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The disclosure of annual reports of A-share listed companies entered the final sprint stage, and long-term shares held by social security funds surfaced. As a long-term investor with stable style, social security funds are known as the "sharpshooter" in the market.
As of April 25, among the listed companies that have announced their annual reports for 2023, the social security fund has recently appeared in the top ten outstanding shareholders list of 539 companies, holding 53.3 billion shares in total, with a total market value of 347.17 billion yuan. Retrospectively, it is found that 48 social security funds have been held for more than 10 periods (one period is a quarter), OCT A 、 China Resources Sanjiu 、 Hualu Hengsheng Several stocks have been held in the social security fund for more than 10 years.
Social security funds have always had a strong preference for financial stocks, Flush According to the statistics, the position of social security funds in the banking industry alone will exceed 160 billion yuan in 2023, and the banking industry will become the largest heavy position industry of social security funds.
By the end of last year, five of the top ten heavy positions of the social security fund were financial shares, and they all ranked among the top five agricultural bank 、 Industrial and Commercial Bank of China 、 PICC 、 Founder Securities and Guosen Securities 。 The largest heavy position of the social security fund is Agricultural Bank of China. At the end of the fourth quarter of last year, the position was 23.52 billion shares, with a market value of 85.62 billion yuan. It is also the only one of the heavy positions with a market value of 80 billion yuan. According to the annual report disclosed by the Agricultural Bank of China, the National Social Security Fund Council ranks the fourth among the top ten circulating shareholders, accounting for 6.72%. The social security fund is "long-term" to Agricultural Bank of China, and its holding period has exceeded 10 years.
In addition, the market value of the position of the social security fund in ICBC and PICC ranked second and third respectively, with the market value of the position reaching 58.945 billion yuan and 27.281 billion yuan respectively.
In addition to financial stocks, the social security fund also significantly increased its position in gold stocks in the fourth quarter of last year, including Chifeng Gold and Shandong Gold , ranking 15th and 16th respectively in terms of heavy positions, with a market value of 1.581 billion yuan and 1.578 billion yuan.
From the current situation, the social security fund's layout of these two stocks can be said to be accurate. Since this year, gold has been hitting new highs, breaking through 2400 dollars/ounce, and the rising trend has greatly exceeded market expectations. Recently, major institutions have been busy raising their outlook on gold, and they have even given an organic forecast of 3000 dollars/ounce. As the spot gold continues to hit new highs, gold stocks have also soared. Chifeng gold has risen by 30% since this year, with the largest increase once exceeding 80%; Shandong gold also rose 28%, which made the social security fund among them earn a lot.
The social security fund has always been the "sharpshooter" in the investment industry, and its investment style is steady, so it has always been known as "smart money". In the 22 years from 2001 to 2022, there were only three floating losses of the social security fund, namely in 2008, 2018 and 2022. In the rest of the time, the investment of the social security fund was positive, with an average annual investment return of 7.66% and an accumulated investment income of 1657.554 billion yuan. It "killed" a number of professional investment institutions and became the "YYDS" of the investment community.
From the perspective of the position structure of the social security fund last year, it mainly focused on two major directions: first, the industry's valuation was at a low level, and the pessimistic expectations of performance had been fully reflected. Next, the performance is expected to usher in a recovery of the plight of the reversal industry, such as banking, consumption, medicine and other sectors, which are mainly used as bottom positions. Second, it is currently in a high business cycle, and is strongly supported by national policies. It has a growth track with a long-term growth logic, such as new energy vehicles, photovoltaic, semiconductor and other sectors.
Overall, the investment style of social security funds is "super long standby". There are 48 individual shares that have held positions for more than 10 periods.
