Comments: Foreign capital holds the ＂core assets＂ and holds the A -share wind -orie

Source: Bloomberg

Since August, the northbound capital has continued to withdraw A shares, and Guizhou Maotai, which has been favored by foreign capital, has become one of the targets for selling.When the restoration of A -share restoration of A shares and changes in the position of heavy shares will become an important part of observing whether the Chinese stock market can stabilize.

As of the closing of Wednesday, foreign capital has sold A shares through land conferences for 13 consecutive days since August 7, which has the longest record, and has sold nearly 78 billion yuan in net net.According to data from Bloomberg's summary from August 7th to last Friday, Guizhou Moutai, Longji Green Energy, China Merchants Bank, Wuliangye, and Ping An of China sold the most net stocks for the northbound capital, of which about 6.2 billion yuan in Moutai netsEssence

Northbound funds withdrawn A shares, affected by the unsatisfactory exposure of China's stimulus policy, weak recovery, and depreciation of the renminbi.Foreign capital is regarded as "smart money" because of accurate early judgment on A shares in history. Although its positioning accounts for less than 4%of the total market value of A shares, due to the weight stocks such as consumption, new energy and other fields, so weighing stocks, soThe flow of foreign capital has an impact on index trends and market emotions.

"China Economic Data and Trust Thunderstorms are not very confident in international investors, and the depreciation of the RMB will also accelerate foreign capital outflows. Generally, they will sell their own core assets," in Shenzhen Qianhai Jianhong's asset managementInvestment director Zhao Yuanyuan said, "The short -term depreciation of the RMB should not be reversed. It is not recommended that investors participate in foreign heavy positions in the short term."

On Wednesday, the main stock indexes of A -share fell, the GEM Index and the 50 Index 50 Index fell more than 2%.The north -wing capital sells for nearly 10.5 billion yuan in A shares.

Since this month, the Shanghai -Shenzhen 300 Index has fallen nearly 8%, and it has fallen to the largest single month since October 2018.Among the ingredients stocks, Ping An, Guizhou Maotai, and China Merchants Bank dragged the index to the greatest.Moutai Moon has fallen by 5.7%so far, and the remaining two have fallen by more than 10%.

The private equity network said in the report at the end of last month that the A -share company with the largest market value of the northbound capital holding the market value is Moutai, Ningde Times and Midea Group.More than 20%.

China Merchants Securities pointed out in the report that foreign capital outflow increases short -term disturbances in A shares, but from a historical point of view, foreign capital has a sharp net outflow. Once A shares are often stabilized, A shares are often stabilized.The report also said that foreign capital still has a net inflow of some industries while the overall net outflow, mainly concentrated in non -silver finance and communication.