1. What is the new trend of Q2 northward configuration? Recently, the market volatility has weakened. Although the value style is relatively dominant, there are many differences in the main line offset, the oversold rebound of growth style and the game of post epidemic consumption recovery. Under the main line differences, we also summarize the latest trends of foreign capital allocation since the second quarter: since April, the additional allocation of foreign capital mainly covers three directions: first, the financial real estate sector, banks and real estate have increased their holdings by 2.31 billion yuan and 1.36 billion yuan respectively; Second, the capital construction sector, public utilities, building materials and architectural decoration were increased by 1.04 billion yuan, 1.0 billion yuan and 740 million yuan respectively. Third, the boom technology sector, power equipment and electronics were increased by 3.32 billion yuan and 1.29 billion yuan respectively. Combined with the northward capital flow in March and the market performance since April, bank real estate is more trend tracking strong position replenishment, while the infrastructure sector (utilities, construction) and boom Technology (new energy + Electronics) are more sustainable contrarian holdings.
2. Overall configuration: “tight outside and loose inside” continues, with mild reflux in the north. The rebound in oil prices exacerbated inflation expectations, the Fed continued to be “hawks” and the interest rate spread between China and the United States hung upside down. Geopolitical contradictions continued to ferment, oil prices soared again, Brent crude oil futures prices rose again above $110 / barrel, U.S. inflation data continued to reach a new high, severe inflation and high oil prices continued to strengthen the downward expectation of the U.S. economy, and the 10-year U.S. bond futures contract fell below 120. In addition, recently, Fed officials continued to release the “Hawk” signal, and the expectation of raising interest rates was further strengthened. The 10-year US bond yield rose by more than 2.8%, while China’s currency remained loose, the implementation of RRR reduction continued to strengthen the pattern of “external tightening and internal loosening”, and the 10-year US interest rate spread also reversed. Both allocation and trading orders flow in, and go north and return gently. Northward capital returned to net inflow, with a net inflow of 2.878 billion yuan in a single week. In terms of the split of fund types, the allocation disk and trading disk turned into inflow, with a net inflow of about 877 million yuan and 2.314 billion yuan respectively in a single week.
3. Industry configuration: the increase of power equipment ranks first, and the reduction of Pharmaceutical Holdings is most. From an overall perspective, the net inflow of power equipment (+ 2.506 billion yuan), real estate (+ 1.624 billion yuan) and electronics (+ 1.615 billion yuan) ranks first, with the largest outflow of pharmaceutical and biological (- 1.806 billion yuan), non bank finance (- 1.091 billion yuan) and steel (- 815 million yuan); From the perspective of fund type splitting: from the perspective of trading disk, the net inflow of Electronics (+ 2.506 billion yuan) is the largest, while the net outflow of medicine and Biology (- 952 million yuan) is the largest; From the perspective of configuration disk, the net inflow of power equipment (+ 1.726 billion yuan) is the largest, while the net outflow of Electronics (- 891 million yuan) is the largest.
4. Allocation of individual shares: Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) increased its holdings and Jiangsu Hengrui Medicine Co.Ltd(600276) decreased its holdings. From an overall perspective, Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (+ 693 million yuan), Kweichow Moutai Co.Ltd(600519) (+ 622 million yuan) and Unigroup Guoxin Microelectronics Co.Ltd(002049) (+ 604 million yuan) are among the top net inflow; While Jiangsu Hengrui Medicine Co.Ltd(600276) (- 536 million yuan), Wuliangye Yibin Co.Ltd(000858) (- 488 million yuan) and China stock market news (- 486 million yuan) mostly flowed out.
From the perspective of fund type splitting: from the perspective of trading disk, Unigroup Guoxin Microelectronics Co.Ltd(002049) (+ 582 million yuan), Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) (+ 482 million yuan) and Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (+ 471 million yuan) are among the top net inflow; While China Merchants Bank Co.Ltd(600036) (- 421 million yuan), Yangquan Coal (- 306 million yuan) and Qingdao Haier (- 270 million yuan) mostly flowed out. From the perspective of configuration disk, Contemporary Amperex Technology Co.Limited(300750) (+ 546 million yuan), Kweichow Moutai Co.Ltd(600519) (+ 464 million yuan) and Sungrow Power Supply Co.Ltd(300274) (+ 391 million yuan) are among the top net inflow; While Jiangsu Hengrui Medicine Co.Ltd(600276) (- 720 million yuan), Wuliangye Yibin Co.Ltd(000858) (- 427 million yuan) and Wingtech Technology Co.Ltd(600745) (- 324 million yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
