The annual investment income reached 113.180 billion yuan, and the investment yield was 4.27%, which was close to the increase of the Shanghai Composite Index in 2021, and exceeded the increase of the Shenzhen Component Index in the same period.
Such investment income does not come from a group of professional investment institutions, but this is the "record" of the National Social Security Fund in 2021.
On August 18, the National Council of Social Security Funds disclosed the operation of social security funds in 2021.
Data show that since its establishment, the social security fund has achieved an average annual investment rate of 8.30%, with a cumulative investment income of 1,795.825 billion yuan.
From the perspective of holding targets, the social security fund prefers large-capitalization and blue-chip stocks, and is quite "long-term" for some stocks.
In 2021, the investment yield will exceed the Shenzhen Component Index increase
The 2021 annual social security fund operation report (hereinafter referred to as the "report" released by the National Council of Social Security Funds on August 18 shows that in 2021, the investment income of social security funds will reach 113.180 billion yuan, and the investment rate of return is 4.27%.
The investment yield of the Social Security Fund in 2021 will be close to that of the Shanghai Composite Index over the same period, and will exceed that of the Shenzhen Component Index over the same period.
Among them, the realized income was 224.594 billion yuan (the realized rate of return was 10.09%), and the fair value change of trading assets was -111.414 billion yuan.
From a long-term perspective, the social security fund investment returns are more impressive.
The data shows that since its establishment, the cumulative investment income of the social security fund has exceeded 17,900 yuan. Except for the unilateral sharp decline in the market in 2008 and 2018, and the social security fund rate of return was negative, no matter how the market rose or fell at other times. A positive return was achieved.
Specifically, in 2018, the social security fund equity investment income was -47.685 billion yuan, and the investment rate of return was -2.28%, but the overall rate of return for the year remained at 2.56%.
In 2008, affected by the global financial crisis, the A-share market fell sharply that year. The social security fund had a net loss of 39.37 billion yuan in 2008, and the investment rate of return was -6.79%.
Talking about the investment and operation in 2021, the relevant person in charge of the Social Security Foundation said that in 2021, due to the global pandemic of the new crown pneumonia epidemic, the domestic and foreign macroeconomic environment will become more severe and complex, and capital market volatility will increase, and fund investment will face obvious risks and challenges. increase, and the difficulty of management and operation continues to increase.
From the perspective of the specific investment methods of social security funds, it is mainly divided into two types: direct investment and entrusted investment.
Direct investment mainly includes bank deposits, trust loans, equity investment, equity investment funds, transfer of state-owned shares and indexed stock investment.
Entrusted investment is managed and operated by an investment manager entrusted by the Social Security Fund, and mainly includes domestic and overseas stocks, bonds, securities investment funds, as well as overseas swaps, forwards and other derivative financial instruments for risk management.
The Social Security Foundation strengthens the management of entrusted investors by formulating asset allocation plans, establishing investment product strategies, and conducting regular assessments.
The report shows that by the end of 2021, the total assets of the social security fund will be 3,019.81 billion yuan.
Among them, direct investment assets were 1,021.308 billion yuan, accounting for 33.82% of the total social security fund assets; entrusted investment assets were 1,998.502 billion yuan, accounting for 66.18% of the total social security fund assets.
Social Security bought those stocks
What equity assets will the social security fund invest in in 2021?
Wind data shows that as of the end of the fourth quarter of 2021, the social security fund appeared in the list of the top ten tradable shareholders of 476 stocks, with a total shareholding of 8.389 billion shares and a total stock market value of 193.750 billion yuan at the end of the period.
Changes in shareholdings showed that 83 positions remained unchanged, 145 were reduced, 132 were newly acquired, and 116 were increased.
From the perspective of the proportion of tradable shares held, the social security fund holds the most shares in Shengquan Group, with a shareholding ratio of 15.12%, followed by Feilihua, with a shareholding ratio of 10.92% of the social security fund. The previous ones include Zhongrong Electric, Wald, Wuwu Biology, etc.
