2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. On the evening of August 21, Beijing time, FTSE Russell, an international index preparation company, released the quarterly review results of the flagship index in August 2020. < p > < p > according to the announcement, its flagship index, the FTSE global stock index series (hereinafter referred to as FTSE GEIs), has newly incorporated 150 A shares in China, including 12 large a shares, 19 medium a shares, 114 small A shares and 5 micro A shares. < / P > < p > in addition, some A-share targets that have been included before have been classified and adjusted due to the change of market value. The above changes will take effect after the closing on September 18 (before the opening of trading on September 21). < / P > < p > in addition, this adjustment involves two A-share excluded indexes. Among them, a small cap stock is a long-term logistics; a micro cap stock is a Yaxiang integration. The rest of the deleted stocks are mainly H shares, B shares, P shares, red chips and the adjustment of China capital stocks. < / P > < p > according to the previous plan, FTSE Russell only made routine technical adjustments to the index constituent stocks this time, without involving the change of A-share inclusion factor. It should be noted that only the preliminary list is released this time. FTSE Russell will adjust the above list slightly according to the market conditions (such as the adjustment of Shanghai and Shenzhen Stock Exchange). The final inclusion in the list will be determined before the effective date of the index. < / P > < p > the FTSE Russell index adjustment will take effect after the closing on September 18 (before the opening on September 21). According to the historical experience of index adjustment, in order to reduce the tracking error of the index as much as possible, passive funds usually adjust their positions on the last day, so they often see the “abnormal” amplification of transactions of individual stocks with large weight changes, especially near the end of the day. In contrast, active funds do not have this constraint, so they can choose the time point of allocation. However, CICC’s previous research and report analysis indicated that the earlier the adjustment date (especially before the announcement) and the potential accident (which is not easy to predict) or the liquidity deviation in daily trading, driven by arbitrage funds, the greater the stock price reaction. After the announcement of the results and before the formal implementation date, some arbitrage funds will be allocated according to the formal results. However, on the formal implementation date of the adjustment, although passive funds “must” adjust positions according to the weight changes, the actual change of stock prices may not be consistent with the direction of weight adjustment. There will be a strong and weak game between early arbitrage funds and passive funds, and there is no lack of the situation that the stock prices of newly incorporated or newly increased stocks fall on the implementation date of adjustment. < p > < p > from the perspective of recent northward capital flow, the trend of net northward capital inflow since August is not very significant. In fact, since the beginning of this year, the plans of major international index companies to expand A-share have come to an end temporarily. Due to the lack of passive capital, unilateral inflow, and the increasing uncertainties of the global economy, the northward funds show the characteristics of “large-scale output and big advance”, and the volatility has increased significantly. < / P > < p > wind data display. On August 21, the net inflow of northward funds was 1.127 billion yuan, including a net outflow of 764 million yuan from Shanghai Stock connect and 1.891 billion yuan from Shenzhen Stock connect. Since this month, the total net outflow of northward funds is 1.948 billion yuan; since this year, the total net inflow of northward funds is 126.595 billion yuan. China Merchants Securities said that with the Federal Reserve’s monetary policy and overseas liquidity remaining loose, the scale of foreign capital flowing into China’s capital market may still be large, while between the allocation of stocks and bonds, foreign investors may prefer bonds. In the equity market, the inflow of foreign capital in the short-term A-share market will pick up, but the average level is not high. There are three reasons: first, it is difficult to rapidly improve the valuation of US stocks, and it is difficult to repeat the strong rise in the previous period; second, the external disturbance factors make the capital risk preference relatively restrained; third, the global fundamentals are still facing uncertainty under the epidemic situation. In terms of bond market, the interest rate spread between China and the United States may be close to the top, or will fall back, but it is still at a historically high level. Although the corresponding scale of foreign capital buying bonds has dropped from the highest level in history, it will still be at a higher level.