Tang Zhishun painting
In the second quarter, the new purchase of Joyoung shares and Zhenghai Magnets, with a combined market value of nearly 100 million Yuan
The entry of pension funds, which has always been a concern, has finally begun to be substantively launched. Recently, among the top ten shareholders of tradable shares announced in the semi-annual report of Joyoung Co., Ltd. and Zhenghai Cicai, the pension accounts are impressively listed, with a combined market value of nearly 100 million yuan. This means that the introduction of pension funds into the market has entered the implementation stage.
Individual stocks of small and medium-sized innovations in pension accounts.
On April 25, the spokesperson of the Ministry of Human Resources and Social Security revealed at a press conference that as of the end of March, 7 companies in Beijing, Shanghai, Henan, etc. The provincial and municipal governments have signed entrusted investment contracts with the Social Security Fund Council. The total contract amount is 360 billion yuan, of which 137 billion yuan has been deposited and investment has begun.
On the evening of August 18, Joyoung issued a semi-annual report. The report showed that among the top ten shareholders of the company, the basic pension insurance fund 802 combination ranked the tenth largest shareholder, which was only in the second quarter. Newly entered the ranks of the top ten shareholders, holding 2.867 million shares, accounting for 0.37% of the total share capital, the latest market value of about 52.466 million yuan. At the same time, Central Huijin holds 38.31 million shares of Joyoung, accounting for 4.99% of the total share capital. Joyoung is a small and medium-sized stock, with kitchen appliances as its main products.
At the same time, the 802 combination of basic pension insurance funds also appeared in the list of shareholders of Zhenghai Magnetics. According to the semi-annual report released by Zhenghai Magnetic Materials, the pension account holds 3.9292 million shares of Zhenghai Magnetic Materials, accounting for about 0.47% of the company's total share capital, and the latest market value is 42.238 million yuan. Zhenghai Magnetics is favored by institutional funds. In the list of company shareholders, there are many funds and trust products such as Dacheng Value Growth Securities Investment Fund, China Foreign Economic Relations and Trade Trust Co., Ltd.-Freshwater Spring Selection Phase I, and the National Social Security Fund. 413 portfolio also holds 4,413,100 shares. Zhenghai Magnetics is a GEM stock, mainly engaged in high-performance NdFeB permanent magnet materials and new energy vehicle motor drive systems.
Although there are not many disclosures of individual stocks invested in pension accounts at present, judging from the fact that the two disclosed stocks are small and medium-sized venture stocks, the investment style of pension accounts is not what the market previously imagined, focusing on blue chip stocks in the market. , Will also involve individual stocks in the small and medium-sized innovation sector.
The introduction of pension funds is conducive to market stability
After the introduction of pension funds, what impact will it have on the market? China Securities Securities analyst Xia Minren predicts that the total allocation ratio of A-shares for my country's basic pension funds should be around 10%, and the upper limit of the incremental funds brought to the market is around 200 billion yuan. Judging from the scale of funds entering the market for pension funds, the actual aggregate effect it can bring is limited, but the addition of pension funds to the stock market will further enhance the absolute return nature and low risk preference attributes of institutional investors. China Investment Securities analyst Huang Junjie estimates that the introduction of pension funds will drive about 300 billion yuan of funds into the stock market, which has little influence on the market and is mainly biased towards blue chip stocks, but it is conducive to stabilizing market sentiment.
Xia Minren believes that the investment style and strategy of pension funds entering the market will be passed on to the social security fund with a high probability. Generally speaking, the investment of social security funds is biased towards low-value, high-performance, high-dividend medium-value company stocks. In terms of industry and configuration style, although relatively conservative and low-beta stable investment style is the mainstream configuration feature of social security funds, traditional cyclical blue chip stocks (resources, finance) have not gained more favor, except for medicine, food and beverage. In addition to consumer industries such as, textile and clothing, some emerging industries (such as TMT, electronics) are also more willing to invest.
Zhang Bin, an analyst at Guojin Securities, also believes that from the perspective of capital investment demand, pension funds are more focused on low-priced blue chip stocks, and the risk appetite for pension funds entering the market will focus on the investment trend of the market. Stable performance, low valuation, industryStable growth rate of individual stocks. The configuration of the consumer goods market will become the focus, and the catering and tourism sector, as a value sector with strong defensive attributes, is more likely to be favored by pension funds.