1. Overall configuration: the RMB has been significantly depreciated, and there is still a small inflow to the north. The conflict between Russia and Ukraine and the disturbance of the epidemic continued, and the IMF lowered its global economic growth forecast. In terms of the conflict between Ukraine and Russia, the geopolitical conflict is still fermenting, and the oil price is periodically corrected, but it is still at an all-time high of more than $100 / barrel. In terms of the epidemic, the number of confirmed cases in European countries has also increased, and the IMF has generally lowered its expectations for economic growth and global crude oil demand. The hawkish signal of the Federal Reserve strengthened, and the depreciation of the RMB against the US dollar accelerated, but the trend of foreign investment was relatively passive. Recently, Fed chairman Powell made it clear that the Fed meeting in May would discuss raising interest rates by 50 basis points, and then the expected probability of raising interest rates by 50 BP in May rose to 97.6%. Hawkish signals continued to strengthen, and the implied inflation of 10-year tips in the United States broke through 3.03% rapidly, reaching a record high. At the same time, the RMB depreciated significantly relative to the US dollar, and the US dollar broke through the 6.5 mark against the offshore RMB. However, unlike in the past, the northward capital was passivated against the RMB devaluation, and the overall inflow was still small. There may be two reasons behind it: first, the RMB index has experienced a relatively independent upward trend since November last year, and the cost performance of RMB assets itself is still at a relatively historical high; Second, the monetary policy tone of “external tightening and internal loosening” continues, and the expectation of RMB devaluation may have been fully included in March. Therefore, the impact of RMB relative devaluation has been passivated in the near future.
The allocation disk continued to be under pressure, the trading disk inflow slowed down, and there was a small net inflow in the north. There was a slight inflow of funds from the north, with a net inflow of about 445 million yuan in a single week. In terms of fund type splitting, the allocation disk continued to be under pressure, with a net outflow of about 1.906 billion yuan in a single week, a small inflow of trading disk last week and a net inflow of about 2.648 billion yuan in a week. At the same time, the inflow of funds to the South slowed down, with a net inflow of about 1.823 billion yuan last week. As of April 22, the cumulative net inflow of the northward allocation market has reached 40.706 billion yuan this year, and the cumulative net outflow of the northward trading market has reached 56.383 billion yuan this year.
2. Industry configuration: the increase of power equipment ranks first, and the reduction of electronic holdings is most. From the overall perspective, the net inflow of power equipment (+ 3.582 billion yuan), public utilities (+ 1.222 billion yuan) and coal (+ 841 million yuan) ranks first, with the largest outflow of Electronics (- 2.579 billion yuan), non bank finance (- 1.555 billion yuan) and automobile (- 997 million yuan);
From the perspective of fund type splitting: from the perspective of trading order, the net inflow of power equipment (+ 4.519 billion yuan) is the largest, while the net outflow of banks (- 2.288 billion yuan) is the largest; From the perspective of configuration disk, the net inflow of banks (+ 1.338 billion yuan) is the largest, while the net outflow of power equipment (- 937 million yuan) is the largest.
3. Allocation of individual shares: Contemporary Amperex Technology Co.Limited(300750) shares increase ranks first, and China Merchants Bank Co.Ltd(600036) shares decrease mostly. From an overall perspective, Contemporary Amperex Technology Co.Limited(300750) (+ 2.003 billion yuan), Kweichow Moutai Co.Ltd(600519) (+ 1.694 billion yuan) and China Yangtze Power Co.Ltd(600900) (+ 787 million yuan) are among the top net inflow; While China Merchants Bank Co.Ltd(600036) (- 2.649 billion yuan), China stock market news (- 1.232 billion yuan) and Sungrow Power Supply Co.Ltd(300274) (- 783 million yuan) mostly flowed out.
From the perspective of fund type splitting: from the perspective of trading disk, Contemporary Amperex Technology Co.Limited(300750) (+ 1.83 billion yuan), China Yangtze Power Co.Ltd(600900) (+ 1.036 billion yuan) and Shandong Sinocera Functional Material Co.Ltd(300285) (+ 594 million yuan) are among the top net inflows; While China Merchants Bank Co.Ltd(600036) (- 2.120 billion yuan), China stock market news (- 1.266 billion yuan) and Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) (- 565 million yuan) mostly flowed out. From the perspective of configuration disk, Kweichow Moutai Co.Ltd(600519) (+ 1.259 billion yuan), Agricultural Bank Of China Limited(601288) (+ 432 million yuan) and China Tourism Group Duty Free Corporation Limited(601888) (+ 371 million yuan) are among the top net inflow; While Sungrow Power Supply Co.Ltd(300274) (- 984 million yuan), Shandong Sinocera Functional Material Co.Ltd(300285) (- 709 million yuan) and China Merchants Bank Co.Ltd(600036) (- 528 million yuan) mostly flowed out.
1. Prompt: overseas market volatility intensifies; 2. Exchange rate depreciation risk.
