Overview of micro fluidity
In this period, the capital supply continued to rise, the capital demand fell sharply, and the marginal contraction on the demand side was particularly significant. In terms of supply, domestic capital is cautious, foreign capital is less affected by RMB devaluation, and bargain hunting layout of core assets. In terms of demand, the financing scale of the primary market has shrunk significantly, at the lowest level since the beginning of the year.
Northward capital
Under the influence of the upside down interest rate difference between China and the United States, the offshore RMB depreciated sharply in the current period. Affected by this, the capital inflow has narrowed, but the overall net inflow still shows a small trend. The impact of this round of exchange rate fluctuations on foreign investment sentiment is relatively limited.
\u3000\u3000 ETF
In this period, ETF funds continued the trend of substantial net inflow, and the marginal inflow of funds further increased. In terms of allocation, large financial and broad-based inflows are large, the defensive tendency of funds is obvious, and the waiting funds begin to backlog.
Primary market financing
The financing scale of the primary market in this period has decreased significantly, at the lowest level since the beginning of the year. As the process of raising the financing scale of the primary market by CNOOC IPO in the previous period cannot be copied, the financing sentiment in the current period has fallen sharply and is currently at a relatively low level.
Industry capital flow
The preference of the capital industry tends to the Chinese version of "faang". The choice of leveraged funds is partial to defense, and banks, agriculture, forestry, animal husbandry and fishery, petroleum and petrochemical have won the top three net purchases; Northbound funds are optimistic about "new and old energy" at the same time. They buy coal and public utilities while increasing their positions in power equipment against the trend. In addition, northbound funds have been buying Contemporary Amperex Technology Co.Limited(300750) and Kweichow Moutai Co.Ltd(600519) . The behavior of bargain hunting and layout of core assets is in line with the logic of long-term funds.
Risk tips
The economic downturn accelerated, the policy was less than expected, and the epidemic broke out repeatedly
