1. Overall configuration: the hawk signal landed and steadily entered the north. High inflation continued, the epidemic continued to spread, and the US dollar was under slight pressure. In terms of inflation, according to the statistics of the U.S. Bureau of labor statistics, CPI increased by 7.0% year-on-year in December, reaching a new high in recent 40 years, and the upward speed exceeded expectations again, of which housing and second-hand cars were the main drivers. At the same time, due to the repeated impact of the epidemic, energy prices have fallen, and the cost side pressure has eased periodically. In terms of foreign exchange, inflation continued to be high, the epidemic continued to spread, the uncertainty of monetary policy increased, and the US dollar index fell, down about 0.59% last week.
The Fed’s expectation of raising interest rates has been repeated, and US stocks have experienced an “inverted V” trend. On January 11, Powell gave a road map for the normalization of U.S. monetary policy this year at a hearing held for re-election as chairman of the Federal Reserve. “The net asset purchase will end in March, the interest rate will be increased within the year, and the table may be reduced later in the year”. Given that the “Hawk” signal of this statement was slightly lower than expected, the three major stock indexes of the United States subsequently rose across the board. However, with the disclosure of inflation data, the necessity of raising interest rates was confirmed again, and many Fed officials successively released “hawkish” views. The expectation of the Federal Reserve to raise interest rates in March was strengthened again, and the three major stock indexes of US stocks closed down again, experiencing an “inverted V” trend during the week.
Northward steady inflow, configuration disk accelerated admission. The Fed’s expectation of raising interest rates was repeated, and the inflationary pressure continued to increase. Although the funds going north withdrew on the 11th day, they returned sharply the next day. The hawk signal landing did not change the trend of going north. The cumulative net inflow in a single week was about 7.445 billion yuan, which was accelerated month on month. In terms of fund type splitting, the trading disk inflow slowed slightly, with a net inflow of about 2.422 billion yuan, while the allocation disk inflow continued to accelerate, with a net inflow of about 5.406 billion yuan. At the same time, the pace of capital inflow to the South has accelerated significantly, with a cumulative net inflow of about 12.53 billion yuan last week. As of January 14, the cumulative net inflows of northbound trading and configuration have reached 6.689 billion yuan and 7.811 billion yuan respectively this year.
2. Industry configuration: power equipment has been significantly increased. From the overall perspective, the net inflow of power equipment (+ 6.789 billion), banks (+ 4.869 billion) and non-ferrous metals (+ 3.627 billion) ranks first, and the outflow of non-bank finance (- 2.172 billion), medicine and Biology (- 1.744 billion) and household appliances (- 1.153 billion) is the largest; From the perspective of fund type splitting: from the perspective of trading disk, the net inflow of non-ferrous metals (+ 2.838 billion) is the largest, while the net outflow of non bank finance (- 3.355 billion) is the largest; From the perspective of configuration disk, the net inflow of power equipment (+ 6.205 billion) is the largest, while the net outflow of pharmaceutical and biological (- 44.26) is the largest.
3. Allocation of individual shares: Nari Technology Co.Ltd(600406) increased holdings ranked first, and Aier Eye Hospital Group Co.Ltd(300015) decreased holdings mostly. From the overall perspective, Nari Technology Co.Ltd(600406) (+ 1.583 billion yuan), Wuxi Apptec Co.Ltd(603259) (+ 1.507 billion yuan) and Longi Green Energy Technology Co.Ltd(601012) (+ 1.163 billion yuan) rank first in net inflow; While Aier Eye Hospital Group Co.Ltd(300015) (- 2229 million yuan), Jiangsu Hengrui Medicine Co.Ltd(600276) (- 1405 million yuan) and Midea Group Co.Ltd(000333) (- 1188 million yuan) mostly flowed out.
From the perspective of fund type splitting, from the perspective of trading disk, Ganfeng Lithium Co.Ltd(002460) (+ 944 million yuan), China Merchants Bank Co.Ltd(600036) (+ 886 million yuan) and Wuxi Apptec Co.Ltd(603259) (+ 793 million yuan) rank first in net inflow; While Contemporary Amperex Technology Co.Limited(300750) (- 1.281 billion yuan), Eve Energy Co.Ltd(300014) (- 1.275 billion yuan) and China stock market news (- 1.180 billion yuan) mostly flowed out. From the perspective of configuration disk, Nari Technology Co.Ltd(600406) (+ 1.943 billion yuan), Longi Green Energy Technology Co.Ltd(601012) (+ 1.395 billion yuan) and Contemporary Amperex Technology Co.Limited(300750) (+ 822 million yuan) are among the top net inflow; While Aier Eye Hospital Group Co.Ltd(300015) (- 2.790 billion yuan), Midea Group Co.Ltd(000333) (- 1.220 billion yuan) and Jiangsu Hengrui Medicine Co.Ltd(600276) (- 1.162 billion yuan) mostly flowed out.
Risk tips: 1. Increased volatility in overseas markets; 2. Exchange rate depreciation risk.
