According to the data of the holder's review, in the 8 weeks since the beginning of the year, except for the first 3 weeks of northbound funds, the remaining 5 weeks are all in a net state, as of March 3, the net ** is 40.9 billion yuan.
However, it should be noted that during the same period, northbound funds mainly flowed to the Shanghai market, not **. The Shanghai-Hong Kong Stock Connect had a net **56.6 billion yuan, and the Shenzhen-Hong Kong Stock Connect was a net seller of 15.7 billion yuan.
As we all know, there are two main types of northbound funds, one is the allocation of funds, that is, long-term funds, mainly sovereign, pension, etc., they generally enter the A-share market through foreign banks, and the other is the trading funds, that is, the first capital, which generally enters China through foreign brokers.
According to the data of the holders' review, the inflow of northbound funds may be mainly based on allocation funds, and the inflows mainly occur after the Spring Festival. Order funds may not have resumed the inflow trend yet.
Take Citibank, for example. Looking at the data, as of March 6, the net inflow since the beginning of the year was 127 billion yuan. Among them, the net outflow before the holiday was 63.1 billion yuan, with a net inflow of 19 percent after the holiday0.1 billion yuan.
Let's take Goldman Sachs (Asia) as an example. As of March 6, there was a net outflow of 48 since the beginning of the year4.8 billion yuan. Among them, the net outflow before the holiday was 273 billion yuan, with a net outflow of 21 after the holiday$1.8 billion.
Let's take a look at the changes in the shareholding ratio of northbound funds. The so-called shareholding ratio here refers to the proportion of the market value of the northbound capital position to the total circulating market value of A shares. Compared with the inflow and outflow data on various financial terminals (because they are more susceptible to statistical caliber), the shareholding ratio data is simpler and therefore more credible.
On the whole, the proportion of shares held by northbound funds in A-shares has indeed increased since the beginning of this year.
According to the data of the holders' review, as of March 6, the total market value of northbound capital holdings was 2,094.4 billion yuan, accounting for 310%, an increase of 001 percentage point, an increase of 016 percentage points.
It is worth noting that the increase in the shareholding ratio of northbound funds after the holiday is far less than before the holiday.
At the beginning of the year, the market value of northbound capital holdings was 1,971.9 billion yuan, and on February 8, it was 1,951.4 billion yuan, a decrease of 104%, but because of the greater decline in A-shares in the same period, the proportion of shares held by northbound funds has increased from 2 at the beginning of the year94% to 309%。The reason for this is partly because of the increase in holdings and partly because of alpha.
In terms of industry allocation, among the 31 first-class industries of Shenwan, there are 10 industries in which the shareholding ratio of northbound funds has increased before and after the holiday, namely household appliances, communications, automobiles, building decoration, national defense and military industry, food and beverage, banking, public utilities, transportation, and steel.
There are 16 industries that have increased their shareholding before the holiday and have declined after the holiday, namely media, light industry manufacturing, social services, machinery and equipment, computers, building materials, commerce and retail, environmental protection, real estate, basic chemicals, medicine and biology, textiles and clothing, power equipment, electronics, agriculture, forestry, animal husbandry and fishery, and comprehensive.
There are 5 industries that have decreased their shareholding ratio before the holiday and increased their shareholding ratio after the holiday, namely beauty care, petroleum and petrochemical, non-bank finance, non-ferrous metals and coal.
As of March 6, the five industries with the highest shareholding ratio of northbound funds are household appliances, food and beverage, power equipment, beauty care and building materials. Among them, the shareholding ratio of household appliances and food and beverage industries is increasing before and after the holiday, power equipment and building materials are increasing before the holiday and declining after the holiday, and beauty care is declining before and after the holiday.
As of March 6, the five industries with the largest market value held by northbound funds are food and beverage, power equipment, medicine and biology, electronics and banking.
Among them, only banks are increasing their weights before and after the holiday, food and beverages are increasing their weights before the holidays but declining after the holidays, the power equipment and electronics industries are declining before and after the holidays, and the pharmaceutical and biological industries are declining before and after the holidays.
Of the five industries mentioned above, as of March 6, only the banking sector has increased its weight from the beginning of the year.
According to the data of the holders' review, compared with the beginning of the year, there are 29 industries in which the market value increase of northbound capital holdings (as of March 6) is higher than the increase in the Shenwan first-class index, and there are 7 industries that exceed 10 percentage points, namely communications, national defense and military industry, building decoration, banking, comprehensive, automobile and electronics. Foreign capital rushes to raise funds in China**