在高校毕业生离校前的就业黄金期，人社部从4月份起开展全国城市联合招聘春季专场活动，百日千万 招聘专项行动，通过线上线下相结合，跨区域巡回联动，努力为毕业生求职、用人单位招聘搭建好平 台。在未就业毕业生离校后的攻坚期，将集中开展全国城市联合招聘、人力资源市场就业服务专项行 动，加大政策宣传，招聘对接。 我国社保基金监管和投资运营不断加强。 1月27日，人力资源社会保障部举行例行新闻发布会，介绍2025年人力资源和社会保障工作进展情况。 以下为部分要点汇总。 三项社保基金累计结余10.2万亿元 截至2025年底，全国基本养老、失业、工伤保险参保人数分别为10.76亿人、2.49亿人、3.05亿人，分别 比上年底增加316万人、329万人、102万人。全年三项社会保险基金总收入9.1万亿元、总支出8.1万亿 元，年底累计结余10.2万亿元。 我国社保基金监管和投资运营不断加强。截至2025年底，基本养老保险基金委托投资规模超过2.98万亿 元。 扩大新就业形态人员职业伤害保障试点 扩大新就业形态人员职业伤害保障试点，截至2025年底，职业伤害保障试点累计参保人数2510万人。 在高校毕业生离校前的就业黄金期，从4月 ...

Core Viewpoint - The article discusses the recent tax policy issued by the Ministry of Finance and the State Administration of Taxation, which introduces four tax exemption measures to support the transfer and management of state-owned equity and cash income for the social security fund, effective from April 1, 2024. These measures are expected to enhance the net income of the receiving entities and position the social security fund as a long-term institutional investor in the capital market, promoting a shift from short-term speculation to long-term value investment [1][6]. Tax Exemption Measures - The four tax exemption measures include: 1. Exemption from value-added tax on all interest and interest-like income from loan services and financial product transfer income obtained during the investment process of transferred state-owned equity and cash income [3]. 2. Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [4]. 3. Exemption from stamp duty for the transfer of non-listed state-owned equity by the receiving entities [5]. 4. For the transfer of listed state-owned equity and the securities transaction stamp duty incurred from cash income investments, a system of prior collection and subsequent refund will be implemented [5]. Impact on Investment Dynamics - The tax incentives are expected to directly enhance the net income space for the receiving entities. For instance, the exemption from value-added tax can lower transaction costs, allowing investment returns to be fully realized. The stamp duty exemption encourages participation in the non-listed equity market, while the non-taxable status of transfer income amplifies the actual retention ratio of investment returns. These measures are anticipated to significantly improve investment return rates and motivate the receiving entities to invest more actively [6][8]. Broader Policy Implications - The introduction of these tax incentives sends three key policy signals: 1. "Stabilizing expectations" by reinforcing the long-term stability of the social security fund and alleviating pension payment pressures due to an aging population [8]. 2. "Promoting reform" by indicating the government's acceleration of state-owned enterprise reform in conjunction with the social security system [8]. 3. "Stabilizing the market" by reducing investment costs for receiving entities, indirectly encouraging increased allocation to the capital market, thus injecting long-term funds into markets like A-shares [8]. Sustainable Policy Framework - The transfer of part of the state-owned capital to bolster the social security fund is a significant measure taken by the central government to enhance the sustainability of the basic pension insurance system. The framework established in 2017 aimed to address the pension fund gap by transferring 10% of state-owned equity from major state-owned enterprises and financial institutions. With the completion of the transfer process, the receiving entities are now positioned to manage and operate these assets effectively [10][11]. - The recent tax policy is seen as a crucial execution guarantee that complements the foundational framework established in 2017 and the operational guidelines set in 2024, creating a closed loop from "capital transfer" to "capital appreciation" [11].