Pension Investing In Stock Market Has Become A Frequent Visitor To The Stock Market.

A few days ago, the Ministry of human resources and Social Affairs started the operation of the endowment insurance fund, organized the first batch of entrusted provinces and the social security fund to sign a contract, announced the first batch of pension fund management institutions, which meant that the pension really came, and the market also had many interpretations. The coming into the field of the pension is to compete with the people, which is a huge market share. The state will break the plate to create opportunities for the pensions to enter the country, and the state condoned the pensions to use insider trading to get illegal benefits.

This view is untenable and irresponsible.

The pensions can save the market and see Japan's fate. It is still the improvement and construction of the system to save the stock market in China.

In the stock market of China, the pension market has always been a major and sensitive topic, which often leads to some major fluctuations in the market. There are also some differences in the pension market for the operation of the stock market. The management is also very cautious. In March, the policy barriers were cleared up. It was only half a year before the dust settled.

Comrade Li Daxiao naturally will not lag behind. The preservation and increment of pension is closely related to the healthy development of the securities market. A healthy and strong securities market is a natural place for the preservation and increment of the pension. The huge pension will also bring a stable source of funds to the stock market.

This is a very good positive news and has created a strong foundation for the steady rise of China's stock market.

The media also interpreted the incremental funding. According to the balance of the accumulated balance of the basic pension fund, investment restrictions and local entrust ratio, the basic pension insurance fund's initial market size was 400 billion yuan, accounting for 1.1% of the market value.

Even if the 400 billion yuan fund can be built quickly, how much more wind and waves can be set up than the market value of tens of trillion yuan?

From the international market, pensions investing in the stock market has become a frequent visitor to the stock market. Chinese commentators always talk about the US 401K plan. They believe that the US stock market has been benefiting from the 401K plan for a long term trend. In fact, the US 401K plan is not a pension, and the US basic pension is mainly invested in American bonds instead of the US stock market. I think there is much correlation between the establishment of the long-term bull market in the United States and 401K. At present, there is no specific data evidence.

The author reviewed the comments on 401K. Within the scope of the author's ability, the US mainland commentary did not link the stock market with 401K.

It is worthwhile to be on the alert that the pensions can save the market. The pension can not be used as a tool to support the market and become a tool to stimulate the economy. It will encounter enormous problems. I first quoted a data from Japan, "according to Xinhua news agency, Japan's pension fund management agency announced the 29 financial year pension fund management report, showing that the losses amounted to 5 trillion and 310 billion yen (about 51 billion 200 million U.S. dollars), the biggest shortfall since the financial crisis." the report is based on the report of Japan's pension fund management agency, which is based on a report from Japan. "The pension fund management report of the Xinhua News Agency reported on 2015.

However, due to the appreciation of the yen and the stock market downturn, the fund suffered heavy losses.

This is the first time Japan's pension fund has been in deficit in 5 years, and it is only behind the global financial crisis in 2008 and 2007.

Some of the losses in Japan's domestic stock market were about 3 trillion and 500 billion yen (US $34 billion), and overseas stock market losses were about 3 trillion and 200 billion yen (US $31 billion); foreign bond investment losses were 660 billion yen (6 billion 500 million US dollars), and Japanese domestic bonds only made a profit of 2 trillion and 900 billion yen (28 billion 400 million US dollars).

Andouble, who attended the world economic forum annual meeting in Davos, Switzerland, said in January 2014 that he would change the portfolio of pension funds, "as a contribution to investment in stimulating economic growth".

However, by the end of 2015 fiscal year end of March this year, the Nikkei average share price had dropped by about 12%.

The Andouble administration has made pension funds a "raw material" for economic growth, but has evolved into a state of unrest among the nation.

Nishizawa Kazuhiko, a senior research fellow at Japan think tank, said: "once the stock is sold, it will suppress the stock price, so it is unrealistic to go back to the original asset ratio.

We should postpone the active use of pension funds. "

　　雖然中國養老金進場能為中國股市帶來新的增量資金，按照4萬億元養老金結余，最高30%投資比例，理論上最多可以帶來1.2萬億元，首批將高達4000億元，但是獲批額度以后，并不意味著4000億元全部馬上建倉，這里有一個擇時的問題，有一個擇機的問題，畢竟養老金是一種特殊資金，保值是第一要務，美國次貸危機期間，就讓401K資金遭遇巨大損失，嚴重影響居民收益，日本的教訓是異常深刻的，因此養老金不是解放軍，不是為托市而來，不是為了投資者解套而來，是為了保值增值而來，這個責任可能更加迫切，更加現實，實際上官方也在多個場合不同時機闡述了養老金入市不是為托市而來，不是為救市而來，有這種思維傾向的專家和投資者是一廂情愿，因此養老金進場是一個循序漸進的過程，不會冒冒然然橫沖直撞，生拉硬拽的把股指拉起來，把股價拉起來，

Thus a wave of mad cow trend, let everyone happy, but a careful bargain building process, is a process of spring rain like crisp, is a process that will only leak, maybe when you lose your mind to cut meat process is the process of pensions coming into the warehouse.

