The much-watched trillion-dollar pension investment transcript was released.
On September 14, the National Council of Social Security Fund issued the "Annual Report on the Operation of Basic Pension Insurance Fund Entrusted by the National Council of Social Security Fund (2020)", showing that by the end of 2020, the total assets of the basic pension insurance fund amounted to 1,395,085 million yuan, and the basic pension insurance The fund's equity investment income amounted to 113.577 billion yuan. Last year, the investment return rate reached 10.95%, which was higher than the 9.03% level in 2019, and was also much higher than the average annual investment return rate since entrusted operations.
According to the semi-annual report of the listed company, the reporter separately calculated the latest shareholding roadmap of the social security fund and the basic pension insurance fund.
Judging from the industry distribution of the top five stocks, social security funds still prefer finance.
Investment rate of return 10.95%
The basic old-age insurance fund is a part of the basic old-age insurance fund and its investment entrusted to the Social Security Fund in accordance with the "Basic Pension Insurance Fund Investment Management Measures" issued and implemented by the People's Government of each province (autonomous region and municipality directly under the Central Government) on August 17, 2015. income.
According to the "Basic Pension Insurance Fund Investment Management Measures" and the entrusted investment management contracts signed by the Social Security Fund and the people's governments of the entrusted provinces (autonomous regions and municipalities), the Social Security Fund implements separate management, centralized operation, and management of the entrusted basic pension insurance funds. Independent accounting.
Data show that in 2020, the basic pension insurance fund equity investment income amounted to 113.577 billion yuan, and the investment yield rate was 10.95%, of which: realized income was 85.327 billion yuan (realized return rate of 8.50%), and the fair value of transaction assets was 28.25 billion yuan. Yuan.
Since the basic pension insurance fund was commissioned in December 2016, the cumulative investment income has been 19,846 million yuan, and the average annual investment return rate is 6.89%.
It is reported that the investment scope of the basic pension insurance fund mainly includes: bank deposits, central bank bills, interbank certificates of deposit; national bonds, policy and development bank bonds, financial bonds with investment grade or above, corporate (corporate) bonds, and local government bonds , Convertible bonds (including separate transaction convertible bonds), short-term financing bills, medium-term notes, asset-backed securities, bond repurchases; pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bond futures.
In addition, the basic pension insurance fund for major national projects and major projects can participate in investment through appropriate methods.
When key state-owned enterprises are restructured and listed, the basic pension insurance fund can make equity investments.
The annual report pointed out that the Social Security Fund has formed a relatively complete asset allocation system in its investment operations, including a strategic asset allocation plan, an annual tactical asset allocation plan, and a quarterly asset allocation execution plan.
Among them, the strategic asset allocation plan determines the medium and long-term target allocation ratios and ratio ranges of various assets.
The annual tactical asset allocation plan is to determine the allocation ratio of various assets in the year within the range of the proportion of various assets specified in the strategic asset allocation plan.
The quarterly asset allocation execution plan is to determine the specific quarterly execution plan and make dynamic adjustments through the analysis of the situation and the review of the annual asset allocation plan.
In terms of investment methods, the Social Security Fund adopts a combination of direct investment and entrusted investment to carry out investment operations.
Direct investment is directly managed and operated by the Social Security Fund, which mainly includes bank deposits and equity investment.
Entrusted investment is managed and operated by an investment manager entrusted by the Social Security Fund, which mainly includes domestic stocks, bonds, pension products, listed securities investment funds, and stock index futures, treasury bond futures, etc.
The annual report shows that at the end of 2020, the total assets of the basic pension insurance fund will be 1,395,085 million yuan, the total liabilities will be 150.627 billion yuan (mainly the short-term liabilities formed by the basic pension insurance fund in investment and operation), and the total equity will be 1,244.458 billion yuan, of which: direct investment is 470,006 million yuan. Yuan, accounting for 37.77%; entrusted investment of 774.452 billion yuan, accounting for 62.23%.
Steady investment performance
As a weather vane of long-term funds in the capital market, what is the investment performance of the basic pension insurance fund?
On August 18, the 2020 annual report of the Social Security Fund was released.
The National Social Security Fund is a national social security reserve fund used to supplement and adjust social security expenditures such as pension insurance during the peak period of population aging.
The National Social Security Fund consists of central fiscal budget appropriations, state-owned capital transfers, fund investment income, and funds raised by other methods approved by the State Council.
At the end of 2020, the total assets of the social security fund will be 2,922.661 billion yuan, the investment income of the social security fund will be 378.66 billion yuan, and the rate of return on investment will be 15.84%.
Among them, the realized income was 204.574 billion yuan (realized return rate of 9.58%), and the fair value of transaction assets was 174.086 billion yuan; the social security fund's annual average investment return rate since its establishment was 8.51%, and the cumulative investment income was 1.625.06 billion yuan. .
Comparing the performance of the index, at the end of 2020, the Shanghai Composite Index closed at 3473.07 points, an increase of 13.9%; the Shenzhen Component Index closed at 14,470.68 points, an increase of 4039.91 points from the end of the previous year, an increase of 38.7%.
In comparison with the investment income of insurance funds, market statistics show that in 2020, the investment income of insurance funds in stocks and securities investment funds totals 310.1 billion yuan.
Among them, the return rate of insurance investment securities investment funds reached 12.2%, and the return rate of investment stocks was 10.87%.
The data shows that the total net investment income of listed insurance companies in 2020 will be 481.656 billion yuan, an increase of 10.03% year-on-year; the total investment income will increase by 14.20% year-on-year to 585.634 billion yuan.
The list of heavy stocks is released
Recently, the semi-annual reports of listed companies have been disclosed, and the latest shareholding roadmaps for social security funds and basic pension insurance funds have also surfaced.
According to reporter statistics, at the end of the second quarter, the Social Security Fund held the highest market value of Agricultural Bank of China (601288.SH), reaching 71.3 billion yuan, with 23.5 billion shares held.
Judging from the industry distribution of the top five stocks, social security funds still prefer finance.
In terms of basic pension insurance funds, from the perspective of the number of shares held, Focus Media held the largest number of shares in the first half of the year, with a shareholding of 133,594,900 shares; from the perspective of stock market value, the market value of Renfu Pharmaceutical's holdings reached 1,324.6728 million.
In addition, insurance funds are also one of the weather vanes of long-term funds in the capital market.
According to statistics, insurance funds held the highest market value of China Life at the end of the second quarter, reaching 654.8 billion yuan, with 19.3 billion shares held.
Author: Du Chuan