Large-scale outflows in a single day! These types of assets are being continuously reduced by funds.

(Source: Zheshang Securities Margin Financing and Securities Lending)

The following content is provided by Bolan Finance. It does not represent Zheshang Securities’ endorsement or approval of its views, and it does not constitute any investment advice. Operate based on this at your own risk; the market is risky, and investment should be approached cautiously.

As of April 3, the combined margin financing and securities lending balance across the three markets of Shanghai, Shenzhen, and Beijing was 25808.02 billion yuan, down 178.71 billion yuan from the previous trading day; the margin financing balance totaled 25627.23 billion yuan, down 174.85 billion yuan from the previous trading day; the securities lending balance totaled 180.78 billion yuan, down 3.86 billion yuan from the previous trading day.

On April 3, the flow of margin financing funds showed that sectors such as components, shipping ports, and optical and optoelectronics ranked among the top in net inflows, and there were 5 industries with net inflow sizes of more than 100 million yuan; sectors such as communication equipment, semiconductors, and photovoltaic equipment ranked among the top in net outflows.

In terms of balance changes, both bullish and bearish momentum declined at the same time. On the bullish side, the single-day decline in the margin financing balance was 0.68%; on the bearish side, the securities lending balance fell by 2.09% on the day.

From the perspective of position preference, a small number of industries received net capital inflows. Before the holiday, funds mainly reduced positions to hedge risks, while elastic products such as semiconductors experienced continuous position reductions. During the Qingming holiday, external geopolitical-related news continued to build up, but the likelihood of a comprehensive upgrade was low. The domestic capital market’s short-term bottom has already been identified; going forward, the main focus may be on range-bound repair. Funds may set up their positioning around the two main themes of “benefiting from high oil prices + earnings certainty.”

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