With the intensive disclosure of the 2021 annual report, the positions of pension funds in the fourth quarter of last year gradually surfaced.
According to the data of China stock market news choice, as of April 7, among the listed companies that have disclosed the annual report of 2021, pension fund accounts have emerged as the top 10 circulating shareholders of 32 companies. Among them, there are 11 new stocks and 4 additional stocks. According to the industry classification of Shenwan, at the end of last year, there were 18 industries in the pension fund account, among which electronics, public utilities and chemical industry accounted for a relatively high proportion.
Pang Ming, chief economist and chief strategic analyst of Huaxing securities (Hong Kong), told the reporter of Securities Daily, “Compared with previous quarters, the willingness of pension funds to adjust positions in the fourth quarter of 2021 is more obvious, and the distribution of industries involved is relatively balanced. We still focus on the mainstream track leading stocks with long-term stable performance, reasonable valuation, high dividend rate and continuous high dividend, established investment moat and high certainty of future growth.”
In terms of the number of shares held, the pension fund account held the most shares of China Jushi Co.Ltd(600176) at the end of last year, with a total of 628208 million shares. Followed by Nanjing Iron & Steel Co.Ltd(600282) , holding 60249500 shares. In terms of the market value of shares held at the end of the period, the market value of 22 shares held by the pension fund account at the end of the period is more than 100 million yuan, including China Jushi Co.Ltd(600176) , Shenzhen Kedali Industry Co.Ltd(002850) , Avic Electromechanical Systems Co.Ltd(002013) , etc.
From the perspective of investment style, the investment of pension fund is stable, and its heavy position stock companies have a bright performance. Among the above 32 companies held by pension fund, 23 companies achieved a year-on-year increase in net profit in 2021, accounting for 72%. Among them, Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) , Shenzhen Kedali Industry Co.Ltd(002850) , Zhejiang Windey Co.Ltd(300772) , China Jushi Co.Ltd(600176) , Guangdong Hybribio Biotech Co.Ltd(300639) , China Cyts Tours Holding Co.Ltd(600138) , Btg Hotels (Group) Co.Ltd(600258) and other seven companies achieved a year-on-year increase in net profit of more than 100% during the reporting period.
He Nanye, a special researcher of Suning Financial Research Institute, said that from the above data, the current pension fund investment presents the following characteristics: first, the market value of most of the holding shares is more than 100 million yuan, which is relatively large and stable; Second, the scale of operating income and net profit of invested enterprises in 2021 is high; Third, although it mainly focuses on the investment of manufacturing enterprises, it spans a wide range of subdivided fields and pays attention to the relative leading enterprises in the subdivided industries; Fourth, adhere to value investment and keep a relatively balanced shareholding. There are both stable blue chips and growing small and medium-sized stocks. On the basis of maintaining stable income, there is a good possibility of rising.
“For pension funds, the sectors where the early valuation pressure and transaction congestion have been fully released, the industries whose prosperity has continuously improved and their profits have increased significantly, and high-quality enterprises are expected to have both growth and certainty, which is conducive to the preservation and appreciation of the investment account of pension funds.” Pang Ming said.
Since the beginning of this year, the regulatory authorities have continuously issued a voice to encourage institutional investors such as pension funds to enter the market. On March 16, the financial stability and Development Commission of the State Council held a special meeting to emphasize that long-term institutional investors are welcome to increase their shareholding ratio. On the same day, the Party committee of the CSRC held an enlarged meeting and proposed to improve the system and mechanism conducive to the participation of long-term institutional investors in the capital market, increase the cultivation of public funds and other institutional investors, and encourage long-term investment and value investment.
According to the data released by the Ministry of human resources and social security, by the end of 2021, the amount of equity investment entrusted by the basic endowment insurance fund was 1.46 trillion yuan. According to the calculation of the reporter of Securities Daily, the entrusted equity investment of the basic endowment insurance fund increased by 220 billion yuan in 2021.
Pang Ming said that the investment of pension funds into the market can, together with other long-term funds, institutional investors and value investors, give full play to the role of “stabilizer” and “sea god needle” in the A-share market, effectively carry out investment operation management in accordance with the policy of prudent investment, safety first, risk control and income improvement, and strive to improve investment return, capital use efficiency and income level while preventing market risks, Ensure the security of pension fund accounts and maintain and increase their value.
