From March 28 to April 1, the total net inflow of funds going north was 22.902 billion yuan. The net inflow of Shanghai Stock connect was 12.725 billion yuan and that of Shenzhen Stock connect was 10.177 billion yuan. The net outflow in the previous period was 12.778 billion yuan. Among them, the net inflow of power equipment, food and beverage and non-ferrous metals ranked first, with an inflow of 5.449 billion yuan, 3.418 billion yuan and 2.733 billion yuan respectively; There was a large net outflow of medicine, biology, real estate and commercial retail, with an outflow of 705 million yuan, 490 million yuan and 476 million yuan respectively. On April 1, half of the top 20 heavyweight shares were increased, of which Enge joint stock company, Longi Green Energy Technology Co.Ltd(601012) and Zijin Mining Group Company Limited(601899) increased their holdings by 0.38%, 0.25% and 0.24% respectively China Tourism Group Duty Free Corporation Limited(601888) , China Yangtze Power Co.Ltd(600900) and China Merchants Bank Co.Ltd(600036) reduced their holdings by 0.04%, 0.04% and 0.04% respectively.
Chinese funds showed a downward trend this week. The balance of the two financial institutions on March 31 was 1672821 billion yuan, a decrease of 12.090 billion yuan compared with March 24. Compared with last week, as of April 1, the balance of two financial institutions in more than half of the industries fell. Among them, real estate, coal and environmental protection rebounded more, with 865 million yuan, 129 million yuan and 84 million yuan respectively; Nonferrous metals, non bank finance and food and beverage fell more, down 849 million yuan, 710 million yuan and 696 million yuan respectively. In combination with the funds for going north, domestic and foreign investment are consistent in medicine, biology, commerce, retail and social services; There are great differences in the configuration of power equipment, food and beverage and non-ferrous metals. Compared with last week, the fund shares of SSE 50ETF, CSI 300etf, CSI 500etff and gem 50ETF increased by 427.5 million, 153.9 million, 14.8 million and 634 million respectively.
Macro interest rate: this week, the central bank carried out a total of 610 billion yuan of reverse repurchase for seven days, and the interest rate was the same as before. Superimposed on the expiration of 190 billion yuan of reverse repurchase, the central bank released a net liquidity of 420 billion yuan in this period. As of April 1, the overnight Shibor decreased by 39.700 BP to 1.6040% compared with the previous period, and the seven-day Shibor decreased by 19.000 BP to 2.0170%, with loose inter-bank liquidity. The yield of one-year treasury bonds decreased by 5.80 BP to 2.1052%, the yield of three-year treasury bonds decreased by 5.02 BP to 2.3807%, the yield of 10-year Treasury bonds decreased by 2.29 BP to 2.7743%, and the risk-free interest rate decreased. On April 1, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period increased by 0.28 BP to 0.71%, 1.28 BP to 0.89% and 2.28 BP to 1.19% respectively compared with March 25; Compared with March 25, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 0.36 BP to 0.54%, increased by 2.65 BP to 0.67% and increased by 1.65 BP to 0.83%. Credit spreads increased by more than half.
Risk warning: repeated outbreaks outside China; Monetary policy exceeded expectations
