事件点评：北向资金三季度大幅流入核心资产

Group 1 - The total scale of northbound funds in Q3 2024 reached a new high since Q2 2023, with a total of 2.4 trillion yuan, an increase of 353 billion yuan from the previous quarter and nearly 500 billion yuan from August 16 [1][5][6] - The proportion of holdings in the main board decreased by 1.68 percentage points, while the proportions in the ChiNext and STAR Market increased by 1.42 percentage points and 0.26 percentage points, respectively [1][5] - The net buying scale of northbound funds in Q3 2024 was 49.57 billion yuan, with a significant improvement compared to a net outflow of nearly 30 billion yuan in the previous quarter [1][5] Group 2 - In terms of industry, the heaviest positions in Q3 were in new energy and food & beverage, with significant net buying in banking and non-banking sectors [1][6][13] - The largest holdings by northbound funds in Q3 were in power equipment and new energy (12.55%), food and beverage (10.90%), and banking (9.10%) [1][6] - The net buying in Q3 was highest in banking (+14.69 billion), non-banking financials (+14.07 billion), and pharmaceuticals (+12.65 billion) [1][6] Group 3 - Core assets such as Kweichow Moutai and CATL saw significant changes in foreign capital holdings, with the top five holdings increasing in concentration [1][13] - The largest holdings as of September 30, 2024, were Kweichow Moutai (151.78 billion yuan), CATL (126.92 billion yuan), and Midea Group (85.90 billion yuan) [1][13] - The concentration of top five holdings increased by 1.02 percentage points to 19.9%, indicating a trend of foreign capital clustering towards leading stocks [1][13] Group 4 - Northbound funds are likely to continue flowing into core asset leading stocks, supported by a global liquidity easing environment and a strong market trend [1][16] - The inflow of foreign capital is closely related to the performance of real estate sales, which may improve due to recent policy relaxations [1][16] - Historical trends show that foreign capital tends to favor core leading stocks, with increased allocations in sectors like new energy, food & beverage, and pharmaceuticals [1][16]