Key investment points:
I. since 2022, the fluctuation of foreign capital has increased. Since the beginning of the year (as of April 19), the net outflow of northward capital from land stock channel has been 25.53 billion yuan. From the perspective of shareholding market value, as of April 19, the market value of A-Shares held by land stock connect funds was 2215442 billion yuan, accounting for 3.41% of the circulating market value of a shares, a decrease of 0.28 percentage points compared with the beginning of 2022. From the daily frequency data, in the eight trading days from March 7 to March 16, the one-way net outflow of land stock connect funds was 66.835 billion yuan; Since March 17, the capital of land stock connect has changed from continuous one-way net outflow to slow net inflow. At the beginning of March, A-Shares were subject to multiple disturbances outside China, and the main indexes continued to decline. Overseas, due to the conflict between Russia and Ukraine, the sharp rise in commodity prices such as crude oil and the acceleration of monetary tightening cycle by the Federal Reserve, the global stock index has been disturbed and the risk appetite of foreign capital has decreased; In China, the local epidemic has repeatedly led to pressure on China's economy, investors are worried about the profits of middle and lower reaches enterprises, and foreign capital has withdrawn in the short term. On March 16, the financial committee of the State Council and the first bank and the two sessions held a meeting. The market sentiment was greatly boosted, the A-share market rebounded sharply, and the northward capital turned into a slow net inflow.
II. From the perspective of sector allocation, since the beginning of the year (as of April 19), land stock connect capital has increased its positions on the main board (+ 2.24) and the science and Innovation Board (+ 0.12), and reduced its positions on the gem (- 2.36). As of April 19, the allocation proportion of land stock connect funds on the main board, gem and Sci-tech Innovation Board was 82.96%, 15.94% and 1.10% respectively.
III. from the perspective of the net flow of the industry, since the beginning of the year (up to 4 / 19), luchutong has mainly net inflow into "banking, non-ferrous metals, electrical equipment, building decoration, public utilities" and other industries, with net inflow of 24.520 billion yuan, 15.143 billion yuan, 13.165 billion yuan, 4.720 billion yuan and 4.209 billion yuan respectively; The main net outflows were "medicine and biology, food and beverage, computer, automobile, electronics" and other industries, with net outflows of 21.154 billion yuan, 20.079 billion yuan, 10.401 billion yuan, 9.120 billion yuan and 6.184 billion yuan respectively. From the point of view of "position increase" (1.03%) and "position decrease" (1.0%) of Lucheng Pharmaceutical Co., Ltd., the position of Lucheng Pharmaceutical Co., Ltd. accounted for mainly (- 1.03%), and the position of Lucheng Pharmaceutical Co., Ltd. accounted for (- 1.03%).
IV. in terms of the market value of stock positions, as of April 19, luchutong capital held " Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , China Merchants Bank Co.Ltd(600036) , Midea Group Co.Ltd(000333) , Longi Green Energy Technology Co.Ltd(601012) " and other stocks; From the perspective of the net flow of individual stocks, since the beginning of the year (up to April 19), the main net inflow of land stock connect is " Sungrow Power Supply Co.Ltd(300274) , Zijin Mining Group Company Limited(601899) , Nari Technology Co.Ltd(600406) , China Merchants Bank Co.Ltd(600036) , China Yangtze Power Co.Ltd(600900) "; The main net outflow is " Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Aier Eye Hospital Group Co.Ltd(300015) , Wuliangye Yibin Co.Ltd(000858) ".
Risk tips:
Geopolitical risk escalation, capital market supervision, sharp fluctuations in overseas markets, global black swan incident, etc.
