事件点评：北向资金四季度流入非银、传媒、电新

Group 1 - In Q4 2024, northbound funds experienced significant outflows, with the total holding scale of the Shanghai-Hong Kong Stock Connect reaching 2.19 trillion yuan, a decrease of 219.8 billion yuan from the previous quarter, but an increase of 188.6 billion yuan year-on-year [1][7] - The proportion of holdings in the main board continued to decline by 1.13 percentage points compared to Q3, while the proportions in the ChiNext and STAR Market increased by 0.56 percentage points each [1][7] - The net buy scale for Q4 2024 was -125.68 billion yuan, indicating a clear outflow trend for northbound funds [1][7] Group 2 - In terms of industry holdings, the largest sectors for northbound funds in Q4 2024 were power equipment and new energy, banking, and food and beverage, with the non-bank financial sector seeing the largest increase in holdings [2][11] - The net buying in Q4 was highest in non-bank financials (+15.4 billion yuan), media (+2.93 billion yuan), and new energy (+2.78 billion yuan), while the largest net selling occurred in electric power and public utilities (-21.28 billion yuan) and food and beverage (-18.78 billion yuan) [2][11] - 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 national defense [2][11] Group 3 - Core assets and technology growth stocks remained favored by foreign capital, with significant changes in holdings for companies like CATL, Haiguan Information, and WuXi AppTec [3][13] - The top five stocks with the largest increase in holding value in Q4 were CATL (+4.93 billion yuan), Fuyao Glass (+4.43 billion yuan), Dongfang Wealth (+3.31 billion yuan), Haiguan Information (+2.69 billion yuan), and Changjiang Electric Power (+2.26 billion yuan) [3][14] - The concentration of holdings among the top five stocks increased by 0.24 percentage points to 20.1%, indicating a trend of foreign capital clustering towards leading stocks [3][14] Group 4 - Future northbound funds are likely to continue allocating towards core assets and technology leaders, with expectations of sustained inflows into A-shares due to a global liquidity easing environment [4][18] - The correlation between foreign capital inflows and domestic fundamentals, particularly real estate sales, suggests potential recovery in foreign investments as the real estate market improves [4][18] - Key sectors for future investment include core assets and technology, with a focus on companies like CATL and Northern Huachuang, as well as recent catalysts in the new energy and technology sectors [4][19]