7月22日，人力资源和社会保障部（以下简称"人社部"）举行2025年二季度新闻发布会时表示，持续推 动扩大基本养老保险基金委托投资规模。 基本养老保险基金是中长期资金，其扩大委托投资规模后，有望为资本市场注入稳定的"长钱"。在市场 人士看来，除了扩大委托投资规模，下一步，还要加紧完善基本养老保险基金等长周期考核机制，提升 长期资金对市场短期波动的承受能力，推动长期投资与价值投资，实现基金保值增值目标，并发挥其资 本市场"稳定器"和"压舱石"作用。 委托投资规模提升空间大 今年1月份，中央金融办、中国证监会、财政部、人力资源和社会保障部、中国人民银行、金融监管总 局联合印发《关于推动中长期资金入市工作的实施方案》（以下简称《实施方案》），重点引导商业保 险资金、全国社会保障基金、基本养老保险基金、企（职）业年金基金、公募基金等中长期资金进一步 加大入市力度。其中，《实施方案》提出，推动有条件地区进一步扩大基本养老保险基金委托投资规 模。 近日，人社部发布2024年度人力资源和社会保障事业发展统计公报显示，2024年全国基本养老保险基金 收入8.20万亿元，基金支出7.30万亿元，年末基金累计结余8.72万亿元， ...

7月22日，人力资源社会保障部举行2025年二季度新闻发布会，介绍2025年上半年人力资源和社会保障 工作进展情况。 人社部有关负责人表示，上半年就业形势总体稳定，新职业和新工种创造出更多高质量的就业岗位，让 劳动者有了更广阔、更多元的职业发展路径。 社保制度改革持续深化。截至6月底，全国基本养老、失业、工伤保险参保人数分别为10.71亿人、2.45 亿人、3亿人，同比均稳中有增。上半年三项社会保险基金总收入4.53万亿元、总支出3.89万亿元，6月 底累计结余9.83万亿元，基金运行总体平稳。 社保基金管理和委托投资工作不断加强。持续健全社保基金安全监管体系，强化日常监管，保持高压态 势。截至6月底，养老保险基金投资运营规模2.55万亿元。下一步，人社部将持续推动扩大基本养老保 险基金委托投资规模。研究进一步规范基本养老保险基金投资运营信息报告和信息披露制度。 具体政策效能显著。国办印发进一步加大稳就业政策支持力度的通知，着力稳就业、稳企业、稳市场、 稳预期。人社部数据显示，上半年，失业保险降费率为企业减少用工成本超过900亿元，向参保企业发 放稳岗资金62亿元，支持培训等促就业支出113亿元。金融助企力度 ...

Core Viewpoint - The Chinese government has issued new guidelines to enhance regulation and prevent risks in the capital market, emphasizing the importance of long-term funds, particularly pension funds, in promoting high-quality development and addressing the challenges of an aging population [1][8]. Group 1: Policy Initiatives - The "National Nine Articles" outlines the need to encourage long-term capital market participation, optimize investment policies for social security and pension funds, and enhance the flexibility of corporate and personal pension investments [1]. - The implementation plan by six departments aims to improve the management mechanisms for national social security and basic pension funds [1]. Group 2: Role of Pension Funds - Pension funds are characterized as "long-term funds" and "patient capital," designed to meet retirement needs with a focus on stable, long-term growth [3][6]. - The National Social Security Fund, established to support pension insurance during demographic shifts, has seen its assets grow to approximately 30,145.61 billion yuan by the end of 2023, with an average annual investment return of 7.36% from 2001 to 2023 [5][6]. Group 3: Investment Strategies - The focus of pension fund investments is shifting towards technology and industrial innovation, which are seen as key drivers for future economic growth [6][9]. - Recommendations include increasing equity investments, particularly in technology sectors such as semiconductors, AI, and renewable energy, while reducing allocations to cash and fixed-income assets [12][13]. Group 4: Long-term Investment Approach - Emphasizing long-term, value, and responsible investment strategies is crucial for pension funds to ensure asset preservation and growth [9][15]. - A robust investment management and assessment framework is necessary to avoid short-term market fluctuations affecting long-term strategies [15]. Group 5: Risk Management - Strengthening risk management practices is essential, including the use of quantitative risk assessment models and a comprehensive risk management system [15]. - The role of pension funds in guiding social capital towards innovative sectors is highlighted, promoting a collective effort in advancing new productive forces [15].

Core Insights - Jibite (603444.SH) released its 2024 annual report on March 28, 2025, indicating that 46 institutional investors held a total of 10.8147 million A-shares, accounting for 15.01% of the total share capital [1] - The top ten institutional investors collectively held 14.56% of the shares, with a decrease of 1.75 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Jibite shares is 46, with a total holding of 10.8147 million shares [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and Cathay Fund Management [1] - The proportion of shares held by the top ten institutional investors decreased by 1.75 percentage points from the last quarter [1] Public Fund Activity - One public fund, Ping An Low Carbon Economy Mixed A, increased its holdings, while three funds reduced their holdings, with a total decrease of 0.47% [2] - Eight new public funds disclosed their holdings, including Rongtong Huixin Mixed A and Morgan Stanley ESG Quantitative Mixed [2] - A total of 47 public funds did not disclose their holdings this period, including notable funds like China Europe Internet Mixed A [2] Social Security Fund and Foreign Investment - One social security fund, Cathay Fund Management - Social Security Fund 1102 Combination, increased its holdings by 0.17% [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.04% [2]

Group 1 - The core viewpoint of the news is that Dongfang Cable (603606.SH) has disclosed its 2024 annual report, indicating a decrease in the proportion of shares held by the top ten institutional investors [1] - As of March 26, 2025, a total of 163 institutional investors hold shares in Dongfang Cable, amounting to 370 million shares, which represents 53.80% of the total share capital [1] - The top ten institutional investors collectively hold 45.03% of the shares, which is a decrease of 1.31 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.44% [2] - Two new public funds were disclosed during this period, including招商资管智远成长灵活配置混合A and 中泰中证500指数增强A [2] - A total of 190 public funds were not disclosed in this period, including建信新能源行业股票A and 华夏新兴成长股票A [2] Group 3 - In the insurance investment sector, one new insurance investor was disclosed, namely 和谐健康保险股份有限公司-万能产品 [2] - One pension fund that was previously disclosed is no longer reported, specifically 太平人寿保险有限公司 [2]