Global market capital flow:
1) from the perspective of major categories, the capital flow to stocks is still dominant this week, with stocks bonds currencies in the trend. This week, the funds all showed an outflow state. Since December 2021, US stocks began to stabilize and rebound in mid March, and fluctuated downward slightly this week
2) from a cross market perspective, since 2022, funds have continued to flow to emerging markets, and the difference between developed markets and emerging markets has expanded to – 4.45%, the lowest value in the year. Developed markets and emerging markets continued to adjust at the same time this week, and the yield difference between developed markets and emerging markets expanded slightly 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. Capital flow in Chinese market:
Going north: 1) in terms of industry categories, this week’s net inflow of high-end manufacturing was the largest, reaching 4.251 billion, the net inflow of large finance was 2.374 billion, and the net outflow of medical beauty was 368 million. 2) In terms of quantity and amount of primary industries, there are more net inflows into primary industries this week, and the net inflows of machinery, non-ferrous metals and real estate are large, which are 1.547 billion yuan, 1.540 billion yuan and 1.284 billion yuan respectively. Since the beginning of the year, the primary industries with the largest net capital inflow from northbound are banks (RMB 21.174 billion), nonferrous metals (RMB 13.869 billion) and Dianxin (RMB 12.784 billion); The industries with the largest outflow are food and beverage (21.507 billion yuan), medicine (16.63 billion yuan) and computer (14.34 billion yuan). 3) From the perspective of individual stocks, this week’s northward capital net purchases of the top stocks are: Suzhou Maxwell Technologies Co.Ltd(300751) (1.492 billion yuan), Kweichow Moutai Co.Ltd(600519) (812 million yuan), China Vanke Co.Ltd(000002) (510 million yuan), China State Construction Engineering Corporation Limited(601668) (418 million yuan), with a net inflow into the top 15, mostly high-end manufacturing. Since 2022, the top stocks that Beishang capital has bought are: China Merchants Bank Co.Ltd(600036) (RMB 9.308 billion), Zijin Mining Group Company Limited(601899) (RMB 7.413 billion), Nari Technology Co.Ltd(600406) (RMB 7.37 billion).
Southward: 1) in terms of industry categories, there was a large differentiation of capital flows southward among industries this week, and the difference between the industries with the largest net inflow and the industries with the largest net outflow reached 3.946 billion yuan; The GICs industry with the largest net outflow of funds from the south is optional consumption, and the industry with the largest inflow is energy. 2) In terms of primary industries, since this year, the GICs industries with the highest net purchases of funds from the South have been: optional consumption (HK $34.155 billion), information technology (HK $34.004 billion) and health care (HK $22.439 billion). Since this year, the last GICs industries with net purchases of funds from the South have been Finance (- HK $15.993 billion), public utilities (- HK $5.73 billion) and daily consumption (- HK $3.879 billion). The GICs industries at the forefront of the net purchase of funds from the south this week are energy (HK $859 million), health care (HK $847 million) and materials (HK $585 million). The GICs industries at the end of the net purchase of funds from the south this week are optional consumption (- HK $3.087 billion), Finance (- HK $2.125 billion) and information technology (- HK $899 million). 3) From the perspective of individual stocks, the top stocks bought by funds going south this week are: CNOOC (HK $978 million), Yaoming Biology (HK $779 million) and China Mobile (HK $459 million). This year, the stocks that bought the net ahead of the capital are: US group (HK $25 billion 73 million), Tencent Holdings (HK $20 billion 838 million), and Kwai (HK $11 billion 152 million).
ETF capital flow: 1) from the perspective of index, under multi angle calculation, the overall inflow of ETF capital this week. 2) From the perspective of industry, under the classification of CAITONG, the net inflow of ETF in most major industries this week was positive, and only the net inflow of medicine and the United States was negative. The net inflow of technology ETF continued to lead, with a net inflow of 1.715 billion this week. The net inflow of big financial ETFs this week reached 1.309 billion yuan.
New development funds: this week, new development funds issued 9.545 billion shares, with a total of 22.277 billion since April.
Capital demand in the Chinese market: the demand for IPO and refinancing continued to decline this week; The balance of the two financial institutions decreased slightly, and the repurchase scale returned to a low level.
Risk tips:
The rise of risk-free interest rate, sharp macroeconomic fluctuations, industrial policy risks and market fluctuations exceeded expectations, the return of global capital to the United States exceeded expectations, the game between China and the United States exceeded expectations, and inflation exceeded expectations.
