From March 14 to March 18, the total net outflow of funds from Beishang was 16.692 billion yuan. The net outflow of Shanghai Stock connect was 7.343 billion yuan and that of Shenzhen Stock connect was 9.349 billion yuan. The net outflow in the previous period was 36.320 billion yuan. Among them, the net inflow of agriculture, forestry, animal husbandry and fishery, mechanical equipment and building decoration ranked first, with an inflow of 1.68 billion yuan, 861 million yuan and 823 million yuan respectively; The net outflows of food and beverage, medicine and biology and non bank finance were large, with outflows of 9.073 billion yuan, 3.976 billion yuan and 3.069 billion yuan respectively. On March 18, more than half of the top 20 heavyweight shares were reduced, of which Midea Group Co.Ltd(000333) , Nari Technology Co.Ltd(600406) and Wuxi Lead Intelligent Equipment Co.Ltd(300450) increased their holdings by 0.45%, 0.34% and 0.30% respectively Yunnan Energy New Material Co.Ltd(002812) , Ping An Bank Co.Ltd(000001) and Inner Mongolia Yili Industrial Group Co.Ltd(600887) respectively reduced their holdings by 0.97%, 0.38% and 0.34%.
Chinese funds showed a downward trend this week. On March 17, the balance of the two financial institutions was 1686224 billion yuan, a decrease of 26.083 billion yuan compared with March 10. Compared with last week, as of March 18, the balance of two financial institutions in more than half of the industries fell. Among them, medicine and biology, non bank finance and social services rebounded more, rising by 1.149 billion yuan, 297 million yuan and 169 million yuan respectively; Banks, non-ferrous metals and electronics fell more, down 1.690 billion yuan, 1.647 billion yuan and 1.169 billion yuan respectively. Combined with the funds for going north, domestic and foreign investment is relatively consistent in non-ferrous metals, basic chemical industry and power equipment; There are great differences in the allocation of agriculture, forestry, animal husbandry and fishery, medicine and biology and non bank finance. Compared with last week, the fund shares of SSE 50ETF, CSI 300etf, CSI 500etff and gem 50ETF decreased by 331.1 million, 68.4 million, 08.8 million and 272 million respectively.
Macro interest rate: this week, the central bank carried out a total of 140 billion yuan of reverse repurchase for seven days, and the interest rate was the same as before. With the expiration of 50 billion yuan of reverse repurchase superimposed, the central bank released a net liquidity of 90 billion yuan in this period. As of March 18, the overnight Shibor decreased by 5.900 BP to 1.9920% compared with the previous period, and the 7-day Shibor decreased by 2.900 BP to 2.0730%. Interbank liquidity is loose. The yield of one-year treasury bonds increased by 2.43 BP to 2.1106%, the yield of three-year treasury bonds increased by 1.66 BP to 2.3393%, the yield of 10-year Treasury bonds increased by 0.25 BP to 2.7927%, and the risk-free interest rate increased. On March 18, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 1.64 BP to 0.80%, increased by 2.64 BP to 0.94% and decreased by 1.36 BP to 1.24% respectively compared with March 11; Compared with March 11, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 0.29 BP to 0.62%, 0.30 BP to 0.74% and 1.30 BP to 0.88% respectively. Credit spreads increased by more than half.
Risk warning: repeated outbreaks outside China; Monetary policy exceeded expectations
