The Operation Of Local Pension Market Will Start &Nbsp, And Three Main Assets Will Be Invested.

local Old-age pension Market operation is about to start. Analysts say they have been allowed to transfer to the whole country. guarantee The local pension fund operated by the Fund Council and its subsequent investment in local pensions will soon begin to operate. Analysts said that the local pensions which have been approved to be transferred to the National Social Security Fund Council and the basic pensions that are then expected to be invested will be invested in the social security fund. There are three main categories of investment targets, including stocks, bonds and industrial investment.

It has been reported that a province in the South has been allowed to transfer the basic pension of 100 billion yuan to the National Council for social security fund and will invest in the first quarter.

At present, in the asset allocation of the national social security fund, about 45% will invest in fixed income products, such as bank deposits, treasury bonds, corporate bonds, financial bonds and so on. About 30% will invest in stocks; about 25% will be used for PE investment and other investment.

It is understood that the local pension investment target will refer to the social security fund investment, mainly invest in stocks, bonds and industrial investment, diversification of asset allocation can achieve investment. risk The balance between decentralization and maximization of income is conducive to maintaining and increasing the value of the pension system.

Analysts pointed out that from the international practice, pension investment and operation is not limited to the stock market, but also includes bonds, industrial investment priority given by the state and so on. Out of the need to maintain and increase the value of pension funds, the 100 billion yuan funds will primarily invest in fixed income assets, and the scale of investment will remain at around 50%, and the proportion of investment in the stock market will be around 30%.

At present, local pensions Rate of return Very low. According to Zheng Bingwen, director of the world social security research center of the Chinese Academy of Social Sciences, the total pension yield across the country from 2000 to 2008 may be less than 2%. If the inflation rate is deducted, the annual average return is negative. By the end of 2011, the annual average investment return of the national social security fund was about 7%-9%. The social security fund began to invest in stocks in 2003, with a maximum investment ratio of 40%, accounting for about 30% in general, and a contribution rate of 50% in stock investment income.

Industrial investment will also be the main direction of local pension investment, and the equity of high-quality enterprises will be favored. Statistics show that the national social security fund has invested 10 billion yuan, 18 billion yuan, and 10 billion yuan respectively in the Bank of China, the industrial and Commercial Bank of China and the Bank of communications. In addition, the investment in the national social security fund, such as the Agricultural Bank, the State Development Bank, the people's Insurance Group and other financial institutions, has reached the level of 10 billion yuan.

The news that a pensions will enter the market in a southern province will activate a pool of water. In the future, long-term capital increment funds will enter the market. In addition to the psychological impact, investors are most concerned about what stocks the pension will invest in.

Guo Weiming, a securities strategist at Guangzhou, told reporters yesterday that the low price earnings ratio, the future performance and the large blue chip sector with stable cash flow, such as banks, coal and real estate, are possible. Although the real estate is under the pressure of regulation and control, the leading objects of cash flow without pressure are also in line with the above characteristics. In addition, the good companies in biomedicine and TM T in emerging industries may also become the object of choice, mainly preserving and increasing value. In terms of liquidity, big blue chips are more suitable for large capital operations. This is the more consistent expectation in the industry: the investment direction of pension should be very similar to that of social security fund.

Last year, three quarterly reports showed that the top three sectors of the existing social security market were the machinery industry (the first place in 11 consecutive quarters), financial insurance (second in the second quarter of the 2011 quarter, second in the third quarter), transportation (third from fifth in the second quarter of 2011 to third in the third quarter of 2011). These plates are likely to be the key targets for pension allocation. {page_break}

　　 Machinery and equipment are most favored by social security.

From the fourth quarter of the social security fund in the third quarter of 2004 to the third quarter of 2011, the ranking of the market value of machinery industry was the exception. In addition, more than three of the top 10 industries are transportation, electricity and water supply, metal and non-metal industries.

