全球资金观察系列108：宽基ETF回流19亿元

Northbound Capital Flow - The largest net inflow sectors this week were cyclical (2.46 billion CNY), technology (1.32 billion CNY), and public services (0.93 billion CNY) [1] - The sectors with the largest net outflows were consumer (-6.10 billion CNY), large financials (-1.84 billion CNY), and pharmaceuticals and cosmetics (-1.81 billion CNY) [1] - The top five stocks with net inflows were Zijin Mining (0.90 billion CNY), Changjiang Power (0.88 billion CNY), and Lianqi Technology (0.69 billion CNY) [1] - The largest net outflows were from Kweichow Moutai (-2.39 billion CNY) and China Merchants Bank (-0.79 billion CNY) [1] Global Capital Flow - Global capital inflows into bonds and equities were 5.1 billion USD and 1.8 billion USD, respectively, while outflows from the money market were 6.7 billion USD [16] - The 10-year to 2-year U.S. Treasury yield spread has narrowed, indicating a shift in capital towards U.S. bonds [4] - The current 10-year U.S.-China Treasury yield spread is -2.22%, reflecting a widening inversion [9] - In the U.S. equity market, the largest inflows were into utilities (0.35 billion USD) and consumer goods (0.14 billion USD), while the largest outflows were from technology (-1.19 billion USD) and financials (-0.81 billion USD) [45] Southbound Capital Flow - Southbound capital saw net inflows of 62.9 billion HKD into financials, 43.7 billion HKD into energy, and 27.9 billion HKD into consumer discretionary [10] - The sectors with the largest net outflows were real estate (-5 billion HKD) and utilities (-1.2 billion HKD) [10]