RQFII Comes To The United States To Rescue Stock Market Pensions

< p > recently, Jiashi and Boshi in the United States pushed a href= "http://sjfzxm.com/news/index_cj.as" > A shares in kind ETF < /a >, which not only provided a new channel for US investors to invest in China A shares, but also poured fresh blood into A stocks.

At the same time, the "national team" is also actively entering. The social security fund has substantially increased its A shares for five consecutive quarters. Enterprise annuity and pensions are also being actively prepared as a successor force, and insurance funds are also expanding the proportion of A shares.

The A share market is expected to usher in another spring. Let's learn more about the details.

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< p > < strong > "national team" frequently released a href= "http://sjfzxm.com/news/index_c.asp" > Social Security Fund < /a > for five consecutive quarters, A shares increased < /strong > /p >

< p > with the completion of the three quarterly report, the social security fund investment route, known as the A share market vane, has also been announced.

According to the three quarterly report, the social security fund once again showed signs of substantial increase. This is the five quarter of the social security fund's holdings of A shares. This shows that the value of the A share market is highlighted.

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< p > according to the Southwest Securities statistics, in the three quarter, the total value of the social security funds listed in the top ten tradable shareholders was 90 billion 560 million yuan, a record high, an increase of 21 billion 59 million yuan over the 69 billion 501 million quarter of the second quarter of 2013, with an increase of 30.30%.

In the same period, the Shanghai Composite Index rose 9.88% in the third quarter, indicating that the social security fund is showing a substantial increase.

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< p > social security fund held 10 billion 251 million 967 thousand and 200 shares in the three quarter, an increase of 2 billion 305 million 938 thousand and 300 shares over the two quarter, an increase of 29.02%.

In the three quarter, the social security fund held 444 stocks, an increase of 18 over the two quarter, and 135 new ones, more than 126 in the two quarter, and 129 more than two in the two quarter.

From the industry point of view, the three quarter, the social security fund's "good looks" machinery and equipment were reduced, while construction, food and beverage were favored by the social security fund.

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< p > Zhang Ludong, deputy director of the Shandong Institute of Finance (micro-blog) Financial Research Institute, believes that the quarterly position data of institutions over the years are the focus of the market. It represents the judgment of the mainstream capital on the policy and the evolution of the market, and the social security fund, as a special fund to manage the money raised by the Chinese people, is the real mainstream of the market.

So paying close attention to the industry and stocks invested by the social security fund is a good and stable investment strategy.

From the data of the social security fund in the three quarterly report this year, small cap stocks with high liquidity risk, especially GEM stocks, have become the focus of the social security fund layout and become an important weight for their profits in the first three quarters of this year. This also reflects the focus of China's economic pformation stage this year, namely, abandoning the traditional extensive economic mode and increasing support for consumption, environmental protection and people's livelihood related fields.

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< p > a market person also pointed out that we need to pay close attention to < a href= "http://sjfzxm.com/news/index_cj.as" > "national team" social security fund < /a > trend.

According to the three quarterly report, the social security fund has changed to normal, and has moved to small cap stocks. For example, the total number of small cap stocks increased by 71% at the end of the end of the social security fund, and the market value rose by 106% at the end of the term.

Compared with the SME board index, such as small and medium-sized board and gem, the index is obviously stronger than the main board index, which fully reflects the charm of social security funds.

In the short term, if the social security fund is still in the further opening of the small plate and stocks, investors should give positive attention.

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< p > < strong > insurance investment is deregulation is expected to be A shares blood pfusion 400 billion yuan < /strong > /p >

< p > analysis points out that the experience gained from the A share market is that as long as the regulatory authorities relax the risk assets, they will have a greater impact on the stock market < /p >

< p > recently, the CIRC issued the notice on strengthening and improving the supervision of the ratio of insurance funds (Draft), which has been confirmed by the CIRC.

However, the specific rules and regulations still need to wait until the end of the consultation.

The current fact is that the insurance industry only accounts for 10.2% of the stock and securities investment funds, far below the 25% ceiling.

In this regard, the analysis pointed out that from the A share market before the performance of the experience is that as long as the regulatory authorities on the risk assets deregulation, will have a greater impact on the stock market, the relaxation of this regulation will provide more favorable environment for the venture capital to enter the market.

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"P" is reported that the draft will divide the insurance investment assets into five types of assets, such as liquidity assets, fixed income assets, equity assets, real estate assets and other financial assets, which stipulate that equity assets, real estate assets, other gold financing and overseas investment balances shall not exceed 30%, 30%, 20% and 15% of the total assets of the last quarter of the company.

