Heavy! The 180 billion pension sketching A-share map team is professional and experienced.
A great weapon to stabilize the capital market this week has come! The long-rumored 180 billion pension finally entered the A-share market and began to invest. The investment trajectory of pension in A shares is becoming a topic of great interest to investors.
A few days ago, the Ministry of Human Resources and Social Security revealed at the relevant press conference that in terms of investment in basic endowment insurance funds, the governments of nine provinces (autonomous regions and municipalities) such as Beijing and Anhui have signed entrusted investment contracts with the Social Security Fund Council, with a total contract value of 430 billion yuan, of which 180 billion yuan has been received and investment has begun.
Heavy
180 billion pensions began to invest.
180 billion yuan has been invested, and at least 250 billion yuan is on the way. The huge volume of pensions has attracted much attention. How big can the basic pension finally enter the market? How much does it flow into the stock market?
At present, there are two estimates in the industry. Dong Ke, a professor at Renmin University, predicted at the end of last year that the balance of basic pensions in China is about 3.5 trillion yuan, and it is expected to reach 5 trillion yuan in the next five years. The internal forecasts of some insurance institutions show that the balance of the national basic pension is at least 2 trillion yuan. These will not all be put into the stock market. The Ministry of Human Resources and Social Security has made it clear that the total investment in equity products such as stocks will not exceed 30% of the net asset value.
As for the current size, the market believes that the Social Security Fund Council has been entrusted with a basic pension of 180 billion yuan, and the upper limit of entering the stock market may be 54 billion yuan.
direction of a current
16 pension portfolios are new.
What investments did the 180 billion yuan make? How are these funds allocated? The third quarterly report of listed companies unveiled the investment trajectory of pension portfolio in the A-share market in response to the pension market’s concern.
Wind data shows that as of October 31, the basic endowment insurance fund portfolio bought six stocks in the third quarter, and all of them were new in the third quarter. These six stocks are Dahao Technology, Shangfeng Cement, Hudian, Tiandi Technology, Guangzhou Restaurant and Rongan Real Estate. The market found that the accumulated market value of the pension portfolio for these six stocks was only 197.3888 million yuan, which was only a small test stage compared with the large army of 180 billion yuan. In the second quarter of this year, the pension portfolio bought a small amount of three stocks, namely Zhenghai Magnetic Materials, Jiuyang Shares and Shoushang Shares. However, as of the end of the third quarter of this year, the pension portfolio reduced all three stocks.
The pension portfolio is very active in playing new shares offline. As of October 31, 16 pension portfolios have spent more than 86.9 billion yuan to "innovate" offline. Analysts said that for pensions, investment pays more attention to safety and decentralization. Pensions may be biased towards absolute returns, and there can be no sustained long-term losses, which is also confirmed by participating in the subscription of new and convertible bonds. Pensions have also participated in Palm Shares, Luoyang Molybdenum Industry and Tapai Group through fixed increase, and have already made great floating profits.
The market believes that the long-term style of each basic pension insurance portfolio remains to be seen, but individual style differences have been revealed. For example, the 801 portfolio continues the style of Guangdong-style funds and is good at tapping investment opportunities from sub-new companies. The 802 portfolio embodies the characteristics that veteran investment managers are good at portfolio allocation. The 903 combination has a unique sense of smell for policy-sensitive periodic varieties.
According to the latest third quarterly report, the basic endowment insurance fund 801 has increased its holdings of Guangzhou Restaurant, a new share, and has become the largest tradable shareholder of the stock. At the same time, the portfolio significantly reduced its shareholding in Shoushang, which is a commercial stock held by a fund and Niusan. The 802 combination of basic old-age insurance significantly reduced its holdings of Jiuyang shares and Zhenghai magnetic materials, and increased its holdings of Hudian shares. The stocks that have been reduced are well-known home appliance stocks and new energy vehicle concept stocks, while the holdings are component companies held by many institutions. The 903 portfolio of basic endowment insurance increased its holdings of Shangfeng Cement and Rongan Real Estate in this quarter, both of which are related to the industrial chain of infrastructure real estate. And the basic pension portfolio is the only fund management institution among the top ten tradable shareholders of these two companies. In addition, the basic old-age insurance 804 portfolio increased its holdings of Tiandi Technology, and the 904 portfolio increased its holdings of Dahao Technology.
safe
All localities only use surplus funds for investment and operation.
The person in charge of the relevant department of the Ministry of Human Resources and Social Security said that after the investment and operation of the pension insurance fund, all localities set aside pensions to ensure the current payment, but only used the surplus funds for investment and operation. Insured people do not have to worry that the timely and full payment of their pensions will be affected, and the investment and operation of the fund is conducive to ensuring the future pension payment.
