** The size of the stock or up to 300 billion pharmaceutical retail stocks favored

Business News Agency March 17th Dai Xianglong, chairman of the National Council for Social Security Fund, introduced on the 15th that since the establishment of the National Social Security Fund, the equity investment income was 277.2 billion yuan, and the average annual investment yield was 9.17%, higher than the average annual inflation rate over the same period. 7.03 percentage points.

Such anti-inflation, social security's stock selection ability naturally attracts attention. According to statistics from Caihui, as of the approximately 500 listed companies that issued annual reports on March 16th, a total of 70 listed companies had appeared in the top ten shareholders of social security funds, 30 of which were increased by the social security funds in the fourth quarter of last year. hold. From the industry point of view, these companies are mainly concentrated in the large consumer and retail industries, accounting for 7 major Chinese consumer medicine stocks, and 8 machinery and equipment companies. Most of these stocks have risen this year, showing the unique vision of social security.

Social Security Funds Steadily Expanded As of December 31, 2010, the total size of funds managed by the Social Security Foundation was 855.6 billion yuan, an increase of 80.2 billion yuan over the previous year, an increase of 10.32%. By the end of 2011, it may be close to 1 trillion yuan, and it is expected to reach 1.5 trillion yuan by 2015.

According to the current investment ratio, 45% of social security funds invest in fixed income products, about 30% equity investments, and 25% equity investments, PE investments. According to the ceiling of 30%, by the end of this year, the size of the social security fund's market entry will reach around 300 billion yuan.

As an important institutional investment team in the A-share market, although the total size of the social security fund is not large, it pays more attention to medium- and long-term income and the investment style is more stable. In particular, its "policy sensitivity" is strong. Historically, many high and low positions have been successfully operated. Therefore, its advance and retreat tends to be a barometer of the A-share market.

Masukura consumer stocks in the fourth quarter From the data of listed company shareholders who have already disclosed annual reports, social security funds have increased their positions in the fourth quarter of last year. Masukura's industries are extensive, but they mainly consume large amounts of money. Pharmaceutical stocks, food and beverage, etc. many.

According to the 2010 annual report, of the 70 stocks held by the social security fund, 12 were held by two or more social security funds. From the perspective of shareholding ratio, Shuanglu Pharmaceutical, East China Computer, Guangdong Pearl, Chongqing Department Store and Fuyao Glass ranked among the top five. Last year, CCS maintained its share of total capital from 3.47% to 7.29%, respectively. Among them, Shuanglu Pharmaceutical was also held by four social security funds at the same time, of which only three were substantially increased in the fourth quarter of last year and held a total of 18.43 million shares. Social Security Fund became the largest holder of Shuanglu Pharmaceutical except the chairman of the largest state-owned shareholder and the second largest shareholder company.

From the perspective of Masukura, the stocks held by the Social Security Fund in the fourth quarter of last year were Shuanglu Pharmaceutical, Fangda Carbon, Shanghai Pharmaceuticals, Sanyou Chemicals, and Health Yuanhe. The increase in holdings was over RMB 180 million. . Most of these stocks were newly established by social security in the third quarter of last year, and some were social security funds that entered the third quarter of last year. They continued to be held in the fourth quarter of last year, such as Guangdong Pearl and Jiulong Power.

Social security transfer positions are also positive. Of course, in the fourth quarter of last year, many companies were also reduced by social security funds, such as the TCL Group and Fuyao Glass. The TCL Group reported in the third quarter of last year that the Social Security Fund holds a total of 30 million shares. However, in the annual report last year, social security funds have faded out of their top ten shareholders and lightened up to at least 12 million shares. At the same time, Fuyao Glass Social Security Fund cumulatively reduced its holdings of 13.72 million shares in the fourth quarter of last year. Shenyang Machine Tool Co., Ltd. was also reduced by holding 7.3846 million shares of social security funds. In addition, more than 20 stocks such as Wuhan Zhongshang and Jiulian Development were also abandoned by the social security fund in different quarters in the fourth quarter of last year. Many of these stocks that have been reduced are in the chemical and pharmaceutical industry, or converted into other stocks in the same sector.

It is worth noting that at the end of last year, the Social Security Fund intervened in eight GEM companies, including Rischen, Galaxia, and Zhongrui Sichuang. In addition to the sales of Ketai Power was under new shares, the rest was bought in the secondary market. It seems that social security also favors small cap growth stocks.