Pension Market Once Again Changed

　　 Treasury Department A notice has recently changed the process of pension market entry. In March 27th, Sun Chong, an analyst at the national capital securities (600109) wealth management center, said in an interview with the international finance daily that "considering the game of various factors, the process of pension market entry may slow down, but from the overall trend, the general direction that pension and social security funds will directly invest in the stock market will not change."

But one in Shanghai. Negotiable securities Insiders also told reporters that "there may be a game between the local government and the Ministry of Finance in the leading role of social security funds. If this kind of game exists, then the process of going through the pension fund invested by the social security fund will probably slow down.

Recently, the Ministry of Finance issued the notice on strengthening and standardizing the management of financial security accounts of social security funds. The circular stressed that, in addition to the deposit of time deposits or the purchase of State bonds, local financial departments should not use fund balances to carry out any other direct or indirect investment. Local financial departments should establish and improve the system of maintaining and increasing the value of funds and operating mechanism, so as to ensure the value and value added of the fund under the premise of ensuring the safety of the fund.

Sun explained that "from January to April this year, relevant departments will conduct an audit of the national social security fund, possibly taking into account the audit factors. Therefore, the Ministry of Finance clearly pointed out that the local financial departments should not use the fund balance to carry out any other direct or indirect investment."

A week before the Ministry of Finance issued a notice, the National Social Security Fund Council, entrusted by the State Council, was commissioned by the Guangdong provincial government to invest in the basic pension insurance fund for urban employees in Guangdong Province, which was 100 billion yuan, which was once interpreted by the market as a local pension or would be "big enough to enter the market". However, under the new regulations of the Ministry of finance, the anticipation of "entering the market" is obviously cooling down rapidly.

Sources said, originally scheduled for March 26th, a fund company in Beijing has been prepared for a long time. social security The selection contest was also postponed. It is understood that when the General Council of the national social security fund chooses the new social security manager, the fund company will first declare the design plan, then participate in the national social security fund's reply, and finally participate in the formal bidding. However, the reply was cancelled and the new defense time was not confirmed.

But at the same time, sun also pointed out that at present, the industry expects that the proportion of the initial pension market should not exceed 10%, and the scale of such funds will not have a particularly big impact on the stock market. The policy significance of pension market entry may be greater than practical significance.

Sun Chong stressed that "from the present point of view, the main investment direction of social security funds and pensions is still in the bond market, so the institutional dividend of this year's bond market may be much larger than that of the stock market."