1. Overall allocation: the interest rate difference between China and the United States accelerates convergence and flows northward under pressure. The expectation of interest rate hikes in Europe and the United States rose, and the interest rate spread between China and the United States accelerated convergence. On April 6, the Federal Reserve released the minutes of the interest rate meeting in March, which once again strengthened the expectation of raising interest rates by 50bp in May and starting the table reduction plan. At the same time, the ECB’s monetary minutes in March showed that the risk of stagflation in the eurozone was rising, and the expectation of interest rate hike was also raised although there were differences. The tightening of monetary policy in Europe and the United States is expected to continue to strengthen, while China remains relatively loose. The 10-year interest rate gap between China and the United States has accelerated to narrow. As of April 11, the interest rate gap between China and the United States has been slightly upside down, and emerging markets are generally under pressure in the short term.
Both allocation and trading orders are under pressure, and the North turns into outflow. The capital going north turned into outflow, with a net outflow of 6.557 billion yuan in a single week. In terms of fund type splitting, the allocation disk turned into outflow, with a small net outflow of about 779 million yuan in a single week, the turnover on the trading disk turned into outflow, and the net outflow in a week was about 5.57 billion yuan. At the same time, the capital inflow to the South slowed down, with a cumulative net inflow of about 34 million yuan last week. As of April 8, the cumulative net inflow of the northward allocation market has reached 43.969 billion yuan this year, and the cumulative net outflow of the northward trading market has reached 63.580 billion yuan this year.
2. Industry allocation: banks rank first in terms of additional allocation, while Pharmaceutical Holdings are mostly reduced. From the overall perspective, the net inflow of banks (+ 2.988 billion yuan), power equipment (+ 1.381 billion yuan) and architectural decoration (+ 350 million yuan) ranks first, with the largest outflow of medicine and Biology (- 2.057 billion yuan), transportation (- 1.493 billion yuan) and electronics (- 1.304 billion yuan);
From the perspective of fund type splitting: from the perspective of trading disk, the net inflow of banks (+ 1.068 billion yuan) is the largest, while the net outflow of pharmaceutical and biological (- 1.454 billion yuan) is the largest; From the perspective of allocation disk, the net inflow of banks (+ 1.921 billion yuan) is the largest, while the net outflow of Electronics (- 825 million yuan) is the largest.
3. Allocation of individual shares: Sungrow Power Supply Co.Ltd(300274) increased its holdings and Jiangsu Hengrui Medicine Co.Ltd(600276) decreased its holdings. From an overall perspective, Sungrow Power Supply Co.Ltd(300274) (+ 680 million yuan), Kweichow Moutai Co.Ltd(600519) (+ 617 million yuan) and China State Construction Engineering Corporation Limited(601668) (+ 566 million yuan) are among the top net inflow; While Jiangsu Hengrui Medicine Co.Ltd(600276) (- 877 million yuan), Ganfeng Lithium Co.Ltd(002460) (- 802 million yuan) and Cosco Shipping Holdings Co.Ltd(601919) (- 739 million yuan) mostly flowed out.
From the perspective of fund type splitting: from the perspective of trading disk, Ping An Insurance (Group) Company Of China Ltd(601318) (+ 405 million yuan), Sungrow Power Supply Co.Ltd(300274) (+ 373 million yuan) and Luxshare Precision Industry Co.Ltd(002475) (+ 319 million yuan) rank first in net inflow; While Cosco Shipping Holdings Co.Ltd(601919) (- 700 million yuan), Ganfeng Lithium Co.Ltd(002460) (- 649 million yuan) and Boe Technology Group Co.Ltd(000725) (- 449 million yuan) mostly flowed out. From the perspective of configuration disk, Kweichow Moutai Co.Ltd(600519) (+ 845 million yuan), Contemporary Amperex Technology Co.Limited(300750) (+ 368 million yuan) and Industrial And Commercial Bank Of China Limited(601398) (+ 364 million yuan) are among the top net inflow; While Jiangsu Hengrui Medicine Co.Ltd(600276) (- 627 million yuan), Hangzhou Silan Microelectronics Co.Ltd(600460) (- 428 million yuan) and Luxshare Precision Industry Co.Ltd(002475) (- 412 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
