Abstract Stocks with low valuation and strong profitability are favored by social security funds. Now social security funds have significant differences in the proportion of ROE (return on net assets) less than 5%, and social security funds tend to be highly rated. Stocks with values ​​below 50 times. recently...
Recently, China Securities Finance Co., Ltd. (hereinafter referred to as “Certificateâ€), a member of the “National Teamâ€, has bought a large amount of the GEM Kunlun Wanwei (300418.SZ) and became one of its largest tradable shareholders. The focus of the capital market is around the increase, reduction or new development of the “big chunksâ€, and the volatility of the ChiNext is also larger than usual.
With the continuous disclosure of listed companies' mid-year reports and the second quarterly report of the fund, the positions of positions such as securities, Huijin, social security and public funds have gradually become clear.
The latest news is that as of the end of June, 172.15 billion yuan of pension funds have been received and investment institutions have been entrusted to invest. There is no doubt that the entry of long-term funds is of great significance for both stabilizing the market and guiding value investment.
Pensions gradually enter the market "Pension into the market, is a gradual and orderly process." A large public fundraising chief strategist told the First Financial. In accordance with the deployment of the State Council, the investment in pensions was officially launched this year. The investment operation of the basic pension insurance fund is related to the sustainability of the pension insurance system and the vital interests of the insured personnel.
As of the end of June, Beijing, Shanghai, Henan, Hubei, Guangxi, Yunnan, Shaanxi, and Anhui provinces have signed commissioned investment contracts with the National Social Security Fund Council. The total contract value is 410 billion yuan, of which 172.15 billion yuan has been received. And start investing, the remaining funds will be in place in batches in accordance with the contract. Some provinces are also actively promoting this work.
"By 2020, China's pension market is expected to reach 10 trillion yuan, and it will become a new highland in the asset management industry. How to use and manage these huge amounts of money is a challenge for the organization, including Pursuing high returns under risk control or reducing management costs, and providing a comprehensive solution for employers or individuals. For the first point, providing relatively high returns and reducing costs has become the consensus of various agencies." A pension management Agency executives said.
First Financial understands that due to the limited coverage of the basic pension as the first pillar of pensions and the limited coverage of the second pillar of corporate annuity, more and more pension researchers pointed out that it is necessary to learn from the United States. Successful experience, accelerating the establishment and launch of China's third pillar of personal account pension (IRA), has become a broad consensus.
In view of the fact that nearly 50% of the US IRA is investing in mutual funds and the positive interaction between pension funds and capital markets, how to establish a pension fund product line that meets the requirements of the third pillar for domestic public funds can match the risk-return characteristics of participants. FOF (funds in funds) products that reduce performance volatility and cross the economic cycle, such as target date funds or target risk funds, are a huge opportunity for them.
The size of US IRA assets accounts for more than 30% of GDP, so major fund companies are highly concerned about this. What needs to be seen is that for ordinary investors, IRA asset investment is different from ordinary investment. The core is to focus on long-term investment and share the benefits.
"According to the experience of US investment management, from the perspective of pension assets, there are two suggestions for the choice of investment managers: First, only select investment managers with historical performance; second, follow full diversification in investment. The principle is not only the diversification of different asset classes, but also the diversification of different managers, and diversification under the same type of assets. In order to achieve better risk management purposes.†A pension researcher also First Finance said.
In the second quarter of the social security, five new stocks were mainly allocated to bank deposits and government bonds. In the past five years, the annualized yields of pensions were 2%, 2.5%, 2.6%, 2.9% and 3.1%, respectively. The average annualized 8.8% yield (only after the 2003 financial crisis underperformed inflation) is quite different. The social security fund's investment income mainly comes from the secondary market. In fact, value-added preservation through capital markets is also a common practice in Western countries.
“Because the Social Security Fund Board entrusts public funds and other institutions with pension management qualifications to take care of pensions, the pension style and strategy will be used in the previous social security fund.†A Shenzhen public fund believes.
"The social security fund investment will have a long period of time, and the pursuit of long-term stable income. Our approach is based on its product attributes and characteristics, combined with the judgment of the market, to find a portfolio that matches its needs, Continuous dynamic management.†An investment manager in Beijing who has a social security fund management qualification agency also said in an interview.
According to the position data disclosed in the 2016 annual report, the social security fund held 553 stocks, and the total market capitalization reached 147.73 billion yuan, covering more than 20% of the stocks in the market.
By the end of the second quarter of this year, as of 19:00 on July 30, from the less than 200 listed companies that have published semi-annual reports, the First Financial News has found that according to the statistics of Eastern Fortune, as of now, 26 social security funds have been combined. Hold 46 of these stocks.
