From January 4 to January 7, the total net inflow of funds going north was 6.203 billion yuan. The net inflow of Shanghai Stock connect was 6.853 billion yuan and the net outflow of Shenzhen Stock connect was 650 million yuan. The net inflow in the previous period was 14.669 billion yuan. Among them, the net inflow of banks, steel and real estate ranked first, with an inflow of 3.934 billion yuan, 1.706 billion yuan and 1.435 billion yuan respectively; The net outflow of electronics, food and beverage and national defense industry was large, with an outflow of 2.693 billion yuan, 1.801 billion yuan and 1.381 billion yuan respectively. On January 7, more than half of the top 20 heavy position shares were reduced, of which Nari Technology Co.Ltd(600406) , Ping An Bank Co.Ltd(000001) and Foshan Haitian Flavouring And Food Company Ltd(603288) increased their holdings by 0.42%, 0.18% and 0.17% respectively; Luxshare Precision Industry Co.Ltd(002475) , China stock market news and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) reduced their holdings by 0.54%, 0.25% and 0.14% respectively.
Chinese capital: the two financial markets showed a downward trend this week. The balance of the two financial institutions on January 7 was 1814.592 billion yuan, down 26.138 billion yuan from December 31. By industry, compared with the same period last month, the balance of two financial institutions in the industry fell by more than half. Media, public utilities and coal rebounded more, rising by 3.134 billion yuan, 1.967 billion yuan and 1.525 billion yuan respectively; Power equipment, electronics and non-ferrous metals fell more, down 6.342 billion yuan, 3.676 billion yuan and 3.490 billion yuan respectively. Combined with the funds for going north, the allocation of domestic and foreign capital in electronics, food and beverage and national defense and military industry is relatively consistent; In banks, there are great differences in the allocation of steel and real estate. Compared with last week, SSE 50ETF and gem 50ETF funds increased by 55.8 million and 1.120 billion respectively, and CSI 300etf and CSI 500etf funds decreased by 27 million and 18.8 million respectively.
Macro interest rate: this week, the central bank has carried out reverse repo for 7 days, with an interest rate of 40 billion yuan, which is the same as before, superimposed with the maturity of 700 billion yuan reverse repo, and the central bank has recovered a net liquidity of 660 billion yuan in this period. As of January 7, the overnight Shibor decreased by 29.000 BP to 1.8390% compared with the previous period, and the 7-day Shibor decreased by 16.800 BP to 2.1030%. Interbank liquidity is loose. The yield of one-year treasury bond decreased by 1.34 BP to 2.2295%, the yield of three-year treasury bond increased by 1.5 BP to 2.4734%, the yield of 10-year Treasury bond increased by 4.27 BP to 2.8181%, and the risk-free interest rate increased. Compared with December 31, the credit spread between three-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 2.3 BP to 0.48%, 2.3 BP to 0.64% and 2.3 BP to 1.23% respectively; Compared with December 31, the credit spread between one-year AAA / AA + / AA corporate bonds and government bonds in the same period decreased by 4.08 BP to 0.46%, 4.08 BP to 0.59% and 4.08 BP to 0.81% respectively. Credit spreads were all reduced.
Risk tips: repeated outbreaks outside China; Monetary policy exceeded expectations
