外资加仓方向 大曝光！

Core Insights - Northbound capital has continuously increased its holdings in A-shares for two consecutive quarters, with a focus on emerging technology sectors while reducing exposure to food and beverage sectors [1][2] Group 1: Northbound Capital Holdings - As of the end of Q2 2023, Northbound capital held a total of 2,907 stocks, with a total share count of 123.2 billion and a market value of approximately 2.29 trillion yuan [2] - Compared to the end of 2024, the market value of Northbound capital holdings increased by 87.1 billion yuan, and compared to Q1 2025, it increased by over 50 billion yuan [2] - The top five industries by market value held by Northbound capital are batteries (175.4 billion yuan), semiconductors (134.9 billion yuan), liquor (134.1 billion yuan), joint-stock banks (123.4 billion yuan), and white goods (103.6 billion yuan) [2] Group 2: Sector Adjustments - In Q2, Northbound capital showed a structural adjustment in its investments, favoring technology sectors while reducing holdings in consumer stocks [2][3] - The semiconductor sector saw a significant increase in investment, moving from fifth to second place in terms of market value held [2] - Traditional sectors such as non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration were also favored by Northbound capital [3] Group 3: Individual Stock Performance - The top ten stocks held by Northbound capital include Ningde Times (128.7 billion yuan), Kweichow Moutai, Midea Group, China Merchants Bank, and others, with Ningde Times seeing a 3.2% increase in holdings from Q1 [3] - China Merchants Bank's market value increased by 12.8 billion yuan, making it the top performer among joint-stock banks [3] Group 4: Market Outlook - Several brokerages have optimistic expectations for the A-share market in the second half of the year, predicting a "slow bull" market driven by policy support and structural reforms [4][5] - The market is expected to experience a "wave-like" progression, with potential upward movement following adjustments in high-valuation small and mid-cap stocks [4]