Among the 46 stocks, 5 stocks are new, namely Shuijingfang (600779.SH), Weihua (002240.SZ), Resheng Technology (603601.SH), Yunyi Electric (300304.SZ) And Keyuan shares (002380.SZ). Among them, Yunyi Electric is a new “good heart†of the two social security fund portfolios, with a total of 5.638 million shares.
In order of high to low, the social security fund held the top five in the second quarter, followed by Chengde Lulu (000848.SZ), Gu Yue Longshan (600059.SH), Connie Electromechanical (603111.SH) ), Oriental Fortune (300059.SZ) and Fiberhome Communications (600498.SH).
According to further statistics, the Social Security Fund held new shares in the second quarter of Guodian Nanrui (600406.SH), Angel Yeast (600298.SH), Zhongbai Group (000759.SZ), Fuling mustard (002507.SZ) and Fiberhome Communications. However, at the same time, Chengde Lulu and others were greatly reduced.
“From the perspective of the company's fundamentals, stocks with low valuations and strong profitability are favored by social security funds. Now social security funds have significant differences in the proportion of ROE (return on net assets) less than or equal to 5%. Social security funds also tend to be highly stocks with valuations below 50 times," said Xia Renmin, a macro strategy analyst at CITIC.
Xia Renmin pointed out that the social security fund's preference for high dividends and low beta companies reflects its relatively conservative and partial defense investment style, but it does not rule out its allocation requirements for some high beta growth stocks. In addition, through the shareholding statistics of the enterprise annuity, we can also see its emphasis on the company's performance and profitability.
Some organizations sell the national team "good heart"
In addition to the shareholding of social security funds, from the perspective of listed companies that have disclosed the interim report, statistics show that there are 16 securities holdings, including three new ones. Specifically, the highest proportion of securities holdings in the circulation of A shares is Kunlun Wanwei (300418.SZ), Huace Film (300133.SZ), Borui Communication (600880.SH), Luoyang Molybdenum (603933.SH) ) and Lujiazui (600663.SH) are also held in heavy positions in the securities, and the proportion of shares held by these listed companies in their outstanding shares is above 3%.
The three stocks of the new securities are Kunlun Wanwei, Sujiao (300284.SZ) and Huace Film and Television, and all three stocks are GEM. The remaining 16 stocks except Chengde Lulu are small and medium-sized boards. The rest are from the Shanghai Stock Exchange.
Statistics also show that Huijin holds 44 shares, of which 4 are added, namely Goer shares (002241.SZ), Hikvision (002415.SZ), Fuling mustard and Oriental wealth.
In addition, the new trend of China's new economy, Jiashi new opportunities, flexible allocation of southern consumer energy, flexible configuration of Yifangda Ruihui and flexible allocation of China Merchants Fengqing have also been disclosed with the China Daily.
According to the second quarterly report of the fund, the five “national team†funds in the second quarter had a heavy stock of 37 stocks. Compared with the first quarter, the number of newly-increased, over-represented and reduced-holding stocks was 3. Overall, low-value blue-chip stocks are favored by “national team†funds, with banking stocks, home appliance stocks and pharmaceutical bio-stocks being the most popular.
Judging from the new stocks, the new “national team†fund stocks include Sanan Optoelectronics (600703.SH), Oriental Yuhong (002271.SZ) and Qingdao Haier (600690.SH).
Among them, Yifangda Ruihui Fund newly added 84,187,700 shares of Sanan Optoelectronics and 4.79 million shareholders Fang Yuhong in the second quarter; Jiashi New Opportunity and Southern Consumer Energy Two Funds respectively entered 18.85.37 million shares and 36,896,400 shares of Qingdao Haier in the second quarter. .
However, it should be noted that the small and medium-sized enterprises that are held by the “national team†do not mean that their stock prices continue to be strong. Just after the semi-annual report was released on the evening of July 24th, Kunlun Wanwei was violently smashed by institutions on the 27th and 28th. The data on the 28th of the Dragon and Tiger charts showed that one agency seat sold 568 million yuan.
However, there is no doubt that the entry of long-term funds is of great significance for both stabilizing the market and guiding value investment. On July 4th, the “Opinions of the General Office of the State Council on Accelerating the Development of Commercial Endowment Insurance†(State Council issued [2017] No. 59 Document) was released and received wide attention from the industry.
Circular 59 proposes, “Supporting qualified commercial insurance institutions to apply for relevant qualifications, actively participate in the management of enterprise annuity funds and occupational annuity funds, and provide quality and efficient services in fund trusteeship, account management, investment management, etc.†Some analysts said, This means that about 200 billion yuan of high-stable long-term funds will flow to the financial market every year.
“Now the problems generated by the capital market are caused by false and untrue information. When these bad things and bubbles are removed, it will help the long-term development of the market.†The above-mentioned public fund chief strategist is the first Finance said that with the continuous strengthening of supervision, A shares are expected to continue to improve.
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