策略周报：1月第4周全球外资周观察：南向和外资净流入规模放量-20260131

Group 1: A-Share Market - In the recent week (January 26-30, 2026), the estimated net outflow of northbound funds was 900 million yuan, compared to a net outflow of 9.3 billion yuan in the previous week [10] - During the same period, flexible foreign capital estimated a net inflow of 2.5 billion yuan, down from 3.2 billion yuan the previous week [10] - The top active stocks in the northbound trading included Zijin Mining with a total transaction amount of 24.7 billion yuan, accounting for 9% of the stock's weekly trading volume, followed by CATL at 22.4 billion yuan (17%) and Zhongji Xuchuang at 19.3 billion yuan (10%) [10] Group 2: Hong Kong Market - In the week of January 21-27, 2026, a total of 5.9 billion Hong Kong dollars flowed into the Hong Kong stock market, with stable foreign capital experiencing an outflow of 3.5 billion Hong Kong dollars and flexible foreign capital seeing an inflow of 8.2 billion Hong Kong dollars [12] - The Hong Kong Stock Connect recorded an inflow of 12.6 billion Hong Kong dollars, while local funds from Hong Kong or mainland China saw an outflow of 9.1 billion Hong Kong dollars [12] - Sector-wise, foreign capital inflows were significant in metals, pharmaceuticals, and telecommunications, while the Hong Kong Stock Connect saw inflows in software services, oil and petrochemicals, and durable consumer goods [12] Group 3: Asia-Pacific Market - In the Asia-Pacific market, foreign capital saw a net inflow into the Japanese stock market, with overseas investors net inflowing 212.8 billion yen in the latest week ending January 19, 2026, down from 750.5 billion yen the previous week [15] - Cumulatively, since the beginning of 2023, the net inflow into the Japanese stock market has reached 11.7 trillion yen [15] - Conversely, in December, overseas institutional investors experienced a net outflow of 2.52 billion US dollars from the Indian stock market, compared to a net outflow of 430 million US dollars the previous month [17] Group 4: US and European Markets - In December, global mutual funds recorded a net inflow of 32.2 billion US dollars into the US equity market, significantly up from 9.2 billion US dollars in the previous month [19] - Cumulatively, since 2020, the net inflow into the US equity market has reached 723.7 billion US dollars [19] - In Europe, net inflows into the equity markets of the UK, Germany, and France were 1.74 billion US dollars, 970 million US dollars, and 2.16 billion US dollars respectively, compared to the previous month's inflows of 550 million US dollars, 1.17 billion US dollars, and 1.4 billion US dollars [19]