Tianfeng strategy: Northbound capital injection gradually but market activity has further improved
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[Tianfeng Strategy]The scale of capital investment in the north, but market activity has further improved Source: Analyst Xu Biao ‘s original Tianfeng Strategy ‘s weekly liquidity rating has been replaced with 14 indicators related to forthcoming stock market liquidity, with a strong indicator of 10 points, ABCDE corresponds to 10 points, 8 points, 6 points, 4 points, and 2 points respectively; the weak indicator is halved, and ABCDE corresponds to 5 points, 4 points, 3 points, 2 points, and 1 point (there are 135 points and the lowest 27 points).
Finally, the rating is obtained to obtain a comprehensive rating.
Overview of the week Last week, the previous reverse acquisition net withdrawal of US $ 280 billion, the price of funds went down: last week gradually reversed the repurchase operation of 1,000 billion, the reverse repurchase expired 1.280 billion, no MLF operation, no MLF expired;The repurchase operation was 1.700 billion yuan, and the reverse repurchase period was 3.80 billion yuan. There was no MLF operation and no MLF expired.
Last week SHIBOR (3 months) closed at 2.
565%, down 18.
80BP; Interbank borrowing (1 day / 7 days) closed at 1.
39% / 2.
60%, with a change of -56 / -8BP, respectively; interbank pledged repo rates (1 day / 7 days) closed at 1.
36% / 2.
24%, with a change of -50 / 3BP, respectively; AAA + interbank deposit certificate maturity yield (1 month / 3 months / 6 months) closed at 2.
08% / 2.
33% / 2.
57%, respectively -41 / -27 / -7BP.
The 3A corporate bond maturity yield (1 year / 5 years / 10 years) was 3 last weekend.
10% / 3.
39% / 3.
59%, a change of -8 from the previous week.
89 / -6.
75 / -10.
The yield on maturity of short-term and medium-term notes (1 year / 3 years / 5 years) closed at 2 last week.
77% / 3.
10% / 3.
39%, a change of -14 from the previous week.
95 / -8.
95 / -6.
The yield to maturity of Treasury bonds (3 years / 5 years / 7 years) closed at 1 last week.
97% / 2.
59% / 2.
84%, a change of -8 from the previous week.
07 / -1.
The CSRC issued 2 IPO approvals, and one IPO of the Science and Technology Innovation Board was approved: Last week, the Securities and Exchange Commission approved 2 IPO approvals, without announcing the amount of funds raised, and one IPO of the Science and Technology Innovation Board was approved; last week, the Securities and Exchange Commission approved 2IPO approval, no announcement of the amount raised, 0 companies on the science and technology board passed the IPO registration.
Based on the establishment date, last week, a total of 9 ordinary stocks + partial stocks / balanced hybrid + flexible allocation funds were issued, a total of 173.
3.4 billion copies; 11 were issued last week.2.1 billion copies.
Net reduction of industrial capital by 95.
1 billion, the inflow to the north has narrowed: last week, industrial capital increased by 8.
2.4 billion, 103 reduction.
3.4 billion, a net reduction of 95.
1 billion yuan; last week, industrial capital increased by 35.
1 billion yuan, a reduction of 53.
7.1 billion yuan, a net reduction of 18.
6.1 billion yuan.
The inflow of funds from the Shanghai Stock Exchange last week 49.
1.9 billion, Shenzhen Stock Connect suffered funds5.
4.9 billion, with a total inflow of 43.
Last week, the Shanghai Stock Connect flowed in 180 funds.
9.3 billion, Shenzhen Stock Connect inflow of funds 119.
6.7 billion, a total of 300 inflows.
In terms of market activity: As of February 14, the balance of margin financing and stock trading was 10,389.
50 billion, accounting for A shares in circulation 2.
17%; On February 7, the balance of margin financing and securities lending was 10,358.
57 billion yuan, accounting for A shares in circulation 2.
Last week’s total A turnover of 4.
12 trillion, with an average of 8237 per day.
4.0 billion, as of February 14, financing purchases accounted for 10%.
4%; total A turnover last week 3.
59 trillion, with an daily average of 8973.
3.1 billion, as of February 7, financing purchases accounted for 9%.
Among the other indicators we focus on: termination of February 14th, February listing of mergers and acquisitions reorganization plan 0 (of which 0 passed, 0 failed), the pass rate is 0.
0%; 5 companies were listed in the merger and reorganization plan in January (4 of which passed and 1 failed) with a pass rate of 80.
A summary of the important data of the week: “Position since this year” indicates the relative position of the indicator since the trend this year.
Detailed chart and description1, capital requirements / funds available1.
1 Stock financing / M & A and reorganization tracking indicators: IPO, M & A and reorganization meeting, the entire market equity financing scale1.
2 Tracking indicators for lifting of sales restrictions: lifting of sales restrictions 1.
3Trading cost tracking indicators: transaction commission and stamp tax2, fund supply / funding inflow2.
1 Market transaction tracking indicators: new investors 2.
2Fund issuance (common stock type + partial mixed fund) tracking index: fund issuance (common stock type + partial stock / balanced mixed type + flexible allocation type) 2.
3 Tracking indicators of industrial capital increase and decrease: important shareholders increase or decrease their holdings 2.4Following indicators for leveraged funds (two financings): margin financing and securities lending 2.
5 Tracking indicators for overseas funds: Shanghai-Shenzhen-Hong Kong Stock Connect.
6 Tracking indicators of the distribution of funds inflow: net capital inflows 3, market sentiment / earnings effect 3.
1 Volatility / risk tracking indicator: CBOE Volatility 3.
2 Participation / activity tracking indicators: turnover rate, financing purchase amount, open-end fund stock investment ratio 3.
3 Style Index Tracking Index: Shenwan Large / Medium / Small Cap Index 3.
40% discount premium tracking indicator: AH discount premium, block trade 3.
5 Stock index 南宁桑拿 futures signal tracking indicators: stock index futures discount, long-short ratio of 4, interest rate and exchange rate 4.
1 Short-end: Money market tracking indicators: inter-bank interest rates, financial product yields, and bills discount rates.
2 Medium and long-term: Treasury bond / enterprise bond market tracking indicators: Treasury bond maturity yield, corporate bond maturity yield, short-term and middle-term bill maturity yield rate 4.
3 Foreign exchange market tracking indicators: RMB exchange rate 5, currency issuance and derivation 5.
1 Level 1 liquidity management tracking indicators: reverse repo, MLF, SLF, PSL, SLO 5.
2 Base currency and broad currency tracking indicators: base currency, broad currency 5.
3Tracking indicators of money supply channels: scale of social financing, RMB loans, foreign exchange account risks Tips: Tight monetary policy, macroeconomic downside risks, and overseas uncertainties escalating.