I have said this because the market has a view that the three quarter reduction of bank shares is for the purpose of pension market entry. This view is untenable because the pension investment and operation plan has just been announced, and the reduction of the certificate company before the announcement of the operation is far fetched.

Entering the market, the directional reduction can be done. Why should it be superfluous?

Market analysis has made the retirement pension as a good medicine to build China's slow cow. Japan's investment in the stock market as a contribution to the investment in economic growth is the latest lesson. The reason why the Chinese stock market is still unclear is that China's stock market positioning is still not clear. There are some objections to the stock market as an important financial tool supporting the real economy. Sometimes, it also takes the stock market as an instrument of industrial policy and even a place to help the poor. This is even more wrong. Can the country get a clear idea of the future of those industries? Does the industry have no future? Where does the fiscal policy of the stock market help the poor? No matter what support, it means that the stock market takes more IPO and needs to pay more real gold and silver, that is, more needs. Therefore, it is irresponsible for the state to introduce the pension into the stock market as a good remedy for China's stock market.

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In other words, a stable index is needed. At present, the index point is not low. Many stock valuations are still high. If the pension is used as the index of stability index, and the hard market pallet will be followed by Japan's footsteps, the security of pension will be endangered.

In China, in fact, there is no shortage of funds. The key problem is that China's stock market is short of money making effect for a long time. Seven loss of two flat one profit has reached a certain consensus. Most of the time, funds are always moving around the stock market instead of being around the stock market. At present, domestic deposits are as high as tens of trillion yuan. There are trillions of capital in the market everywhere to seek opportunities for speculation. The market share of garlic and mung bean artworks has been stir fried. Therefore, it is not necessary to provide pensions from the perspective of incremental capital. It is only that investors have suffered too much damage for a long time, and the stock market is short of long-term funds. Therefore, the market often needs pensions to help, and the management is deeply in love with it.

But can the pension really save the Chinese stock market and create a slow bull? Where is the basis of the stock market slow down? Is it a question of capital, or regulation, or a positioning problem?

I agree with the blue book of the Academy of social sciences on the positioning problem. The financial Blue Book: China's financial development report (2016), "if the stock market supervisors do not match their roles, the stock market in the future will have to repeat similar stock disasters.

"Recently, the blue book once again pointed out that the failure of the" great leap forward "of the stock market has led to a retrogression in the marketization of China's stock market.

"If we do not respect the inherent laws of market development and imagine that we can achieve instant success and quick profits and overspeed the ability to overdraft capital market, the consequences will be serious and terrible.

"China's stock market has undertaken too many heavy economic responsibilities and has undertaken too many heavy new share issuing responsibilities.

It is true that there have been some problems in the market positioning for a long time, and too much extra responsibility that should not be taken, which leads to the overexpansion of the stock market expansion.

After hundreds of years of development, the United States has only more than 3000 companies. China has developed nearly 3000 companies after decades of development.

Under the pressure of IPO, the quality of new shares is even worrying, and even the fake listing is shocking. It is precisely because of the poor quality of many companies and the lack of investment value that the market has repeatedly banned the frying behavior, and the stock market has been sluggish for a long time. The stock market needs to maintain its popularity for a long time, and it lacks the supervision over excessive speculation, for fear of overregulation and combating popularity, so that the market can bear more downturns. Therefore, the Chinese stock market lacks the concept of value investment, lacks the value investing culture, and some are speculative, gambling, and malicious speculation.

In such an atmosphere, the market expects the pension to be built as a slow cow.

Therefore, there is no absolute correlation between the entry and exit of the pension market and the trend of the slow bull market. However, the pension market consensus is a model of value investment, and it likes a high dividend rate stock. This is just a representation. In the history, China's pension may be out of the need to protect the market, and a large number of undervalued sectors represented by banks are increased. In the actual investment process, the pension is also equipped with a large number of new technology plate high pfer plates, and some state-owned enterprise reform plates represented by the prefix are also configured.

However, the long duration of pension holding is an objective existence. It is an objective existence to arbitrarily pursue the rise and fall.

In view of the fact that the pension market should not be over interpreted, it is not correct to think that the pensions coming into the market is a great flood and competing with the people. It is a snobbish interpretation to consider that the entry of the pension is the opening of the bull market or the slow cow. It is a very snobbish interpretation. Taking the pension into the field as a long-term fund, it is more objective as an incremental fund.

The interpretation of the spread of pension investment opportunities in the market is not necessarily correct.