策略外资大幅回流主要是交易贡献

目录市场周观察 3宏观流动性 7微观流动性 8流入端 10流出端 15图表目录图1：国债收益和DR007变化 8图2：中美利差沪深300 8图3：换手率分数变动 8图4：陆股通周买入 图5：陆股通周成交额 图6：新发基金度份变化 12图7：偏股基金行情绪 12图8：近四周基份额动情况 12图9：偏股基金额变情况 12图10：ETF份额情况 13图近四周净申购 13图12：两融资金流入情况 14图13：两融资金成交情况 14图14：股权融资变化情况 16图15：本周解禁市值行分布 17图16：未来四周解禁市合计 17图17：减持市值变动情况 18表1：陆股通单净买和单日买入历史极值 3表2：北向大幅买入市场表现 4表3：陆股通买卖比且交额超过1000亿的TOP10 4表4：北向买卖比TOP10下的市场表现 5表5：北向不同构的买入情况 5表6：北向重点构的买入情况 6表7：陆股通的业持和资金流动变化 7表8：A股资金周度情况 9表9：行业资金动情况 10表10：近四周陆股通行流动情况 表宽基指数ETF份额变动情况 13表12：主要行业主题ETF份额变动情况 13表13：近四周行业融资流动情况 15表14：近4周IPO和定增的行业变化情况 16表15：近四周行业增减变动情况 18市场周观察426224.49陆股通历史净买入极值对市场影响呈中性，核心在于基本面预期。（1）426224.492005916.92于历史的第690091609.3528和T+205成/100026/卖1.328（3）总体来2021年底-2023202120212023表1：陆股通单日净买入和单日买入历史极值净买入TOP10净买入买入卖出成交2024/4/26224.49916.92692.431,609.352021/5/25217.23720.46503.231,223.692021/12/9216.56765.89549.331,315.222019/11/26214.30728.43514.131,242.562021/1/8206.15902.38696.241,598.622020/11/9196.99710.31513.321,223.632023/7/25189.83771.92582.081,354.002023/1/30186.14851.24665.101,516.342020/6/19182.33658.70476.371,135.082020/2/3181.89461.07279.18740.25买入TOP10净买入买入卖出成交2020/7/798.441,005.01906.571,911.582021/9/176.88970.75893.871,864.622024/2/6126.05969.83843.791,813.622024/2/29166.03967.03800.991,768.022020/7/6136.52931.53795.001,726.532024/4/26224.49916.92692.431,609.352024/2/2813.40912.29898.901,811.192021/8/3161.47906.57845.101,751.672021/1/8206.15902.38696.241,598.622021/7/2880.53899.95819.421,719.37数据来源：，WIND表2：北向大幅净买入后市场表现北向大幅净 上证指数 万得全A 沪深300 创业板指买入后涨幅 T+5 T+20 T+5 T+20 T+5 T+20 T+5 T+202021/5/251.21-0.421.821.450.44-3.222.262.842021/12/90.05-2.550.31-3.37-0.87-5.050.90-10.482019/11/26-0.772.60-0.294.28-1.042.60-0.225.412021/1/8-0.10-2.07-1.02-2.91-0.68-0.22-1.931.362020/11/9-0.791.27-1.47-0.10-1.550.82-3.61-3.112023/7/251.84-3.441.34-4.442.12-4.011.41-4.832023/1/30-0.94-0.35 -0.62-1.17-2.72-3.75-2.67-7.812020/6/190.5711.901.80 14.581.5914.455.1217.982020/2/412.776.1710.3413.7218.91中位数0.05-0.35 0.31 -0.10-0.68-0.220.901.36平均值0.701.681.052.340.381.331.662.25上涨占比55.6%44.4%55.6%44.4%44.4%44.4%55.6%55.6%数据来源：，WIND表3：陆股通买/卖比且成交额超过1000亿的TOP10买/卖比TOP10净买入买入卖出成交买/卖2021/5/25217.23720.46503.231,223.691.432019/11/26214.30728.43514.131,242.561.422021/12/9216.56765.89549.331,315.221.392020/11/9196.99710.31513.321,223.631.382020/6/19182.33658.70476.371,135.081.382020/12/1162.93622.16459.231,081.391.352023/7/25189.83771.92582.081,354.001.332024/4/26224.49916.92692.431,609.351.322023/7/28164.03694.20530.171,224.381.312023/1/16158.43680.78522.351,203.131.30数据来源：，WIND表4：北向买/卖比TOP10下的市场表现北向大幅买 上证指数 万得全A 沪深300 创业板指入后涨幅 T+5 T+20 T+5 T+20 T+5 T+20 T+5 T+202021/5/251.21-0.421.821.450.44-3.222.262.842019/11/26-0.772.60-0.294.28-1.042.60-0.225.412021/12/90.05-2.550.31-3.37-0.87-5.050.90-10.482020/11/9-0.791.27-1.47-0.10-1.550.82-3.61-3.112020/6/190.5711.901.8014.581.5914.455.1217.982020/12/1-1.21-2.11-0.43-1.73-1.13-0.481.774.252023/7/251.84-3.441.34-4.442.12-4.011.41-4.832023/7/280.37-6.470.93-7.500.70-7.101.97-8.072023/1/161.291.942.192.461.53-0.112.93-2.312021/1/8-0.10-2.07-1.02-2.91-0.68-0.22-1.931.36中位数0.21-1.240.62-0.92-0.12 -0.351.59-0.48平均值0.250.070.520.270.11-0.231.060.30上涨占比60.0%40.0%60.0%40.0%50.0%30.0%70.0%50.0%数据来源：，WIND26158.79（56.94（38.12亿（34.01亿、（18.44亿AFOMC表5：北向不同机构的净买入情况外资银行外资券商中资券商中资银行2024/04/0110.750.226.51-0.022024/04/0234.99-41.55-4.110.032024/04/03-0.89-16.90-1.240.142024/04/08-27.33-9.379.15-0.432024/04/09-9.6925.44-4.39-0.092024/04/10-0.89-34.87-2.810.322024/04/11-9.6622.347.65-0.242024/04/1252.88-121.98-7.220.202024/04/152.1775.18-0.260.402024/04/1619.69-44.455.71-0.192024/04/17-28.1424.96-5.670.012024/04/18-34.19-44.09 15.20 0.092024/04/1912.52-38.12-9.86-0.092024/04/22-11.3218.515.51-0.302024/04/23-11.99-21.21-2.210.312024/04/2422.9829.71-0.45-0.042024/04/2510.92-9.210.910.082024/04/2635.30158.7918.79-0.18数据来源：，iChoice表6：北向重点机构的净买入情况2024/04/152024/04/162024/04/172024/04/182024/04/192024/04/222024/04/232024/04/242024/04/252024/04/26外资券商摩根大通金融(香港)18.6315.1818.5514.31-16.2313.26-8.77-3.30-14.96-12.4710.2512.56-0.21-6.6713.1410.531.422.9056.94外资券商高盛(亚洲)-6.3919.6938.1234.01外资券商摩根士丹利香港证券-14.000.61-5.82-0.28-26.83-7.42-3.08-1.69-6.894.60-15.75-2.62-0.99-2.96-8.93-4.82外资券商美林远东18.4416.29中资券商中信里昂证券-1.224.88-2.467.80-5.734.07-1.700.571.78外资银行香港上海汇丰银行71.5833.61-6.65-8.3232.04 -4.801.754.163.8812.28外资券商瑞银证券(香港)3.91-0.65-0.98-7.22-3.52-5.374.3610.112.3511.05外资银行渣打银行香港-68.45-11.93-3.69-7.94-13.50-8.86-13.84-6.269.459.42外资银行法国巴黎银行6.962.281.243.10-10.00-1.35-4.074.16-0.15-7.20-5.535.84-1.53-4.18-2.20-2.544.370.471.580.23-0.261.030.49-0.2918.29 -0.490.408.087.402.27外资银行法国兴业中资券商中金香港证券外资银行花旗银行-6.478.07-15.57-1.212.633.562.0521.53-18.341.911.06外资券商ABNAMROClearing5.76-5.96-0.31-0.020.135.74-1.082.63-0.47数据来源：，iChoice（+74.78亿（+67.07亿（+56.35亿（56.26+5303+47.7亿2）（+29.51亿（+25.41亿、电子（+23.08（+18.56（+15.59（+14.33亿表7：陆股通的行业持仓和资金流动变化近5日陆股通行业资金变动（市值变动受股价波动影响）申万行业持仓市值变动2024/4/222024/4/232024/4/242024/4/252024/4/262024/4/222024/4/23资金净流入2024/4/242024/4/252024/4/26食品饮料56.3431.418.93-1.5447.0714.085.773.550.9714.33电力设备-2.88-26.35-1.2211.3856.353.20-10.29-1.484.2525.41银行-13.720.994.1844.80-23.30-0.471.288.8517.671.18医药生物15.2621.27-0.438.6053.03-0.864.17-0.661.3729.51家用电器-8.28-28.26-4.70-1.8812.98-1.23-3.760.30-6.654.39电子2.83-19.1928.25-6.8874.789.47-12.68-2.52-3.7523.08汽车-16.51-13.909.89-5.2167.07-5.340.06-1.351.9318.56机械设备-10.07-20.453.97-21.8124.944.84-1.140.03-5.046.82非银金融-1.601.5816.393.3556.26-4.391.846.831.1015.59有色金属-16.23-15.7819.864.9632.379.6626.015.492.093.04公用事业-8.56-7.9410.53-6.341.04-4.30-0.035.11-2.394.48基础化工-14.68-17.772.163.4820.80-8.06-4.241.510.839.38交通运输-1.55-7.026.2310.174.96-3.01-1.261.962.625.73计算机8.04-9.2822.22-11.5923.947.57-8.325.37-7.527.67通信-17.77-5.4719.56-3.4228.28-4.50-4.925.961.288.16石油石化-15.69-6.144.832.225.30-3.690.591.530.653.40煤炭-10.53-12.40-3.381.13-0.228.01-3.94-0.81-1.673.51传媒-0.50-8.972.85-7.095.560.88-7.16-0.29-3.992.87建筑装饰-9.14-11.664.23-0.657.31-6.07-4.851.49-0.894.60农林牧渔9.601.50-2.400.164.524.190.690.24-0.523.73建筑材料2.58-6.72-2.971.164.42-0.33-0.55-0.120.651.50国防军工-2.68-2.705.30-4.978.97-3.910.281.81-2.576.72钢铁-5.22-8.52-1.89-3.13-1.410.470.28商贸零售-0.13-3.800.67-0.745.400.23-2.43-0.83-0.342.42美容护理1.516.292.99-0.837.73-0.142.491.05-0.431.50房地产-0.60-1.901.502.5013.830.79-0.611.662.067.05轻工制造-1.01-0.880.940.624.25-3-0.161.19纺织服饰-1.30-1.800.47-0.92-0.31-0.25-0.48-0.01-0.44-0.06社会服务0.93-0.931.10-5 -1.60 0.38-0.121.07环保-1.59-0.650.700.170.59-1.35-0.250.45-0.020.35综合-0.060.050.020.100.300.060.06数据来源：，iFind宏观流动性21.89%，185上升.2P23.0，-3.12%5.27BP图1：国债收益和DR007变化 图2：中美利差沪深300

