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].

Core Insights - The National Social Security Fund achieved an impressive investment return of 218.42 billion yuan with an investment yield of 8.10% for 2024, maintaining a long-term average return of 7.39% since its establishment, with total cumulative investment returns exceeding 1.9 trillion yuan [1][2]. Investment Performance - The total assets of the National Social Security Fund reached 3.322 trillion yuan by the end of 2024, with total equity amounting to 2.9128 trillion yuan, indicating a dominant domestic investment strategy with a high proportion of entrusted investments [3]. - Direct investments accounted for 28.55% of total assets, while entrusted investments made up 71.45%, highlighting the reliance on professional management [4]. Asset Allocation - Domestic investments totaled 2.8846 trillion yuan, contributing significantly to fund returns, while overseas investments amounted to 437.83 billion yuan, reflecting an optimized international investment strategy [5]. - The fund realized a total return of 43.65 billion yuan in 2024, with a realized return rate of 1.64%, and fair value changes in trading assets contributed an additional 174.77 billion yuan, showcasing the fund's ability to capitalize on equity market opportunities [5]. Investment Strategy - The fund has developed a comprehensive asset allocation system, including strategic and tactical asset allocation, as well as asset rebalancing, to manage long-term investments effectively [7]. - The fund maintains a positive outlook on domestic equities, leveraging long-term capital advantages and closely monitoring market dynamics to optimize asset allocation [7]. Sector-Specific Investments - In industrial investments, the fund focuses on key national strategies, increasing investments in critical sectors and major projects, while adhering to market-oriented and legal principles [8]. - Fixed income investments are strategically increased in response to declining interest rates, with a focus on supporting national strategies related to basic livelihoods and sustainable development [8]. Cash Management - The fund continues to enhance cash asset returns while managing liquidity needs effectively, demonstrating a mature investment management capability [9]. - The fund's investment approach emphasizes long-term perspectives, minimizing the impact of short-term market fluctuations, and aligning with national strategies to achieve both social and financial benefits [9].

Core Insights - The National Social Security Fund (NSSF) reported a total asset value of 33,224.62 billion yuan for the year 2024, with direct investment assets accounting for 28.55% and entrusted investment assets for 71.45% of the total [1] - The fund achieved an investment income of 2,184.18 billion yuan in 2024, with an investment return rate of 8.10%, reflecting strong investment management capabilities in a volatile capital market [1][2] - The NSSF's investment strategy emphasizes long-term, value, and responsible investing, which has helped it navigate domestic and international pressures while maintaining stable growth [2][3] Investment Performance - The NSSF's investment income includes realized gains of 436.51 billion yuan (1.64% realized return) and fair value changes of trading assets amounting to 1,747.67 billion yuan [1] - Since its establishment, the fund has achieved an average annual investment return rate of 7.39%, with cumulative investment income reaching 19,009.98 billion yuan [1] Strategic Approach - The NSSF has adopted a "steady progress, promote stability through progress" strategy in response to market fluctuations, maintaining a stable risk exposure in equities to capitalize on the A-share market rebound [2] - The fund's management emphasizes the importance of long-term investment and the advantages of patient capital, particularly in the context of an aging population and the need to support the real economy [3]

Core Insights - The National Social Security Fund achieved an investment return rate of 8.10% for 2024, despite increased market volatility [2][3][5] - Since its establishment, the fund has maintained an average annual investment return rate of 7.39%, providing solid financial support for social security [3][5] Fund Performance - As of the end of 2024, the total assets of the National Social Security Fund reached 33,224.62 billion RMB, with direct investment assets accounting for 9,485.76 billion RMB (28.55%) and entrusted investment assets at 23,738.86 billion RMB (71.45%) [3][4] - The fund's total equity amounted to 29,128.02 billion RMB, all belonging to the National Social Security Fund [3][4] - The investment income for 2024 was 2,184.18 billion RMB, with realized gains of 436.51 billion RMB (1.64% realized return) and a fair value change of trading assets amounting to 1,747.67 billion RMB [5][6] Income and Expenses - Total income for the year was 228.41 billion RMB, significantly higher than the previous year's 41.07 billion RMB [6] - Key income sources included interest income of 57.30 billion RMB and dividend income of 31.04 billion RMB, while securities price difference income was negative at -55.34 billion RMB [6] - Total expenses were 9.99 billion RMB, down from 16.05 billion RMB the previous year, with management fees and interest expenses being the largest components [6] Investment Strategy - The fund employs a combination of direct and entrusted investment strategies, focusing on long-term, value, and responsible investment principles [7][9] - Direct investments include bank deposits, trust loans, equity investments, and index stock investments, while entrusted investments cover domestic and foreign stocks, bonds, and derivatives [7][9] Risk Management - The fund has established a comprehensive risk control system to safeguard its investment operations, emphasizing a balance between development and safety [9] - The internal control system is designed to enhance compliance and efficiency, while the fund also adheres to sustainable investment principles [9]

Core Viewpoint - The National Social Security Fund achieved a notable investment return of 8.10% in 2024, despite increased market volatility, contributing to the financial security of the public [2][4][9]. Fund Performance - The total assets of the National Social Security Fund reached 33,224.62 billion RMB by the end of 2024, with direct investment assets accounting for 9,485.76 billion RMB (28.55%) and entrusted investment assets at 23,738.86 billion RMB (71.45%) [5][6]. - The fund's investment income for 2024 was 2,184.18 billion RMB, with a realized income of 436.51 billion RMB (1.64% realized return) and a fair value change of trading assets amounting to 1,747.67 billion RMB [7][8]. Investment Strategy - The fund employs a combination of direct and entrusted investment strategies, focusing on long-term, value, and responsible investment principles [9][11]. - The investment management emphasizes optimizing asset allocation strategies, enhancing market analysis capabilities, and maintaining a robust risk compliance framework [11]. Financial Overview - The fund's income for the year was 228.41 billion RMB, with interest income at 57.30 billion RMB and dividend income at 31.04 billion RMB [8]. - Total expenses for the fund were 9.99 billion RMB, leading to a net income of 218.42 billion RMB [8]. Risk Management - The fund has established a comprehensive risk prevention system to safeguard its investment operations, ensuring a balance between development and safety [11].

