How To Misread The Pension Market

The news came out on the evening of 20, which was approved by the State Council. The National Social Security Fund Council was entrusted by the Guangdong provincial government to invest in the basic operation of Guangdong's urban workers.

The interpretation of the Social Security Fund Council on the 21 day is not as clear as it is, but rather prudent.

From the full text of the interpretation, we further illustrate the scope of fixed income investment, including treasury bonds, bank deposits, corporate bonds, financial bonds and other products.

This explanation emphasizes that "entrusted investment operation" is not equal to "

At the just concluded two sessions of the National People's Congress (NPC and CPPCC), whether the timing of pension investment in the stock market is ripe has aroused great controversy. Many NPC deputies and CPPCC members hold negative opinions.

Against this background, the 100 billion yuan Guangdong pension is entrusted by the social security fund to invest and operate. It is necessary to avoid the risk of pilot failure, and there will be no big action in the stock market.

Moreover, although the stock market is recovering, the risk of macroeconomic fundamentals still exists, and most institutions are cautious.

Last week's annual report, China Ping An (601318) disclosed that its investment strategy in 2012 was cautiously optimistic, saying that the stock market is still uncertain.

Obviously, it is more prudent to emphasize prudent operation of pension than insurance funds.

The second meeting of the fourth Governing Council of the Council on social security held recently held that "stock investment returns fluctuate greatly, but as long as we buy stocks at reasonable prices and stick to long-term investments, we can still get higher returns than fixed income products in the long run."

Commissioned by the social security fund to invest 100 billion yuan in Guangdong pension, if it involves investment in the stock market, or take the same investment strategy.

However, what the market can not misread is the effect of pension on the stock market.

Pension in foreign countries is the backbone of stock market investment, but it is difficult to play the same role in the short-term A share market.

The market expects pensions to become the "main force" of the stock market. Even if the 100 billion yuan Guangdong pension is first commissioned by the social security fund to invest and operate, the pension market can only be described as "big thunder and little rain."

It is worth mentioning that in the face of the newly released social security fund "pcript", we can not only see its average annual yield of 8.41% in 11 years.

On the one hand, the latest disclosure data show that the social security fund's investment return rate in 2011 was 0.85%, obviously being dragged behind by the stock market investment.

On the other hand, the social security fund acquired higher return on investment mainly in 2006, 2007 and 2009. The yield of the other 8 years did not exceed 5%, and the -6.79% loss appeared in 2008.

If the bull market with 998 to 6124 points can not be reproduced, it is difficult for the pension to reproduce the average annual rate of return of the social security fund.

100 billion yuan Guangdong pension by social security fund