Group 1 - The core viewpoint of the article emphasizes the acceleration of index investment initiatives by the National Social Security Fund Council, aiming to establish index replication products to enhance the quality and efficiency of stock investments [1] - The report released on September 29 highlights the establishment of new index replication products in response to changes in the domestic stock market, further improving investment operation quality to secure long-term favorable returns [1]

Core Insights - The National Social Security Fund (NSSF) reported an investment income of 218.42 billion yuan for 2024, with an investment return rate of 8.10% [1][2] - The fund's total assets reached 33,224.62 billion yuan by the end of 2024, with domestic investments accounting for 86.82% of the total [2][3] - The NSSF's average annual investment return since its establishment is 7.39%, with cumulative investment income amounting to 1.90 trillion yuan [3] Investment Strategy - The NSSF adopted a strategy of "seeking progress while maintaining stability," focusing on maintaining a stable risk exposure in equities and increasing allocations to fixed-income assets [1][4] - The fund emphasized long-term investment in domestic stocks, leveraging its advantages as a long-term capital provider [4][6] - The NSSF is increasing its investment in technology innovation, particularly in hard technology sectors, aligning with national strategic needs [6][7] Asset Allocation - By the end of 2024, direct investment assets were 9,485.76 billion yuan, representing 28.55% of total assets, while entrusted investment assets were 23,738.86 billion yuan, accounting for 71.45% [2][3] - The fund's equity total reached 29,128.02 billion yuan, with a cumulative net fiscal input of 12,116.51 billion yuan [2][3] Sustainable Investment - The NSSF is actively promoting sustainable investment practices, integrating sustainability indicators into the evaluation of entrusted management [7][8] - The fund is increasing investments in clean energy to support the "dual carbon" goals, aligning with national strategies for green development [7][8] - The NSSF is enhancing cooperation with international sustainable development organizations to share practices and explore collaboration opportunities [7][8]