Key investment points
Overview of micro fluidity
The capital supply in the current period has declined, and the capital demand has continued to shrink in recent two periods. In terms of supply, the decline of northward capital is more significant, which is significantly different from the relative stability of the A-share market; Leveraged funds rose against the trend, and financing sentiment and confidence were repaired. In terms of demand, industrial capital showed a net increase in holdings and market liquidity was released.
Northward capital
Combined with the strong trend of the US Federal Reserve’s interest rate hike in Beibu and Ukraine in the current period, the situation of the US Federal Reserve’s comprehensive interest rate hike in Beibu and Ukraine has deteriorated significantly in the current period.
Two financing funds and ETF
In the current period, the two financing funds realized the reversal from net outflow to inflow, and the marginal inflow of funds was large, which was in sharp contrast to the overall decline of capital supply; ETF continued its slight net inflow trend, and the margin of capital inflow narrowed. In this period, the marginal inflow of two financing funds increased and the marginal inflow of ETF narrowed, which to some extent reflects the change of wait-and-see and dormant attitude of some funds and the repair of investment sentiment.
Industrial capital
The current industrial capital continued the sharp contraction trend of the net reduction in the previous period, and showed a net increase again after an interval of 8 months. The net increase in industrial capital released liquidity for the A-share market, reflecting the optimistic expectations of important shareholders on the market trend and boosting market confidence.
Industry capital flow
In this period, the funds going north bought defensive financial sectors sharply, and the risk aversion increased. At the same time, they continued to buy power equipment, or it was a long-term holding layout. Recently, there have been frequent favorable policies in the real estate sector. Affected by this, domestic capital has bought a lot, and foreign capital has no obvious optimistic attitude. Pharmaceutical biology was sold by both domestic and foreign capital in this period, and the subsequent capital attitude still needs to be observed.
Risk tips
The economic downturn accelerated, the policy was less than expected, and the epidemic broke out repeatedly.
