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How does the social security fund invest to make money? | Bank Screw Video Sharing

Release Time:2022-05-04 Topic:Funds make money or wealth management makes money Reading:15 Navigation:Stock Liao information > Comprehensive > Social Insurance > How does the social security fund invest to make money? | Bank Screw Video Sharing phone-reading

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Today I will share with you the video of the screw and introduce the investment analysis of the social security fund.

Interested friends can watch this 20-minute video, I hope it will be helpful to everyone.

( PS: The market investment stars and investment opportunities introduced in the video have passed the timeliness due to the time relationship, and the specific investment opportunities are subject to the current market situation.)

For convenience Everyone watched while reading, and the screw also organized the text of the explanation. The full text is as follows:

Topic: "Investment Analysis of Social Security Fund"

Bank Screw:

Hi everyone, I'm Bank Screw.

The theme I bring to you today is the social security fund that my friends have asked a lot about before.

We can often hear from the news how the investment income of the social security fund is, or the investment income is good.

What is the social security fund? What does it invest in? How does it relate to our investments and our lives?

This is what I bring to you today.

1. What is a social security fund?

social security fund, we often hear this term in the news, and we also hear how much money the social security fund invests in, and what exactly is this social security fund? Woolen cloth?

Social Security Fund, the full name of which is the National Social Security Reserve Fund. The purpose of the social security fund is to serve as a supplement to social security expenditures such as population aging and endowment insurance in the future.

It's important to note here that, as a supplement to Social Security spending, it is a Social Security Reserve Fund. Reserve is its most important feature.

What are the main sources of funds for social security funds when investing?

The social security fund was established in 2000, which is very early. So where does the social security fund come from?

▼National funding

First of all, it is allocated by the state, 20 billion per year, which is one of its main and most stable funding sources.

▼Transfer of state-owned assets

Secondly, it is the transfer of state-owned assets, which It is also a very important source.

For example, we often see in the news that how much of the state-owned shares of XX has been transferred to the social security fund. This part is State-owned assets transfer.


Third One source is lottery tickets.

We see all kinds of lottery tickets in China. Usually, the name of the lottery ticket is preceded by a welfare lottery ticket. This welfare lottery ticket does not mean Benefits to lottery players are paid for the lottery and then a large part of the social security fund.

The model of the lottery itself is very similar to gambling.

There is a return rate in the lottery. The return rate of domestic lottery tickets is usually around 50%~75%.

What does this return rate mean?

For example, if you buy a two-dollar lottery ticket, one of which is taken out, The lottery will be given to the lottery player as a bonus. This is the return rate. The remaining dollar will be taken away by the state. In the end, a large part will go into the social security fund.

So buying lottery tickets is to contribute and benefit the society.

For example, lottery players bought 10 billion lottery tickets, of which 50 100 million is actually given to the social security fund, and the remaining 5 billion will be distributed to lottery players as bonuses.

This amount of money invested every year has gradually accumulated from 2000 to Now, the scale of assets under management of the social security fund is very large, with 2.6 trillion assets. This is still in 2019. of a level.

Every year, the state injects a part into it, and the social security fund's own investment income will also drive a part of the asset growth. By 2019, a huge asset of 2.6 trillion has been accumulated.

2. The difference between social security fund and five insurances and one housing fund

social security Funds are similar to the five insurances and one housing fund we usually talk about. What is the difference between them?

Five insurances and one housing fund, every office worker will go there invest.

We look at our salary slip, and there will be five social insurances and one housing fund on it. The five social insurances and one housing housing fund are provided by us every month. Part of the salary, the unit will post another part and put it in.

The money collected by the five insurances and one housing fund will be handed over to the corresponding departments of the local government for management; the social security fund is prepared by the state's unified appropriation and other methods, and is managed by the state as a whole. Investment is also under the unified management of the state.

This is a big difference between them.

Whether it is five social insurances and one housing fund, or social security funds, they are all taken from the people and used for the people, and they are a very important part of social security. forThe whole society can maintain a very stable development.

For example, the money after retirement, for example, how to retire after some accidents. These are the important contributions of the five insurances and one housing fund and the social security fund.

It's just that the social security fund, from the perspective of long-term income, is more than the five insurances and one housing fund.

3. Social Security Fund Income VS Five Insurances and One Fund Income

The social security fund, one of the most famous places, is its very stable investment income.

