Key investment points
Overview of micro fluidity
In this period, the capital supply and capital demand picked up simultaneously, and the marginal increment on the demand side is particularly significant. On the supply side, ETF has a significant net inflow, while the two financing funds continue to flow out, and domestic risk aversion has heated up. In terms of demand, the financing scale of the primary market has increased significantly, and the market sentiment has been repaired.
Two financing funds
The current two financing funds continued the trend of net outflow in recent two periods, and the financing sentiment continued to be pessimistic. The continuous outflow of financing funds from the two countries, combined with the slow internal economic recovery, the continuous deterioration of the epidemic, the upside down interest rate spread between China and the United States, the failure of the expectation of interest rate reduction and the lower standard reduction than expected, and the repeated external conflicts between Russia and Ukraine, the financing sentiment is still low.
\u3000\u3000ETF
The marginal inflow of ETF funds increased in this period, especially the large inflow of broad-based ETF funds, and the marginal outflow of two financing funds increased, reflecting the prominent role of ETF as a capital reservoir under the background of many market disturbance factors.
Primary market financing
The financing of the primary market has recovered, at a relatively high level since the beginning of the year. The financing scale of the primary market increased significantly in this period, breaking the downward trend in recent three periods and at a relatively high level since the beginning of the year. CNOOC led the overall financing sentiment of the primary market to pick up.
Industry capital flow
In the current period, most of the two financing industries had a net outflow, and some industries had a wide outflow. The real estate sector was sold by domestic capital and bought by foreign capital in this period. Pharmaceutical and biological products were sold by domestic and foreign investors at the same time. The petroleum and petrochemical sector ranks first in the net purchase of domestic capital in this period, and the optimistic attitude of domestic capital is more obvious. Non ferrous metals return to the long-term capital allocation trend of domestic and foreign capital, and domestic capital is sold and foreign capital is bought.
Risk tips
The economic downturn accelerated, the policy was less than expected, and the epidemic broke out repeatedly.
