北向资金三季度大幅流入核心资产

Group 1 - The overall holding scale of northbound funds reached a new high in the year, with the financial sector's proportion rebounding [6][9] - In Q3 2024, the total scale of northbound funds reached 2.4 trillion yuan, an increase of 353 billion yuan from the previous quarter, marking the highest quarterly holding since Q2 2023 [6][14] - The net buying scale of northbound funds in Q3 2024 was 49.57 billion yuan, showing a significant improvement compared to a net outflow of nearly 30 billion yuan in the previous quarter [6][10] Group 2 - In terms of industry holdings, the largest sectors for northbound funds in Q3 2024 were power equipment and new energy, food and beverage, and banking [7][14] - The net buying in Q3 2024 was highest in the banking sector (+14.69 billion yuan), followed by non-bank financials (+14.07 billion yuan) and pharmaceuticals (+12.65 billion yuan) [7][10] - The sectors with the highest overweight ratios were power equipment and new energy, home appliances, and food and beverage, while the lowest were oil and petrochemicals, banking, and non-bank financials [7][14] Group 3 - Core assets such as Kweichow Moutai and CATL saw significant changes in foreign capital holdings, with the top five holdings concentration increasing [14][19] - As of September 30, 2024, the largest holdings by northbound funds included Kweichow Moutai (151.78 billion yuan), CATL (126.92 billion yuan), and Midea Group (85.90 billion yuan) [14][19] - The concentration of the top five holdings increased by 1.02 percentage points to 19.9%, indicating a trend of foreign capital clustering towards leading stocks [14][19] Group 4 - Northbound funds are likely to continue flowing into core asset leading stocks due to the current environment of monetary easing and the recovery of the real estate market [14][19] - Historical trends suggest that foreign capital prefers to allocate towards core leading stocks, with recent data indicating an increase in allocation towards sectors like new energy, food and beverage, and pharmaceuticals [14][19] - The recent catalysts in the core asset sector include advancements in renewable energy technologies and pharmaceutical developments, which may further attract foreign investment [19]