外資連續7日加倉，託管於外資機構的北上資金成為淨流入主力
北向資金日內淨買入28.25億元，連續7日加倉。
上週北向資金大幅淨買入逾328億元，創年內新高，為近8個月來最大單週淨買入。今年以來北向資金累計淨買入逾734億元，已超過去年全年。
根據招商證券數據，分北上資金的託管機構類別來看，當前託管於外資機構的北上資金已成為淨流入主力。截至2024年3月15日，託管於外資銀行的北上資金已累計淨流入396億元，託管於外資券商的北上資金累計淨流出規模持續收窄，託管於中資券商的北上資金淨流入明顯放緩。
在行業選擇上，託管於中資機構的北上資金偏好比較穩定，節後市場企穩回升以來，每週淨買入規模最高的行業都 集中在銀行、食品飲料、非銀金融、電子、汽車、醫藥生物、電力設備等權重行業。這部分資金一定程度可以説是A股市場的逆勢護盤資金，因此其加倉方向以權重股為主。
託管於外資機構的北上資金加倉的行業相對分散，且波動較大。第一，是延續外資對大白馬的偏好，加倉銀行、食 品飲料等行業；第二，加倉了交運、採掘、公用事業等高股息行業；第三，加倉了電力設備、電子、汽車等偏成長 或者景氣度邊際改善的方向。
對於北向資金加入流入的原因，招商證券總結為4點：（1）富時羅素指數調整帶來被動跟蹤資金將進一步增配A股。（2）美元兑人民幣匯率保持相對穩定。（3）印度、日本等外圍股市創歷史新高的同時A股估值性價比突出，外資或存在一定組合再平衡的訴求。（4）2月CPI同比轉正疊加1 2月進出口超預期改善，積極因素累積增多，經濟預期或有所修復。
招商證券指出，從淨流入行業角度看，3月以來北上資金整體偏好買入電力設備、食品飲料、家用電器等行業。託管於外資機構的北上資金加倉的行業相對分散，且波動較大。第一，是延續外資對大白馬的偏好，加倉銀行、食品飲料等行業；第二，加倉了交運、採掘、公用事業等高股息行業；第三，加倉了電力設備、電子、汽車等偏成長或者景氣度邊際改善的方向。
從目前來看，這部分北上資金的風險偏好有所改善，未來隨着國內經濟温和回升以及美聯儲政策轉向，有望延續迴流，而這部分資金相對而言更偏好A股大市值、偏成長風格的股票。因此如果北上資金的迴流能夠得以持續，有望對A股大盤成長風格形成一定提振作用。
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