社保基金四项税收优惠发布，释放长期红利

Group 1 - The core viewpoint of the news is the introduction of four tax incentive policies aimed at supporting the management of state-owned equity and cash income for the social security fund, which is expected to enhance its role as a long-term institutional investor in the capital market [1][3][4] - The tax incentives include exemptions from value-added tax, corporate income tax, stamp duty, and a system of advance collection and refund for securities transaction stamp duty, which comprehensively cover major cost aspects of the investment process [3][4] - These measures are anticipated to significantly increase the net return for the entities involved, reduce transaction costs, and encourage a shift from traditional low-risk assets to diversified investments, thereby enhancing investment motivation [3][4] Group 2 - The transfer of part of the state-owned capital to bolster the social security fund is a major strategic initiative aimed at enhancing the sustainability of the basic pension insurance system [4] - The tax incentives are seen as a solution to the critical issue of how to operate efficiently after the transfer, directly improving investment returns and operational costs [4] - The social security fund is positioned as a rational and long-term institutional investor in the capital market, which will increasingly play a stabilizing role and promote a shift towards long-term value in China's capital market [4]