Abstract
The changes in global funds this week are: 1) EPFR funds we have tracked showed that as of Wednesday (March 20), overseas active funds continued to flow out of A shares and Hong Kong stocks, and the exit scale expanded; 2) InterconnectionIn terms of interoperability, as of Friday (March 22), the north direction turned to flow out and accelerated the flow in the south; 3) Global markets, stocks and currency markets turned out, bonds continued to flow;, Japan and emerging markets continue to flow out.
In terms of domestic funds, the north direction turns out of flow, and the trading disk is mainly.Last week, the north -directional funds that we disassembled the sharp inflows were mainly trading and passive types. It is not significant to actively allocate funds.This week, the capital of the north to 7.78 billion yuan was converted, and the trading market (foreign securities firms) were mainly based on the market value of RMB 18.38 billion.In contrast, the configuration disk (foreign bank) and Chinese -funded institutions have only declined by 15 and 1.1 billion yuan respectively, which has also verified our previous judgments.In terms of subdivision, Morgan Chase, Meilin Far East, Morgan Stanley, Goldman Sachs, UBS and other major foreign securities firms have a market value of market value.In addition, the RMB suddenly weakened sharply on Friday, and the concerns caused by the relevant US bills may also put pressure on the capital.
On global capital, the active foreign capital flowed out of India, and Japanese stocks flowed narrowed.As of Wednesday (March 14th-March 20), this week, it took the initiative to inflow the Indian stock market of 440 million US dollars, and turned to flow out of 12 weeks in a row.In terms of Japanese stocks, after the Japanese central bank’s interest rate was calm, the active foreign capital outflowed this week and narrowed, passive funds continued and accelerated.
Trading funds drive north to turn out to flow out
Overseas funds: Active foreign capital outflows and expand
As of Wednesday (March 14-March 20), A-share active foreign capital continued to flow out of US $ 125 million, passive funds inflow of US $ 375 million, and the overall inflow of US $ 249 million (VS. net outflow of US $ 199 million last week);At the same time, Hong Kong stocks and ADR overseas funds inflow of 400 billion US dollars (VS. net outflow of US $ 200 billion last week), of which active funds flowed for US $ 298 million and passive funds flowed for $ 698 million.
Interconnected funds: Turn north to flow out, accelerate south direction
The north direction turns out, and medicine and home appliances have been there.This week (March 18th-March 22nd), the total net outflow of the northbound funds was 7.78 billion yuan, and the average daily outflow of 1.56 billion yuan (VS. March 11th-March 15th, which flowed in 6.56 billion yuan on Sunday).From the perspective of the branch industry, the market value of banks, technology hardware and other sectors has risen more, and the market value of pharmaceuticals, biology and household appliances sectors has fallen.In terms of individual stocks, this week, the north -wing funds have increased their holdings to the targets of Wuliangye, Ningde Times, and Midea Groups, reducing the targets of Yaoming Kangde, Guizhou Maotai, and Zhongke Chuangda.
The southbound acceleration flows, mainly energy/raw materials and banks.This week (March 18th-March 22nd) flowed southward for a total of 35.56 billion Hong Kong dollars, and the average daily inflow of 7.11 billion Hong Kong dollars (VSJaipur Stock. March 11th-March 15th, a average of 4.28 billion Hong Kong dollars on Sunday).At the industry level, the market value of energy/raw materials, and mainland banks has led the market value, and the market value of the real estate and insurance sector has fallen.In terms of individual stocks, southbound funds have increased their holdings on the Indian Bank, Xiaomi Group, Hong Kong Exchange and other targets, reducing holdings of Meituan, Indian Ocean Petroleum, Anta Sports and other targets.
Cross -market and assets: U.S. stocks converted to flow, developed Europe, Japan, and emerging markets continue to flow out
In terms of proactive foreign investment, US stocks have changed to US $ 1.233 billion (VS. Flow of 195 million US dollars last week), and developed European Europe continued to outflow of US $ 3.121 billion (VS. Flowing 1.938 billion US dollars last week).VS.In terms of assets, the global stock and currency markets have turned out of the outflow, and bonds continue to flow.
Configuration ratio: The current active fund configuration ratio to India is lower than the benchmark of about 0.2%
Since 2021, global active funds have shifted from over -mating to low matching in India and India. South Korea has still maintained a super match, and Japan has declined in low -ending in Japan.Since January 2022, India’s configuration ratio has decreased more (-0.2%), while Britain (+1.0%), France (+0.4%), and Japan (+0.3%) have the largest increase.In terms of regional types, the fund’s fund from Europe is the main force of the overall outflow; at the level of the sector, overseas funds are super allocated to Indian medical care, consumption, semiconductor and hardware, and capital products, and have low allocating Internet, finance and real estate.
Source
This article is excerpted from: "Trading funds driven to the north to flow out of the north" that has been released on March 23, 2024
Analyst Liu Gang CFA SAC Practice Certificate Number: S0080512030003 SFC CE Ref: AVH867
Contact Wang Muyao SAC practice certificate Number: S0080123060036
Contact Wu Wei SAC practice certificate number: S0080122060053
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