中债国债到期收益率:2年-美国:国债收益率:2年沪深300指数点数据来源：，WIND 数据来源：，WIND图3：换手率分位数变动万得全A换手率分位数均值 中国:中债国债到期收益率:10年5/0115/011数据来源：，WIND微观流动性A表8：A股资金周度变动情况分类上周本周流入端陆股通偏股型基金-新发偏股基金-股票型ETF融资融券合并-66.9258.016.2145.625.2105.3-5.443.2-86.1-72.1-136.9331.5股权融资37.03.8-IPO0.03.8流出端-定增37.00.0解禁381.01365.4减持 -6.8合并 30.1-1.91.9数据来源：，WIND（基金单位为亿份，其余为亿元；减持为负表示增持）表9：行业资金变动情况分类陆股通ETF融资融券股权融资解禁增减持石油石化2.5—0.9---钢铁-5.7-0.71.6---煤炭---基础化工-0.6-0.85.5-152.6-0.5有色金属46.4-1.7-15.3---机械设备5.5-0.2-4.6-24.50.0电力设备21.11.5-18.7-261.63.8国防军工-9.0-0.2汽车13.9-0.3-2.8-16.10.5家用电器-6.9-0.10.9---纺织服饰-1.2—1.1-669.5-1.6轻工制造1.8—-0.8---食品饮料38.7-5.2-9.1-0.2-0.6农林牧渔8.30.1-2.5-21.3-医药生物33.5-0.0-21.4-11.5-0.0商贸零售-0.9—-5.3-0.00.4社会服务-0.0—0.2-39.9-美容护理4.5—-0.6---计算机3.5-2.1-11.7-20.80.0传媒-7.72.2-9.5---0.0通信5.90.1-0.4-13.7-0.4电子13.5-12.1-22.0-65.30.5环保-0.8—-0.3---公用事业2.7 -1.6-0.9--0.0交通运输6.1-0.0-1.8-11.1-建筑材料1.2-0.31.4--0.0建筑装饰----房地产11.24.3-2.7-48.3-银行28.5-3.93.6---非银金融21.0-8.8-0.6---综合0.4—-0.4---数据来源：，WIND（注：ETF单位为亿份，其余为亿元，特殊标注为无对应行业分类的ETF）流入端257.96上周-66.91亿1312.28上周148.82亿（46.44（38.69亿33.6（7.8（695亿（-5.68亿。（59.9亿（30.3亿（29.2亿（-23.2亿（-23.1亿（-18.9。图4：陆股通周买入 图5：陆股通周成交额0