In terms of the number of shares held, there are 12 social security funds holding more than 100 million shares. The social security fund holds the largest share in Zijin Mining, holding a total of 401 million shares, followed by China General Nuclear Power, Panzhihua Iron and Steel Vanadium and Titanium, etc. Since then, the shareholdings were 168 million shares and 160 million shares respectively.
In terms of performance, among the stocks held by the social security fund, there were 353 companies with a year-on-year increase in net profit in their annual reports. Zhongtai Chemical and Shengtun Mining were among the top increasers, with their net profit increasing by 1769.96% and 1645.62% respectively.
According to the statistics of sector distribution, among the stocks held by the Social Security Fund, there are 331 on the Main Board, 98 on the ChiNext and 47 on the Science and Technology Innovation Board.
From the perspective of the industry, the shares of social security funds are mainly concentrated in the pharmaceutical and biological, electronic, and mechanical equipment industries, with 48, 44, and 44 individual stocks on the list respectively.
There is an increase and a decrease. According to the data, Sunlord Electronics was reduced by 3,809,500 shares from the social security fund in the fourth quarter of last year, reducing its shareholding to 8,040,800 shares.
In addition, Matsui, Flush, Xinquan, and Jinlei were "cleared" by the social security fund in the fourth quarter of last year (no longer appeared in the heavy-weight stocks).
Preference for large-cap blue-chip stocks, long-term holding
In terms of equity investment, some high-quality stocks are "long-term holding" by social security funds.
As of August 18, among the listed companies that have published their semi-annual reports, 105 of the top ten tradable shareholders have appeared in the social security fund.
Looking back, we found that a total of 58 stocks have been held by the social security fund for more than 4 consecutive quarters.
Among them, 41 social security funds have been held for more than two years, and 7 such as Shuanghui Development and Meiya Optoelectronics have been held by social security funds for more than 5 consecutive years.
The stock with the longest holding period of social security fund is Shuanghui Development, which has been held for 34 quarters since the first quarter of 2014. The latest National Social Security Fund Portfolio 503, National Social Security Fund Portfolio 106, National Social Security Fund Portfolio 101 The portfolio ranks the seventh, ninth, and tenth largest tradable shareholders of the company, with a total shareholding of 38,875,600 shares, accounting for 2.61% of the tradable shares. Meiya Optoelectronics and Xiamen also have a longer holding period of social security funds. Xiangyu, Angel Yeast, etc., have been held for 30, 26, and 25 consecutive quarters.
Among the 41 stocks that the social security fund has held for more than 2 consecutive years, Zijin Mining, Changshu Bank, Xiamen Xiangyu, etc. hold the top shares in terms of shareholding at the end of the second quarter, and the social security fund holds 364 million shares and 193 million shares respectively. shares, 141 million shares.
The top shareholding ratios of social security funds are Philippine, Baichu Electronics, Changshu Bank, etc., with shareholding ratios of 10.30%, 8.39% and 7.34% respectively.
Judging from the stock selection of the latest positions held by the Social Security Fund, there are two major characteristics.
First of all, among the currently heavily held targets of social security funds, there are few small-cap stocks with a market value of less than 5 billion yuan; secondly, most of the social security funds prefer to heavily hold some blue-chip stocks.
Analysts said that social security funds can achieve better "performance", and its investment philosophy, asset allocation system and risk management system.
In terms of investment philosophy, the National Council for Social Security Fund adheres to the concepts of long-term investment, value investment and responsible investment, and conducts investment operation and management in accordance with the principles of prudent investment, safety first, risk control, and improvement of returns to ensure the safety of the fund and achieve value preservation and appreciation.
In terms of asset allocation, the National Council for Social Security Fund has formed a relatively complete asset allocation system in investment operations.
In terms of risk management, centering on the overall investment objective, aiming at various investment risks that may arise in all aspects of management and operation, through special risk management means and methods to identify, measure, evaluate, monitor and control risks, covering all investment management activities. It has established a risk management responsibility system for business departments, risk management functional departments, risk management committees and investment decision-making committees, forming a relatively sound risk management system.