Key investment points:
The supply of funds remained sluggish. The total capital supply in this period is - 6.7 billion yuan, and the capital demand is 70.2 billion yuan. For the net Market inflow of - 76.8 billion yuan, compared with - 96.2 billion yuan in the previous period, the capital gap is slightly narrowed, but it is mainly caused by the reduction of capital demand, and the market capital supply is still depressed.
New issues of partial stock public offering: continued to decline. The new share of partial share public offering in this period was 6.928 billion, a change of - 47.01% compared with 13.074 billion in the previous period, and the absolute level continued to decline. The market gradually stabilized and waited for the mood to pick up.
Northward capital: the substantial net outflow ended and significantly flowed into power equipment and banks. 1) The overall net inflow of northbound funds in the current period was -3.679 billion yuan, a decrease of - 136.34% compared with the net inflow of 10.123 billion yuan in the previous period. Since March, the trend of substantial net outflow of northbound funds has come to an end. As of April 17, the cumulative net inflow of the whole year was -23.587 billion yuan, entering a low fluctuation state. 2) Industry capital flow: power equipment and banks continue to be optimistic, and the selling pressure of medicine and biology continues. Upstream raw materials: the overall net inflow is still maintained, but the range is reduced. Midstream manufacturing: there is a significant net inflow of power equipment, and there is no obvious preference in other industries. Downstream consumption: the pressure of net outflow of food and drink is relieved, and the selling pressure of medicine is constant. Financial real estate construction: banks have a significant net inflow, and real estate is also optimistic. Support services: net outflow of delivery.
Two financial funds: it is difficult for the market callback to recover. 1) After the two financing balances hit the bottom and rebounded, they fell again under the influence of market correction. The financing balance was 1.54 trillion and the securities lending balance was 89 billion, accounting for 2.50% of the total circulation market value of A. recently, they fluctuated around this level, which reflected that the fund sentiment of the whole market was not high. The net turnover of the two-year financing transactions continued to fall to -31.704 billion yuan, accounting for -16.703 billion yuan compared with the net turnover of the two-year financing transactions. 2) Industry capital flow: the two financing funds are net outflow in most industries in the current period, and only the upstream outflow is relatively small. Upstream petroleum, petrochemical, steel, coal, and commercial retail in support services have a small net inflow; The outflow of computers, medicine and electronics exceeded 3 billion, and that of power equipment, nonferrous metals, banks and non banks exceeded 2 billion. In 2022ytd, only the comprehensive net inflow is still positive, and the outflow of electronic and power equipment exceeds 17 billion.
Equity ETF: the net subscription amount of equity ETF in this period reached 21.9 billion yuan, a significant increase compared with 161 million yuan in the previous period, and the subscription strength has warmed up.
Equity financing: steady rhythm. The overall equity financing in this period reached 62.984 billion yuan, a change of - 27% compared with 85.781 billion yuan in the previous period, which is still at a normal pace.
Industrial capital: net increase in power equipment. 1) The net reduction of industrial capital in this period reached 2.55 billion yuan, a change of - 86% compared with 18.591 billion yuan in the previous period. The pace of reduction was stable, the increase was slightly enlarged, or the pace of lifting the ban fell due to the superposition of market callback. 2) There was a net increase of 1.286 billion yuan in the current period of power equipment. After a sharp correction, the current secondary market price level or the cost performance of industrial capital has been significantly improved.
Lifting of restrictions on sales: the level of lifting the ban will be low in the next two months. The market value of the lifting of the ban during this period was 96.248 billion yuan, a change of - 66.45% compared with 286903 billion yuan in the previous period. At present, the lifting of the ban is relatively stable.
Southward capital: fluctuating inflow trend. The net inflow of southward capital in the current period was 4.619 billion yuan, an increase of 539.37% compared with -1.051 billion yuan in the previous period, showing a fluctuating inflow trend.
Risk tip: the liquidity of the stock market has changed beyond expectations, the ability of objective data to explain the change of stock price is limited, and the data update and calculation error.
