The latest information about when insurance funds will enter the market.

Recently, Lou Jiwei, chairman of the National Social Security Fund Council, made it clear that several provinces are entrusting the National Social Security Fund Council to carry out related operations on phased balance endowment insurance. Pensions entering the market is imminent. Guangxi became the first province where the balance of the basic old-age insurance fund was entrusted to invest 40 billion yuan. Ministry of Human Resources and Social Security decided to enter the market. It can be said that there are no policy obstacles to the market-oriented investment and operation of various pensions, including enterprise annuities. At present, as far as the Social Security Fund Council is concerned, both the custodian and the investment management institution are making final preparations, but when to "start" depends on when to sign the contract for allocating funds. According to the steps, after opening an account and allocating funds, it will enter the stage of daily investment management. It is understood that the "starting gun" is in the hands of Ministry of Human Resources and Social Security. Ministry of Human Resources and Social Security has made it clear that the endowment insurance fund is the public's "life-saving money", and it is not its function and responsibility to rescue the market. The specific opportunity to enter the market depends on the market situation. We are waiting for the above arrangement and need to put it on record before signing the contract. Li Lin (pseudonym) said that there may be further bidding for follow-up funds, and the specific time and scale are temporarily uncertain. Li Lin's fund company is the second securities investment management institution. He said that at present, he has not received a notice to open a pension investment account and allocate funds. But even so, Li Lin's company has made various preparations for the pension that may be opened at any time. According to Li Lin, unlike other companies that disperse their pension business to various investment and research departments, their company has set up an independent pension investment department with full-time management. However, there are still some problems in the pension market, such as the lack of national overall planning. Some insiders estimate that the initial entry funds are very limited, but the short-term impact on the market may be limited at around 1000 billion. In addition, the pension entering the market is not just entering the stock market. According to the regulations, in addition to investing in bank deposits and national debt, pension funds can also be involved in various risky assets such as credit bonds, stocks, funds and equity, and participate in major national projects and major projects in an appropriate way. Therefore, "entering the stock market" means that pension funds will use financial market tools in a wider range to invest and operate in a market-oriented way, rather than entering the stock market in a narrow sense. What is clear is that the security nature of the endowment insurance fund determines that its investment is mainly steady investment, which requires high security, liquidity and profitability of the target. Zheng Jisha, a senior non-bank financial analyst at China Merchants Securities, said that the allocation style of pension will be similar to that of social security fund, but its risk tolerance will be lower than that of social security fund, and its liquidity demand will be higher than that of social security fund. According to public information, the national social security fund pays attention to leading stocks with large market value in industry allocation, while the enterprise annuity is managed and invested by the enterprise annuity Council or the institution entrusted by the enterprise annuity Council, which is limited to domestic investment and has a relatively wide investment scope, but compared with the social security fund, its investment restrictions are greater. Zheng Jisha predicted that from the operation mode of social security funds and enterprise annuities gradually increasing stock positions every year, the stock positions of pension funds may be more cautious in the initial stage of investment, or "small water will flow forever", and the proportion of pension investment in equity will be lower in the short term, and blue-chip targets with low valuation and high dividend yield will be preferred and held for a long time; In the long run, it will gradually increase the proportion of equity investment, improve the investor structure in the A-share market and lead the trend of value investment.

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