30% of billions of corporate annuities can be invested directly in the stock market

"Financial report" February 23, the Joint Commission on Human Resources and Social security, the CBRC and the CIRC issued the revised "Enterprise Annuity Fund Management Measures" (hereinafter referred to as the "measures"), the implementation of May 1, which made it clear: the proportion of enterprise annuity investment shares shall not exceed 30%. The Enterprise Annuity fund referred to in the method refers to the Enterprise Supplementary Endowment Insurance Fund which is formed according to the funds raised by the Enterprise annuity plan and the investment operation income. The method emphasizes that the investment management of Enterprise Annuity Fund should follow the principle of cautious and dispersed risk, fully consider the safety, profitability and fluidity of the Enterprise Annuity Fund property, and carry out professional management. Enterprise Annuity Fund property is limited to domestic investment, including bank deposits, national debt, central bank bills, bond repurchase, universal insurance products, investment-linked insurance products, securities investment funds, stocks, and credit rating in the investment level above the financial debt, corporate (corporate) debt, convertible debt,　　Financial products such as short-term financing coupons and medium-term bills. The proportion of the domestic investment varieties in the enterprise annuity which is concerned about the market, the approach is also clear: first, the proportion of liquid products such as bank demand deposits, central bank bills, bond repurchase, and money market funds shall not be less than 5% of the net assets of the Portfolio Enterprise Annuity Fund; second, invest in bank time deposits, Agreement deposit, national debt, financial debt, fixed-income products such as Enterprise (company) debt, short-term financing coupons, medium-term bills, universal insurance products and convertible debt (including separated transaction convertible bonds), bond funds, and investment-linked insurance products shall not be higher than 95% of the net assets of the annuity fund of the Portfolio enterprise; third, The proportion of investment in equity products such as equities and equity funds, mixed funds and investment-linked insurance products shall not exceed 30% of the net worth of the annuity fund of the portfolio enterprise.　　Among them, the Enterprise Annuity Fund may not invest directly in the warrants, but the warrants derived from the investment in stocks, separated trading convertible bonds, should be sold within 10 trading days from the date of the warrant listing.　　The approach also stipulates that, in the event of fluctuations in the securities market, in addition to the factors such as the merger of listed companies and the Change of fund scale, the investment manager shall adjust the 10 trading days after the date of the listing transaction, resulting in the Enterprise Annuity Fund not complying with the relevant provisions of these measures or the investment proportion stipulated in the contract. Enterprise annuity refers to the form of supplementary endowment insurance voluntarily established by the enterprises and their employees on the basis of taking part in the basic endowment insurance according to law, which is mainly composed of individual payment, enterprise payment and annuity investment income.　　Broadly speaking, the form of supplementary endowment insurance includes both the trust-type enterprise annuity and the contract-type commercial insurance with the old-age Security function insured by the commercial insurance institution. The Ministry of Human Resources and social Security on December 23 last year on the "Enterprise Annuity Fund supervision and management measures (revised draft)" Open for comments, among them, the abolition of the cap on equity investment ratio of 20% limit. The proposed method and the previous amendment grassThe case is not very different. According to statistics, as of the end of 2009, the scale of our enterprise annuity is about 252.5 billion yuan, according to the average annual increase of 46.1 billion yuan in the past 4 years estimated, 2011 Enterprise Annuity Scale is expected to reach about 350 billion yuan.　　It is expected that after the implementation of the scheme, according to the maximum investment ratio of the stock investment of 30%, the maximum of about 100 billion yuan in 2011 can be directly into the stock market. By the end of 2010, the Enterprise Annuity Fund Corporate Trustee Management of the establishment of enterprise annuity enterprises for 33,210, the participation of 5.6345 million people, the trustee management amount of 147.465 billion yuan. The size of the Enterprise Annuity Fund administered by the Trusteeship institution is 280.924 billion yuan. The Investment Management organization actually operates the Enterprise Annuity Fund to be 245.298 billion yuan, the portfolio number is 1504.　　The weighted average yield of the Enterprise Annuity Fund in 2010 was 3.41%. "Author:" Financial "comprehensive report"