The Policy Of Delaying Retirement Has Not Been Implemented Yet.

Stock allocation is about 15 billion yuan. Is the effect of pension on A shares overestimated? The issue of pension market entry has been talked about for many years.

However, the question of when pension will actually enter the market has been controversial for a long time.

From the pilot projects in Guangdong and Shandong province to the "investment management measures for basic old-age insurance fund" and the landing of the list of trustees, the plan for the pension market entry is also in order.

However, during this period, the news related to the pensions entered the market frequently, but the market performance of the pension market has also weakened, and some investors even produced the phobia of the rumors of the pension market.

Recently, the news related to the pensions market came back again.

According to China's securities brokerage news, "about 170 billion of the whole market now has the scale of pension payments, and the Social Security Fund Council manages 60 billion of its own scale, entrusted to 110 billion of the management institutions.

Among them,

The scale of asset allocation is about 15 billion.

At the same time, according to the statistics of Ministry of human resources and social affairs, as of the end of June, eight provinces of Beijing, Shanghai, Henan, Hubei, Guangxi, Yunnan, Shaanxi and Anhui had signed the entrusted investment contract with the national social security fund board, with a total contract value of 410 billion yuan.

With about 170 billion yuan of funds coming into account and starting investment, it means that the rest of the funds are expected to be put in place gradually, so as to accelerate the efficiency of pension investment and operation.

Over a long period of time, compared with the investment and operation effect of social security fund and enterprise annuity, the investment and operation ability of pension fund is relatively low, even the annual average return on investment can not win the inflation rate of the same period.

However, as the aging of population is becoming more and more obvious, the pressure of pension income and expenditure will be gradually reflected in the future, and the market is trying to alleviate this problem.

Among them, the most talked about in recent years is nothing more than delay.

We should speed up the entry of pensions into the market.

At present, the policy of delaying retirement has not been concretely implemented, but the pension market has accelerated.

With the signing of the entrusted investment contract with the National Social Security Fund Council, the provincial funds gradually arrive and invest. In fact, it means that the pension market has entered a stage of substantial progress.

1700, the scale of the pension fund is more than 100 billion yuan, of which the scale of asset allocation is only about 15 billion yuan.

In other words, the scale of asset allocation is less than 10%.

To take a step back, even if the size of the funds available for future accounts can reach 400 billion yuan, the scale of the funds allocated to stock assets will probably be relatively limited.

The gradual entry of pensions into the market will be a major trend and a general direction.

However, the pension investment and operation capacity is enhanced, and the investment in pension can be increased. This does not necessarily mean that most of these funds will enter the stock market.

It should be noted that for the scope of pension investment, it is also very extensive. In addition to stocks, the pension can still invest in bank deposits, treasury bonds, pension products, major projects, major projects, and enterprises' listing and so on. However, from the previous rules, the proportion of old investment in stocks, mixed funds and equity pension products can not be higher than 30% of the net assets of the pension fund. In fact, it implies that the scale of the new liquidity coming from the pension market to the stock market will be relatively limited and should not be overly optimistic.

It is related to the fate of most people's wealth. Its entry into the market does not have the function of saving the market and supporting the market. It belongs to the purpose of preserving and increasing assets and enhancing the efficiency of investment and operation.

In this regard, the pension market will pay more attention to security and decentralization. At the same time, we should pay more attention to the establishment of risk reserves and pay attention to the supervision and management of sunshine.

In the final analysis, the strengthening of pension investment and operation and quickening the pace of entering the market are still aimed at achieving better preservation and appreciation of assets.

However, for the most important capital related to the fortune and fate of most people, its investment in the market will bring more psychological impact on the market.

Under the actual circumstances, although the pension is only about 15 billion yuan in the stock asset allocation, accounting for less than 10% of the funds available, it is not enough to leverage the market as a whole. However, for its investment in the market, it implies that the 3000 point area in Shanghai stock market is basically a reasonable value investment operation area, and the overall investment risk of A shares has basically been released to a greater extent.

From the continuous rise of white horse stocks to the successive shrinking of the market value of some small and medium sized gem, in fact, it reflects the continuous differentiation of the market.

However, judging from the recent market active targets, it seems that it is easier to get the attention of large funds such as pensions. Perhaps in the context of accelerating the entry of the pension market, the investment value of the market will also be boosted to a certain extent. With the large number of large capital institutions entering, the A share market is expected to gradually pform from retail to institutionalized era.

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