CICC(601995) 证券时报网·2025-01-25 10:34Core Viewpoint - The recently released "Implementation Plan for Promoting Long-term Capital Market Entry" aims to address the barriers for national social security funds and basic pension insurance funds entering the market, with a series of measures proposed to enhance their investment management and performance evaluation systems [1][2]. Group 1: Impact on Capital Markets - The plan is expected to steadily increase the proportion of equity investments by national social security funds, which will have significant implications for the capital market and the real economy [1][2]. - The expansion of social security fund investments is likely to encourage other long-term capital to enter the market more broadly, enhancing market stability and pricing efficiency [1][4]. - Social security funds, as a major source of long-term capital, provide stable and sustainable funding support to the capital market, which can improve market conditions and investor confidence [2][4]. Group 2: Support for Economic Development - Social security funds possess long-term attributes and investment patience, making them capable of supporting innovative enterprises that may face short-term uncertainties, thus aiding in China's economic transformation and high-quality development [2][3]. - The average annual return of social security funds from A-share investments has reached 11.6% over the past 20 years, contributing to a more robust financial foundation for residents' pensions [2][3]. Group 3: Investment Behavior and Market Dynamics - Social security funds are characterized by high investment management capabilities and a focus on the quality and intrinsic value of enterprises, which helps guide market funds towards high-quality investment targets [3]. - The expansion of social security fund investments is expected to create a positive demonstration effect for other long-term capital, fostering a favorable investment atmosphere and trend [4]. - Collaboration between social security funds and other long-term capital sources, such as commercial insurance funds and annuity funds, can lead to resource sharing and risk mitigation, further attracting more long-term capital into the market [4].