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"P" in the industry, the basic train of thought of the insurance fund application system reform is to release the power of simple government, and to take large scale. Therefore, the large proportion management which is universally applicable in the world is adopted and the proportion limit of some specific types of investment is cancelled, and the insurance companies will invest independently according to their own investment ability and wind control ability.

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< p > according to the estimated 8 trillion of the total assets of the insurance industry at the end of the quarter, if all the investment stocks and funds are in accordance with the new regulation, the insurance funds in theory are expected to be 400 billion yuan for A shares.

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< p >, however, there are insurance investors who believe that the unlisted equity assets such as stocks, equity funds and other equity assets and equity investment funds are put into "equity assets" for the supervision of large categories. In fact, the proportion of investment in listed equity assets or unlisted equity assets has been reduced slightly in disguised form, "because the proportion of investment that some insurance companies used to add to these assets must have exceeded 30%."

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< p > the latest statistics released by the CIRC show that as of the end of 9, the balance of funds utilization of insurance companies was 7 trillion and 415 billion 890 million yuan, 8.2% higher than the beginning of the year, and 272 billion 420 million yuan of capital utilization and 3.82% yield, up 1.5 percentage points over the same period last year.

In equity investments, stocks and securities investment funds totaled 755 billion 310 million yuan, accounting for 10.2%, up 0.12 percentage points from the first half.

This also means that even if the Insurance Regulatory Commission does not raise the proportion of investment in insurance funds and interests, the insurance institutions want to use full scale, and more than 1 trillion yuan of insurance funds can enter the market.

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< p > however, an insider who asked not to be named told reporters that "the insurance company's choice of stock market is based on its own situation and the analysis of the market, and so on. The policy is only a guiding role."

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< p > the CIRC chooses to issue the new regulation of the insurance fund at this time, on the one hand, to achieve a more advanced regulatory system, and on the other hand, the capital market will get new incremental funds.

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< p > as we all know, the stock market is a barometer of the economy. Since the three quarter of this year, the capital market has gradually improved in the first half of the year, and the subsequent economic data have also been verified. The insurance companies have timely adjusted the strategy of fund allocation, and the three quarter data show that the proportion of equity investment has increased.

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< p > at the same time, Zhu Jinwei, deputy director of the statistical information department of the CIRC, pointed out that in the next four quarters, the size of the securities market of the venture capital allocation is quite similar to that of the three quarter. Even if there is any change, the magnitude of the market will not be too great.

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< p > especially worth mentioning is that the social security fund represented by the "national team" has launched early in the first three quarters of this year, adding more than 100 stocks. This is the signal of the entry of the institution, and the insurance funds will definitely follow.

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< p > recently, some research reported that insurance funds were the second largest asset management organization in the industry. As the scope of investment has been substantially liberalized, agencies will actively tap new investment opportunities and explore new business points. This draft will provide a good environment for the smooth development of insurance asset management business.

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< p > a more private placement pointed out that "as long as we look at the performance of the A share market, we can see that this regulatory department will have much impact on the draft of a href=" http://sjfzxm.com/news/index_cj.as "> Insurance > /a > capital loosening.

In August 2010, the CIRC increased the proportion of investment in insurance funds from 20% to 25%, that is, from the beginning of this month, the Shanghai Composite Index rose three points from 2600 to 3200 at the end of November, rising to more than 20%.

Now investors should pay close attention to the investment trend of insurance funds, and the sectors concerned should also be the focus of investors.

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< p > < strong > RQFII tentacles extend to the US "foreigner" curve, A shares are less than /strong > /p >

< p > 1-9, the profit growth of Listed Companies in Shanghai and Shenzhen two cities is over 14%, which is out of the downward trend.

The bear market is expected to end in 6 years, and more and more domestic and foreign incremental funds will effectively change the relationship between supply and demand.

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Less than p ago, the cashmere Shanghai and Shenzhen 300 China A share fund launched by Castrol fund subsidiary was officially launched on the New York stock exchange, and the fund was also allowed to launch related products in the US.

This provides a new channel for US investors to invest indirectly in the A share market.

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< p > Li Daxiao, chief economist of British Securities Corporation (micro-blog), said in an interview with reporters that she is optimistic about the prospect of A ETF real products released in the US. In the future, more fund companies will launch similar products.