沪股通净买入亿元 深股通净买入亿陆股通净买入亿元

0

沪股通周成交金额亿元 深股通周成交金额亿元2020-05-29 2021-05-29 2022-05-29 2023-05-29 2020-05-29 2021-05-29 2022-05-29 2023-05-29数据来源：，WIND 数据来源：，WIND表10：近四周陆股通行业流动情况申万一级 20240403 20240412 20240419 20240426 近四周合计 趋势图有色金属-17.133.8-3.246.459.9银行-1.8 -4.27.811.628.5 30.3医药生物-0.3-0.4-3.35.0-15.633.529.2非银金融-11.17.321.0 16.8食品饮料-26.02.5 38.7 6.2 5.511.811.010.210.1机械设备-5.7基础化工12.5-2.8 1.1 -0.6电力设备5.3 2.0 -18.3-1.9 -2.9 1.21.5 0.0 2.7-0.8 -0.7 2.9-1.8 2.2 -4.2 21.1房地产11.2 7.61.8 6.04.5 5.98.3 4.5轻工制造美容护理农林牧渔环保0.2 0.8 1.5 -0.8 1.6-1.0 1.7 1.2 -1.2 0.7纺织服饰汽车-4.0-2.0 -7.9 13.9 0.1综合-0.2 -0.4 0.1 0.4 -0.13.6 -6.1 -0.4 2.3 -0.60.4 -1.8 0.7 0.0 -0.72.5 -4.6 -5.0 6.1 -1.06.9 -1.2 -1.5 -5.7 -1.55.4 -6.1 4.7 -5.7 -1.77.6 -5.2 -7.2 2.7 -2.2国防军工社会服务交通运输钢铁建筑装饰公用事业煤炭-3.4 -4.0--3.9-5.4石油石化0.1-3.4 -4.5电子-15.615.9-22.013.5-8.3建筑材料0.80.0-7.2 -5.9-12.1计算机-15.0-4.8-4.6-3.8-3.7-16.4-17.4通信-7.7-10.9家用电器0.5-8.7-6.9-7.7-18.9传媒-5.9 -5.8-23.1-23.2商贸零售1.0-12.8-10.4-0.9数据来源：，WIND483.59105.2721.8%（25.65.84月偏20.43（325.01月为18.33本周公募基金总份额为27.80万亿份，环比上周增加11745.72亿份，其中偏股型基金5.84万亿减少505.19亿份、偏债型基金9.07万亿份增加575.57亿份。图6：新发基金度份变化 图7：偏股基金行情绪0

