This article comes from the Wechat official account of "Kevin Strategy Research". The author is KevinLIU.

As of Thursday, according to the latest data released by EPFR (from last Wednesday to Wednesday) and the Shanghai-Shenzhen-Hong Kong Stock Connect, we summarize the global capital flows this week as follows for your reference:

Global cross-market and inter-asset flows: significant increase in US inflows and record outflows from Japan

First, across asset classes, after last week's large inflows, global stock market inflows this week were lower than last week, mainly due to the sharp outflow of Japanese stock markets this week. but the negative impact was partly offset by a marked increase in US stock market inflows; correspondingly, bond market inflows expanded slightly this week, which was also driven by a sharp increase in US stock market inflows. Specifically:

In terms of stock marketThis weekEmerging marketInflowThe size has basically halved from last week (this week's $1.94 billion vs. Last week, $3.89 billion)Developed European inflowsIt has also shrunk sharply ($2.24 billion vs this week. Last week, $3.44 billion)The Japanese market turned to a record net outflowIt may have something to do with profit-taking in the run-up to the general election and recent gains ($4.15 billion in vs flowed out this week. Inflows of $1.09 billion last week). But this week,Inflow of US stock marketThere was a marked increase, with inflows of $8.36 billion, up not only from $2.14 billion last week, but also the largest weekly inflow since mid-June.

On the bond market, inflows into global debt markets expanded slightly this week, mainly due to a marked expansion in U.S. bond market inflows ($4.28 billion in vs this week. 3.25 billion dollars last week). But emerging market bond inflows also slowed ($1.07 billion vs this week. Inflows into developed European debt markets halved from last week ($160 million vs this week. 310 million dollars last week).

Capital flows in the Chinese market: inflows for nine consecutive weeks, halving from last week

Global capital inflows continued this week after last week's largest weekly inflow since mid-2015.Chinese market(including A, H and red chips)For the ninth consecutive week of net inflowsBut inflows halved from last week ($580 million vs. Last week, $1.29 billion); meanwhile, inflow trackingHong Kong marketThe size of the fund was also halved ($98.41 million vs. Last week, $190 million); so taken together, China / Hong Kong equity funds have a total net inflow of $680 million, down from $1.48 billion last week.

In further breakdown, among the above-mentioned funds tracking the Chinese market, those within the scope of EPFR statisticsFunds in mainland ChinaThere was a net outflow of $230 million this week, of which Huaxia A50ETF turned to $230 million this week. Excluding mainland funds, the actual inflow this weekThe overseas capital of the Hong Kong market, which generally excludes A shares, is US $910 million.Down from last week's inflow of $1.13 billion.

On the other hand, the Hong Kong offshore-listed ETF fund, which tracks the A-share market, had inflows of $34.15 million as of Thursday, down from $79.53 million last week.

Capital flow and shareholding ratio of Shanghai-Shenzhen-Hong Kong Stock Connect: southward capital continues to flow in; Shanghai Stock Connect net outflow

Southbound trading has cooled significantly this week after a big inflow last week. As of Thursday, the Shanghai-Hong Kong Stock ExchangeA net purchase of HK $4.75 billionAccumulative total of Shenzhen Hong Kong Stock ExchangeA net purchase of HK $2.25 billionTherefore,The total southbound net inflow of Shanghai and Shenzhen stock markets this week is HK $7 billion.The average daily inflow was HK $1.75 billion, smaller than the average daily inflow of HK $2.16 billion in the first week after the festival.

At the level of individual stocks, according to the statistics of the capital flow of the top ten active stocks, southbound funds continued to be substantial this week.Inflow insurance(Ping An Insurance, HK $700 million) andBank(Industrial and Commercial Bank of China, HK $310 million), also inflowsSoftware service(Tencent, HK $750 million),Semiconductor(Semiconductor Manufacturing International Corporation, HK $400 million),Pluralistic financeWait for the plate; butFlow out of the car(Geely Automobile, HK $320 million), Evergrande (HK $200 million),energy(Petrochina Company Limited, HK $73.4 million) and other plates.

In terms of the proportion of shares held by southbound funds, the proportion of shares held by southbound funds as of Thursday is the same as that of southward funds.October fourthCompared with the data of (but need to consider the settlement factor of Troup2)Hisense KelonThe proportion of shareholding increased by 1.4%.Oriental SecuritiesThe proportion of shareholding increased by 1.3%.Semiconductor Manufacturing International Corporation, Xinhua Pharmaceutical, Xinli InternationalThe shareholding ratio of, etc., has also increased by more than 1%, but mediumChinalco and Xinhua WenxuanThe shareholding ratio decreased by 0.92% and 0.93% respectively.Huatai, Baiyunshan and Libiao brandsThe proportion of shareholding has also declined.

Northbound trading has cooled even more this week. After a large net inflow last week, this weekThe Shanghai Stock Connect turned to net outflow again.As of Thursday, the outflow reached 410 million yuan.Shenzhen Stock ExchangeWith a net inflow of 2.9 billion yuan, the net inflow of northbound capital this week was 2.49 billion yuan, with an average daily inflow of only 620 million yuan, down from last week's daily average of 2.78 billion yuan.

At the level of individual stocks, according to the capital flow statistics of the top ten active stocks, this week's fundsHome Appliances(Gree Electric Appliance, 890 million RMB; Boss Electric Appliance, 350 million RMB), at the same timeInflow material(Anhui Conch Cement, 680 million RMB)Insurance(Ping An Insurance, 700 million RMB) and other plates; butFlow out of food and drink(Yili, 430 million yuan; Maotai, 230 million yuan),Pluralistic financeWait for the plate.

(editor: Wang Mengyan)