading disk and configuration disk were significantly increased hand in hand, and the position of the main board increased. China’s steady growth expectations and the marginal improvement of various economic data, and the pace of foreign capital admission has accelerated significantly. As of December 31, the accumulated net inflow of northbound funds in December was about 88.992 billion yuan. According to our disassembly and estimation, the configuration disk in December is still the main force for admission, with a net inflow of about 60.774 billion yuan per month, while the trading disk funds turned into a large inflow, with a net inflow of about 30.902 billion yuan per month. From the perspective of plate positions, the positions on the main board and the science and Innovation Board rose in December, while the positions on the gem fell. As of December 31, the positions on the main board, gem and Kechuang board were 80.67%, 18.35% and 0.98% respectively.
2. Style and structure: the financial and real estate sector took the lead in increasing its holdings. Since December, all sectors have generally increased their holdings in the north, with financial real estate taking the lead. From the perspective of capital splitting, except for the upstream resources and optional consumption sectors, other sectors have been consistently increased. The main differences between the two are concentrated in the upstream resources and optional consumption sectors, and the trading discs have slightly reduced their holdings of upstream resources and optional consumption.
3. Industry flow direction: non bank financial inflow ranks first, and non-ferrous metal outflow is most. On the whole, the top three industries with net inflow in December were non bank finance, power equipment and banking; The top three industries with net outflow are nonferrous metals, medicine and biology, and textile and clothing. At the trading level, the top three industries with net inflow are non bank finance, banking and food and beverage; The top three industries with net outflow are nonferrous metals, commercial retail and pharmaceutical biology. At the allocation level, the top three industries with net inflow are power equipment, non bank finance and food and beverage; The top three industries with net outflow are textile and clothing, building materials and transportation.
4. Position distribution: the rise of non bank financial positions ranks first, and the decline of power equipment positions is mostly. In terms of northward position distribution, the positions of non bank financial industry rebounded significantly in December, while the positions of power equipment, medicine and biology mostly fell. At the market value level, the market value of non bank financial, food and beverage and household appliances industries led the increase, while the market value of power equipment, non-ferrous metals and pharmaceutical and biological industries mostly fell.
5. Individual stock allocation: the shareholding concentration continued to decline, and East Money Information Co.Ltd(300059) was the first to increase its holdings. On the whole, the top five stocks with net inflow are East Money Information Co.Ltd(300059) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Merchants Bank Co.Ltd(600036) , Citic Securities Company Limited(600030) and Kweichow Moutai Co.Ltd(600519) ; The top five stocks of net outflow are Wuxi Apptec Co.Ltd(603259) , Ping An Bank Co.Ltd(000001) , Nari Technology Co.Ltd(600406) , Midea Group Co.Ltd(000333) and Sanan Optoelectronics Co.Ltd(600703) . At the trading level, the top five stocks are Ping An Insurance (Group) Company Of China Ltd(601318) , Citic Securities Company Limited(600030) , China Merchants Bank Co.Ltd(600036) , Industrial Bank Co.Ltd(601166) and Eve Energy Co.Ltd(300014) ; The top five stocks of net outflow are Contemporary Amperex Technology Co.Limited(300750) , Shandong Sinocera Functional Material Co.Ltd(300285) , Wuxi Apptec Co.Ltd(603259) , Zhejiang Huayou Cobalt Co.Ltd(603799) and Asymchem Laboratories (Tianjin) Co.Ltd(002821) . At the allocation panel level, the top five stocks of net inflow are Contemporary Amperex Technology Co.Limited(300750) , East Money Information Co.Ltd(300059) , Qingdao Haier, China Merchants Bank Co.Ltd(600036) and Kweichow Moutai Co.Ltd(600519) ; The top five stocks of net outflow are Longi Green Energy Technology Co.Ltd(601012) , Nari Technology Co.Ltd(600406) , Ping An Bank Co.Ltd(000001) , Sanan Optoelectronics Co.Ltd(600703) and Wuxi Apptec Co.Ltd(603259) .
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk
