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 this week continued the rebound trend starting 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. Developed markets and emerging markets rebounded at the same time this week, and the yield difference continued to widen.
3) from the perspective of market style, the recent market style is relatively dominant, with balance value growth. Since November 2020, value has continued to outperform growth. This week’s growth performance is dominant, which is the second single week growth win so far this year.
Capital flow in Chinese market:
Going north: 1) as of April 1, the major categories with more net inflow since 2022 are big finance (RMB 21 billion) and cycle (RMB 12.6 billion), and the major categories with the largest outflow are consumption (RMB 30.7 billion) and Technology (RMB 18.5 billion). This week, most industries in the North realized a net inflow, with an additional 8.652 billion for high-end manufacturing. 2) As for the primary industry, as of April 1, the top three primary industries with net inflow from Beishang since 2022 are banking (21.2 billion yuan), nonferrous metals (13.9 billion yuan) and Dianxin (12.8 billion yuan); The top three were food and beverage (21.5 billion yuan), medicine (16.6 billion yuan) and computer (14.3 billion yuan). The top three industries with net inflow this week are Dianxin (4.6 billion yuan), food and beverage (3.4 billion yuan) and nonferrous metals (2.9 billion yuan). The top three industries with outflow are medicine (600 million yuan), real estate (500 million yuan) and consumer service (500 million yuan). 3) From a stock perspective perspective, as of April 1, the end of April 1, and the 2022 year to 2022, the first five stocks for northnorthnorthnorthnorth ”net inflow from April 1, the end of April 1, the end of April 1, the first five years of April 1 and the 2022 year to the end of April 1, the first five years of April 1, the first five stocks for northnorthnorthnorthnorthnorth”net inflow to the north are: Tsingtao Brewery Company Limited(600600) 36 \ , Jiangsu Hengrui Medicine Co.Ltd(600276) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , China stock market news. This week, the top five stocks with net inflow are: Contemporary Amperex Technology Co.Limited(300750) , Kweichow Moutai Co.Ltd(600519) , Longi Green Energy Technology Co.Ltd(601012) , China stock market news, China State Construction Engineering Corporation Limited(601668) . The top five stocks of net outflow are Aier Eye Hospital Group Co.Ltd(300015) , China Merchants Bank Co.Ltd(600036) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Topchoice Medical Co.Inc(600763) , Btg Hotels (Group) Co.Ltd(600258) .
Southbound: 1) for industry categories, as of April 1, the categories with more net inflow of southbound funds since 2022 are optional consumption (RMB 34.2 billion), information technology (HK $34 billion), medical care (HK $22.4 billion), and the categories with the largest outflow are finance (HK $16 billion), public utilities (HK $5.7 billion) and daily consumption (HK $3.9 billion). 2) As for the primary industry, as of April 1, the top three primary industries with net inflow from the South since 2022 are media (HK $35.2 billion), social services (HK $27.6 billion), medicine and Biology (HK $21.7 billion); The top three outflows were from banks (HK $13.9 billion), automobiles (HK $7.4 billion) and public utilities (HK $5.9 billion). The top three industries with net inflow this week are petroleum and Petrochemical (HK $1 billion), pharmaceutical and biological (HK $700 million) and communication (HK $700 million). The top three industries with outflow are automobile (HK $1.9 billion), banking (HK $1.5 billion) and social services (HK $1.1 billion). 3) from the perspective of stocks, as of April 1st 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 were CNOOC, Yaoming biology, China Mobile, Zijin Mining Group Company Limited(601899) , Tencent holdings. There is a certain style difference between the net inflow of the top stocks this week and the whole year.
ETF capital flow: 1) from the perspective of index, the net inflow of broadband Index ETF and theme ETF this week is positive, and the style ETF flows out slightly. 2) From the perspective of industry, the net inflow of ETF in most major industries was positive this week, with only a small outflow of 165 million yuan from large finance, of which the net inflow of high-end manufacturing ETF and technology ETF reached 2.996 billion and 2.949 billion respectively. This month, the net inflow of technology and high-end manufacturing ETF ranked top, with a monthly net inflow of 8.405 billion yuan and 6.858 billion yuan respectively.
New development funds: 1) in terms of share, the scale of new development funds this week was 6.547 billion, which rebounded, but the overall scale is still small, and the cold trend of new development funds has not changed. 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 the Chinese market: the demand for IPO and refinancing decreased this week; The balance of the two financial institutions decreased slightly, the repurchase scale increased significantly, and the total repurchase amount this week reached the second peak of the 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.