Since its establishment in 2000, the average annualized rate of return of the social security fund is about 8%. This rate of return actually exceeds that of most five insurances and one insurance. gold income.

Because of five insurances and one housing fund, when investing, it is managed by various local governments, but in actual investment, there are many Five insurances and one housing fund are placed in bank savings, and are not invested in stocks or bonds.

Bank savings, in the 1990s, yielded good returns.

In the 1990s, the overall return on bank savings at that time could even reach 5%~10%.

However, after that, the bank's savings income gradually declined, and now the bank's savings income is very small.

For a long time, the five insurances and one housing fund in various places are stored in the bank, and this income is far lower than the 8% income of the social security fund.

4. How is the social security fund invested?

What does the social security fund rely on to get this income?

The investment of the social security fund is mainly divided into three parts.

Part 1: Bank deposits, bonds, trusts.

These are all bond assets, and the investment in these assets is relatively conventional. The traditional five insurances and one housing fund are sometimes invested in these varieties.

These varieties are relatively stable. If you use money, you can also withdraw them from some demand deposits in a timely manner.

These bonds are also less volatile, and if they need to be realized, they are faster. Therefore, the first part is that social security plays an important role as a foundation.

Part II: Equity Investment.

Especially the shares of unlisted state-owned enterprises, this part is a more important point.

There are many state-owned listed companies in China. These companies will take out part of their shares to go public, but there are still a large part that are not listed.

For example, ICBC. The total scale of ICBC is in the trillions, but in fact, the market value of the listed part of ICBC is only tens of billions, which is not too large.

The remaining huge hundreds of billions are actually not listed, in order to always maintain the state-owned attributes of these banks, and the corresponding shares are usually in the hands of the state. Either it is held by the State-owned Assets Supervision and Administration Commission, or the Ministry of Finance is in the hands of these state agencies, and only a small part of it is listed.

atThis part of the shares in the hands of state institutions is sometimes transferred out and given to the social security fund.

The third part: It is a part of the social security fund with relatively high income, mainly from secondary market investment, that is, stock investment, and entrusted 18 public funds Management on behalf of the company.

These 18 public fund companies, as a whole, can be said to be the top 18 among domestic public fund companies, which is equivalent to being selected by the state. 18 national teams in the fund.

If there is a chance, I will also analyze it for you. Many of the well-known and excellent public fund managers also serve as the entrusted managers of the social security fund.

Therefore, this part of the fund manager is actually equivalent to being recognized by the state. Whether it is income, stability, or reputation of the practitioner, it is all within the scope of consideration. of.

These fund managers are, relatively speaking, fund managers who are particularly good at investing in a robust manner. If the simple income is high, he will not be selected. He has to meet many conditions at the same time.

This is the current social security fund, which mainly invests in three parts.

The bond assets such as bank deposits, bonds and trusts play a role as a guarantee.

Equity investment, that is, shares, like ICBC, if ICBC shares are transferred to the social security fund, the social security fund will not sell the shares. , that is, to hold these shares and get dividends for a long time.

There are many state-owned enterprises in China, which can distribute dividends stably for a long time.

For example, bank stocks have a relatively high dividend rate for a long time, and banks also pay dividends every year.

It doesn't mean that the bank has to score points, but its major shareholders sometimes need money.

For example, like the State-owned Assets Supervision and Administration Commission, the Ministry of Finance, including the social security fund, they all need money.

Equity investment, and can not sell the shares casually, so long-term holding to get dividends, is a standard dividend investor.

The third part, the stocks invested through the secondary market, depends on the performance of the fund manager's investment.

5. Long-term benefits of social security funds

That social security What is the current investment ratio of the fund?

In the current social security fund, the main body is still bonds, that is, the part that plays a stable role as we just said, about 60% It is a bond-type asset, not more than 40% of the stock-type asset.

This ratio is still a debt-oriented breed as a whole.

Although the stock ratio is not more than 40%, it is usually not used up. The long-term stock asset ratio fluctuates back and forth between 10 and 30%.

So the social security fund itself is a super large 2.6 trillion secondary debt base. However, its stock ratio is higher than that of ordinary secondary debt bases.

General secondary debt base, the proportion of stock does not exceed 20%,

The proportion of social security fund , the highest can reach 30 to 40 percent, which is much higher than the proportion of secondary debt-based stocks.

Therefore, the characteristics of social security fund investment are a bit like secondary debt bases, but the proportion of stocks is lower than that of secondary debt bases.Higher, which is a typical feature of its asset allocation.

