This report reveals the main financial situation and investment "report card" of the social security fund.
In 20 19, the total social security fund was 2,628.5 billion yuan, the return on equity investment was 29 17 billion yuan, and the return on investment was/kloc-0.4.06%.
Since its establishment in 2000, the average annual return on investment has been 8. 14%.
Judging from the investment returns over the years, the social security fund only experienced negative returns in 2008 and 20 18, but the decline rate was not much, being -6.79% and -2.28% respectively.
During the same period, the Shanghai Composite Index fell by -65% and -24% respectively.
Therefore, no matter from the average income every year or over the years, the operation of social security funds is still very powerful.
Some friends are not convinced, 14%, I fry a stock and get it easily.
You don't want to think about your own money. Other people's social security funds are 2.6 trillion yuan, and the average annualized rate is above 8% for so many years.
I also want to remind you that this social security fund is not the kind of social security paid by the unit as everyone imagined.
What we usually call social security is called "social insurance fund".
Including pension, medical care, maternity, work injury and unemployment, all of which are managed by local governments themselves.
The social security fund in this report is called "National Social Security Fund".
This fund is for the country to cope with major events and the arrival of the peak of population aging, and to prevent the shortage of old-age care.
The sources of funds are central financial allocation, state-owned capital transfer, lottery public welfare fund and other financing methods approved by the State Council.
The main body of management investment of social security fund is the National Social Security Fund Council, which issued the report.
But later, because the social security fund Council managed the money very steadily, the local authorities also entrusted the Council to help them invest and manage the social security fund balance.
Therefore, after 20 17, social insurance funds also entered the market, because pensions accounted for a large part, which is generally called "pensions entering the market".
Therefore, social security fund and social insurance fund should not be confused.
What we are talking about today is the former, that is, the captain of the so-called "social security fund" national team that is often said in the stock market.
Let's get back to the point.
How to get the social security fund?
What about the investment performance of such a cow?
First of all, the social security fund is the state's money, so it must be stable.
Therefore, it is diversified investment through asset allocation.
We see in the annual report that some money in the social security fund is directly managed by ourselves, such as making some equity investments.
For example, Ant Group will go public next month. In fact, as early as 20 15, the social security fund invested in Ant Financial.
This is the first order for social security funds to directly invest in private enterprises, and it is also the only order so far. It is said that Ant Financial gave certain preferential treatment to the social security fund at that time.
According to the prospectus of Ant Group, the National Social Security Fund currently holds 2.9% of the shares, accounting for 2.33% of the total share capital after listing. It is the largest institution among the external shareholders of Ant Group.
After the listing of ants, the social security fund can make a profit of 20-30 billion yuan, and the return on investment in five years is more than four times, which is the highest return on equity investment in the history of social security funds.
Earlier, in the tide of share reform of financial institutions in China, social security funds also invested in a large number of direct shares of state-owned financial institutions, which were quickly securitized and gained 4 or 5 times returns.
In addition to managing part of the money, social security funds will also entrust excellent managers, such as fund companies and securities companies, to let professionals help them buy and sell bonds, stocks and funds, both at home and abroad.
Of course, there will be restrictions on the investment ratio-
Bank deposits and treasury bonds investment, the proportion of not less than 50%;
Fund and stock investment, the proportion is not higher than 40%;
Investment in corporate bonds and financial bonds, the proportion is not higher than 20%;
Trust loan investment, the proportion is not higher than 10%.
If you look at the list of tradable shareholders of some stocks, you will find that there is a "national social security fund XXX portfolio", which is a variety of investment management portfolios.
The social security fund is so large, more than 2 trillion, and it is definitely impossible to operate through high-frequency trading or the like.
Regarding the "investment secret" of the social security fund, Bao Jiang, deputy director of the property rights and assets department of the State Council, said-
When the market valuation is relatively low, the social security fund will buy a lot in the secondary market.
Then when the market is crazy, you can reduce your holdings, and you can achieve a better rate of return after a few round trips.
That is to say, according to the value center of the market at a certain stage, when the market deviates greatly from the value center, positions are increased or decreased.
According to the annual report of the Social Security Fund, when the stock market was depressed and the valuation was low in 2005, the Social Security Fund increased its stock allocation, and then gained 43. 19% in the big bull market in 2007.
In the bull market in 2007, social security funds gradually reduced their positions and bought bonds in advance.
It deserves to be the national team. Before the market reaction, people were already making preparations.
So it fell less than 7% in 2008, and the Shanghai Composite Index fell 65% this year.
In 2008, the index fell below 2000 points and began to increase its positions significantly. In 2009, the stock market rebounded by 16%.
So the social security fund is actually grasping the return of value.
Of course, I have to say that the social security fund originally brought its own national team aura, which has natural advantages and has attracted much attention.
Therefore, the social security fund takes the lead in buy buy to buy, and the funds behind it will also follow the big boss to buy, thus pushing up the stock price and becoming the sedan chair of the social security fund.
However, the asset allocation model of social security fund and the style of long-term investment and value investment still play an exemplary role for us.
Moreover, people are also good at giving money to professionals to help take care of it. After all, they have the responsibility to help the country manage its finances, and they must be more cautious while looking at the benefits.
On the other hand, leeks are often too optimistic and always think that they can run away or leave before the music stops.
Forget that your opponents are organizations and professionals who have fought many battles, worked as a team and are armed to the teeth.