外资到底加仓了没？

Market Performance - The equity market continues to perform well, with A-shares and H-shares showing resilience despite global risk factors such as increased tariffs from the U.S. [1][2] - The recent high risk appetite and capital-driven logic in the equity market is evident, with significant net buying in margin trading and high average positions in private equity [3] Capital Flow and Investment Trends - Margin trading has seen net buying for 14 out of the last 15 trading days, reaching new highs since the tariff announcement [3] - Private equity positions have increased, with the average stock position exceeding 77%, marking a two-year high [3] - The robotics sector has seen a surge in interest, particularly after contracts were awarded to companies like Yushutech and Zhiyuan Robotics, leading to significant gains in related ETFs [3] Foreign Investment Dynamics - Northbound capital, previously considered "smart money," has shown a mixed trend, with total market value held by foreign investors increasing but with structural adjustments in stock holdings [9][12] - The total market value of Northbound funds reached 2.29 trillion, with an increase of 871 billion compared to the end of 2024 [9] - The performance of Northbound funds suggests a "lying flat" state in terms of total A-share investment exposure, despite some structural adjustments in holdings [12] Sector Performance - Key sectors benefiting from foreign investment include electric vehicle manufacturers and mining companies, particularly those involved in lithium and copper [15] - Conversely, sectors like liquor and consumer goods have seen significant reductions in foreign holdings, indicating a shift in investment focus [16] Financial Sector Insights - The financial sector, particularly large banks, has faced selling pressure from foreign investors, which aligns with the buying activity in Hong Kong stocks [17] - The performance of A+H listed companies shows that Hong Kong shares have generally outperformed their A-share counterparts, leading to a compression of the A-H premium [20] Earnings Outlook - The upcoming earnings season is expected to reveal significant sectoral disparities, with strong performance anticipated in sectors like brokerage and gold mining, while sectors like liquor and solar energy may face challenges [30][32][36]