Doxxing A-share "sharpshooter" 350 billion shareholding account

The disclosure of the annual reports of A-share listed companies has entered the final sprint stage, and the long-term holdings of the social security fund have surfaced. As a long-term investor with a stable style, the social security fund is known as the "sharpshooter" of the market.

As of April 25, among the listed companies that have announced their 2023 annual reports, the social security fund has recently appeared in the top ten circulating shareholders of 539 companies, holding a total of 53.3 billion shares and a total market value of 347.17 billion yuan. Tracing forward, it was found that 48 social security funds held for more than 10 periods (one period is a quarter), and many stocks such as OCT A, China Resources Sanjiu, and Hualu Hengsheng were held by the social security fund for more than 10 years.

Heavy exposure to financial stocks

The social security fund has always had a soft spot for financial stocks, and the statistics of Flush show that in 2023, the social security fund's position in the banking industry alone will exceed 160 billion yuan, and the banking industry will become the largest heavy industry of the social security fund.

As of the end of last year, five of the top ten heavy stocks of the social security fund were financial stocks, and all of them ranked in the top five, namely Agricultural Bank of China, Industrial and Commercial Bank of China, Chinese People's Insurance, Founder Securities and Guosen Securities. The largest heavy stock of the social security fund is the Agricultural Bank of China, which held 23.52 billion shares at the end of the fourth quarter of last year, with a market value of 85.62 billion yuan, and it is also the only stock with a market value of 80 billion yuan in the heavy stocks. Judging from the annual report disclosed by the Agricultural Bank of China, the National Council for Social Security Fund ranks fourth among the top ten circulating shareholders, accounting for 6.72%. The social security fund can be described as "long-term affection" for the Agricultural Bank of China, and the holding period has been more than 10 years.

In addition, the market value of the social security fund's positions in ICBC and Chinese Insurance ranked second and third respectively, with market value of 58.945 billion yuan and 27.281 billion yuan respectively.

In addition to financial stocks, the social security fund also significantly increased its position in gold stocks in the fourth quarter of last year, including Chifeng Gold and Shandong Gold, ranking 15th and 16th among heavy stocks, with a market value of 1.581 billion yuan and 1.578 billion yuan.

Judging from the current situation, the social security fund on the layout of these two stocks can be described as accurate, this year gold has continued to brush out new highs, once exceeded 2400 US dollars / ounce, the rise significantly exceeded market expectations, major institutions have recently been busy raising the outlook for gold, some institutions even gave a forecast of 3000 US dollars / ounce. Since the beginning of this year, Chifeng gold has risen 30%, with the largest increase of more than 80%, and Shandong gold has also risen 28%, which makes the social security fund in the layout make a lot of money.

The social security fund has always been the "sharpshooter" of the investment community, with a stable investment style, so it has always been known as "smart money". In the 22 years from 2001 to 2022, the social security fund has only suffered three floating losses, namely in 2008, 2018 and 2022. The rest of the time, the investment of the social security fund is positive, with an average annual investment rate of return of 7.66%, and a cumulative investment income of 1,657.554 billion yuan.

Judging from the position structure of the social security fund last year, it is mainly concentrated in two major directions: first, the valuation of the industry is at a low level, and the pessimistic expectations of performance have been fully reflected. Second, it is currently in a high boom cycle, and is strongly supported by national policies, with a long-term growth logic growth track, such as new energy vehicles, photovoltaics, semiconductors and other sectors.

Ultra-long standby holding mode

On the whole, the investment style of the social security fund is "ultra-long standby". There are 48 stocks with positions held for more than 10 periods.

The stock with the longest holding period of the social security fund is OCT A, which has been held for 51 quarters since the second quarter of 2011 and lasted for more than 12 years. Judging from the latest regular report, OCT A has recently obtained heavy holdings from the 114 portfolio of the National Social Security Fund and the 413 portfolio of the National Social Security Fund, ranking the fifth and eighth largest circulating shareholders of the company, with a total market value of 427 million yuan. According to the annual report of OCT A, the operating income in 2023 will be 55.744 billion yuan, a year-on-year decrease of 27.39%, and the net profit loss will be 6.492 billion yuan, compared with a loss of 10.905 billion yuan in the same period last year, achieving a significant loss reduction.

China Resources Sanjiu, which is mainly engaged in the research and development of pharmaceutical products and related health services, has been held by the social security fund for a period of more than 12 years, second only to OCT A, since the third quarter of 2011. According to the annual report of China Resources 39, as of the end of 2023, the 106 portfolio of the National Social Security Fund ranked seventh in the list of the top ten circulating shareholders, with a market value of 231 million yuan.

Hualu Hengsheng ranks third in terms of holding periods, and has held it for 45 quarters since the fourth quarter of 2012, lasting for more than 11 years. According to the annual report of Hualu Hengsheng, as of the end of 2023, the social security fund occupies 4 seats in the list of the top ten circulating shareholders, with a total market value of 3.24 billion yuan. Among them, the 103 portfolio of the National Social Security Fund has become the seventh largest circulating shareholder. In 2023, Hualu Hengsheng successfully passed the industrial energy conservation supervision of the Ministry of Industry and Information Technology and the energy consumption verification of the "two high" industries in Shandong Province.

The market value of Xiangdian shares, a leading electromagnetic company, is 381 million yuan, and the social security fund has held it for more than 10 years. Judging from the disclosed annual report, the 503 portfolio of the National Social Security Fund ranks the third largest circulating shareholder. According to the 2023 annual report released by Xiangdian Co., Ltd. on April 9, its operating income was 4.563 billion yuan, a year-on-year decrease of 0.31%, and its net profit was 300 million yuan, a year-on-year increase of 15.24%.

Rong Hao, a partner of Paipaiwang Wealth Management, believes that the social security fund has the following characteristics: First, long-term holding. The social security fund holds a very long holding cycle, will not trade frequently, and will not pay attention to the short-term performance of the stock price; The social security fund often chooses to invest in listed companies with relatively stable operations, and attaches great importance to factors such as corporate governance and valuation; The social security fund holds a basket of stock portfolios, which will be relatively dispersed in terms of industries, sectors and individual stocks; The social security fund usually selects listed companies with obvious industry status and high reputation in the industry; In order to support the sustainable development of social security, the social security fund will give priority to industries and enterprises related to social security for strategic investment.

Yang Delong, chief economist of Qianhai Open Source, also said: "National teams such as the Social Security Fund and Huijin are real value investments, which will not be troubled by market sentiment fluctuations, and can truly sell high and buy low." When the market is relatively sluggish, retail investors are waiting, the national team has increased its positions in a big way, and when the market fluctuates, the social security fund has reduced its holdings. In the A-share market, only by insisting on fundamental research and value investment can investors finally win. It is often difficult to obtain a good return on investment by speculating on concepts and themes. ”

As for whether it is possible to follow the social security fund to "copy homework", Rong Hao believes that the heavy stocks and allocation trends of the social security fund have a certain reference value for investors. But for the social security fund heavy stocks can not be blindly plagiarized, first, the news has a certain lag, when investors know, may have accumulated a certain rise, and investors do not know the social security fund holding costs and the current position; The investment characteristics of the social security fund is the pursuit of long-term stable income, and the income requirements are not high, so the social security fund will choose the company with high certainty of future performance growth or high dividend characteristics in the investment preference, among which the industry leader is the favorite of the social security fund.

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