中国版平准基金横空出世提振市场信心

Group 1: Central Huijin's Role and Funding Sources - Central Huijin Company has a strong financial foundation and will play a key role in stabilizing the capital market, leveraging its substantial funding sources[2] - As of the end of 2023, China Investment Corporation (CIC), the parent company of Central Huijin, has total assets of $1.33 trillion and net assets of $1.24 trillion[2] - Central Huijin's funding sources include self-owned funds from stable cash dividends, market-based financing channels, and liquidity support from the central bank[2] Group 2: Market Confidence and Policy Support - On April 7, 2025, Central Huijin announced its commitment to increasing ETF holdings to stabilize the market, reflecting confidence in the long-term prospects of the Chinese capital market[16] - The People's Bank of China (PBOC) supports Central Huijin by providing sufficient re-lending to ensure market liquidity and stability[17] - The recent adjustment in insurance fund regulations allows for an increase of up to ¥1.66 trillion in equity investment, enhancing support for the capital market and the real economy[22] Group 3: A-Share Market Outlook - The A-share market is expected to perform well in the long term, with current valuations at historical lows, such as a price-to-earnings ratio of 16.97, which is in the 39th percentile since 2010[29] - The government plans to increase fiscal spending, with a deficit rate of around 4% and a deficit scale of ¥5.66 trillion, which will support economic growth and market stability[28] - The introduction of the Chinese version of the stabilization fund is anticipated to inject significant stability into the market, encouraging long-term investment and value investment[38]