Core Viewpoint - The National Social Security Fund emphasizes long-term, value, and responsible investment as its core principles, aiming for a diversified and global asset allocation to withstand short-term market fluctuations and achieve stable long-term returns [1]. Group 1: Investment Strategy - The National Social Security Fund invests in long-term equity projects and infrastructure due to its long-term investment nature, establishing social security science and technology funds in five regions with a total scale of 160 billion yuan [1]. - The fund aims to leverage its advantage as patient capital by extending investment periods to match the production cycles of innovative enterprises, with maximum investment durations reaching up to 18 years [1]. Group 2: Market Performance - The National Social Security Fund maintains strategic stability during short-term market fluctuations, having decisively increased positions during significant declines in the A-share market [1]. - Over the past five years, the average turnover rate of public equity funds is approximately 370%, with an average holding period of 3.25 months, while the fund's active stock portfolio has a turnover rate of less than 100% and an average holding period exceeding 12 months [1]. - The fund has achieved an average annual investment return of 7.39% over its 25-year history, with a cumulative investment return of 1.9 trillion yuan [1]. Group 3: Market Environment Recommendations - To foster a better market environment for long-term value investment, it is suggested to improve the multi-tiered capital market system and enhance equity exit channels for innovative small and medium-sized enterprises beyond IPOs [2]. - Mergers and acquisitions are highlighted as essential exit channels based on international experience, and improvements in valuation and pricing mechanisms for state-owned funds are recommended [2].