Short selling is not encouraged! Social security funds self managed position transfer to financing is a signal of normalization

category:Finance
 Short selling is not encouraged! Social security funds self managed position transfer to financing is a signal of normalization


I dont think this need to be understood as an expression of the market direction, and the volume of this part of the securities source is not large and has little impact on the market. A head of public funds said.

First lending self managed position

The news further shows that the Social Security Fund Council will carry out the business through four brokers, and the lending target is part of the 300 shares of Shanghai and Shenzhen held by the Social Security Fund Council, of which two agents are Shenwan Hongyuan and Societe Generale Securities. It is understood that this is the first time that the Council of the social security fund has lent its position of funds under its management to the market as a tool for securities lending.

According to insiders, there are two ways for securities companies in A-share market to provide investors with securities sources: one is the self-employed position of securities companies; the other is to borrow securities sources from securities companies by means of securities lending. When securities and securities companies carry out the business of refinancing securities, they borrow the underlying securities from various lenders and then lend them to securities companies.

In this process, the lender provides the securities source to the securities company, which is the refinancing securities lending. Refinancing securities lending has many advantages: high security, low threshold for participation, retained interests and stable income.

The increase in refinancing income is not big in absolute terms, but it is low-risk. I personally think it is a way to improve the level of refined management of social security. The head of the public funds said to the first finance and economics.

More than a year ago, with the introduction of new regulations on refinancing, public funds also participated in the refinancing securities lending business. The participation of public funds in lending business is the business of public funds lending securities to securities companies at a certain rate through the comprehensive business platform of the stock exchange, and the securities companies return the borrowed securities and corresponding rights and interests compensation and pay fees when they are due.

First finance also understands that the longer the lending period of the main board securities, the higher the rate; the market-oriented pricing is adopted for the securities of the science and technology innovation board and the growth enterprise market, and the rate can be adjusted according to the market supply and demand.

According to the research of Huabao securities, under the optimistic situation, according to the calculation of 30% upper limit position, lending business will bring about 0.5% income thickening for public offering index fund, and under 50% lending upper limit position, the income of active equity fund will increase by 0.75% ~ 1%.

Rapid growth of securities lending

I think its to build a normal market. A normal market should not only have tools to do long. At the same time, it sends the signal of market normalization. There are also securities managers and the first financial exchange said.

The social security fund used to open the refinancing business through public offering institutions, but now the social security fund has opened the refinancing and lending business for its own positions, which shows that the regulatory authorities still recognize the active degree of the current market. Private platoon Network future star fund manager Hu Po also said.

Reflected in the market, after the opening of November 19, the CSI 300 index opened low and went high. As of the closing, the CSI 300 index rose 0.74%, the Shanghai Composite Index rose 0.47%, and the gem index rose 0.93%.

It is worth mentioning that in recent months, significant changes have taken place in the level of margin trading and securities lending, with the balance of financing maintained at around 1400 billion yuan, while the balance of securities lending continued to rise from around 50 billion yuan to nearly 120 billion yuan, indicating that the margin trading balance has entered a period of rapid growth.

The long-term differences in the credit trading market and the supply and demand of funds are changing, and it is expected that the proportion of the margin balance in the financing amount will still be significantly increased. A seller analyst said.

According to the statistics of Oriental Fortune choice, in October, 109.65 billion yuan was financed through securities lending, including 42.886 billion yuan from new contracts and 66.763 billion yuan from extension. Up to now, the balance of A-share and Shenzhen stock exchanges is 1.565 trillion yuan and 117.8 billion yuan, including 72.56 billion yuan in Shanghai and 45.22 billion yuan in Shenzhen.

We believe that the social security fund has little impact on the market in the short term, because the release of the whole source of securities lending still needs a process. Hube analysis.

At the same time, he also believes that the social security fund has opened the refinancing business of its own assets, which is equivalent to an increase in the source and quantity of securities lending, which is beneficial to enriching the trading means of the whole market and making the trading means of the whole market more diversified. The social security fund has increased the supply and demand of the whole market, which has a positive effect on stabilizing the current valuation bubble. A typical example is the science and technology innovation board. The listed companies on the science and technology innovation board have high growth, but their profits are unstable and their valuation is uncertain. When the stock price is too high, it may play an important role in promoting the stock price volatility. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

At the same time, he also believes that the social security fund has opened the refinancing business of its own assets, which is equivalent to an increase in the source and quantity of securities lending, which is beneficial to enriching the trading means of the whole market and making the trading means of the whole market more diversified. The social security fund has increased the supply and demand of the whole market, which has a positive effect on stabilizing the current valuation bubble.

A typical example is the science and technology innovation board. The listed companies on the science and technology innovation board have high growth, but their profits are unstable and their valuation is uncertain. When the stock price is too high, it may play an important role in promoting the stock price volatility.