Personal advice:

This truth is actually very simple. For pension funds, their own pension funds are very large. If they are willing to participate in the capital market, the influence of pension funds on the capital market is obviously a little big. At the same time, if the pension fund is used to invest in the money market, the annualized income of the money market is generally between 1%-2%, which is enough to help the pension fund appreciate in different degrees.

Because the pension fund itself has certain use attributes, the cycle of the capital market is relatively long, and it is also very dependent on investors' vision and personal operation. If the pension fund is used in the capital market, it may suffer losses to varying degrees, which is unfair to those who need it, and the pension fund cannot even be supplied normally.

Capital market is an inevitable choice for pension funds;

The social security fund's investment in the capital market has gone through the process from the primary market to the secondary market, from subscribing for new shares and convertible bonds to directly purchasing tradable shares, and its risk tolerance has gradually improved, which has also brought about a gradual increase in income. At the beginning of the social security fund entering the market, due to the stock market downturn, it was mainly engaged in the primary market subscription of issuing new shares and convertible bonds.

reference data

1. Statistics show that from June 2003 to February 2004, there were 43 convertible bonds and new shares issued in the primary market, and the social security fund participated in 35 times, accounting for 8 1.4% of the total issuance. Among them, convertible bonds were issued 20 times, and social security funds participated in 19 times, accounting for 97.5% of the participation scale and 5.5% of the allocation; A shares were issued 23 times, and social security funds participated in 16 times, with the participation ratio of 8 1.6% and the allocation ratio of 3.4%.

2. Compared with subscribing for new shares, social security funds prefer to subscribe for convertible bonds. This is mainly because convertible bonds have both debt base and stock base. On the one hand, the debt characteristics ensure the security of convertible bonds investment, and there will be no book loss as long as they are held at maturity.