Abstract: We analyzed Shanghai/Shenzhen northbound Connect flows for 1Q2026 using our data engine, following the exchange rule change to quarterly position disclosure. We estimate net outflows of US$1,441 million in the quarter, with total northbound holdings of US$379 billion at quarter end, up US$1 billion (0.2% QoQ) despite the CSI 300 declining 3.9%. The largest inflows were into CATL (300750 CH, +US$3,714m), Zhongji Innolight (300308 CH, +US$1,328m), Suzhou TFC Optical Communication (300394 CH, +US$1,097m), Eoptolink Technology (300502 CH, +US$964m), and Zhejiang Century Huatong (002602 CH, +US$909m). The largest outflows were from Luxshare Precision (002475 CH, -US$862m), CHALCO (601600 CH, -US$568m), Ningbo Deye Technology (605117 CH, -US$501m), Zijin Mining (601899 CH, -US$456m), and Cambricon (688256 CH, -US$424m).
CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision, CHALCO, NINGBO DEYE TECHNOLOGY
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