Market Overview - The A-share market experienced a day of volatility with the ChiNext index dropping over 2.5% during the session [2] - Major indices closed in the red, with the Shanghai Composite Index at 3828.11 (-0.65%), Shenzhen Component at 13209.00 (-1.76%), and the ChiNext at 3151.53 (-2.60%) [1][2] Sector Performance - The top-performing sectors included Oil & Petrochemicals (+1.17%), Environmental Protection (+0.38%), and Public Utilities (+0.35%) [1] - Conversely, the weakest sectors were Computer (-3.26%), Electronics (-2.75%), and Media (-2.65%) [1] Investment Insights - The report highlights a robust performance of the basic pension insurance fund, which has reached an investment operation scale of 2.6 trillion, doubling since the end of the 13th Five-Year Plan [3] - The average annual investment return of the pension fund stands at 5.15%, indicating effective value preservation and growth [3] Future Market Outlook - The market is expected to show a trend of oscillating upward rather than a one-sided increase, with a focus on whether growth policies can effectively translate into improved corporate earnings [4] - Key sectors to watch include TMT (Technology, Media, and Telecommunications), Public Utilities, Non-ferrous Metals, and Financials [4]

人社部：目前基本养老保险基金投资运营规模2.6万亿，比十三五期未翻了一番，基本养老保险基金自 2016年底启动投资运营以来，连续8年实现了正收益，年均投资收益率5.15%，较好实现了保持真实目 标。（中经记者 索寒雪） 0:00 ...

Core Insights - The core viewpoint of the article highlights the steady growth of China's basic pension insurance fund, which has reached a delegated investment scale of 2.4 trillion yuan as of March 2025, and its significant presence in the top ten circulating shareholders of 185 listed companies [1][2][3]. Investment Scale and Growth - As of March 2025, the delegated investment scale of the national basic pension insurance fund has reached 2.4 trillion yuan, showing a steady growth trend from 1.9 trillion yuan in September 2024 to 2.3 trillion yuan by December 2024 [3]. - The Ministry of Human Resources and Social Security (MoHRSS) plans to continue promoting the value preservation and appreciation of the fund, optimizing fund supervision and management, and encouraging local expansions of enterprise employee pension fund delegated investment [3][12]. Presence in Listed Companies - The basic pension insurance fund has appeared in the top ten circulating shareholders of 185 A-share listed companies, with a total holding of 1.749 billion shares valued at 32.52 billion yuan as of April 30, 2025 [5][6]. - The company with the largest shareholding is Chengjian Development, holding 97.37 million shares, followed by Zhejiang Chint Electric with 72.23 million shares [5][6]. Performance of Key Holdings - Notable companies in which the pension fund has significant holdings include Chint Electric, with a market value of 1.701 billion yuan, and Spring Power, with a market value of 1.256 billion yuan [5][6]. - The first quarter of 2025 saw strong performance from key holdings, with Spring Power reporting a revenue of 4.25 billion yuan (up 38.86% year-on-year) and a net profit of 415 million yuan (up 49.60% year-on-year) [7]. New Investments - In the first quarter of 2025, the pension fund entered 49 new stocks, with significant holdings in Zhejiang Longsheng, Hongfa Technology, and others, each exceeding 10 million shares [9][10]. - The market value of new investments includes Hongfa Technology at 617 million yuan and Yuyue Medical at 352 million yuan [10][11]. Future Directions - The MoHRSS aims to deepen reforms, including the gradual increase of the statutory retirement age and the expansion of enterprise annuity coverage [3]. - The implementation plan issued by the central financial office encourages the pension fund to increase its market presence, enhancing its role as a stabilizer in the capital market [12].