What are the characteristics of the stocks favored by the social security fund? What kind of enlightenment will the layout direction of social security fund bring to investors?
According to authoritative statistics, by the end of 2019, the total assets of the social security fund were 2.6 trillion yuan, an increase of 16.1% year-on-year, more than twice the total assets of 10 years ago, and the accumulated investment income has exceeded trillion yuan.
Industry insiders believe that stable investment, a small rise in the bull market, and no loss or less loss in the bear market are the key to the success of this huge amount of capital. According to the analysis of Guojin securities in the research report, from the perspective of investment style, the asset allocation of social security fund is based on the basic idea of long-term investment and value investment. According to the value center of the market at a certain stage, it will increase or decrease the position when the market deviates from the value center by a large margin. In essence, mean reversion is the core idea of social security fund asset allocation.
According to Oriental Fortune choice data, as of August 12, among the listed companies that have disclosed their semi annual reports, the social security fund has appeared on the list of the top ten circulating shareholders of 66 companies. Among them, 14 stocks, including Qibin group, Tianhong shares, Songcheng performing arts, Xiamen Xiangyu, and Changxin technology, have been held by the social security fund with more than 20 million shares.
It is worth noting that among the 66 stocks, 16 stocks are new heavy positions of social security fund, including Leo shares, Chenming Paper Co., Ltd., Donghua Software Co., Ltd., Tomson Beijian Co., Ltd., and Enhua Pharmaceutical Co., Ltd.
Guojin Securities said that the positioning and investment style of the social security fund determine its shareholding preference. The pursuit of long-term stable returns and dynamic allocation adjustment based on the value center make the social security fund pay more attention to the two dimensions of liquidity and profitability of individual stocks in stock selection.
Judging from the new heavy positions of social security fund in the second quarter, most of these companies have good profitability, or the performance has improved significantly.
Take Chenming Paper Co., Ltd. as an example, in the second quarter of this year, the company gained the new entry of national social security fund 418 portfolio and social security fund 1106 portfolio, with 12.63 million shares and 12.68 million shares, ranking ninth and tenth largest circulating shareholders.
According to the latest semi annual report, Chenming paper achieved a revenue of 13.6 billion yuan in the first half of the year, with a year-on-year increase of 1.88%; the net profit attributable to the parent company was 516 million yuan, with a year-on-year increase of 1.28%. Northeast Securities said in the research report that, at present, the inventory of finished paper has been digested on a month on month basis, the operating rate of paper enterprises has rebounded, the order placing rhythm of traders is good, the downstream demand has marginal improvement signs, the bottom of the industry is basically confirmed, and the prosperity will usher in gradual recovery.
In the second quarter of this year, 10 million shares and 6.83 million shares were purchased by the National Social Security Fund (NSSF) 414 portfolio and national social security fund 403 portfolio respectively, ranking seventh and tenth largest circulating shareholders.
According to the companys semi annual report, Tangs revenue in the first half of the year was 3.125 billion yuan, an increase of 5.23%, and a net profit of 962 million yuan, a year-on-year increase of 10.96%. Industrial Securities Research Report said that the impact of public health events on the company gradually weakened, superimposed on the power of online channels, and the income was significantly improved on a month on month basis.
In the second quarter of this year, Enhua Pharmaceutical Co., Ltd. obtained 103 portfolio of national social security fund and bought 14.99 million shares.
According to the semi annual report, the company realized a net profit of 352 million yuan belonging to the parent company in the first half of the year, an increase of 9.64% compared with the same period last year. Southwest Securities Research News said that the short-term impact of the epidemic on the company is limited. Under the promotion of marketing reform and products entering the new version of medical insurance, the company maintained a relatively high-speed and stable growth of psychotropic and neurological drugs.
Source of this article: Yang Bin, editor in charge of Shanghai Securities News_ NF4368