Domestic secondary debt bases, as I have introduced to you before, the long-term average annualized rate of return is 6%~8%, which is an overall average rate of return. Among them, the excellent varieties can reach 7% to 8%.

The share ratio of the social security fund is higher than that of the secondary debt fund.

We also know that stock assets are high-yield and high-risk. If the proportion of stocks is higher than that of secondary debt-based stocks, the overall benefits and risks of social security funds will be higher. It will also be higher than the secondary debt base.

In the past so many years, the social security fund has been able to obtain an annualized rate of return of more than 8%, which is not much different from the basic principle of general secondary debt, that is If the proportion of stocks in the secondary debt base is enlarged, the income will naturally be higher than that of the ordinary secondary debt base.

Like our Dingdingbao 365-day portfolio, it is mainly secondary debt base. The current stock ratio is about 13%, and the bond ratio is about 13%. 87%, which is much lower than the share of social security funds.

So in theory, if you hold 80% of the 365 portfolio, plus 20% of the index fund Combination or active selection of combinations, in this way, the annualized rate of return, risk, and long-term income are similar to the current income of social security funds.

If you can continue to take risks, you can continue to increase the proportion of this part of the stock.

The higher the stock ratio, the higher the long-term return and the higher the risk.

The lower the stock ratio, the lower the long-term risk and the lower the return. So the investment itself is very fair. If you want higher returns, you have to take higher risks.

Regardless of whether we invest individually or invest through a behemoth such as a social security fund, we must follow the same objective laws.

The income of the social security fund does not break away from the theoretical framework of traditional investment income. The social security fund still relies on these two major types of assets to obtain this income. Obtained from configuration.

6. Investment Style of Social Security Fund

When investing, social security funds also have some unique investment styles. This is also the social security fund, which is more interesting.

The social security fund itself has made a long-term fixed investment.

On this point, our ordinary families can refer to the social security fund.

Because of the social security fund, every year from the channels just mentioned, such as state appropriation, asset transfer, lottery, etc. billions of new capital.

This money will be available every year, because like the national finance, there will be income and asset transfer every year, and the scale may not be the same every year. Lottery tickets, there will be a corresponding income every year.

So the social security fund has the responsibility to invest the new money when it gets new money.

The social security fund gets the money and allocates it to bond and stock assets according to the corresponding proportion, which is a decades-long fixed investment. plan.

Therefore, in the foreseeable future, the annual cash flow will flow in, and this fixed investment is for life.

The social security fund, as long as the country still exists, the overall cash flow of the social security fund will continue to flow in.

The second investment style is to buy more when it is cheaper, and sell more when it rises, so as to increase returns.

We often read the news and see that the social security fund said that the social security fund has recently opened a position, bought a certain stock, or the social security fund, which has recently decreased. hold a certain stock.

In fact, social security fund investment has a very significant investment style in the past ten years, that is, the cheaper the stock assets, the comparison of buying many. The more expensive it is, the less stock assets are bought.

The equity part of the social security fund cannot be bought or sold casually.

As mentioned here, the buying and selling of stocks is mainly carried out through excellent fund managers of public funds. entrusted investment.

We have introduced a lot of these excellent public fund managers before, such as active selection of portfolios, and many fund managers have a similar style.

When the market is cheap, the stock ratio will increase; when the market is expensive, the stock ratio will decrease.

For example, the social security fund is famous for two precise investments.

▼The first round

In 2005, the stock was increased at a low market level; in 2007, when the bull market reached a high level, the holdings were reduced stock.

▼Second round

After the sharp drop in 2008, the stock was increased again; until the high of the bull market in 2015, the stock was reduced again .

At that time, I remember that there were some investors complaining in the news, saying that the social security fund is not cutting the leeks of ordinary investors?

Actually investing, buying undervalued and selling overvalued, such an overall investment strategy and philosophy is not the first of the social security funds.

Whether Buffett, Graham, this school of value investing, or various mature investors, many of the operations are similar.

The social security fund also follows the same investment principles. When stock assets are suitable for investment and relatively cheap, buy more and sell when it is relatively expensive. , it is entirely its responsibility, or within the scope of its rights, which is also a mature investor, can do it.

So I think there will be more such investments in the future, and the investment style of social security funds can also be used as a rough reference.

Some friends will ask, can I copy the homework of this social security fund?

