Data is a treasure
Datatreasure
Less worry about stock trading
On March 22, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the State-owned Assets Supervision and Administration Commission of the State Council issued the Interim Measures for the Operation and Management of State-owned Equity and Cash Income of the Transfer and Enhancement of Social Security Funds (hereinafter referred to as the "Measures").
The transfer of part of the state-owned capital to enrich the social security fund is an important measure taken by the CPC Central Committee and the State Council to enhance the sustainability of the basic pension insurance system on the basis of considering the reform of the basic pension insurance system and deepening the reform of state-owned enterprises.
At present, the national transfer work has been basically completed, most of the undertaking entities received the transfer of state-owned equity lock-up period has expired, began to collect cash dividends from the transfer of equity and the scale is increasing year by year, the need to further obtain income through operation and management. The promulgation of the "Measures" will further standardize the transfer and enrichment of the operation and management of the state-owned equity and cash income of the social security fund.
The "Measures" stipulate that after deducting the cash income after being handed over to make up for the shortfall in the basic pension insurance fund for enterprise employees, the central level shall be invested and operated by the National Council of Social Security Fund (hereinafter referred to as the "Social Security Fund"), and the local level will entrust no less than 50% of the accumulated cash income at the end of the previous year to the Social Security Fund for investment and operation.
The Measures also stipulate that the Ministry of Finance, together with the Ministry of Human Resources and Social Security, shall report to the State Council in a timely manner to adjust the scope and proportion of investment according to the investment and operation of cash proceeds.
The Social Security Foundation is responsible for the investment and operation of cash proceeds at the central and local levels
The "Measures" require that the operation of state-owned equity and cash income should adhere to the principles of ensuring safety, independent operation, separate accounting, marketization, diversification and specialization, so as to maintain and increase value, and accept assessment and supervision.
The Measures make it clear that each undertaking entity is responsible for the operation and management of state-owned equity and cash income. For the central level, the social security fund invests and operates.
At the local level, the people's governments of all provinces, autonomous regions and municipalities directly under the Central Government in accordance with the Notice of the State Council on Printing and Distributing the Implementation Plan for the Transfer of Part of the State-owned Capital to Enrich the Social Security Fund (hereinafter referred to as the "Implementation Plan") are responsible for the centralized holding, management and operation of the transfer of state-owned equity wholly state-owned companies or entrusted with the transfer of state-owned equity to implement special account management with state-owned capital investment and operation functions, responsible for the operation and management of state-owned equity and cash income in the region.
Considering that the social security fund has rich experience in investment and operation and good investment performance, in order to give full play to the scale of investment, the "Measures" stipulate that the local level will not be less than 50% of the accumulated cash income at the end of the previous year, entrusted to the social security fund for investment and operation, and the remaining part of the investment and operation by the local undertaking entities within a limited range (bank deposits, purchase of treasury bonds in the primary market, capital increase of the transfer enterprise and its holding enterprises).
Clarify the proportion of investment in various products
The scope of cash income investment managed by the Social Security Fund covers deposits and interest rates, credit fixed income, stocks, and equity products. The Measures stipulate the investment ratio of each type of product, and it is clear that it should be calculated at fair value. Specifically:
The total investment ratio of bank deposits, treasury bonds, central bank bills, policy and development bank bonds, and money market funds shall not be less than 40% of the net asset value. Among them, the proportion of bank deposits shall not be less than 10% of the net asset value, and the proportion of deposits in the same bank shall not be higher than 25% of the total bank deposits.
The total investment ratio of local government bonds and financial bonds with good credit qualifications, enterprise (corporate) bonds, convertible bonds (including convertible bonds for separate transactions, the same below), short-term financing bonds, medium-term notes, asset-backed securities, bond securities investment funds, monetary pension products and fixed-income pension products shall not exceed 30% of the net asset value. Among them, the total investment ratio of local government bonds and enterprise (corporate) bonds shall not exceed 20% of the net asset value, and the total investment ratio of convertible bonds and asset-backed securities shall not exceed 10% of the net asset value.
The total investment ratio of stocks, equity securities investment funds, hybrid securities investment funds, equity pension products and hybrid pension products shall not exceed 40% of the net asset value.
The aggregate investment ratio in other state-owned and state-controlled enterprises and equity investment funds shall not exceed 30% of the net asset value. Among them, the investment ratio of equity investment funds shall not exceed 10% of the net asset value.
The balance of funds from bond repurchases shall not exceed 40% of the net asset value on each trading day. Stock index futures and treasury bond futures can only be traded for the purpose of hedging, and shall be carried out in accordance with the relevant provisions of the hedging management of the China Financial Futures Exchange.
Promote the transfer of state-owned equity and the safety of cash income
In November 2017, the State Council issued the Implementation Plan, which clearly requires the transfer of 10% of the state-owned equity of central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions to make up for the shortfall in the basic pension insurance fund for enterprise employees due to the implementation of the policy of deemed payment period.
The "Implementation Plan" stipulates that the transfer of state-owned equity shall be centrally held, managed and operated by the transfer of state-owned equity by the National Council for Social Security Fund and the provincial people's governments;
At present, the national transfer work has been basically completed, most of the undertaking entities received the transfer of state-owned equity lock-up period has expired, began to collect cash dividends from the transfer of equity and the scale is increasing year by year, the need to further obtain income through operation and management. The promulgation of the "Measures" will further standardize the transfer and enrichment of the operation and management of the state-owned equity and cash income of the social security fund.
The relevant person in charge of the Ministry of Finance said that the promulgation of the "Measures" is conducive to standardizing the operation and management of the transferred state-owned capital, promoting the safety of the transferred state-owned equity and cash income, and also providing a basis for the undertaking entity to carry out the operation and management of state-owned equity and cash income. The Measures broaden the investment scope of cash income, which is conducive to maintaining and increasing the value of cash income, enhancing the country's ability to cope with population aging and achieving sustainable development, and the people's confidence in the social security system.
Source: Brokerage China
Disclaimer: All information content of Databao does not constitute investment advice, the stock market is risky, and investment needs to be cautious.
Editor-in-charge: He Yu
Proofreading: Wang Chaoquan
Datatreasure
Data treasure (shujubao2015): Securities Times intelligent original new media.