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The north capital is low and high, and the "smart money" attribute appears.
China Securities Journal Wu Yuhua
Yesterday, the two cities fluctuated and the GEM fell more than 4%. The intraday decline was over 5%. In the turbulent decline of yesterday, the capital on the north showed a net outflow phenomenon. The data showed that the net outflow of funds from the north yesterday was 1.978 billion yuan, of which the net outflow of Shanghai Stock Connect was 258 million yuan, and the net outflow of Shenzhen Stock Connect was 1.720 billion yuan. The net outflow of funds from the central and secondary provinces once exceeded 2 billion yuan, and the net outflow of funds from the north was narrowed when the decline in the late index narrowed.
Analysts said that in the recent market volatility rebound and adjustment, the North Capital has repeatedly appeared high-low and low-sucking action, and the "smart money" attribute appeared.
Northward funds continuously low and high throw
Recently, the northward funds continued to show low-suction and high-throwing actions. On March 8, the two cities adjusted in depth, and there was no large outflow of funds in the north. However, the low-intake and high-throwing movements were obvious, and the net inflows in the market gradually increased. The market quickly flowed in and the net outflow was only 1.228 billion yuan.
On March 11, the Northward funds re-emerged in the two cities, with a net outflow of 1.987 billion yuan. On March 12th, Beishang Capital changed the net outflow status of the past few trading days, and reproduced the net inflow after net outflow for four consecutive trading days, but once again, there was a low suction and high throwing action. Specifically, the Choice data, on March 12, the market gradually increased, the net inflow of funds in the north gradually increased, the net inflow of funds in the middle of the market once exceeded 4 billion yuan, and with the fall of the broader market, the net capital in the north The inflow amount is narrowed. On March 13th, the net outflow curve of the capital on the north was similar to the trend of the broader market. The net outflow was maintained for most of the day. The narrowing of the net outflows in the intraday trading was also caused by the narrowing of the index. .
Since the beginning of this year, the net inflow of funds from the north has accelerated. In recent trading days, there has been a net outflow of funds from the north, and there is a certain high-low-low-sucking action.
Analysts said that the further increase of foreign capital inflows into A shares in 2019 is inevitable and also a trend. Last year, the A-share market continued to pull back, but the continued net inflow of foreign capital can be seen in the long-term, not short-term fluctuations.
Banking to buy growth
Judging from the holdings of the funds in the north, the Choice data shows that in the interval from March 6 to March 12, the funds from the north to the north of the trading day will be net out for four consecutive trading days from March 6 to March 11. Some bank stocks have been significantly reduced by the funds in the north. In the five trading days, the stocks with the number of shares reduced have beenAgricultural Bank of China(Hong Kong stocks 01288),BOE A,Chinese architecture,Minsheng Bank(Hong Kong stocks 01988),Bank of China(Hong Kong stocks 03988),ICBC(Hong Kong stocks 01398),Sinopec,TCL Group,Bank of Communications(Hong Kong stocks 03328),Zijin Mining(Hong Kong stocks 02899), the number of shares held by the North Bank against these stocks exceeded 30 million shares, of which net sales of 103 million shares of Agricultural Bank. It can be seen that the stocks in the banking sector have suffered a significant reduction in funds from the north.
The growth stocks performed better in the recent market, and the funds in the north also had significant increase in the growth stocks. In the five trading days from March 6 to March 12, the number of shares held by the north capital increased by more than 38 stocks. 1 times, mainly in small and medium-sized stocks, of whichHongchuan wisdom,Modern Avenue,Baili Technology,Xinjiang Torch,Qingdao PortThe number of shares held by Hong Kong stocks (06198) has increased more than five times.
For the banking sector where the funds on the north are significantly reduced,GF Securities(Hong Kong stocks 01776) said that the financial data was lower than expected, the previous period of the banking sector was lagging behind. With the gradual disclosure of the annual report and the quarterly report, the relative advantage of the banking sector's performance gradually became more prominent, optimistic about the relative returns of the banking sector, it is recommended to pay attention to the low valuation. Banks with higher leverage and leverage.
For the growth of the obvious increase in holdings, Essence Securities believes that the progress of the integration of the GEM and the mid-cap A shares exceeded expectations. The current growth of 12 GEM stocks is only 3, 4, and 5 months, with a 10% inclusion rate, which may lead to accelerated allocation of foreign capital in the short term. And 168 mid-cap A-shares, including 15 GEM stocks, need to increase their percentage to 20% in November. It is also relatively compact in terms of rhythm.
Editor in charge: Fu Jianqing RF13564
- The north capital is low and high, and the "smart money" attribute appears.
- Northbound funds are good at buying low and selling high. Financing customers like to chase and sell.
- After the chips are fully exchanged, the market will be interpreted in depth. The North Bank will lock 11 outstanding stocks.
- Northbound funds resumed net purchases and continued to adjust financial and consumer sectors
- Northward funds return to net purchase! Leveraged funds continue to increase positions
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