The homework of such institutional investors is not very easy to copy.

Because when an institution buys stocks and when it sells stocks, it is often an afterthought.

So the social security fund, although it has such an investment style, it is not so easy for us ordinary investors to copy it. It's often an afterthought.

We don't need to pay special attention to the buying and selling of short-term stocks of the social security fund.

When we invest, we can more quickly judge whether there is investment value in the market through some market valuation indicators.

For example, in March and April 2020, when the world fell sharply, we can judge index funds, active Fund, is there a better opportunity?

As for the social security fund, it is often verified, and our operation is feasible in itself.

Finally, when social security funds allocate stocks, they are relatively scattered.

I also said just now that it has a scale of 2.6 trillion, and it is impossible to invest all of it in a few stocks, so the overall stock of the social security fund, The number of holdings is very large, somewhat similar to an indexed investment.

Social Security Fund, when investing in stocks, pays great attention to the profitability of enterprises. If this profitability is measured by an indicator, it is ROE, which is also the same as the one we have followed before. Everyone said it.

The average ROE of the stocks held by the social security fund is about 12.2%. This level exceeds 11% of the CSI 300. Although it only exceeds 1.2%, it exceeds 11%. Just over.

In the long run, the investment of social security funds will generally prefer varieties with high ROE.

Therefore, when the social security fund invests, it is also screened.

Because there are many state-owned enterprises, although they are also state-owned enterprises, the ROE is not high, and the ROE of some state-owned enterprises is at a low level for a long time, for example energy industry.

There are many state-owned enterprises in the energy industry, the ROE is low, and the social security fund is also very smart.

So when the social security fund invests, the overall ROE level is still higher than the market average, which is why the investment returns of stocks are relatively high. one.

7. Summary

When the social security fund invests, how many a very distinctive feature.

Feature 1: Continuous cash flow

In fact, this is our ordinary investment The family of the author can also learn from it.

Our ordinary investor families also have a steady stream of wages and cash flow. Just like the social security fund, when we get the money, we can recycle the money earned by the family. cast out.

For example, for our salary every month, we get the year-end bonus at the end of the year. After getting it, we need to configure it. If there are good opportunities for stock assets, it is completely possible to allocate stock assets.

What if stock assets don't have great opportunities?

The social security fund will also encounter the same problem. When it encounters a bull market, there will also be new cash inflows.

But at this time, the social security fund will not be particularly anxious to allocate stocks, it will also allocate bonds to make its overall assets more stable, and wait until stocks appear later. When the opportunity arises, just add up the stock positions.

So on the whole, the idea of ​​social security fund is also worth learning from.

Feature 2: Social Security Fund's Equity and Debt Allocation Strategy

The social security fund is long-term With an annualized rate of more than 8%, its stock ratio reaches 30% to 40%, which is higher than Dingdingbao's 365-day portfolio.

The stock ratio of Dingdingbao 365-day portfolio is 13%, there are some stocks, but not as high as social security.

If you want to replicate the rate of return of the social security fund, it is probably

80% of the Dingdingbao 365-day portfolio; plus 20% of the index fund combination, or actively preferred combination.

The combination of these two is ok, which is almost the benefit of social security configuration.

If some friends don't know how to match, they can get the same income as the social security fund in this way.

If you can take a higher risk, you can use the method of "100 minus age" as we said before, and make the proportion of stocks in the family assets more appropriate. higher.

This is a bit more risky, but the long-term returns will also be high.

Feature 3: Long-term holding to get dividends

Finally, the social security fund is allocating stocks When it comes to asset-like assets, the overall style, stock-like assets, part of it comes from equity transfer, many of which are state-owned enterprises, unlisted shares, he holds this part of the equity, that is, long-term holding to get dividends.

Therefore, there are two investment strategies for social security funds:

Strategy 1: Hold high dividend stocks for a long time, and never sell or take dividends; Strategy 2: Hold some stocks with relatively high ROE.

We have also introduced before that ROE is relatively high, mainly in excellent industries, and varieties in consumption, medicine, and technology generally have higher ROE.

So our individual investors can learn from such an idea when choosing stock types.

This is the investment analysis of the social security fund that I will introduce to you today.

Author: Bank Screw text="true">

WeChat video number, search for "bank screw". At 8 o'clock every day, I will bring you a little investment knowledge.

For more information, please pay attention to the first public account: [Ten years to invest ten times]

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