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< p > he also said that the United States is a huge market, and the gap between Shanghai and Shenzhen 300 and SP500 is bigger and bigger.

China's mid term growth potential of 7% is enormous.

The profit growth of listed companies from 1 to September this year is over 14%, which is out of the downward trend.

The bear market is expected to end in 6 years, and more and more domestic and foreign incremental funds will effectively change the relationship between supply and demand.

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< p > it is understood that the cashmere Shanghai and Shenzhen 300 China A share fund is the first ETF in the us to directly invest in A shares in China. It is also the first RQFII (RMB qualified foreign institutional investor) product launched in the US market.

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< p > according to relevant regulations, the direct investment in ETF of A shares in China is based on the premise that RQFII investment quota is required.

It is understood that from the approved quota of the safe, the Harvest Fund and the Boshi fund have 11 billion 250 million yuan and 4 billion 600 million yuan RQFII quota respectively.

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< p > industry insiders said that considering that the same type of products launched by the two companies in Hongkong will also occupy the corresponding RQFII quota, the total volume of these two products will be very limited, and it is difficult to meet the needs of US investors in investing in the Chinese market.

It is gratifying to note that RQFII's "tentacles" enter the United States, which will open up a new channel for the A share capital inflow.

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Wang Qunhang, deputy general manager of Jinxin and director of the fund evaluation center, said that China is now the second largest economy in the world. For foreign large institutional investors, it is necessary to make the necessary asset allocation for A shares. The two fund companies have launched their products to the US market through their subsidiary companies, which can provide a new channel for foreign investors.

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< p > < strong > RQFII for < a href= "http://sjfzxm.com/news/index_cj.as" > A share market > /a > injecting many living water > /strong > /p >

< p > previously, the scope of RQFII was expanded to Singapore with an investment quota of 50 billion yuan.

So that Singaporean investors use Renminbi to invest in Chinese stocks and bonds.

RQFII licensee can use its quota to issue renminbi investment products to Singaporean investors.

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Prior to "P", British financial institutions also received an initial quota of RMB 80 billion yuan of qualified foreign investors (RQFII), which could be used to invest in stocks, bonds and money markets in the mainland of China.

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< p > < strong > safe has approved 47 yuan 139 billion 600 million yuan investment quota < /strong > /p >

< p > and the SFC data also show that RQFII has been touted. Since July, more than 17 billion yuan of overseas funds have been invested in the A share market through RQFII.

Many overseas pension funds, insurance funds and other long-term investment institutions have proposed the RQFII-ETF subscription intention, and their future quota demand will be very large.

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< p > it is understood that Hongkong has put forward the hope of increasing the requirement of 1000 to 200 billion yuan less than a href= "http://sjfzxm.com/news/index_cj.as" > RQFII < /a > quota.

In this regard, the regulatory authorities have also been in communication and coordination with the relevant departments.

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< p > RQFII began pilot business in Hongkong in early 2012. At the beginning of the trial, the China Securities Regulatory Commission only allowed products to be issued in Hongkong.

In 2013, the RQFII policy was relaxed, allowing RQFII qualification holders to issue products and raise funds in areas other than Hongkong.

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Below P, the action of Harvest Fund and time fund shows that China fund company is considering issuing offshore RMB products outside Hongkong, providing investment tools for overseas investors who have been investing in the Chinese market for a long time.

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< p > a senior executive of a fund company said that the issue of RQFII-ETF products by fund companies should be regarded as the efforts of regulators to introduce long-term offshore funds and ease A share investors' concerns about the loss of capital.

Although it is hard to see how attractive the RQFII-ETF products are to foreign investors in the short term, in the long run, China's growth as a leader in emerging economies is obvious. The A share market has great attraction for offshore funds.

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< p > more importantly, with the growth of offshore renminbi stock, with the expansion of cross-border RMB trade settlement scope, the development of RMB overseas investment and foreign investment and so on, the use of RQFII policy tool can further expand the investment channels for offshore RMB, provide better services for financial institutions, and improve the overseas RMB reflux mechanism.

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< p > < strong > learn the good example of "national social security" 2 trillion yuan place < a href= "http://sjfzxm.com/news/index_cj.as >" pension < /a > seek market "/strong > /p >

< p > experts say that due to the low replacement rate of pension in China, in the long run, it is necessary to maintain value added to relieve the pressure of pension expenditure < /p >

< p > pension market entry > /p >

< p > public experts have different opinions on this issue. Please combine the materials to summarize what disputes are caused by the "pension market".

