Point will change the social security fund and insurance company Securities Regulatory Commission 3 to attract capital to the market
Source: Beijing Commercial Daily, as an important task in the “12 Deep Reforms”, has now led to a clearer path to guide more medium and long-term capital into the market.
The SFC issued a statement on October 22 stating that at the symposium on October 21, chaired by Yi Huiman, chairman of the China Securities Regulatory Commission, at a symposium on the heads of social security funds and some insurance institutions, the meeting informed the situation of comprehensively deepening capital market reforms and focused on accelerating capital.Market reforms have led more medium- and long-term funds into the market to listen to opinions and suggestions.
In this meeting, the CSRC proposed that the three aspects of change should be gradually promoted to increase the proportion of medium and long-term funds entering the market.
The meeting proposed that the introduction of more medium and long-term funds into the market is an important content to promote the sustainable, stable and healthy development of the capital market. Then, the CSRC shifted from transforming the stock, updating, and optimizing the environment to gradually promoting the proportion of medium and long-term funds entering the market.
First, relying on improving the professional capabilities of asset management institutions, enhance the attractiveness of equity products, develop investment advisory services, and promote the conversion of short-term trading funds to long-term allocation of power; second, focus on relieving policy barriers and promote the relaxation of the proportion of medium- and long-term funds entering the market andScope, research and improve the relevant policies to guide long-term investment of funds, and attract various types of medium- and long-term funds to actively invest in the capital market. Third, based on the optimization of the basic system, improve the convenience and efficiency of transactions, reduce transaction costs, and focus on building medium- and long-term funds.Willing to come and stay “market environment.
In fact, guiding more medium-南京桑拿论坛 and long-term capital into the market is an important task for comprehensively deepening the reform of the capital market.
The CSRC clearly stated in the “12 Articles of Deep Reform” introduced in September this year that it is necessary to promote the entry of more medium- and long-term funds into the market and relax the proportion and scope of various types of medium- and long-term funds.
Pan Xiangdong, chief economist of New Times Securities, said in an interview with Beijing Business Daily that from the perspective of capital increase, long-term capital entry will help increase the attractiveness of the capital market, help the slow development of the stock market, and improve the A-share market.Long-term investment logic to promote the long-term healthy development of the capital market.
Guo Jinlong, director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, further stated that insurance funds as long-term funds can help boost the market and at the same time promote the effect of market changes.
“In general, the channel for insurance funds to enter the market is smooth, but the proportion of insurance funds entering the market exceeds the maximum limit of 30%, which is about a few percent. However, the current low level of the capital market has also increased insurance funds.Buying timing.
Guo Jinlong said.
The Securities Regulatory Commission also stated on October 22 that the solid and orderly advancement of the key reform tasks of the capital market will further enhance the vitality and performance of the market, and provide a better institutional system and various types of long-term funds such as social security funds and insurance funds.Market environment.
Zhu Junsheng, deputy director of the Insurance Research Office of the Financial Research Institute of the Development Research Center of the State Council, also frankly said that the security requirements for pension funds are relatively high, because many of them have guaranteed minimum returns, which also requires China’s capital market system to be more robust.Allow insurance funds to have relatively stable and sustainable returns in the capital market.
The forthcoming conference has not yet been announced. As an important professional institution investment force in the capital market, social security funds and insurance institutions play an important role in optimizing investor structure, maintaining stable market development, and improving market operation efficiency, further expanding the depth of market participation.huge.
It is hoped that social security funds and insurance institutions will continue to give play to their professional advantages, adhere to the concept of long-term investment, value investment, strengthen confidence, and take active actions to contribute to the transformation and development of the capital market.
First, adhere to market-oriented thinking, further increase the proportion of equity assets investment, and strengthen the strength of professional institutional investors; second, adhere to the long-term performance orientation, improve internal incentive and restraint mechanisms, and optimize the performance evaluation and evaluation system for external managers and financial productsFocus on improving the long-term return level; Third, insist on strengthening investment research capacity building, adjusting and optimizing investment research methods and systems, and investment system arrangements, further strengthening stock market research and investment professional team building, making full use of various risk management tools, and improving investment return stabilityFourth, adhere to long-term social responsibility, actively invest in innovative enterprises, actively participate in the governance of listed companies, promote the improvement of listed company quality, and create and share value with physical enterprises.
In addition, a person in charge of an insurance asset management company said in an interview with a Beijing Business Daily reporter that increasing the proportion of medium- and long-term capital entering the market also solves the problem of imbalanced and inadequate development of insurance capital.
The source assessed that if the insurance capital invests in the A-share market, it is currently expected to pursue short-to-medium-term short-term spread returns, and the market value of long-term value investments is relatively relative; then, in terms of the proportion of equity investments, and the regulatory authority’sThe investment limit is 30%, but unlisted equity assets and long-term equity assets account for a relatively high proportion, and the actual space for stock and fund investment is limited.
According to current market news, the proportion of insurance equity investment may be relaxed to 40%, and differentiated supervision will be adopted based on the assessment results of asset and liability management.
The above asset management person said that if the ratio is relaxed to 40%, it is expected that the equity investment of the follow-up insurance funds will improve around two aspects: the correction is the equity investment ratio and the optimization of space, and the small and medium insurance companies must still consider the equity investment ratio due to cost costs.To improve the space, for large insurance companies, they will also make full use of the flexibility of the proportion of equity investment and broadband, and improve the replacement of equity assets by clubs in a low interest rate environment; become an optimization of equity investment structure and holding of shares,Under the background of the new financial instrument accounting estimates, core high-quality stocks such as high dividend yields and high ROE will become important allocation targets, and the concentration of stock positions of insurance institutions will gradually increase. At the same time, the holding period will also be more active, and will be more aggressive.Promote the conversion of equity investment from “time-selected” to “stock-selection”.
Beijing Commercial Daily reporter Dong Liangma trades for Li Haojie