Wu Xiaolu Recently, the China Securities Regulatory Commission held a meeting of the Party Committee (Enlarged) to convey the spirit of the Xi Economic Work Conference, and to study and deploy the implementation of the CSRC system. The meeting emphasized that we should vigorously promote the reform of the investment side, promote and improve the policy environment conducive to the entry of medium and long-term funds into the market, guide investment institutions to strengthen the counter-cyclical layout, and strengthen "patient capital". In the primary market, "patient capital" mostly refers to private equity for medium and long-term investment**, which is due to the time it takes for science and technology enterprises to complete the accumulation and breakthrough of technology. In the secondary market, "patient capital" includes pensions, insurance funds, industrial capital, etc., which can provide sufficient space for enterprise development and innovation, and is also conducive to the stable operation of the capital market. The author believes that "patient capital" should have three characteristics: First, it should adhere to long-term investment. "Patient Capital" pursues long-term investment goals, adheres to long-term assessments, and can withstand short-term fluctuations or drawdowns. For example, the average annual investment rate of return of social security** since its inception is 766%, and the average annual investment rate of insurance funds in the past 10 years has reached 528%, all of which have achieved long-term stable absolute returns. Second, we must adhere to value investing. By digging deep into high-quality investment targets and holding them for a long time, "Patient Capital" can obtain returns that exceed the market average. In the context of the increasingly perfect ecology of survival of the fittest in the current capital market, if you do not uphold the concept of value investment, you may suffer irreparable investment losses. Finally, we need to stick to responsible investment. "Patient capital" should increase investment around the strategic goals and key areas of economic and social development, support original and leading scientific and technological innovation, promote the industrialization of scientific and technological achievements and economic transformation and upgrading, and help the stable operation of the capital market. From the current point of view, as "patient capital", pension and insurance funds have great potential to enter the market. In terms of pensions, the "Annual Report on Social Security of the National Council of Social Security (2022)" shows that the total assets of social security at the end of 2022 are 288 trillion yuan. According to data from the Ministry of Human Resources and Social Security, as of the end of the third quarter of this year, the scale of the entrusted investment contract of basic pension insurance exceeded 164 trillion yuan, the scale of enterprise annuity reached 312 trillion yuan. In addition, personal pensions have been in business for more than a year and still have a lot of potential. In terms of insurance funds, data from the State Administration of Financial Supervision and Administration show that as of the end of October this year, the balance of insurance funds was 2705 trillion yuan, of which, **and**investment**338 trillion yuan, accounting for 1251%。Since the beginning of this year, the environment for insurance funds and social security funds to enter the market has been further optimized. A few days ago, the Ministry of Finance issued a document to strengthen the long-term assessment of state-owned commercial insurance companies, and the maximum investment ratio of social security assets is planned to be increased to 40%. With the continuous advancement of the reform of the investment side and the improvement of the pension financial system, the capital market is expected to usher in more abundant long-term funds, and the "patient capital" and the capital market will achieve two-way running.
* |Station cool Hailuo production |Zhou Wenrui