As more and more listed companies disclose their annual reports in 2021, the position of social security fund, which is regarded as the “investment vane” by long-term investors, is becoming more and more clear.
As of March 27, 2022, the reporter of Securities Daily reported that among the 943 listed companies that have disclosed the annual report of 2021, the social security fund has appeared in the list of the top 10 circulating shareholders of 70 companies, and has accumulated about 1.765 billion shares held by the social security fund. Calculated according to the closing price on December 31, 2021, the total market value is about 38.892 billion yuan.
From the perspective of shareholding, long-term investment is still the basic investment concept, and some stocks have been continuously held by the social security fund for more than 9 years. Among the disclosed heavy positions of social security funds, several stocks achieved year-on-year growth in 2021. In terms of stock price performance, since the fourth quarter of last year, there have been as many as 14 heavy positions of social security fund stocks with stock price increases of more than double digits. From the perspective of specific industry distribution, the electronics sector is the most “preferred”. Overall, the social security fund still favors the manufacturing sector without changing its long-term investment orientation.
favor manufacturing
electronic components into a heavy stock “big family”
After further combing the above-mentioned social security fund position data, the reporter of Securities Daily found that the market value of social security fund positions of two stocks exceeded 3 billion yuan, namely Zijin Mining Group Company Limited(601899) and Wanhua Chemical Group Co.Ltd(600309) . Specifically, by the end of 2021, NSSF portfolio 103 and NSSF portfolio 114 held Zijin Mining Group Company Limited(601899) 281 million shares and 186 million shares respectively, with corresponding market values of 2.085 billion yuan and 1.808 billion yuan respectively; The national social security fund 103 portfolio and the national social security fund 111 portfolio hold Wanhua Chemical Group Co.Ltd(600309) 162 million shares and 16.12 million shares respectively, with corresponding market values of 1.636 billion yuan and 1.628 billion yuan respectively.
In addition to this, among the listed companies that currently publish the annual report, there are eight shares that are heavily held by the social security fund, among the listed companies that currently have eight shares in the listed companies that are currently publishing the annual report, among which the social security fund holds the social security fund, and the market value of each of which is more than 10 billion yuan. The market value of each of the listed companies that currently have eight shares that are heavily held by the social security fund. The market value of each of the listed companies that currently publish the annual report, among the listed companies that currently have eight shares that are heavily held by the social security fund. The market value of each of the positions is more than one billion billion billion yuan, with the market value of more than one billion billion billion yuan, followed by Tsingtao Brewery Company Limited(600600) China Jushi Co.Ltd(600176) China Jushi Co.Ltd(600176) \ \35.
In terms of “new entrants”, the data of China stock market news choice shows that in the fourth quarter of last year, China stock market news received 46.9 million new entrants from the 108 portfolio of the national social security fund, with a corresponding market value of 1.74 billion yuan, accounting for 0.45% of the circulating shares, which is the single stock with the highest market value held by the social security fund in the current annual report. In addition, 14 stocks including Kbc Corporation Ltd(688598) , China Shenhua Energy Company Limited(601088) , Yunnan Aluminium Co.Ltd(000807) , Unisplendour Corporation Limited(000938) were newly held by the social security fund in the fourth quarter of last year.
In terms of “increasing Holdings”, the social security fund increased its positions in 20 stocks in the fourth quarter of last year, including Zijin Mining Group Company Limited(601899) , Nanjing Iron & Steel Co.Ltd(600282) , Cgn Power Co.Ltd(003816) , Citic Pacific Special Steel Group Co.Ltd(000708) . Among them, Zijin Mining Group Company Limited(601899) , with the largest number of additional shares, was increased by 71.14 million shares Nanjing Iron & Steel Co.Ltd(600282) , Cgn Power Co.Ltd(003816) , Citic Pacific Special Steel Group Co.Ltd(000708) were increased by 56.94 million shares, 28.95 million shares and 10.6 million shares respectively, ranking second, third and fourth temporarily.
In terms of industry distribution, in the fourth quarter of last year, the social security fund “preferred” the electronic components sector and held eight stocks in the electronic components sector, including Xiamen Faratronic Co.Ltd(600563) , Shenzhen Sunlord Electronics Co.Ltd(002138) and so on. At the same time, three stocks in traditional food consumption industries have also been heavily held by the social security fund, including Anhui Jinhe Industrial Co.Ltd(002597) , Chongqing Fuling Zhacai Group Co.Ltd(002507) and Bestore Co.Ltd(603719) . In addition, the social security fund is also involved in individual stocks in manufacturing industries such as chemistry, cement and auto parts.
In addition to the above industries, there are also three stocks in the pharmaceutical and biological sector held by the social security fund, namely Changchun High And New Technology Industries (Group) Inc(000661) , Bloomage Biotechnology Corporation Limited(688363) and Changchun Bcht Biotechnology Co(688276) , with little change in the number of positions.
Compared with the third quarterly report of 2021, the industry distribution of heavy positions of social security fund is mainly concentrated in the manufacturing fields such as electronics and medical devices. With the disclosure of the investment structure and position change of the social security fund in 2021, it will become more and more clear.
locked for 9 consecutive years Beijing New Building Materials Public Limited Company(000786)
Due to the long-term and large-scale characteristics of funds, the investment style of social security fund has always been dominated by long-term value investment, paying attention to the liquidity of individual stocks and the profitability of enterprises, and preferring large market value companies. The special meeting held by the financial stability and Development Commission of the State Council on March 16 stressed that financial institutions must proceed from the overall situation and firmly support the development of the real economy. Long term institutional investors are welcome to increase their shareholding ratio.
Among the above 70 heavily held stocks of the social security fund, although the social security fund reduces or liquidates some stocks from time to time, there are not a few stocks held for a long time. According to the statistics of regular reports of Listed Companies in recent ten years, the reporter found that 10 stocks have been held by the social security fund for 12 consecutive quarters. Among them, the social security fund has held shares for more than 8 years since it became the top ten shareholders of Chongqing Fuling Zhacai Group Co.Ltd(002507) tradable shares in the second quarter of 2013; In addition, it has been holding shares for nine years since it became the top ten shareholders of Beijing New Building Materials Public Limited Company(000786) tradable shares in the fourth quarter of 2012.
In addition to focusing on “long-term holding”, the social security fund also prefers blue chip stocks. Among the above 14 heavy positions of social security funds, most stocks achieved year-on-year growth in 2021. Among them, the net profit of Zangger mining, Yunnan Aluminium Co.Ltd(000807) , Wanhua chemical and China Jushi Co.Ltd(600176) increased by more than 100% year-on-year. In terms of stock price performance, in the more than five months from October 8, 2021 (the first trading day of the month) to the closing on March 25, 2022, among the 70 stocks heavily held by the social security fund, 14 stocks increased by more than 10%, with the highest increase of 44.7%.
China Galaxy Securities Co.Ltd(601881) securities analyst Wu Pingping said, “with the continuous entry of social security funds, pensions, enterprise annuities, bank financial management and insurance funds into the market, as well as the additional allocation of equity assets to residents’ savings funds, the institutionalization trend of investors in China’s capital market will further accelerate.” (Note: the market value in the text is calculated based on the closing price on December 31, 2021)
