据一位知情人士透露，韩国的国家养老基金已启动近期与韩国央行签署的一项外汇互换协议。 知情人士称，国民年金公团（NPS）本周还开始了与央行的货币对冲交易。因未获授权公开发言，知情 人士要求匿名。知情人士未说明对冲属于战术性还是战略性操作。 韩联社此前报道称该互换协议已激活。彭博上周报道，国民年金公团近期开始卖出美元，以提振韩元汇 率。 作为韩国最大的机构投资者，国民年金公团持有约5420亿美元海外资产，其正承担起维护汇率稳定的更 大职责。韩元是今年亚洲表现最差的货币之一。 责任编辑：郭明煜 据一位知情人士透露，韩国的国家养老基金已启动近期与韩国央行签署的一项外汇互换协议。 知情人士称，国民年金公团（NPS）本周还开始了与央行的货币对冲交易。因未获授权公开发言，知情 人士要求匿名。知情人士未说明对冲属于战术性还是战略性操作。 韩联社此前报道称该互换协议已激活。彭博上周报道，国民年金公团近期开始卖出美元，以提振韩元汇 率。 作为韩国最大的机构投资者，国民年金公团持有约5420亿美元海外资产，其正承担起维护汇率稳定的更 大职责。韩元是今年亚洲表现最差的货币之一。 责任编辑：郭明煜 ...

中经记者 索寒雪 北京报道 "养老金和长期寿险不仅是应对人口老龄化、解决养老问题的关键制度安排，更能够助力形成大规模的 耐心资本。"全国社会保障基金理事会原副理事长陈文辉近日表示，耐心资本是建设现代化产业体系、 推动科技成果转化的核心资本形态。党中央近年来在多次重要会议和政策文件中反复强调其重要性，但 从现实情况看，我国耐心资本供给仍明显不足。 产业发展需要长期投入 所谓耐心资本，是指能够长期持有、不追求短期回报，专注于支持实体经济长期发展的资本形态。它如 同"产业的种子"，为科技创新和产业升级提供稳定、持续的资金支持，是现代化产业体系建设不可或缺 的"源头活水"。 在陈文辉看来，这一政策导向源于现代化产业体系建设对长期资金的内在需求。无论是高端制造、新能 源，还是生物医药等领域，都具有研发周期长、资本投入持续性强的特点，而以追求短期回报为导向的 资本，往往难以支撑这些"慢变量"产业的长期发展。 从现实情况看，我国理财资金、公募基金等机构资金持有股权的期限普遍较短，进一步制约了耐心资本 的供给。陈文辉以一级市场为例指出："在过去相当长一段时间内，一些短期理财资金被当作长期资金 使用。比如2018年'资管新规' ...

随着韩国与今年以来持续走弱的韩元汇率进行激烈斗争，该国的国有级别养老金基金组织有望在未来承 担更重要金融体系角色，以确保汇率稳定。在韩元汇率(兑美元)接近16年来最低位且市场对"美元结构 性短缺/韩元单边走弱"形成强劲预期之际，韩国政府把国民年金(NPS)从"被动的大型美元买家"转化 为"准官方的外汇市场供需调节器"，用其超大体量交易去修复在岸美元供需失衡并强化韩国政府释放出 的力争提振韩元的政策信号。 全球最大规模养老基金之一的韩国国民年金公团(National Pension Service,即NPS)即将更灵活地进行对冲 交易，以帮助确保货币稳定，主要因为该国政府正在与韩元疲软作斗争，其管理委员会周一在一份声明 中表示，但未作进一步的详细说明。该基金还将其与韩国央行(Bank of Korea)达成的650亿美元外汇掉 期协议的期限再延长一年，至2026年末。 在持续的股票市场资金外流和海外市场投资推动该货币在今年下半年暴跌8%之后，韩国政府正寻求多 项举措来支撑韩元。作为该国最大规模机构投资者且拥有大约5420亿美元海外资产的NPS，常常通过对 冲与外汇协同操作来帮助对冲韩元的下行压力。 特别是，针对 ...

