Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced tax exemption measures to support the transfer of state-owned equity and cash income to the social security fund, effective from April 1, 2024, which aims to enhance the net income of the receiving entities and encourage investment in high-growth assets [1][2]. Group 1: Tax Exemption Measures - Four tax exemption measures include: exemption from VAT on interest and income from financial products, non-taxable income from the transfer of state-owned equity, exemption from stamp duty on non-listed state-owned equity transfers, and a system of advance collection and refund for stamp duty on listed state-owned equity transfers [1][2]. - These measures are designed to improve the net income space for the receiving entities and significantly enhance their investment returns [2][3]. Group 2: Impact on Investment Strategy - The tax incentives lower the trial-and-error costs, encouraging entities to diversify their asset allocation towards higher-risk, higher-return investments such as equity assets, REITs, or cross-border investments [2][3]. - The transfer of state-owned capital to the social security fund is a crucial step in enhancing the sustainability of the basic pension insurance system, addressing the funding gap caused by policy changes [2]. Group 3: Policy Framework and Market Signals - The tax policy addresses the key issue of efficient operation post-transfer, forming a sustainable policy framework that includes the implementation plan, operational guidelines, and tax support [3]. - The measures send positive signals to the market, reinforcing expectations for long-term stability of the social security fund and encouraging investment in the capital market, thereby stabilizing market confidence [3].

2025年3月31日，四方股份(601126.SH)发布2024年年度报告。截至2025年3月30日，共有142个机构投资 者披露持有四方股份A股股份，合计持股量达4.94亿股，占四方股份总股本的59.27%。其中，前十大机 构投资者包括四方电气(集团)股份有限公司、北京华科恒基数智科技有限公司、前海人寿保险股份有限 公司-分红保险产品、香港中央结算有限公司、中国工商银行股份有限公司-广发多因子灵活配置混合型 证券投资基金、中国建设银行股份有限公司-华夏能源革新股票型证券投资基金、新华人寿保险股份有 限公司-分红-团体分红-018L-FH001沪、前海人寿保险股份有限公司-分红保险产品华泰组合、新华人寿 保险股份有限公司-传统-普通保险产品-018L-CT001沪、景顺长城策略精选灵活配置混合A，前十大机构 投资者合计持股比例达56.49%。相较于上一季度，前十大机构持股比例合计下跌了2.84个百分点。 险资方向，本期较上一期持股增加的险资共计1个，即前海人寿保险股份有限公司-分红保险产品，持股 增加占比达0.5%。。本期较上一季度新披露的险资投资者共计2个，包括新华人寿保险股份有限公司-传 统-普通保险产品 ...