Core conclusion
From March 21 to March 25, the total net outflow of funds from Beishang was 12.778 billion yuan. The net outflow of Shanghai Stock connect was 6.372 billion yuan and that of Shenzhen Stock connect was 6.407 billion yuan. The net outflow in the previous period was 16.692 billion yuan. Among them, the net inflow of power equipment, non-ferrous metals and petroleum and petrochemical industry ranked first, with an inflow of 2.351 billion yuan, 871 million yuan and 456 million yuan respectively; The net outflow of food and beverage, non bank finance and building materials was large, with an outflow of 4.823 billion yuan, 1.777 billion yuan and 1.208 billion yuan respectively. On March 25, half of the top 20 heavyweight shares were reduced, of which Nari Technology Co.Ltd(600406) , Sungrow Power Supply Co.Ltd(300274) and Zijin Mining Group Company Limited(601899) increased their holdings by 0.36%, 0.31% and 0.27% respectively Ping An Insurance (Group) Company Of China Ltd(601318) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) and Wuliangye Yibin Co.Ltd(000858) reduced their holdings by 0.15%, 0.15% and 0.14% respectively.
Chinese funds showed a downward trend this week. On March 24, the balance of two financing was 1684911 billion yuan, down 1.313 billion yuan from March 17. 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, banking and real estate rebounded more, rising by 1.913 billion yuan, 833 million yuan and 528 million yuan respectively; Non bank finance, non-ferrous metals and petrochemicals fell more, down 1.372 billion yuan, 1.348 billion yuan and 623 million yuan respectively. Combined with the funds for going north, the allocation of domestic and foreign capital in power equipment, banks and real estate is relatively consistent; There are great differences in the allocation of non-ferrous metals, petroleum and petrochemical and medicine. Compared with last week, the fund shares of SSE 50ETF, CSI 500etff and gem 50ETF decreased by 765 million, 28.4 million and 300 million respectively, and the number of CSI 300etf increased by 11.7 million.
Macro interest rate: this week, the central bank carried out a total of 190 billion yuan of reverse repurchase for seven days, and the interest rate was the same as before. After the expiration of 140 billion yuan of reverse repurchase, the central bank released a net liquidity of 50 billion yuan in this period. As of March 25, the overnight Shibor increased by 0.900 BP to 2.0010% compared with the previous period, and the seven-day Shibor increased by 13.400 BP to 2.2070%, tightening inter-bank liquidity. The yield of one-year treasury bonds increased by 5.26 BP to 2.1632%, the yield of three-year treasury bonds increased by 9.16 BP to 2.4309%, the yield of 10-year Treasury bonds increased by 0.45 BP to 2.7972%, and the risk-free interest rate increased. On March 25, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 9.75 BP to 0.71%, 6.75 BP to 0.88% and 7.75 BP to 1.17% respectively compared with March 18; On March 25, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 7.42 BP to 0.55%, 9.42 BP to 0.65% and 6.42 BP to 0.82% respectively compared with March 18. All credit spreads are reduced.
Risk warning: repeated outbreaks outside China; Monetary policy exceeded expectations