At the same time, the Ministry of Human Resources and Social Security said that the Ministry of Human Resources and Social Security and the Ministry of Finance have improved the supervision system and mechanism to ensure its safety in many ways. The Ministry of Human Resources and Social Security said that the endowment insurance fund will be collected by the provincial government and entrusted to operate centrally.
The endowment insurance fund will invest in a diversified way, not putting eggs in one basket, and will choose more mature investment varieties for investment. The state will give special policy support, and ensure long-term stable income by participating in major national projects and major projects, and participating in the restructuring and listing of key state-owned enterprises.
The market also noticed the firewall system of pension investment. According to the Ministry of Human Resources and Social Security, according to regulations, investment institutions and trustee institutions respectively set up risk reserves at 20% of management fees and 1% of annual investment income, which are specially used to make up for possible losses in pension fund investment.
organization
The investment team is professional and experienced.
Because the pension pursues long-term and stable income, the team qualified for pension investment should also be tested by the market.
The market has noticed that the investment performance of pensions is actually contributed by teams at two levels. On the one hand, the management team of the National Social Security Fund Council is responsible for the allocation of funds and assessment. On the other hand, the team of investment institutions responsible for investment in one or several professional directions.
It is understood that the "XXX Portfolio of Basic Endowment Insurance Fund", which has attracted much attention from the market, is actually a portfolio managed by an investment management institution in a certain direction. The assets of this portfolio usually focus only on a certain field of investment and do not make too many position adjustments, and its scale is dynamically adjusted by the social security fund according to the situation. For example, the pension portfolio starting with three characters is basically a fixed-income portfolio (including institutions such as Nanfang, Penghua, Dacheng, Yin Hua, ICBC Credit Suisse, Huatai Asset Management, Taikang Asset Management and CITIC Securities), while those starting with eight characters and nine characters are actively managed equity portfolios (including institutions such as E Fund, Bosera, Huaxia, Jiashi, Fuguo and Dacheng).
Usually, investment institutions that undertake pension management portfolio will set up special teams to screen the best fund managers in a certain field to participate in pension management. This is the same as managing the social security fund portfolio at the beginning. Huaxia Fund launched Wang Yawei and Bosera Fund arranged Guijiang and Deng Xiaofeng. Historically, during the fluctuation period of the A-share market, the combination of national social security fund management had a very classic operation.
Text/reporter Liu Shenliang
related news
Public Offering of Fund, the goal of providing for the aged, is coming.
(Reporter Zhu Kaiyun) The China Securities Regulatory Commission recently issued the "Guidelines for Pension Target Securities Investment Funds (Trial)" (hereinafter referred to as the "Guidelines") for public comments.
What is the pension target securities investment fund? According to the exposure draft, the pension target fund refers to a publicly raised securities investment fund that aims at pursuing the long-term steady appreciation of pension assets, encourages investors to hold them for a long time, adopts mature asset allocation strategies, and reasonably controls the risk of portfolio fluctuation.
At present, it is of great significance and necessity to formulate "Guidelines" and launch "Pension Target Fund": First, it is conducive to giving full play to the role of professional financial management in Public Offering of Fund’s pension investment. Second, it is conducive to the formation of special pension investment fund product categories, which is convenient for investors to identify and choose investments. At present, there are a large number of Public Offering of Fund, which has exceeded 4,000, with different styles. Formulating the Guidelines and clarifying the relevant arrangements of pension funds in terms of investment strategy and investment ratio will help to form special pension fund product categories and facilitate investors to identify and choose. Third, it is conducive to the long-term sustainable and healthy development of pension funds. In recent years, the industry has introduced some pension funds one after another, and most of them have achieved good returns by adopting a prudent investment strategy and controlling their positions. Summarizing the operation experience of pension funds in the early stage to form industry standards is conducive to the long-term sustainable and healthy development of pension funds.
According to the "Guidelines", pension target funds should adopt a regular and open operation mode or set a minimum holding period for investors to match the investment strategy of the fund. The closed operation period or the minimum holding period of the pension target fund should be no less than one year. If the closed operation period or the minimum holding period of the pension fund is not less than one year, three years or five years, the proportion of the fund invested in stocks, equity funds and hybrid funds shall not exceed 30%, 60% and 80% in principle.
The Guidelines require that the pension target fund should include the word "pension target" in the fund name and reflect the investment strategy. The pension target fund adopting the target risk strategy also needs to specify the product risk level in the fund name. Other Public Offering of Fund, shall not use the word "pension". In the publicity and promotion materials of the pension target fund, it should be clear that the name of "pension" does not represent income guarantee or any other form of income commitment, and it should be marked in a prominent position that the product does not break the capital and may suffer losses.