偏股基金亿份 偏债基金亿份 其他

平均认购时间天 募资额/募集目标右50 40 100%30 80%20 40%10 20%0 0% 数据来源：，WIND 数据来源：，WIND图8：近四周基份额动情况 图9：偏股基金额变情况基金份额变动2024/04/03 2024/04/12 2024/04/19 2024/04/2650000

偏股型基金份额 收盘价

3,8003,6003,4003,2003,0002,8002021/09/10 2022/09/10 2023/09/10数据来源：，iFIND 数据来源：，iFINDETF328TF43.170.2；ETF300（23.9亿，12100（3.56470（1.873.55（-1.460.。EF（596亿，.6（127亿，.21（8.7亿，0.8。图10：ETF份额情况 图近四周净申购ETF份额（亿份）股票型 债券型 商品型 货币型 跨境型25,00020,00015,00010,0005,00002020/1/1 2021/1/1 2022/1/1 2023/1/1

500

ETF份净申购（亿份）2024/4/3 2024/4/12 2024/4/19数据来源：，WIND 数据来源：，WIND表11：宽基指数ETF份额变动情况宽基指数2024/4/3份额（亿份）2024/4/12 2024/4/192024/4/26ETF变动2024/4/3 2024/4/12 2024/4/19 2024/4/26上证50509.20503.41504.97503.510.98%-1.14%0.31%-0.29%中证500349.63343.24343.02355.89-1.18%-1.83%-0.06%3.75%中证1000292.66285.15287.18300.75-1.80%-2.57%0.71%4.72%创业板指849.99860.39853.97863.62-0.57%1.22%-0.75%1.13%沪深3002138.602120.962121.802145.590.09%-0.82%0.04%1.12%科创501667.911679.431672.571678.600.26%0.69%-0.41%0.36%科创创业50511.42511.86511.19511.32-0.32%0.09%-0.13%0.03%MSCI中国A50245.14243.89236.53237.87-0.77%-0.51%-3.02%0.57%中证A50130.62139.82150.33155.71-5.32%7.04%7.52%3.58%数据来源：，WIND表12：主要行业/主题ETF份额变动情况行业/主题2024/4/3ETF份额（亿份）2024/4/12 2024/4/192024/4/262024/4/3ETF变动2024/4/12 2024/4/192024/4/26有色金属126.51128.45128.21126.553.25%1.53%-0.19%-1.29%电力设备199.95138.20199.06197.44137.57198.98-1.87%-0.45%-0.43%-0.81%0.78%0.41%0.54%新能车137.61138.14-1.39%-0.03%新能电池135.38136.76136.17136.910.29%1.02%-0.43%新能源143.02148.19142.43142.19142.50-0.86%-0.74%-0.42%-0.48%-0.16%0.22%碳中和147.48146.36145.67-0.76%-0.47%消费157.59156.28153.48152.06-0.14%-0.83%-1.79%-0.93%医药生物1819.00142.491834.40145.111846.26147.151846.25147.210.61%0.85%0.65%0.00%0.04%农林牧渔1.68%1.84%1.41%食品饮料270.95269.97268.89263.660.42%-0.36%-0.40%-1.94%TMT309.52310.28307.08168.93305.15166.861.83%0.24%-0.19%-1.03%-0.63%计算机172.25171.924.38%-1.74%-1.22%传媒143.29149.09150.12995.22152.27-0.08%4.05%0.69%1.43%电子988.43998.60983.140.59%1.03%-0.34%-1.21%国防军工258.61260.72257.18259.59-0.11%-0.31%0.82%-1.36%0.94%国企349.97340.75870.92351.09356.04358.04357.55364.000.32%1.41%0.42%红利348.470.41%2.26%2.75%1.66%非银金融884.27118.81891.10882.33-0.28%1.53%0.77%-0.98%银行123.69115.36111.41-0.94%-3.95%-2.91%-3.42%数据来源：，WIND（本表仅列举份额较高的行业或主题ETF，其中部分主题ETF跟踪指数涵盖不同的申万一级行业，而根据实际进行划分）融资融券：72.64.16亿5.06亿，7.90上周亿690.3亿上周7385亿50（上周15.6亿（97亿5.5亿（36亿；（-22.0亿（-21.4（-18.7亿。（80.3亿（15.7亿（13.4（-61.3亿（-58.4亿、电子（-52.5亿。图12：两融资金流入情况 图13：两融资金成交情况10000

