Make 70.9 billion! Half year report card of nearly 2 trillion enterprise annuity

category:Finance
 Make 70.9 billion! Half year report card of nearly 2 trillion enterprise annuity


Source: Ministry of human resources and social security

The weighted average yield is better than the same period last year

The overall income of enterprise annuity fund is stable.

In terms of investment income, the investment income in the second quarter of 2020 will be 55.622 billion yuan, and the accumulated income since this year is 70.917 billion yuan.

Source: Ministry of human resources and social security

From the perspective of various plans, in the first half of 2020, the performance of plans with equity is generally stronger than that of fixed income. In the first half of the year, the weighted average returns of equity portfolio of single plan and collective plan were 4.14% and 4.48%, respectively, while that of fixed income portfolio was 2.67% and 2.78%.

Source: Ministry of human resources and social security

From the perspective of performance distribution, in the first half of 2020, the asset amount of enterprise annuity portfolio with a yield of more than 4% accounted for the highest proportion of 47.47%; the asset amount of enterprise annuity portfolio with a yield of 3% - 4% accounted for 25.01%; the asset amount of enterprise annuity portfolio with yield of 2% - 3%, 1% - 2%, and 0-1% accounted for 18.62%, 6.23% and 2.39% respectively; the proportion of negative return was only 0.29%.

Distribution of return rate of national enterprise annuity fund portfolio in the first half of 2020

The number of pension management institutions with a scale of 100 billion has increased to 7

In terms of investment management, the data shows that by the end of the second quarter of 2020, the top five institutions in terms of investment management scale were Taikang assets, Ping An pension, China Life Pension, ICBC Credit Suisse and Taiping fund, respectively, with RMB 322.203 billion, RMB 254.943 billion, RMB 218.999 billion, RMB 134.304 billion and RMB 115.338 billion.

In terms of investment performance, in the first half of the year, Cathay Pacific Fund ranked first with a weighted average return of 3.94%, while Boshi fund and Yinhua Fund ranked second and third with 3.3% and 3.06% respectively. In the single plan with equity portfolio, Boshi Fund ranked first with 5.97% yield, Huatai assets with 5.96% yield followed, in addition, China Merchants, Cathay Pacific, Huaxia, Haifutong fund and other institutions also had a yield of more than 5%.

In terms of collective plan, in the first half of the year, the return of Yinhua Fund was the best, with the weighted average yield of 7.89%; among the fixed income portfolio of collective plan, Boshi Fund ranked first with the yield of 3.9% in the first half of the year.

In terms of custody, industrial and Commercial Bank of China ranked first in the amount of assets under custody, up to 680075 billion yuan. China Construction Bank and Bank of China ranked second and third, respectively 354.605 billion yuan and 276651 billion yuan.

Custody of enterprise annuity fund in the second quarter of 2020

Source: Ministry of human resources and social security

It should be relaxed appropriately and orderly

Proportion of investment equity products

Shanghai Securities research report pointed out that the proportion of equity products invested in enterprise annuity should be appropriately and orderly relaxed. There are three reasons: first, the attribute of annuity is long-term fund, which can withstand the short-term fluctuation of stock market in order to obtain higher medium and long-term returns. Higher rate of return can not only increase the scale of annuity, but also increase the willingness of employees to participate in annuity by increasing the replacement rate of annuity. Second, if pension and other long-term funds can participate in the stock market with greater strength, the short-term capital strength dominated by speculation can be reduced to promote the maturity of the stock market and further promote the rational distribution of social resources. Secondly, the correlation between overseas assets and domestic assets is relatively low. The incorporation of overseas assets into the investment portfolio can not only reduce the overall volatility of the portfolio, but also effectively improve the return to risk ratio. Third, the assessment period of the investment manager by the client and the trustee is too short, and the measurement standard is usually the past performance within one year, or even as short as three months. However, with the further increase in the number of pension products and the number of years of historical performance, it is believed that this situation will be greatly improved. Source: China Securities Journal Editor in charge: Yang Bin_ NF4368

Third, the assessment period of the investment manager by the client and the trustee is too short, and the measurement standard is usually the past performance within one year, or even as short as three months. However, with the further increase in the number of pension products and the number of years of historical performance, it is believed that this situation will be greatly improved.