The individual stock with the longest holding period of the social security fund is OCT A. Since the second quarter of 2011, it has held 51 quarters accumulatively, lasting for more than 12 years. According to the latest periodic report, OCT A has recently obtained 114 portfolios of the National Social Security Fund and 413 portfolios of the National Social Security Fund, ranking the fifth and eighth largest circulating shareholders of the company, with a total stock market value of 427 million yuan. The annual report of OCT A shows that in 2023, the operating revenue will reach 55.744 billion yuan, a year-on-year decrease of 27.39%; The net profit loss was 6.492 billion yuan, compared with 10.905 billion yuan in the same period of the previous year, achieving a substantial reduction in losses.
China Resources Sanjiu, which is mainly engaged in the research and development of pharmaceutical products and related health services, has won the Social Security Fund for a holding period second only to OCT A, and has been held for 50 quarters since the third quarter of 2011, lasting for more than 12 years. According to China Resources 39 Annual Report, by the end of 2023, 106 portfolios of the National Social Security Fund had ranked seventh in the list of top ten circulating shareholders, with a stock market value of 231 million yuan.
The number of holding periods of Hualu Hengsheng ranks the third. Since the fourth quarter of 2012, it has held 45 quarters accumulatively, lasting for more than 11 years. The annual report of Hualu Hengsheng shows that by the end of 2023, the social security fund in the list of top ten circulating shareholders has occupied 4 seats, with a total shareholding market value of 3.24 billion yuan. Among them, the National Social Security Fund 103 portfolio newly became the seventh largest circulating shareholder. In 2023, Hualu Hengsheng successfully passed the industrial energy conservation supervision of the Ministry of Industry and Information Technology and the energy consumption inspection of Shandong's "two high" industries. By digging deep into the potential of devices and systems and strengthening lean management, Hualu Hengsheng's low-cost advantage was significantly consolidated.
Electromagnetic faucet XEMC The market value of the position obtained from the social security fund is 381 million yuan, and the social security fund has held it for more than 10 years. From the disclosed annual report, the 503 portfolio of the National Social Security Fund ranks the third largest circulating shareholder. On April 9, Xiangdian Corporation released its 2023 annual report, which showed that its operating revenue was 4.563 billion yuan, down 0.31% year on year, and its net profit was 300 million yuan, up 15.24% year on year.
Rong Hao, wealth management partner of Paipai, believes that the shareholding of social security funds has the following characteristics: first, long-term holding. The holding cycle of social security funds is very long, and they do not trade frequently, nor do they value the short-term performance of stock prices; The second is to pursue steady returns. Social security funds often choose listed companies with relatively stable operations to invest, and attach great importance to corporate governance, valuation and other factors; Third, decentralized configuration. The social security fund holds a portfolio of stocks, which will be scattered in industries, sectors and individual stocks; Fourth, leading enterprises. Social security funds usually choose listed companies with obvious industry status and high reputation in the industry; Fifth, strategic investment. In order to support the sustainable development of social security, social security funds will give priority to industries and enterprises related to social security for strategic investment.
Yang Delong, chief economist of Qianhai Kaiyuan, also said: "The social security fund, Huijin and other national teams are real value investments. They will not be troubled by the fluctuation of market sentiment, and can really sell at a high price and attract at a low price. When the market is relatively depressed, retail investors are waiting to see. The national team has increased its positions on a large scale. When the market fluctuates, the social security fund will reduce its holdings. In the A-share market, only by adhering to fundamental research and value investment can investors finally win. It is often difficult to get a good return on investment by means of speculation on concepts and themes. "
As for whether it is possible to "copy operations" with the social security fund, Rong Hao believes that the heavy positions and allocation trend of the social security fund have certain reference value for investors. However, we should not blindly plagiarize the heavy positions of social security funds. First, there is a certain lag in the news. When investors know about it, they may have accumulated a certain amount of growth, and investors do not know the cost of the position of social security funds and the current position; Second, the social security fund is a package of stock portfolio, relying on the portfolio to obtain income. In a single company, even the institutions with further research will have the risk of stepping on lightning. The investment feature of social security fund is to pursue long-term stable income, and it does not require high income. Therefore, social security fund will choose companies with high certainty of future performance growth or high dividend characteristics in terms of investment preference, among which the industry leader is the social security fund.
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