Newsletter summary

Since 2024, the trading volume of the whole market has been low, and the quantile of turnover in the Shanghai and Shenzhen stock markets has dropped to 25% in the previous two weeks. The concentration of industry turnover and the degree of differentiation of individual stocks have declined, but the profit-making effect has increased. The turnover rate rebounded slightly, the intensity of institutional research increased, the net inflow of funds into the stock market was obvious, and the inflow of ETF was the most. The risk of capital outflow has weakened, and the market capitalization and the number of households have declined.

Text of news flash

[trading volume in the secondary market is low and capital inflows to ETF are significant]

In the last two weeks (April 20 to May 3, 2024), trading volume in the secondary market fell to 25% of the annual quantile, compared with the previous 71%.Playfreeonlinevideopokercasinogames.4% decreased significantly. This phenomenon is mainly affected by the decrease in trading days during the May Day holiday.

Market data show that the concentration of turnover at the industry level and the degree of differentiation between the rise and fall of individual stocks show a downward trend, while the relevant indicators at the individual stock level have increased.

In terms of money-making effect, the gap between Top10% stocks and the median rise and fall narrowed to 6.01%, down from before.Playfreeonlinevideopokercasinogames2.32 percentage points. The median rise and fall of all A rose to 2.94%, an increase of 7.72 percentage points.

In terms of turnover rate in the industry, social services, computers and national defense industry are in the forefront, with 11.00%, 8.55% and 8.18% respectively. The turnover rates of banks, petrochemical and steel are relatively low, at 0.91%, 1.75% and 2.63%, respectively.

In terms of institutional research intensity, the pharmaceutical and biological, electronics and power equipment industries received the highest attention, which were 67.35%, 64.61% and 37.44%, respectively. In the broad-based index, CSI 100 is the most intensive, reaching 13.68.

In terms of capital flows, there was a net inflow of 84.605 billion yuan into the stock market as a whole, an increase of 125.383 billion yuan over the previous cycle. Among them, the net inflow of northward capital was 28.072 billion yuan, the financing balance increased to-14.341 billion yuan, the holdings of important shareholders increased by 2.138 billion yuan, the inflow of ETF was 63.562 billion yuan, the newly issued partial stock fund was 12.834 billion yuan, IPO was 741 million yuan, private placement was 0 billion yuan, important shareholders reduced their holdings to 2.187 billion yuan, and ETF outflow was 4.732 billion yuan.

In terms of capital flows, ETF had the largest inflow, reaching 63.562 billion yuan, while the financing balance increased and outflowed the most, at 14.341 billion yuan. Compared with the previous cycle, the northbound net capital inflow increased by 46.23 billion yuan, the financing balance increased and decreased by 4.067 billion yuan, the increased holdings of important shareholders decreased by 4.683 billion yuan, the inflow of ETF increased by 46.205 billion yuan, the newly issued partial stock fund increased by 9.233 billion yuan, IPO increased by 741 million yuan, the private placement decreased by 12.073 billion yuan, the reduction of holdings by important shareholders decreased by 2.626 billion yuan, and the outflow of ETF decreased by 18.507 billion yuan.

In terms of capital outflow risk, the number of sales restrictions lifted was 55, 4 fewer than before. The market value of the lifting of the restriction is 41.861 billion yuan, 94.718 billion yuan less than before. The market value of the lifting of the restrictions in the next two weeks is expected to be 40.201 billion yuan. The top three industries with market capitalization of lifting restrictions were machinery and equipment, public utilities and food and beverages, which were 10.573 billion yuan, 8.038 billion yuan and 7.744 billion yuan respectively.

[risk hints] there may be risks of delayed updating, statistical errors, and a weaker-than-expected economic recovery.