Global market capital flow:
1) from the perspective of major categories, funds flowed out of stocks last week. In the recent trend, bonds stocks currencies. Last week, all funds showed an outflow state. Since December 2021, US stocks began to stabilize and rebound in mid March, and fluctuated slightly downward last week.
2) from a cross market perspective, since 2022, funds have continued to flow to emerging markets, and the difference between developed markets and emerging markets has expanded to – 4.74%, reaching a new low, the lowest in the year. Developed markets rebounded last week, emerging markets continued to adjust, and the difference in yields between developed and emerging markets widened slightly during the week.
3) from the perspective of market style, last week’s funds favored the value type, last week’s funds all flowed out, and value balance growth. Since November 2020, value has continued to outperform growth. Last week, the value was improved and the growth was adjusted.
Capital flow in Chinese market:
Going north: 1) in terms of industry categories, the net inflow of consumption, high-end manufacturing and public services reached 2.202 billion yuan, 2.130 billion yuan and 1.772 billion yuan respectively. 2) In terms of quantity and amount of primary industries, there were more net inflows into primary industries last week, of which the net inflows of new power, chemical industry, electric power and public utilities were 2.258 billion yuan, 1.619 billion yuan and 1.022 billion yuan respectively. Since the beginning of this year, the primary industries with the largest net capital inflow from going north are banks (24.422 billion yuan), Dianxin (19.135 billion yuan) and nonferrous metals (15.539 billion yuan); The industries with the largest outflow are food and beverage (20.176 billion yuan), medicine (20.147 billion yuan) and computer (16.353 billion yuan). 3) From the perspective of individual stocks, the top stocks bought by Beishang capital last week were: Suzhou Maxwell Technologies Co.Ltd(300751) (1.492 billion yuan), Kweichow Moutai Co.Ltd(600519) (812 million yuan), China Vanke Co.Ltd(000002) (510 million yuan), China State Construction Engineering Corporation Limited(601668) (418 million yuan), with a net inflow into top15, mostly high-end manufacturing. Since 2022, the top stocks that Beishang capital has bought are: Contemporary Amperex Technology Co.Limited(300750) (RMB 2.054 billion), Kweichow Moutai Co.Ltd(600519) (RMB 1.696 billion), China Yangtze Power Co.Ltd(600900) (RMB 785 million), Industrial Bank Co.Ltd(601166) (RMB 550 million), Yunnan Energy New Material Co.Ltd(002812) (RMB 496 million).
Southward: 1) in terms of industry categories, last week, there was a large differentiation of capital flows southward among industries, and the difference between the industries with the largest net inflow and the industries with the largest net outflow reached 5.43 billion yuan; The GICs industry with the largest net outflow of funds from the south is finance, and the industry with the largest inflow is information technology & optional consumption. 2) In terms of primary industries, since this year, the GICs industries with the highest net purchase of funds from the south are: media (HK $36.69 billion), social services (HK $32.16 billion), medicine and Biology (HK $22.29 billion). Since this year, the last GICs industries with the net purchase of funds from the south are: banks (- HK $17.8 billion), automobiles (- HK $9.74 billion) and food and beverage (- HK $6.45 billion). Last week, the GICs industries with the highest net purchase of funds from the South were: media (HK $2.37 billion), social services (HK $1.61 billion), petroleum and Petrochemical (HK $1.39 billion). Last week, the GICs industries with the lowest net purchase of funds from the South were: Banking (- HK $1.44 billion), non bank finance (- HK $1.09 billion), and food and beverage (- HK $390 million). 3) From the perspective of individual stocks, the top stocks bought by funds going south last week were Tencent Holdings (HK $2.14 billion), meituan-w (HK $1.83 billion), CNOOC (HK $1.31 billion), Byd Company Limited(002594) shares (HK $530 million) and Anta sports (HK $510 million). Since the beginning of this year, the top stocks bought by southbound funds are meituan (HK $29.655 billion), Tencent Holdings (HK $21.924 billion), Kwai (HK $11.418 billion), CNOOC (HK $9.516 billion) and Li Ning (HK $6.902 billion).
ETF capital flow: 1) from the perspective of index and multi angle calculation, the overall inflow of ETF capital last week. 2) From the perspective of industry, under the classification of CAITONG, the net inflow of ETF in most major industries last week was positive, and only the net inflow of high-end manufacturing was negative. The net inflow of big financial ETFs reached 2.487 billion last week.
New development funds: last week, new development funds issued 29.206 billion shares, a total of 53.704 billion since April.
Capital demand in China market: IPO and refinancing demand rebounded sharply last week; The balance of the two financial institutions decreased slightly, and the repurchase scale continued to decline.
Risk tips:
The rise of risk-free interest rate, sharp macroeconomic fluctuations, industrial policy risks and market fluctuations exceeded expectations, the return of global capital to the United States exceeded expectations, the game between China and the United States exceeded expectations, and inflation exceeded expectations.
