社保基金2023年度报告点评：低利率下长期资金配置新动向

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][17]. Core Insights - In 2023, the National Social Security Fund (NSSF) achieved an investment income of 25.011 billion yuan, with an investment return rate of 0.96%, significantly outperforming the market amidst a backdrop of declining asset yields [3][9]. - The NSSF has leveraged its advantages as a long-term capital provider, focusing on domestic stock investments from a long-term perspective, capturing value during market fluctuations [3][14]. - The report estimates that the bond investment proportion of the NSSF is approximately 57% to 66%, while the allocation to stocks and other financial assets is around 24% to 33%, providing a reference for other long-duration funds [3][14]. Summary by Sections Fund Growth and Investment Strategy - The total assets of the NSSF reached 3,014.56 billion yuan by the end of 2023, reflecting a year-on-year growth of 4.5%, recovering to 2021 levels [4]. - The NSSF's liabilities totaled 357.62 billion yuan, a 26.9% increase year-on-year, primarily due to short-term liabilities from investment operations [4]. - The NSSF's equity totaled 2,656.94 billion yuan, with a year-on-year growth of 2.1% [4]. Investment Composition - By the end of 2023, the NSSF's direct investment assets amounted to 940.7 billion yuan, accounting for 31.2% of total assets, while entrusted investment assets reached 2,073.86 billion yuan, making up 68.8% of total assets, an increase of 2.02 percentage points from 2022 [7][8]. - The NSSF has increased its overseas investments, particularly in sectors like artificial intelligence, with overseas stock investments yielding positive returns [8]. Performance Metrics - The NSSF's average annual investment return since its establishment is 7.36%, with cumulative investment income reaching 1,682.576 billion yuan [9]. - In 2023, the NSSF's realized income was 79.461 billion yuan, with a realized return rate of 3.13% [9]. - The report indicates that the NSSF's stock and other financial asset investment proportion is estimated to be between 29% and 36% [10].