Fund tracking topic: dividend&repurchase scale is the highest in the same period in history
Core conclusions:
The capital inflow in April this year improved month on month. 1) In April 2024, the monthly net capital inflow of A shares accounted for 0.40% of the circulating market value, an improvement from - 0.16% in the previous month. Compared with the same period in history, the proportion of net capital inflow in circulation market value in April 2024 is only second to 2021, which is better than most years since 2018. 2) By item, the improvement of net capital inflow in April this year was mainly due to the rebound of private fund positions and the decline of equity financing scale, while the above two projects were still improving from the end of April to May 20. In addition, the dividend amount of listed companies in May far exceeded the seasonality.
The number of new accounts opened in April was the lowest in eight years. 1) In April 2024, the number of new accounts opened by the SSE was 1473500, 944400 fewer than the previous month. Compared with the same period in history, the number of new accounts opened in April 2024 is at a low level since 2016. 2) From the beginning of the year to the end of April, the cumulative number of new accounts opened by SSE reached 7.1444 million, lower than all the years since 2016.
The financing balance has fluctuated in a narrow range recently. 1) In April 2024, the financing balance decreased by 22.406 billion yuan month on month, and the previous value increased by 55.516 billion yuan. From the end of April to May 20, the financing balance increased by 23.392 billion yuan. 2) The proportion of financing balance in circulation market value is still weak. As of May 20, the proportion of all A financing balance in the circulating market value was 2.22%, which was at the median level since 2018.
The capital from Beijing has been flowing in for three consecutive months. In March, the capital inflow of Beishang was 21.985 billion yuan. In April, the capital inflow of Beishang was 6.020 billion yuan. From the end of April to May 20, the capital inflow of Beishang was 18.937 billion yuan. On the whole, the capital outflow of A shares from August 2023 to January 2024 was six consecutive months, while the capital inflow of February April this year continued.
The listed companies' repurchases, share reductions and dividends were all positive. 1) From the end of 2023 to May 20, 2024, the repurchase amount of listed companies is 144.217 billion yuan, and the average monthly repurchase scale is 28.464 billion yuan, which is higher than that of all years from 2016 to 2023. 2) The scale of shareholding increase in April 2024 is 504 million yuan, which is significantly improved compared with the reduction of 3.075 billion yuan in March. From the perspective of annual data, from the end of 2023 to May 20, 2024, the cumulative shareholding increase of listed companies was 473 million yuan, the first annual net shareholding increase since 2008. 3) Since the second quarter, the dividend amount of listed companies has increased significantly and far exceeds the seasonality. The dividend amount of listed companies was 51.897 billion yuan in April and 210.788 billion yuan in May, both the highest in the past decade.
The scale of equity financing has shrunk month by month since March. 1) The scale of equity financing in April was 26.154 billion yuan, down from 36.561 billion yuan last month. 2) The equity financing scale from the end of 2023 to May 20, 2024 is 147.718 billion yuan, and the average monthly financing scale is less than all years from 2014 to 2023, or even less than half of 2023.
Risk factor: there is a time lag in the release of some data; The estimates of some projects deviate from the actual situation.