The social security fund has increased its position in the three quarter of last year. According to Southwest Securities statistics, the stock market value of the social security fund listed in the 2011 third quarter of the ten largest circulation shareholders totaled 40 billion 666 million yuan, which was 4 billion 252 million yuan lower than the 44 billion 918 million yuan in the second quarter of 2011, with a reduction of 9.47%, the third highest level in history. If we consider the cumulative decline of the Shanghai Composite Index in the third quarter of 14.59%, there will be a slight increase in positions. The social security fund held a total of 3 billion 142 million 678 thousand and 700 shares in the third quarter of 2011, representing an increase of 318 million 933 thousand and 400 shares over the 2 billion 823 million 745 thousand and 300 quarter of the second quarter of 2011, with an increase of 11.29%.

The number of stocks held by the social security fund in the third quarter of 2011 was 297, while the second quarter of 2011 was 291, an increase of 6. The number of stocks reduced by the social security fund was 72, more than 62 in the second quarter of 2011. The number of new stocks was 82, less than 98 in the second quarter of 2011. The number of shares held in the three quarter of 2011 was 59, which was 5 more than 54 in the second quarter of 2011. The number of flat stocks is the largest, rising to 84, the highest level in history, accounting for 28.28% of the total number of shares. It can be seen that the third quarter social security fund has been appropriately adjusted.

　 There are differences in transport sector.

Power, gold wind technology, he Kang, frequency, STA, Dongfang Electric heating, FSL were newly introduced, and 19 transportation and transportation equipment (Air China fine machinery, Guangzhou Automobile Changfeng and Huayu vehicles were increased, the Great Wall automobile, Chengfei integration, Shuguang shares were newly introduced), 9 general mechanical categories (Lanke Hi tech, Zhengzhou coal machinery and Han Zhong precision machine were newly introduced), 18 specialized equipment (broadcast and television, world science and technology, Wandong Medical treatment were overweight, Howard technology, Shangui shares, new country are new social security stocks), and 3 instruments (Holdings of Han Wei Electronics, new spotlight technology, Samsung electric). There are 20 electrical appliances for the company to be increased.

Southwest Securities analyst Zhang Gang said, the social security fund to the machinery industry as a whole, but the transportation equipment, special equipment differences, for electrical machinery, general machinery, instruments and meters most optimistic.

It is worth noting that the transportation industry has jumped from fifth in the second quarter of 2011 to third in the third quarter of 2011 in the ranking of social security fund positions. In the third quarter of 2011, the social security fund held 7 listed companies, 3 less than 10 in the second quarter of 2011, and the market value of holdings was 3 billion 102 million yuan, which was 389 million yuan lower than that of 3 billion 491 million yuan in the second quarter of 2011, with a decrease of 11.14%. Among these companies, merchants, ships, Wuhu and southern airlines were overweight, and Datong Qinhuangdao railway, CSCL and Ningbo port were flat, and Tielong logistics was reduced.

In the third quarter of last year, the social security fund held the top ten of the stock market value: the Baoli real estate was newly built, and the gold molybdenum shares, the electrical appliances of the United States, Vanke A, Chongqing department store and radio and television Express were increased. The holdings of Daqin Railway, China Ping An and GREE electric appliances did not change, and the double Heron pharmaceutical industry was reduced.

Among them, gold molybdenum shares, China Ping An, Daqin Railway, Poly Real Estate for the transfer of shares lifted. The highest proportion of stocks is Chongqing department store, with a ratio of 10.83%. Compared with the second quarter of 2011, China Ping An, Daqin Railway, Poly Real estate, molybdenum molybdenum shares, Midea electrical appliances, Vanke A, GREE electric appliances, and double Heron pharmaceuticals, a total of 8 stocks maintained the position of "top ten".

In the third quarter, the proportion of the top ten stocks of social security fund holding the highest proportion of A shares was above 7%. Yongtai technology, Beingmate and new Zhou are being reduced. Fang Zhi technology, blue science and technology, and hi-tech are newly built Jiancang, Sifang, Chongqing department store, Qixin stationery and Wanfeng Wei. Blue tech has lifted the ban on shareholding. Compared with the second quarter of 2011, Beingmate, Yongtai technology, Chongqing department store and new Zhou state maintained 4 stocks in the "top ten" position.