Core Insights - The National Social Security Fund achieved a remarkable investment return of 218.42 billion yuan in 2024, with an investment yield of 8.10%, and a cumulative investment return exceeding 1.9 trillion yuan since its establishment [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 [2] - The fund's investment management is characterized by a high proportion of entrusted investments, with direct investments accounting for 28.55% and entrusted investments for 71.45% of total assets [2] - Domestic investments dominate, comprising 86.82% of total assets, while overseas investments account for 13.18% [2] - The fund realized a total income of 43.65 billion yuan in 2024, with a realized return rate of 1.64%, and significant gains from fair value changes of trading assets amounting to 174.77 billion yuan [2] Investment Strategy - The fund employs a comprehensive asset allocation system, including strategic and tactical asset allocation, as well as asset rebalancing [4] - The focus on long-term investment in domestic stocks is emphasized, leveraging the advantages of long-term capital to navigate market fluctuations [4] - The fund actively adjusts its overseas investment structure and enhances risk prevention measures for foreign assets [4] Real Economy Support - The fund is committed to investing in key sectors and major projects aligned with national strategies, supporting regional coordinated development [5] - Fixed income investments are strategically increased in response to declining interest rates, with a focus on bonds related to national strategies and sustainable development [5] Professional Management - The fund demonstrates a mature investment management capability, effectively balancing risks while contributing to national strategic goals [6] - The integration of policy and market dynamics allows the fund to adhere to regulatory requirements while actively participating in the real economy [6]

"我始终相信，中国的很多能力被严重低估，特别是在工程技术和制造业细分领域。" 这是郑励铭最常挂在嘴边的一句话。在资本纷纷追逐虚拟经济与流量生意的年代，他始终坚持在一线调研，深入园区、车间与研发中心，用脚丈量每一份真 实价值。 郑励铭出生于1972年福建福清，亲历了中国从"城镇集体企业"向"工业化新体系"跃迁的全过程。他的父辈是乡镇企业创办人，这种草根工业精神也深深影响 了他后来的投资观。 在英国留学时，他曾在伦敦商学院导师指导下，完成一份题为《亚洲制造业的全球嵌入路径》的研究，至今仍被LBS课程中引用。他深知，未来中国要想强 大，必须靠"有工程能力的实业者"与"有耐心的资本家"同行。 投资从来不是他唯一的目的，他更像是一名"民间工业史记录者"。他关注那些被忽视的中小技术团队，那些藏在内陆省份、靠技术突破存活的隐形冠军。 2018年，他曾孤注一掷投了一个湖南团队开发的稀土纳米涂层项目，该团队曾三次融资失败。但他看到了其在舰船材料耐腐蚀方面的突破潜力。五年后，该 技术被军工研究院采纳，并有望进入海上风电装备链条。 如今，郑励铭依旧坚持每年80天以上的实地走访，他认为"纸上谈资本，不如下乡看泥巴"。在他筹备中的资本 ...