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Goldwind Science & Technology Sells 750 Million Yuan of 159-Day Bonds
Northbound funds | Northbound funds added positions of China mainland banking! Sold Meituan for over HKD 0.6 billion; Southbound funds reduced their positions in Moutai by over CNY 0.4 billion.
Track the latest trends of north-south directional funds.
Lyon: The central bank optimizes the interest rate system, and the domestic banks are bullish on Agricultural Bank of China and China Construction Bank.
A report released by Lyon states that the People's Bank of China announced a rate cut earlier, with LPR for one-year and five-year terms decreasing by 10 basis points, reflecting the optimization of the interest rate system. The bank expects that the People's Bank of China will take more action, such as optimizing the transmission of interest rates with LPR and deposit pricing. After the United States took rate-cutting measures, the bank believes that the People's Bank of China has greater room for interest rate cuts, which may lead to a decline in net interest margin of banks. Lyon believes that a lower LPR will pose a challenge to net interest margin in the second half of this year and next year. However, in the long run, better transmission means that the bank's asset yield and liability cost are more matched, making banks more
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
CICC suggests focusing on China Construction Bank Corporation, Agricultural Bank of China, CM Bank, and HSBC Holdings.
CICC released a research report on statistics and valuations of public bank stock funds in the second quarter. The position of bank stock funds was 2.64%, up 0.28 percentage points quarterly, mainly due to the good performance of bank stocks. A-share and H-share banks have risen by 26.3% and 19.4% respectively since the beginning of the year, with state-owned banks and some regional banks performing well. Currently, the overall banking sector is still underallocated by funds by about 10.5 percentage points, which is a historically high level of underallocation, indicating that there is still room for bank stocks to increase their positions. The report mentioned that Northbound funds flowed into CM Bank (03968) and Pufa Bank, while Southbound funds flowed into state-owned banks. In the past 3 years,
Northbound funds: Net buying of HKD 3.692 billion. Domestic funds have once again increased their holdings of Hong Kong-listed ETFs and bought Tracker Fund of Hong Kong (02800) for nearly HKD 1.3 billion.
On July 22nd, in the Hong Kong stock market, the net purchase of Beishui amounted to 3.692 billion Hong Kong dollars, of which the net purchase of Hong Kong Stock Connect (Shanghai) was 2.39 billion Hong Kong dollars, and the net purchase of Hong Kong Stock Connect (Shenzhen) was 1.302 billion Hong Kong dollars.
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