社保基金2024年年度报告点评：长期投资，复利增长

Investment Rating - The investment rating for the non-bank financial industry is "Outperform the Market" [2][25]. Core Insights - In 2024, the National Social Security Fund (NSSF) achieved an investment income of 218.418 billion yuan, with an investment return rate of 8.10%. The average annual investment return rate since its establishment is 7.39%, with cumulative investment income exceeding 1.9009 trillion yuan [3][19]. - The NSSF maintained a stable equity risk exposure amidst fluctuations in the domestic stock market, benefiting from the rebound in the A-share market. The fund's long-term investment strategy and patience capital have allowed it to seize long-term allocation opportunities [3][19]. - The total assets of the NSSF reached 3.322462 trillion yuan by the end of 2024, marking a year-on-year increase of 10.2% [4]. Summary by Sections Investment Performance - The NSSF's investment income for 2024 was 218.418 billion yuan, with a realized income of 43.651 billion yuan and a fair value change of trading assets amounting to 174.767 billion yuan. The fund's long-term returns significantly exceed its long-term liabilities cost [3][15][19]. Fund Structure - By the end of 2024, the NSSF's total liabilities were 409.66 billion yuan, while the total equity amounted to 2.912802 trillion yuan, with cumulative fiscal net allocations of 1.211651 trillion yuan and cumulative investment appreciation of 1.701151 trillion yuan [7][10]. Investment Strategy - The NSSF employs a combination of direct and entrusted investments. By the end of 2024, entrusted investments accounted for 71.45% of total assets, reflecting a 5.27 percentage point increase since 2021. The fund has also increased its equity investment and optimized its overseas investment layout [10][12][19].