At the end of March, the northward capital ended the sharp outflow and turned to steady inflow, but turned to net outflow again since April. Compared with March (the cumulative outflow of 68.114 billion yuan in the first three weeks hit a record high, and the inflow of 23.043 billion yuan in the last week), the northward capital has moved from stable to outflow again since April. As of April 8, northbound funds had outflow of 2.136 billion yuan in April and 7.25 billion yuan in the three trading days of last week.
The term upside down of US bond interest rate superimposes the upside down of China US interest rate spread, or turns north to the source of outflow. Since April, it has been observed that the maturity upside down of US bonds 2Y and 10Y. From historical experience, the upside down of US bond maturity interest rate is often accompanied by the pressure on risky assets: VIX volatility rises sharply, the US dollar and gold are more favored, and the attractiveness of stocks decreases relatively. During this period, northward funds will also flow out. In addition, the interest rate spread between China and the United States has narrowed significantly to 3bp, close to the upside down range, which has never occurred since 2010. It is more rare for both to occur at the same time.
North overall: most industries have the largest net outflow (Pharmaceutical outflow), while banks rank first in net inflow. Last week, 19 industries in the northward capital outflow, of which medicine (- 2.065 billion), electronics (- 1.643 billion) and transportation (- 1.518 billion) outflow was the largest, and banks inflow was the largest (2.935 billion).
Northward structure: the buying and selling of allocation orders and trading orders have fundamentally changed the trading power. Last week, the allocation disk inflow was 3.146 billion and the trading disk outflow was 10.396 billion. Last week, the allocation disk was selling (8.892 billion) and the trading disk was buying (31.935 billion). The differences between long-term and short-term funds in transportation are the most obvious. There are 14 industries flowing into the configuration disk. Among them, the inflow of transportation (3.143 billion) is the largest, and the outflow of medicine is the largest (- 2.549 billion). There are 13 industry inflows in the trading market, of which the inflow of banks (2.285 billion) is the largest and the outflow of transportation is the largest (- 4.659 billion).
Individual stock flow: the largest inflow is Sungrow Power Supply Co.Ltd(300274) , and the largest outflow is Jiangsu Hengrui Medicine Co.Ltd(600276) . The top three stocks are Sungrow Power Supply Co.Ltd(300274) (679 million yuan), Kweichow Moutai Co.Ltd(600519) (617 million yuan) and China State Construction Engineering Corporation Limited(601668) (559 million yuan). The top three stocks outflow are Jiangsu Hengrui Medicine Co.Ltd(600276) (- 877 million yuan), Ganfeng Lithium Co.Ltd(002460) (- 798 million yuan), Cosco Shipping Holdings Co.Ltd(601919) (- 739 million yuan).
