Global market capital flow:
1) from the perspective of major categories, the capital still flows to stocks this week, and the trend is stocks currencies bonds. Since December 2021, US stocks have experienced major adjustments and began to stabilize and rebound in mid March.
2) from a cross market perspective, at present, funds still flow to emerging markets. The overall performance of developed markets has been better than that of emerging markets since March, and the difference between the yield of developed markets and emerging markets has continued to widen.
3) from the perspective of market style, the recent market style is relatively dominant, with value balance growth. Since November 2020, value has continued to outperform growth. In addition to the value loss from the end of February to the beginning of March, the value has outperformed and grown every week so far this year.
Capital flow in Chinese market:
Going north: 1) as of March 25, the major categories with more net inflow since 2022 are big finance (RMB 17.5 billion) and cycle (RMB 10.5 billion), and the major categories with the largest outflow are consumption (RMB 37.2 billion) and Technology (RMB 21.5 billion). This week, there was only a net inflow of high-end manufacturing in the north, and the allocation of technology + consumption was reduced by more than 9 billion. 2) In terms of primary industries, as of March 25, the top three primary industries with net inflow from northbound since 2022 are banks (RMB 18.2 billion), nonferrous metals (RMB 11.4 billion) and Dianxin (RMB 8.1 billion); The top three outflow were food and beverage (26.8 billion yuan), medicine (16.7 billion yuan) and computer (14.2 billion yuan). The top three industries with net inflow this week are Dianxin (1.1 billion yuan), nonferrous metals (1 billion yuan) and petroleum and Petrochemical (400 million yuan). The top three industries with outflow are food and beverage (4.8 billion yuan), computer (1.5 billion yuan) and non bank finance (1.1 billion yuan). 3) From a stock perspective perspective, as of March 25, the end of March 25, and 2022, the year to March 25, the end of March 25, and the year to 2022. The top five stocks for northnorthnorthnorth ”net inflow into the year to March 25, the end of March 25, the year to March 25, the year to the end of March 25, the year to March 25, and the year to 2022. The top five stocks for northnorthnorth North”s net inflow is: Tsingtao Brewery Company Limited(600600) 36 \ \, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Aier Eye Hospital Group Co.Ltd(300015) . This week, the top five stocks with net inflow are: China Merchants Bank Co.Ltd(600036) , Zijin Mining Group Company Limited(601899) , Nari Technology Co.Ltd(600406) , Sungrow Power Supply Co.Ltd(300274) , Wuxi Apptec Co.Ltd(603259) . The top five stocks with net outflow are Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Yangtze Power Co.Ltd(600900) , China stock market news.
Southbound: 1) in terms of industry categories, as of March 25, the categories with more net inflow of southbound funds since 2022 are optional consumption (RMB 37.2 billion), information technology (HK $34.9 billion), medical care (HK $21.6 billion), and the categories with the largest outflow are finance (HK $13.9 billion), public utilities (HK $5.2 billion) and daily consumption (HK $3.7 billion). 2) As for the primary industry, as of March 25, the top three primary industries with net inflow from the South since 2022 are media (HK $35.1 billion), social services (HK $28.7 billion), medicine and Biology (HK $20.9 billion); The top three outflows were banks (HK $12.5 billion), automobiles (HK $5.5 billion) and public utilities (HK $5.4 billion). The top three industries with net inflow this week are textile and clothing (HK $3.8 billion), real estate (HK $2.4 billion), medicine and Biology (HK $2.1 billion), and the top three industries with outflow are banking (HK $1.5 billion), food and beverage (HK $800 million) and automobile (HK $600 million). 3) from the perspective of stocks, as of March 25th and 2022, the top five stocks in the south are: US, Tencent, Kwai, Lining, and Yao Ming. This week, the top five stocks with net inflow are: Li Ning, Yaoming biology, Hong Kong stock exchange, China Mobile and Xiaomi group. The three major corporations of the US, Tencent and Kwai have contributed more than 90% to the “net + social service net inflow”.
ETF capital flow: 1) from the perspective of index, the net inflow of broadband Index ETF, style Index ETF and theme ETF this week was negative, and the net outflow was 11.5 billion yuan, 1.8 billion yuan and 500 million yuan respectively. 2) From the perspective of industry, the net inflow of ETF in most major industries this week was negative, and only the inflow of ETF in science and technology and high-end manufacturing was positive, of which the net inflow of science and technology ETF reached 1.547 billion. The industries with the largest net outflow this week were big finance and medical beauty, with a net outflow of 1.876 billion yuan and 1.344 billion yuan respectively. This month, the net inflow of technology and high-end manufacturing ETF ranked top.
New development funds: 1) in terms of share, the scale of new development funds this week was 3.6 billion, which was lower than that of last week, and the new development funds were cold and unchanged. 2) In terms of rhythm, the cumulative total since the beginning of the year has only reached the level of mid February 2020 and mid and late January 2021.
Capital demand in China market: IPO and refinancing demand decreased slightly this week; The balance of the two financial institutions remained stable at 1.7 trillion yuan, the repurchase scale continued to decline, and the total repurchase amount this week was the lowest level so far in the whole year.
Risk tips:
The rise of risk-free interest rate, sharp macroeconomic fluctuations, industrial policy risks and market fluctuations exceeded expectations, the return of global capital to the United States exceeded expectations, the game between China and the United States exceeded expectations, and inflation exceeded expectations.
