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Focus of the week:Foreign capital flows out of A shares again; both north and south flows in
The notable changes in global funding this week are:
1) The EPFR fund data we tracked shows that A-share overseas funds flowed out again this week, but Hong Kong stocks still flowed in for the 24th consecutive week.
2) Interconnection funds flowed in from north to south this week.
3) On a global scale, global stock markets continued to flow in, bond fund inflows narrowed sharply, and currency funds turned outflows.
4) In different markets, inflows from the United States have increased significantly, and ETFs have also expanded inflows. High-yield bonds continued to flow out this week; developed European stock markets maintained inflows.
Chinese market: A sharesOverseas funds flowed out again, and Hong Kong stocks flowed in for the 24th consecutive week; both inflows from north to south
？Overseas funds: foreign capital outflows againA crotch.
According to EPFR statistics, this week (October 6th to October 13th), overseas funds flowed out of the A-share market again, with a scale of US$510 million (vs. US$580 million inflow last week), mainly due to active capital outflows. Impact; In contrast, the inflow of overseas funds in the Hong Kong stock market this week was US$130 million (vs. US$70 million last week), marking the 24th consecutive week of inflows. .
From the perspective of fund purchase and redemption, this week (October 6-October 13) overseas funds that focus on investing in A shares recorded a net redemption of US$230 million (vs. US$57 million in net purchases last week), which was mainly affected by Active fund impact; overseas funds focusing on investing in H-shares and overseas Chinese stocks recorded a net subscription of US$120 million (vs. US$330 million last week).
? Interconnection funds: Northbound funds return to inflow.
From October 9th to October 15th, northbound trading was opened for three trading days, with an average daily inflow of 500 million yuan (2.6 billion yuan in a single day last Friday). In terms of different industries, among the Northbound capital holdings this week, food and beverages and banks increased the most, and pharmaceuticals, biotechnology, and non-bank finance decreased the most.
Continue to flow southward.
Southbound Stock Connect was only open for three trading days due to holidays and weather, with an average daily inflow of HK$1.46 billion (a single-day inflow of HK$1.8 billion last Friday). At the industry level, the number of Southbound Capital holdings increased this week for automobiles, while the holdings of Diversified Finance declined more.
Global market: U.S. stocks have flowed in sharply; money funds have turned out
? Cross-asset:The stock market continued to flow in, and the money market turned to flow out.
This week, global equity funds continued to inflows of US$11.8 billion (vs. US$13 billion in inflows last week); bond fund inflows narrowed sharply to US$77 million (vs. US$3.9 billion in inflows last week). The money market turned into an outflow, with a scale of $7.3 billion (vs. an inflow of $14.9 billion last week).
? Cross-market:U.S. stocks flowed sharply last week.
A substantial inflow of US$8 billion in US stocks last week (vs. US$1.5 billion in inflow last week). Developed European stock markets continued to inflows of US$1.9 billion (vs. US$2.2 billion in inflows last week). The Japanese stock market turned to 150 million U.S. dollars (vs. 5.2 billion U.S. dollars last week), while emerging markets continued inflows of 1.4 billion U.S. dollars (vs. 2.5 billion U.S. dollars inflows last week). Within the United States, the inflow of US stock ETF funds expanded to US$8.58 billion (vs. 3.73 billion yuan inflow last week); US high-yield bonds flowed out US$470 million last week and continued to flow out US$680 million this week.
(The author isCICCManaging Director)
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