core views
global market capital flow:
1) category angle , the capital still flows to stocks this week, and the trend is stocks bonds currencies. The rebound trend of US stocks since mid March has been interrupted, and the S & P index has adjusted slightly recently.
2) from the perspective of cross market, at present, capital still flows to emerging markets, and the difference between developed markets and emerging markets reaches – 4.28%, which is the lowest value in the year. Developed markets and emerging markets adjusted at the same time this week, and the difference between the yields of developed markets and emerging markets narrowed during the week.
3) from the perspective of market style, recent funds prefer market style, balance growth value since November 2020, value has continued to outperform growth. The value growth has been adjusted this week, but the value style is dominant.
China market capital flow:
North:
1) industry categories , as of April 8, the categories with more net inflow from northbound since 2022 are big finance (23.8 billion yuan) and cycle (13.8 billion yuan), and the categories with the largest outflow are consumption (34 billion yuan) and Technology (20.5 billion yuan) this week, most industries in the north had a net outflow, and big finance was outstanding, with a net inflow of 2.902 billion
2) primary industries , as of April 8, the top three primary industries with net inflow from Beishang since 2022 are banks (24.3 billion yuan), Dianxin (15.3 billion yuan) and nonferrous metals (13.6 billion yuan); The top three were food and beverage (21.9 billion yuan), medicine (19.2 billion yuan) and computer (15.1 billion yuan). The top three industries with net inflow this week are banking (2.9 billion yuan), Dianxin (1.6 billion yuan) and construction (300 million yuan). The top three industries with outflow are medicine (2.1 billion yuan), transportation (1.5 billion yuan) and electronics (1.2 billion yuan).
3) , Contemporary Amperex Technology Co.Limited(300750) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Aier Eye Hospital Group Co.Ltd(300015) , China stock market news. This week, the top five stocks with net inflow are: Sungrow Power Supply Co.Ltd(300274) , Kweichow Moutai Co.Ltd(600519) , China State Construction Engineering Corporation Limited(601668) , Industrial And Commercial Bank Of China Limited(601398) , Ping An Bank Co.Ltd(000001) . The top five stocks of net outflow are Jiangsu Hengrui Medicine Co.Ltd(600276) , Ganfeng Lithium Co.Ltd(002460) , Cosco Shipping Holdings Co.Ltd(601919) , Haier Smart Home Co.Ltd(600690) , Longi Green Energy Technology Co.Ltd(601012) .
South:
1) in terms of industry categories, as of April 8, the categories with more net capital inflow from the South since 2022 are optional consumption (RMB 34.6 billion), information technology (HK $32.7 billion), medical care (HK $22.4 billion), and the categories with the largest outflow are finance (HK $18.2 billion), public utilities (HK $5.6 billion) and daily consumption (HK $4.8 billion).
2) as for the primary industry, as of April 8, 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 $21.6 billion); The top three outflows were from banks (HK $15.2 billion), automobiles (HK $9.5 billion) and public utilities (HK $5.8 billion). The top three industries with net inflow this week were petroleum and Petrochemical (HK $1.9 billion), real estate (HK $1.7 billion) and social services (HK $1.2 billion). The top three industries with outflow were banking (HK $1.3 billion), electronics (HK $1 billion) and food and beverage (HK $1 billion).
3) from the perspective of stocks, as of April 8th and 2022, the top five stocks in the south are: US, Tencent, Kwai Chung, CNOOC and Lining. This week, the net five main stocks were CNOOC, US group, China’s overseas development, Kwai Yuen and Biguiyuan. Among the top ten stocks with net inflow, real estate stocks account for half.
etf capital flow:
1) from the perspective of index, this week’s broad-based Index ETF, theme ETF and style ETF all flowed out slightly.
2) from the perspective of industry, the net inflow of ETF in most major industries this week was positive, and the financial outflow was large, reaching 2.388 billion yuan. The net inflow of technology ETF continued to lead, with a net inflow of 1.222 billion this week. In the past month, the net inflow of technology ETF was 5.282 billion yuan.
New Development Fund:
1) in terms of share, the scale of new development funds this week was 3.063 billion, a decrease of 3.484 billion compared with last week, the lowest level in a single week of the year.
2) in terms of rhythm, as of April 2, the combined shares of newly issued equity + hybrid funds have reached 160336 billion since the beginning of the year. Compared with the same period in 2020 and 2021, the share gap of newly issued funds continues to be widened.
Capital demand in the Chinese market: the demand for IPO and refinancing continued to decline this week; The scale of low-level repo decreased slightly, and the balance of low-level repo decreased slightly.
Risk tips: risk-free interest rate rises, macro-economy fluctuates sharply, industrial policy risks and market fluctuations exceed expectations, global capital return to the United States exceeds expectations, China US game exceeds expectations, inflation exceeds expectations, etc.