融资净流入 融券净流两融净流入

19001400900400-100

周均融资买入额 周均融券卖出额 数据来源：，WIND 数据来源：，WIND表13：近四周行业融资净流动情况申万一级20240403202404122024041920240426近四周合计趋势图有色金属31.556.57.5-15.380.3国防军工10.0-15.7公用事业3.80.310.3-0.913.4石油石化0.3-7.2交通运输-1.83.8建筑装饰-2.8-2.4社会服务1.92.7-家用电器-0.3-0.1环保-0.3-0.50.8-0.3-0.2综合-0.60.9-0.2-0.4-0.3纺织服饰-1.10.1-0.81.1-0.7美容护理0.3-0.8-0.1-0.6-1.2食品饮料-1.0 12.5 -4.4-9.1-2.0商贸零售0.72.4-0.4-5.3-2.6汽车0.7-1.20.7-2.8-2.6基础化工-1.2-3.7-3.45.5-2.7建筑材料-3.3-0.5-0.41.4-2.8轻工制造-0.40.2-2.1-0.8-3.1农林牧渔-0.91.6-3.7-2.5-5.5钢铁-2.9-1.1-4.91.6-7.2房地产-0.2-5.3-5.5-2.7-13.6银行-7.4-5.4-7.23.6-16.5煤炭-8.2-9.5 -1.6 1.6-17.7机械设备-1.6-6.7-7.6-4.6-20.6非银金融-10.4-15.6-8.9-0.6-35.5通信-10.1-17.0-10.9-0.4-38.4电力设备2.5-4.7-19.8-18.7-40.7传媒-6.2-15.3-13.9-9.5-44.9电子10.7-26.4-14.8-22.0-52.5医药生物-6.8-15.5-14.7-21.4-58.4计算机-11.2-21.6-16.7-11.7-61.3数据来源：，WIND3.2. 流出端股权融资（：本周O共13.84图14：股权融资变化情况IPO募集资金（亿元） 配股募集资金（亿元） 定增募集资金（亿元）8数据来源：，WIND表14：近4周IPO和定增的行业变化情况2024/4/32024/4/12IPO2024/4/192024/4/26合计2024/4/32024/4/12定增2024/4/192024/4/26合计石油石化----------钢铁----------煤炭------4.38--4.38基础化工-----8.50---8.50有色金属----------机械设备----------电力设备------6.32--6.32国防军工----------汽车-----11.83---11.83家用电器----------纺织服饰----------轻工制造-----3.86---3.86食品饮料-------0.97-0.97农林牧渔----------医药生物------7.00--7.00商贸零售----------社会服务----------美容护理----------计算机----------传媒----------通信----------电子3.94---3.94-----环保----------公用事业----------交通运输-------36.00-36.00建筑材料----------建筑装饰----------房地产----------银行----------非银金融----------综合----------数据来源：，WIND（注：部分上市企业未划定申万行业分类，故与整体统计有偏差）669.4627.41%、261.550.99%152.581.00%65.280.21%、房地产48.34亿占比1.08%。未来四周解禁压力较大的为电子474.02亿、机254.25230.03136.34133.50亿。图15本周解禁市值（亿元）石油石化石油石化计算机传媒房地产银行非银金融综合数据来源：，WIND图16：未来四周解禁市值合计未来四周预计解禁市值合计亿元石油石化石油石化计算机传媒房地产银行非银金融综合数据来源：，WIND1.902.014.051.640.630.490.400.1744.88亿、2.421.951.890.79亿。图17：减持市值变动情况净减持（亿元） 上证综指（右）4000数据来源：，WIND

4000350030002500表15：近四周行业增减持变动情况净增持2024/4/32024/4/122024/4/192024/4/26近四周合计趋势图石油石化--5.01-5.01钢铁-----煤炭--3.03-3.03基础化工-0.10-0.371.00-0.490.05有色金属--0.01---0.01机械设备-0.08-1.15-0.690.02-1.89电力设备1.631.530.283.807.24国防军工----0.17-0.17汽车0.56-1.260.070.53-0.10