Recently, Lou Jiwei, chairman of the National Social Security Fund Council, made it clear that several provinces are entrusting the National Social Security Fund Council to carry out related operations on the phased surplus pension insurance.

Pensions have entered the market. Guangxi became the first province to entrust the balance of the basic old-age insurance fund with investment of 4 billion yuan.

Ministry of Human Resources and Social Security decides when to enter the market

It can be said that there are no policy obstacles to the market-oriented investment and operation of various pensions, including enterprise annuities. At present, as far as the Social Security Fund Council is concerned, the custodian and investment management institutions are making final preparations, but when to "start" depends on when to sign a contract to allocate funds. According to the steps, after opening an account and allocating funds, it will enter the stage of daily investment management. It is understood that the "starting gun" is in the hands of the Ministry of Human Resources and Social Security.

The Ministry of Human Resources and Social Security has made it clear that the endowment insurance fund is the "life-saving money" of the public, and it is not its function and responsibility to support and rescue the market. The specific opportunity to enter the market depends on the market situation.

"We are waiting for the above arrangement, and we need to put it on record before signing the contract". Li Lin (pseudonym) said that there may be further bidding for follow-up funds, and the specific time and scale are not certain for the time being.

Li Lin's fund company is among the 21 securities investment management institutions. He said that there is no notice to open a pension investment account and allocate funds.

But even so, Li Lin's company has made various preparations for the pension that may open at any time. According to Li Lin, unlike other companies that disperse their pension business to various investment and research departments, their company has set up an independent pension investment department with full-time management.

capital or "a steady stream of water" flows into the stock market

However, there are still some problems in the pension market at present, such as the national overall planning has not been realized yet. Some insiders estimate that the early entry funds are very limited, but about 1 billion yuan, and the short-term impact on the market may be limited.

In addition, the entry of pensions into the stock market is not just about entering the stock market. According to the regulations, in addition to investing in bank deposits and treasury bonds, pension funds will also be able to get involved in various risky assets such as credit bonds, stocks, funds and equity, and participate in major national projects and major projects in an appropriate way. Therefore, "entering the market" means that pension funds will use financial market tools in a wider range and invest and operate in a market-oriented way, rather than entering the stock market in a narrow sense.

it is clear that the nature of the pension fund's security determines that its investment is mainly steady investment, which requires high security, liquidity and profitability. Zheng Jisha, a senior non-bank financial analyst at China Merchants Securities, said that the allocation style of pensions will be similar to that of social security funds, but it will have lower risk tolerance and higher liquidity demand than social security funds.

according to public information, the national social security fund pays attention to the leading stocks with large market value in the industry allocation, while the enterprise annuity is managed and invested by the enterprise annuity Council or the institution entrusted by the enterprise annuity Council, which is limited to domestic investment, and the scope of investment is relatively wide, but compared with the social security fund, its investment restrictions are greater.

Zheng Jisha predicts that, judging from the way social security funds and enterprise annuities increase their stock positions step by step every year, the stock positions of pension funds may be more cautious at the initial stage of investment, or "small water will flow forever", and the proportion of pensions invested in equity in the short term will be lower, and blue-chip targets with low valuation and high dividend yield will be preferred and held for a long time; In the long run, it will gradually increase the proportion of equity investment, improve the investor structure in the A-share market, and lead the trend of value investment.