This is the hot topic of the 2014 national civil service.

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< p > since December 15, 2011, the chairman of the securities and Futures Commission, Guo Shuqing, publicly put forward the idea of "two trillion yuan balance of local pension insurance to learn the national social security fund to invest in the stock market to get profits". The controversy over the pension market has gone up and down.

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< p > however, the pressure on pension expenditure is increasing.

According to the latest statistics released by the Ministry of human resources and social security, as of the end of September this year, the total income of five social insurance funds totaled 23198 billion yuan, an increase of 13.7% over the same period last year, while the total expenditure of five social insurance funds totaled 19161 billion yuan, up 20.6% over the same period last year.

It is worth noting that the income of urban and rural social endowment insurance fund is only 150 billion 300 million yuan, an increase of 25.2% compared with the same period last year, while the expenditure of the fund was 106 billion 700 million yuan, an increase of 34.7% over the same period last year.

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< p > recently, Yin Chengji, spokesman of the Ministry of human resources and social security, revealed at the press conference of the third quarter of 2013, "the system of investment and operation of social insurance fund should be accelerated. As a system arrangement, it needs to be designed and demonstrated. At present, it is studying, demonstrating, listening to opinions and improving relevant methods."

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< p > actually, there has been a certain profit in the entrusted investment of the pension.

For example, the National Social Security Fund Council and the Guangdong provincial government signed a trust investment agreement in Beijing in March 19, 2012.

By the end of 2012, the actual investment and operation time of Guangdong was about half a year, and the actual receivable rate was about 3.4%, which was higher than the inflation rate of the same period and earned 3 billion 400 million yuan.

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< p > the responsible person of the Guangdong Provincial Department of Finance said that in 2012, the social insurance fund of the whole province was in good working condition, with an average annual yield of 3.94%, which was higher than the two-year fixed deposit rate.

According to the statistics of the implementation of the budget in the first quarter of 2013, the Guangdong social security fund accumulated a balance of 537 billion 97 million yuan.

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< p > industry insiders say that due to the low replacement rate of pension in China, in the long run, it is necessary to maintain value added to relieve the pressure of pension expenditure.

For example, the income and balance of social security fund in Guangdong has been ranked first in the country for many years.

Previously, the Guangdong social security fund could only deposit banks and purchase treasury bonds, and the yield of funds was usually lower than that of the same period, showing a recessive shrinkage.

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< p > the relevant person in charge of the Finance Committee of the Guangdong Provincial People's Congress believes that the annual yield of the 100 billion yuan pension market is higher than that of the same period, which has opened up a new channel for maintaining and increasing the social security fund.

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< p > < strong > except for Guangdong, at present, there is a balance in Zhejiang, Jiangsu and other provinces and cities, with a balance < /strong > < /p >.

Shortly before "P", a person familiar with the matter said in an interview with reporters: "in from October 15th to 16th, an internal meeting involving ministries and departments of the Ministry of human resources and social security discussed the top-level design of the pension system reform, and invited external institutions to participate in the discussion, including pension investment."

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Earlier on, Li Weimin, deputy director of the fund supervision department of the Ministry of human resources and social security, attended the 2013 China pension International Symposium, saying that for the pension fund investment and operation, according to the State Council's deployment, the Ministry of human resources and social security is carrying out a thematic study with relevant departments, and has made clear the following three principles to be followed: safety first, access to income and diversified investment. P

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< p > at present, not only the investment channels of pension fund are too narrow, but also the proportion of enterprise annuity investment and stock market has become an obstacle to maintaining value and increasing value.

Recently, Yang Jian, director of the financial information center of Renmin University of China, said in an interview with reporters that in fact, the investment of enterprise annuity trustee managers is passive, and the principle of profit after bad should be implemented.

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< p > the Ministry of human resources and social security fund supervision department recently released the 2013 two quarter national enterprise annuity business data summary, as of the two quarter of this year, the actual investment operation amount totaled 516 billion 140 million yuan, the actual investment operation fund in the first quarter was 490 billion 567 million yuan, the growth rate was 5.21%.

However, the investment income in the two quarter was only 3 billion 118 million yuan, which was 7 billion 519 million yuan in the first quarter and 58.53% in the annulus.

This yield is significantly lower than last year's level.

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< p > "the ratio of enterprise annuity investment to stock market funds should be phased out."

Yang Jian believes that the securities and Futures Commission should be supervised by the SFC and the CIRC, and insist on long-term investment and value investment.