Core Insights - The event titled "Beijing Public Fund High-Quality Development Series Activities" aims to promote the high-quality development of public funds in Beijing, aligning with the "Action Plan for Promoting High-Quality Development of Public Funds" [1] - The theme "New Era, New Funds, New Value" emphasizes investor education and protection, industry transformation, and enhancing the service capabilities of the public fund sector to support the real economy [1] - Huashang Fund is actively involved in promoting financial and investment knowledge, advocating for long-term and rational investment concepts, and enhancing public risk awareness [1] Group 1 - The series of activities is initiated under the guidance of the Beijing Securities Regulatory Bureau and in collaboration with various stakeholders including fund managers, sales institutions, evaluation agencies, and mainstream media [1] - The activities will span over a month and include multiple levels and forms of promotion and interaction [1] - The initiative aims to create a new brand for high-quality financial development in Beijing [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies to enhance the scale and proportion of equity funds while aligning with investor interests [1] Group 1: Industry Development - The action plan aims to foster a more professional and diversified asset management industry, with a focus on clear positioning of public fund products such as passive indices and actively managed equity funds [1] - Fund managers are encouraged to create a "specialized" product system that provides long-term value and research-added value, addressing the wealth management needs of the public [1][3] Group 2: Product Strategy - Fund managers should optimize product layouts in response to regulatory calls, exemplified by CICC Fund's launch of active equity and quantitative index fund products that align with national development strategies [2] - The industry is expected to shift towards products that are benchmarked, stable in style, and capable of generating excess returns, which will require new demands on research teams, investment frameworks, and risk management [2] Group 3: Investor Engagement - There is a strong emphasis on long-term and value investing within the public fund research culture, with a commitment to understanding customer needs and responding to the new requirements for high-quality development [3]

新华社北京9月30日电（记者申铖）社会保障关乎老百姓的切身利益。全国社会保障基金理事会30 日发布的全国社会保障基金2024年度报告显示，2024年，基金投资收益额2184.18亿元，投资收益率 8.1%，取得较好投资业绩。 全国社会保障基金是国家社会保障战略储备基金，用于人口老龄化高峰时期的养老保险等社会保障 支出的补充、调剂。经国务院批准，依据财政部、人力资源社会保障部规定，全国社会保障基金理事会 受托管理全国社会保障基金。 全国社会保障基金理事会有关负责人介绍，2024年，面对外部压力加大、资本市场波动加剧的严峻 形势，全国社会保障基金理事会着力健全风险防控体系，稳妥抓好基金投资运营，扎实履行基金安全和 保值增值主体责任，基金取得较好投资业绩。 "全国社会保障基金理事会坚持并持续丰富'长期投资、价值投资、责任投资'理念，审慎稳健开展 投资运营管理，忠实履行好基金安全和保值增值主体责任。"这位负责人说，"经过多年探索实践，全国 社会保障基金理事会在投资运营中形成了包括战略资产配置、战术资产配置和资产再平衡在内的较为完 善的资产配置体系。" 【纠错】 【责任编辑:施歌】 当日发布的报告显示，2024年末，全 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies and sales institutions to enhance the scale and proportion of equity funds, strengthen alignment with investor interests, and emphasize the role of performance benchmarks in product design and portfolio management [1] Group 1: Industry Development - The public fund industry is accelerating towards professional division of labor, with a richer supply of products and a deeper understanding of investment returns among investors [1] - The action plan aims to create a product system with long-term allocation value and research-added value, making public products more understandable and accessible to investors [1][3] Group 2: Fund Management Strategies - Fund managers are encouraged to optimize product layout and respond to regulatory calls by launching active equity and quantitative index fund products that align with national development strategies [2] - The focus on benchmark anchoring, stable styles, and steady excess returns is expected to become a significant development direction for the industry, presenting new strategic opportunities [2] Group 3: Investor Engagement - Fund managers should actively practice long-term and value investment cultures, deeply understand market demands, and respond to the new requirements for high-quality development in the industry [3]

Core Insights - The National Social Security Fund Council reported that by the end of 2024, the total assets of the pension fund will reach 28,396.52 billion yuan, with local pension fund assets amounting to 28,247.96 billion yuan [1][2] - The local pension fund achieved an investment return rate of 5.52% in 2024, ensuring the preservation and appreciation of the fund [1][2] Fund Performance - In 2024, the local pension fund generated an investment income of 1,056.88 billion yuan, with a return rate of 5.52%. Since the entrusted operation began in December 2016, the cumulative investment income has reached 4,123.59 billion yuan, with an average annual return rate of 5.06% [2] - The risk fund reported an income of 3.32 billion yuan in 2024, with a return rate of 3.46%. Since its formal investment operation started in 2023, the cumulative income has been 4.80 billion yuan, with an average annual return rate of 2.93% [2] Investment Strategy - The Social Security Fund Council emphasizes a long-term, value-oriented, and responsible investment approach, managing investments prudently to fulfill the responsibility of fund safety and value appreciation [1] - In 2024, the council focused on a people-centered value orientation, analyzing macroeconomic trends and capital market conditions to balance long-term goals with annual returns, thereby addressing the challenges posed by an aging population [2]