Since March, the external interest rate hike has been implemented, but the inflationary pressure remains, the internal epidemic resurges, and the cluster of uncertainties has led to a significant outflow of foreign capital. Then, under the withdrawal of the total amount, which stocks have obtained the counter trend increase of funds going north?
1. What did foreign capital increase its holdings against the trend? 1) At the industry level, there is a strong willingness to increase the net holdings of pharmaceutical, biological, electronic, power equipment and basic chemical industry, and the number of increased holdings is more than 30; In terms of the increase scale, the cumulative net increase scale of power equipment, non-ferrous metals, medicine, biology and electronics ranked first, with a net increase scale of more than 4 billion yuan. 2) At the style level, the undervalued value was concentrated to increase holdings against the trend, and the market value of the increase intention sank. In March, the increase direction of northbound contrarian holdings was mainly concentrated in the valuation range of less than 40 times, and the net inflow scale was more concentrated in the market value range of 25-200 billion yuan, accounting for about 63.48%. 3) At the individual stock level, the subject matter of new energy was significantly increased against the trend. In March, Sungrow Power Supply Co.Ltd(300274) , Nari Technology Co.Ltd(600406) , Longi Green Energy Technology Co.Ltd(601012) , Trina Solar Co.Ltd(688599) and other power equipment targets were significantly increased, with a net inflow of more than 1 billion.
2. Overall configuration: the expectation of interest rate increase is strengthened, and the outflow from the north is obvious. U.S. employment continued to improve, inflation continued to hit a new high, expectations of interest rate hikes continued to strengthen, and trading led northward with a significant outflow. The accumulated net outflow of funds going north in March was about 45.083 billion yuan. According to our dismantling and estimation, the trading market is still the main outflow in March, with a cumulative net outflow of about 42.583 billion yuan in the month. The allocation market has a phased large outflow in the month, but it has gradually returned in late March, with a cumulative small outflow of about 863 million yuan in the month.
3. Style and structure: the increase of upstream resources ranks first. Northbound capital led the increase in upstream resources in March, and most of the necessary consumption was reduced. From the perspective of capital splitting, the positions of optional consumption, financial real estate and necessary consumption sectors have been reduced consistently. The differences are concentrated in the other sectors, and the allocation sectors have increased their holdings in the other sectors, with a significant inflow of upstream resources and midstream manufacturing.
4. Industry flow: the inflow of non-ferrous metals ranks first, and the outflow of food and beverage is most. On the whole, the top three industries with net inflow in March were nonferrous metals, power equipment and agriculture, forestry, animal husbandry and fishery; The top three industries with net outflow are food and beverage, non bank finance and pharmaceutical biology. At the trading level, the top three industries with net inflow are household appliances, mechanical equipment and real estate; The top three industries with net outflow are power equipment, food and beverage and pharmaceutical and biological industries in turn. At the configuration panel level, the top three industries with net inflow are power equipment, non-ferrous metals and public utilities in turn; The top three industries with net outflow are food and beverage, non bank finance and automobile.
5. Position distribution: Coal positions rise first, while power equipment positions fall mostly. In terms of the distribution of northbound positions, the coal positions have increased significantly since March, while the positions of power equipment and food and beverage have mostly fallen. In terms of market value, coal, real estate, agriculture, forestry, animal husbandry and fishery industries led the increase in market value, while the market value of food and beverage, power equipment and electronics industries mostly fell.
6. Allocation of individual shares: the shareholding concentration has decreased, and Sungrow Power Supply Co.Ltd(300274) has been the first to increase its holdings. On the whole, the top five stocks with net inflow are Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Wingtech Technology Co.Ltd(600745) , Focus Media Information Technology Co.Ltd(002027) , Ecovacs Robotics Co.Ltd(603486) ; The top five stocks of net outflow are Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuliangye Yibin Co.Ltd(000858) , Ping An Insurance (Group) Company Of China Ltd(601318) , Yunnan Energy New Material Co.Ltd(002812) . At the trading level, the top five stocks with net inflow are China stock market news, Zijin Mining Group Company Limited(601899) , Shaanxi Coal Industry Company Limited(601225) , Wuxi Apptec Co.Ltd(603259) and China Merchants Bank Co.Ltd(600036) ; The top five stocks of net outflow are Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Ping An Insurance (Group) Company Of China Ltd(601318) , Yunnan Energy New Material Co.Ltd(002812) , Wuxi Apptec Co.Ltd(603259) . At the allocation panel level, the top five stocks of net inflow are Sungrow Power Supply Co.Ltd(300274) , Nari Technology Co.Ltd(600406) , Zijin Mining Group Company Limited(601899) , Longi Green Energy Technology Co.Ltd(601012) , Wuxi Apptec Co.Ltd(603259) ; The top five stocks of net outflow are Wuliangye Yibin Co.Ltd(000858) , Kweichow Moutai Co.Ltd(600519) , Ping An Bank Co.Ltd(000001) , Ping An Insurance (Group) Company Of China Ltd(601318) , Contemporary Amperex Technology Co.Limited(300750) .
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