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Group 1: Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index down by 0.37% and the Shenzhen Component Index down by 0.39%, while the ChiNext Index rose by 0.61% [3] - The Korean National Pension Service (NPS) has been selling US dollars to support the weakening Korean won, holding approximately $542 billion in overseas assets as of September 30 [1] Group 2: Sector Performance - The Fujian sector showed strong performance, with multiple stocks such as Anji Food and Longzhou Co. hitting the upper limit [4][5] - The proposal from the Quanzhou Municipal Committee emphasizes the construction of new infrastructure and digital transformation, which is expected to boost local economic development [4] - The commercial aerospace concept stocks remained active, with companies like Shaanxi Huada and Aerospace Changfeng reaching their daily limit [6][7] Group 3: Solar Industry Insights - The multi-crystalline silicon market saw significant price increases, indicating a potential recovery in the sector [10][21] - A new platform for multi-crystalline silicon capacity integration has been established, with a registered capital of 3 billion RMB, aimed at exploring strategic cooperation opportunities within the industry [21] - Analysts suggest that if capacity is cleared and price transmission is smooth, integrated companies may see a bottom reversal in profitability, with a focus on companies like Longi, Trina, and JA Solar [21]

Core Insights - The Government Pension Investment Fund (GPIF) of Japan is making its first independent investment in domestic alternative asset funds, allocating a total of 50 billion yen (approximately 340 million USD) towards real estate and infrastructure, specifically targeting data centers [1][4] Group 1: Investment Strategy - GPIF is investing 40 billion yen in an infrastructure fund and 10 billion yen in a real estate fund, marking a shift from relying on asset management companies for fund selection [1][4] - As of June 30, GPIF's allocation to alternative investments was only 1.6% of its total assets, significantly below the 5% cap [1][4] Group 2: Market Context - Global pension funds are increasingly seeking additional returns from alternative assets like private equity and real estate, which are less affected by stock and bond market volatility [1] - Compared to international peers, GPIF's allocation to alternative assets remains low; for instance, the National Pension Service of Korea has an allocation of about 16% and CPP Investments has around 56% in similar assets [4] Group 3: Operational Changes - GPIF's new strategy enhances its oversight capabilities over investments, as it no longer relies on asset management firms [4] - The specific investments include a 10-year commitment to a DigitalBridge Group Inc. infrastructure fund focused on data centers and a Morgan Stanley real estate fund [4][5]

Core Insights - The Curaçao Pension Fund (APC) reported a total return of 6.3% for 2024, down from 8.7% in 2023 [1] - As of the end of 2024, APC's overseas assets accounted for 54% of its portfolio, while local assets made up 46% [1] - The international investment yield was 7.4%, with stock returns reaching 14.5% and bond returns at 2.2% [1] Investment Performance - The domestic investment portfolio return for APC was 4.9%, slightly lower than the 5.2% recorded in 2023 [1] - APC provided local loans to sectors such as tourism and utilities, achieving sustained returns [1] - Large real estate projects further solidified APC's position in the local market [1] Financial Management - APC withdrew 234.5 million Florins from its international investment portfolio for pension payouts and reinvestment [1] - The report highlighted ongoing economic recovery in Curaçao and other parts of the Dutch Caribbean, driven by growth in the accommodation tourism sector, renewable energy investments, and large real estate projects [1] Challenges and Future Developments - APC warned of ongoing challenges, including declining purchasing power, continuous reform pressures in healthcare and pensions, and the repayment of COVID-19 related loans [1] - The establishment of APC Bank is progressing, with operations expected to commence by the end of Q2 2025 [2]

Group 1 - The appointment of Chief Investment Officers (CIOs) in Japan's pension fund industry indicates a growing awareness of the need to enhance investment capabilities [1] - It is crucial to appoint individuals with deep investment expertise rather than traditional administrative personnel for these roles [1] - Management should be granted broad decision-making authority in investment matters [1]

Core Viewpoint - Japanese pension funds are attempting to enhance returns in a volatile market by taking unprecedented measures, including the appointment of a Chief Investment Officer (CIO) [1] Group 1 - The Organization for Small & Medium Enterprises and Regional Innovation Japan (OMTI) has established a CIO position in April this year, aimed at promoting the development of small enterprises [1]

Core Viewpoint - The second meeting of the China-Europe Financial Working Group took place in Brussels, focusing on various economic and financial stability issues amid global uncertainties [1] Group 1: Economic and Financial Stability - The meeting addressed global economic uncertainties and the macroeconomic situations of China and Europe, emphasizing the importance of financial stability [1] - Discussions included regulatory frameworks for the banking and insurance sectors, highlighting the need for robust oversight in these industries [1] Group 2: Emerging Areas of Cooperation - Constructive discussions were held on sustainable finance, indicating a mutual interest in promoting environmentally responsible investment practices [1] - The meeting also explored cross-border data flows and the construction of cross-border payment systems, reflecting a commitment to enhancing financial integration [1]