Group 1 - The core point of the news is the performance and financial status of Shenzhen Zhongfu Circuit Co., Ltd., which saw a stock price increase of 5.1% to 55.00 CNY per share, with a total market capitalization of 10.529 billion CNY [1] - The company was established on March 12, 2004, and went public on August 12, 2021, primarily engaged in the research, production, and sales of printed circuit boards, with 89.34% of its revenue coming from this main business [1] - The trading volume for the day was 436 million CNY, with a turnover rate of 4.29% [1] Group 2 - Among the top ten circulating shareholders of Zhongfu Circuit, a fund under E Fund Management, specifically E Fund Emerging Growth Mixed Fund (000404), entered the top ten with 1.761 million shares, representing 0.92% of the circulating shares [2] - The E Fund Emerging Growth Mixed Fund was established on November 28, 2013, with a latest scale of 3.325 billion CNY, achieving a year-to-date return of 63.15% and ranking 336 out of 8161 in its category [2] - The fund has generated a cumulative return of 545.6% since its inception [2]

Core Viewpoint - The National Social Security Fund achieved an investment return rate of 8.1% in 2024, with total investment earnings amounting to 218.42 billion yuan, surpassing historical averages [1][4][3]. Summary by Sections Investment Performance - The fund's average annual investment return since its establishment is 7.39%, with cumulative investment earnings reaching 1,900.998 billion yuan [5]. - The investment return of 8.1% for 2024 is higher than the historical average, with realized earnings of 43.651 billion yuan (realized return rate of 1.64%) and fair value changes of trading assets amounting to 174.767 billion yuan [4][3]. Asset Growth - By the end of 2024, the total asset size of the social security fund increased by 307.901 billion yuan compared to 2023, with both direct and entrusted investments growing [2][6]. - The total assets reached 3,322.462 billion yuan, with direct investment assets at 948.576 billion yuan (28.55% of total assets) and entrusted investment assets at 2,373.886 billion yuan (71.45% of total assets) [5][6]. Domestic and International Investment - Domestic investment assets increased by 216.068 billion yuan, while international investment assets rose by 91.833 billion yuan, leading to a 1.7 percentage point increase in the share of international investments [2][6]. - The fund maintained a stable exposure to stock market risks and increased allocations to fixed-income assets, benefiting from the downward trend in interest rates [6]. Local Pension Fund Performance - The local pension fund achieved an investment return rate of 5.52% in 2024, with total investment earnings of 105.688 billion yuan [8]. - The total assets of the local pension fund reached 28,396.52 billion yuan, with liabilities of 5,046.49 billion yuan and equity totaling 23,350.03 billion yuan [8].

Core Insights - The National Social Security Fund Council released the 2024 annual report, indicating a total investment income of 218.418 billion yuan with an investment return rate of 8.10% for the year [1] - The realized income amounted to 43.651 billion yuan, reflecting a realized return rate of 1.64%, while the fair value change of trading assets was 174.767 billion yuan [1] - Since its establishment, the fund has achieved an average annual investment return rate of 7.39%, with a cumulative investment income of 1,900.998 billion yuan [1] Summary by Categories Investment Performance - Total investment income for 2024 reached 218.418 billion yuan, with an investment return rate of 8.10% [1] - Realized income for the year was 43.651 billion yuan, corresponding to a realized return rate of 1.64% [1] - The fair value change of trading assets was reported at 174.767 billion yuan [1] Historical Performance - The fund has maintained an average annual investment return rate of 7.39% since its inception [1] - Cumulative investment income since establishment totals 1,900.998 billion yuan [1]