Risk-to-reward net inflow of northbound funds in excess of $ 18 billion

Risk-to-reward net inflow of northbound funds in excess of $ 18 billion

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  Original title: Net inflow of northbound funds exceeded US $ 18 billion Source: China Securities Journal · China Securities Journal On February 3, the first trading day of the Year of the Rat, the Shanghai Stock Exchange Index fell by 7.

72%, SZSE Component Index dropped 8.

45%, the 杭州夜网论坛 GEM Index fell 6.


Wind data shows that there was a net inflow of 181 northbound funds on the day.

US $ 8.9 billion, a record high for a single-day net inflow of northbound funds.

  Analysts said that A-shares are in the continuous improvement of market mechanisms and are estimated to be in a low stage. There is still a high investment value in the medium and long term. Don’t worry about the short-term impact of the epidemic on the market.

  Risk appetite affects the growth of 159 stocks in the two cities on the 3rd, reducing stocks to 3589 and the daily limit of 3209.

According to wind statistics, the total market value of A shares closed at 64 on January 23.

08 trillion to 59.

At 26 trillion yuan, the total market value of A shares on a single day decreased by 4.

82 trillion.

  All the 28 industry sectors in Shenwan’s level fell, and the pharmaceutical and biological industry with the smallest decline fell by 3.

53%, steel, electronic building decoration industry led the decline.

Among the concept plates, the pneumonia concept, the super bacteria, bird flu and other plates rose the most, and the display manufacturing equipment, machine vision, camera and other concept plates fell the most.

  Zhou Longgang, the head of the strategy group of Huachuang Securities, said that the static theory estimates that the first wave of A-share interval space is 7% -8%. Healthcare, public utilities, and consumer sectors are defensive and information technology reduces pressure.

The impact of the epidemic on market style is limited, and the rhythm can be divided into three stages.

The first stage is the stage where the risk appetite is impacted, and the overall market is expected to be under pressure. The second stage is that after the short-term sentiment is released, the market is expected to shift to policy relaxation.Energy, etc.); the third stage is the expectation that policy easing will continue to rise, the technological space is expected to expand, and the sector with relative estimation advantages will be favored.

  Northbound funds plus positions Wind data show that the net inflow of northbound funds on the 3rd was 181.

8.9 billion yuan (Shanghai Stock Connect funds net inflow of 135.

9.1 billion yuan, the net inflow of Shenzhen Stock Connect 45.

9.8 billion yuan), the second-highest net inflow of funds from a single day in history, second only to a net inflow of 214 on November 26, 2019.

3 billion yuan.

  For a long time, Northbound funds have been presented as a medium- and long-term investment style. On the 3rd, Northbound funds increased their positions and were interpreted by market participants as a medium- and long-term bullish attitude to A shares.

  Judging from the situation of the top ten active stocks of the Shanghai Stock Connect and the Shenzhen Stock Connect, Wind data show that on the 3rd, Ping An of China, Maotai of Guizhou, and Gree Electric each received northbound funds23.

2.5 billion, 12.

8.2 billion, 9.

2.0 billion net purchases.

In addition, the net purchase of Northbound funds to the Ningde era, Yanghe shares, and China National Travel Service also exceeded 500 million yuan.

At the same time, Northbound funds carried out lightening operations against Lixun Precision, Tiger Pharmaceuticals, Vanke A, and Ping An Bank, each selling 3 net.

4.7 billion yuan, 2.

9.5 billion yuan, 1.

3.9 billion, 0.

3.1 billion yuan.

It can be seen that Northbound funds have significantly increased their positions in consumer and financial stocks.

  Everbright Securities chief economist Peng Wensheng said that the fundamental factors that determine the market trend are policy orientation and economic data.

The epidemic sentiment caused disturbance to the market in the short term; in a quarter or so, we need to pay attention to the impact of changes in economic data on the market; from a year or so, the impact of the epidemic can be ignored.  Wang Hanfeng, 杭州桑拿网 chief strategy analyst of CICC, said that the current valuation of A-shares and Hong Kong stocks has gradually attracted after the change, and they still hold a positive view on market development trends. Consumption upgrades and industrial upgrades are the main logic that is bullish in the medium term.