The management institutions of social security funds are designated by the State Council: Public Offering of Fund such as Bosera, Jiashi and Huaxia are inspected every year, and only the selected fund managers can manage social security funds.
Therefore, the investment income of social security fund is very good. The rate of return on investment in 2020 is 15.84%, which has been negative only in 2008 since its establishment.
Social security fund has two points worth learning.
1. Investment diversification
The investment scope of social security fund includes bonds and stocks. In addition to fixed income, there are primary and secondary markets, including private equity and private enterprises, to spread risks.
2. Long investment time
The investment of social security funds is medium and long-term, often lurking in stocks with good fundamentals for long-term value investment. Because it does not pursue short-term gains, the α income of social security funds is higher.
In the third quarterly report, Zijin Mining is the biggest heavyweight stock of the Social Security Fund, and the position of Q3 increased by 85.5 1%.
In addition, Zijin Mining is also the largest awkward stock of Gaoyi Capital Deng Xiaofeng.
Zijin Mining is a state-owned enterprise, which mainly develops metals such as gold, copper and zinc. Gold smelting once accounted for more than 60% of the total. Since the beginning of this year, the gold smelting business has dropped to more than 40%, but the proportion of copper smelting has increased by 3 percentage points.
According to the traditional track valuation, Zijin Mining is not excellent. But this year, Zijin Mining got a ride.
First of all, let's talk about the development of Zijin Mining in copper business.
Since the beginning of this year, copper futures prices have been rising, which is caused by rising demand.
From the traditional business point of view, copper is widely used in infrastructure, such as wires, pipelines, battery motors and other fields;
From the perspective of new energy business, photovoltaic, wind energy, power grid and new energy vehicles all need the participation of copper. Wind power consumes several times as much copper as fossil fuels; The demand for copper in electric vehicles is four times that of fuel vehicles.
For electric vehicles, the place that consumes the most copper is energy storage. For example, the 200 kW charging pile contains 8 kilograms of copper, and 20 million electric vehicle charging piles will be added before 2030, so the demand for energy storage alone is huge.
Some institutions predict that there will be a supply gap of 4.7 million tons in 2030. If no new copper mine is built, the gap will reach100000 tons.
Therefore, the surge in copper prices this year is not only because of the needs of its traditional business, but also because of the needs of new energy business; Not only as a commodity, but also as a hot industry.
Demand is in short supply, and supply is not easy.
In the past five years, the supply of copper has increased by about 6.5438+0.6 million tons every year. Although it has greatly increased to 2 million tons in 2025, there is still a lot of room for the gap in 2030, and the demand for new energy may accelerate, so the situation in five years is likely to be in short supply.
The proven reserves of copper resources in China are 1. 1 10,000 tons, and the exploitation of copper resources is only 3% of the world's, so it has always relied on imports.
The output of mineral copper of Minmetals Resources and China Copper Group is about 300,000 tons. Zijin Mining became the leader because it acquired Kamoa copper mine, the fourth largest high-grade copper mine in the world, with a copper resource reserve of 33.4 million tons, accounting for one third of the country.
In a word, the change of copper attributes directly brought Zijin Mining to a new track.
Secondly, Zijin Mining has also opened up a "lithium" track: the acquisition of Canada's new lithium company, which holds the equity of Argentina's 3Q lithium salt lake project 100%.
3Q Project * * * owns 13 mining right, with a total mining area of 353 square kilometers. It is estimated that the lithium resource is 7.565 million tons, and the planned annual output of battery-grade lithium carbonate is 20,000 tons, which is expected to be expanded to 40,000-60,000 tons.
In this case, Zijin Mining is more likely to be in the upper reaches of the new energy road, which is one of the reasons why the social security fund revalues its assets.
In addition, Zijin Mining, whose main business is metallurgy, is rich in gold resources, as well as tungsten concentrate, zinc mine, silver mine and iron mine, with diversified minerals, and will become a super-large aircraft carrier in the future.
Since the beginning of this year, the gross profit margin of Zijin Mining has reached 65,438+04%, up 3 percentage points year-on-year.
In the third quarter, R&D expenditure was 500 million, a year-on-year increase of 34%.
The market is most concerned about the strong periodicity of metals. However, after the infrastructure nature of copper recedes, it will usher in a weak cycle of new energy. Coupled with the layout of lithium ore, the advantages of the two are superimposed, which is a growth point worthy of attention.
Instead of chasing high and catching hot spots, it is better to learn social security funds and learn to ambush.
There is still a big market for lithium batteries. Over the weekend, Yiwei Lithium announced that it would build 4680 batteries, and today it suddenly jumped by 20cm.
The 4680 battery refers to the battery with a diameter of 46 and a height of 80 released by Tesla. Because of its five-fold capacity improvement, the cruising range is+16% and the unit cost is-14%, which has outstanding advantages.
Recently, Panasonic also said that it will start mass production, and Contemporary Ampere Technology Co., Ltd., LG Chem and Samsung are also actively researching and developing. The new battery is about to ignite a new explosion point and the market is very excited.
There is still a lot of meat to eat in the new energy. Comrades should seize the opportunity to adjust back to low inhalation. It's cold today, and it will get hot tomorrow!
This paper only interprets market research information and does not constitute investment advice.