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< p > the industry generally believes that in the long run, the stock market returns are relatively high.

Investing part of the pension and enterprise annuity funds into the stock market can not only achieve value preservation and increase in value, but also accelerate the capital market governance if the long-term funds such as pensions enter the market.

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< p > < strong > QFII accelerated the market value of the stock market to a new high of 6 years < /strong > /p >

< p > QFII holdings of blue chips are partly due to the confidence of foreign investors in China's economy, on the other hand, the recognition of the valuation of these companies.

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< p > as an institutional investor with the meaning of wind vane in the A share market, QFII's action has always been concerned by the market.

Recently, QFII has strong confidence in A shares. According to the monthly statistical report released in October 2013, the new monthly accounts of 7 and 10 A shares in Shanghai and Shenzhen two cities were opened in QFII10, and accounts for 54.08% increased at the end of October compared with the beginning of the year.

This is also a new account opened by QFII for 22 consecutive months. At this point, the total number of accounts in QFII, Shanghai, Shenzhen and two cities has reached 547.

Meanwhile, the three quarterly report shows that in the three quarter, the market value of A shares exceeded 79 billion yuan, a 6 year high.

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< p > it is understood that QFII has entered the Chinese market since 2003, and has been in full 10 years.

As of the end of September 2013, a total of 240 foreign institutions were eligible for QFII, of which 11 had just been approved in the three quarter, and 34 QFII have been approved since 2013.

Data from the State Administration of foreign exchange showed that as of October 30th this year, the safe has approved a total of 48 billion 513 million US dollars in QFII quota.

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< p > WIND statistics show that from the position of the two tier market, as at the end of the three quarter of this year, 228 shares of A shares were heavily held by QFII, with a total holding of 7 billion 734 million shares and a total market value of 79 billion 273 million yuan, an increase of 11 billion 241 million yuan over the 68 billion 32 million quarter of the two quarter, with an increase of 16.52%.

Excluding QFII, Beijing bank, Ningbo bank, Nanjing bank and Huaxia Bank, the market value of shares in the three quarter of 2013 was 34 billion 403 million yuan, which was 7 billion 621 million yuan higher than the 26 billion 782 million yuan in the two quarter of 2013. The increase was 28.46%, the highest level since the four quarter of 2007.

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< p > < strong > QFII has shown great interest in < a href= "http://sjfzxm.com/news/index_cj.as > blue chips < /a > /strong > /p >

< p > data show that in the three quarter of 2013, a total of about 75 stocks were increased by QFII.

Many QFII heavy stocks are basically blue chips, such as China railway construction, China Railway, Yangtze Power, *ST Anshan Iron and steel, conch cement and so on.

And most of these QFII take the same way of holding stocks.

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< p > "these QFII heavily loaded blue chips are mainly broken at the moment, and they can be said to be stable."

According to the industry statistics, according to the statistics, we can see that QFII likes big cap stocks with stable performance and good fundamentals.

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P, a market insider who declined to be named, said that QFII's holdings of blue chips were partly due to the confidence of foreign investors in China's economy, and on the other hand, the recognition of the valuation of these companies.

"As a foreign investor, QFII may not be very familiar with some domestic situations, so we can only choose those companies with small problems.

They are grasping the general direction of China's economy.

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< p > good investment performance has made QFII invest in China's capital market.

According to the data previously disclosed by the securities and Futures Commission, since 2003, foreign qualified institutional investors (QFII) have entered the Chinese capital market, and have invested about 120000000000 Yuan in total, earning a total profit of about 150000000000 yuan, and the overall return rate is close to 120%.

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The performance evaluation of < p > < a href= "http://sjfzxm.com/news/index_s.asp > > QFII < /a" is based on ten years. In contrast, under the role of ranking and other factors, domestic public funds are more focused on short-term gains and rankings.

A fund evaluation personage also told reporters that from QFII years of experience in the operation of the market, choose blue chips long held value investment philosophy to implement.

On average, the average holding time of overseas institutions is much longer than that of domestic public offerings.

In contrast, under the pressure of short-term performance ranking, domestic public funds will chase more market hot spots, participate in the concept and thematic speculation, and will frequently change positions compared to QFII.

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< p > there is no doubt that the active entry of QFII has also played a positive role in the A share market.

On the one hand, the active entry of QFII will boost investor confidence. On the other hand, QFII attaches great importance to the concept of value investment, which accelerates the acceleration of market investment concept, and the change of investment philosophy also becomes the internal adjustment power of the securities market.

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