Last week, northward funds turned to net inflows. Last week, northbound funds turned from the previous net outflow to inflow, with an inflow of 2.736 billion yuan in the three trading days last week. The buying power is mainly contributed by the trading disk, with the trading disk inflow of 3.441 billion yuan and the allocation disk outflow of 705 million yuan.
Northward overall: the inflow and outflow of the industry account for half, and the net outflow of medicine is the largest. Last week, 14 industries in the northward capital inflow and 16 industries outflow. Among them, the inflow of real estate (2.066 billion), electronics (1.844 billion) and Dianxin (1.792 billion) was the largest, and the outflow of medicine was the largest for two consecutive weeks. This outflow was 1.748 billion, an increase of 15.35% month on month.
Small net outflow of allocation disk and net inflow of trading disk, both of which have significantly reduced their positions, but there are still differences in the direction of buying. There are 14 industries inflow of allocation funds, mainly to banks (1.251 billion) and Dianxin (1.044 billion); Trading funds flowed into 12 industries, including electronics (2.431 billion) and real estate (1.965 billion). At the same time, both the configuration disk and trading disk sold medicine significantly, and both ranked at the bottom of the net inflow (- 1028 million, – 720 million).
Individual stock flow direction: the largest inflow is Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , and the largest outflow is Jiangsu Hengrui Medicine Co.Ltd(600276) Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) last week, after the resumption of northward buying, the net inflow ranked first, while Jiangsu Hengrui Medicine Co.Ltd(600276) has ranked first in net outflow for two consecutive weeks. The top three stocks are Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (693 million yuan), Kweichow Moutai Co.Ltd(600519) (620 million yuan), and Unigroup Guoxin Microelectronics Co.Ltd(002049) (604 million yuan). The top three stocks flowing out are Jiangsu Hengrui Medicine Co.Ltd(600276) (- 534 million yuan), Wuliangye Yibin Co.Ltd(000858) (- 409 million yuan) and China stock market news (- 485 million yuan).
Cumulative statistics: in the past month, 11 industries had capital inflows and 19 industries had capital outflows. Among them, the inflow of banks and power equipment exceeded 6 billion, and the outflow of medicine, food and beverage exceeded 5 billion. On a quarterly basis, the inflow of banks and non-ferrous metals exceeded 10 billion in the past quarter; There are 10 industries with an outflow of more than 2.5 billion, including food and beverage, medicine and computer.
North tracking strategy: in the special report “exploring the source of excess return of North funds”, we constructed the industry tracking strategy of Top50 based on North fund positions. As of April 15, the cumulative rate of return was 20.78%, compared with the excess return of CSI 300 of 21.77%, and the sharp ratio was 1.77. Based on the latest tracking situation, the change of northbound industry triggers the position adjustment threshold, which needs to be adjusted this week. Increase the positions of building materials, household appliances and coal by 2.33% and 2.33%, and reduce the positions of coal by 4.65% (refer to the text for 14 positions adjustment and income in History).
Risk warning: Based on historical data calculation, there may be data statistical error, and there may be failure risk under the change of policy and market environment.
