The investor structure of the A-share market continued to be optimized throughout the year, supervisors repeatedly expressed “introduction” of medium and long-term funds into the market

Summary

[La struttura degli investitori nel mercato delle azioni A ha continuato a essere ottimizzata durante l’anno. Le autorità di regolamentazione hanno ripetutamente espresso la loro “introduzione” di fondi a medio e lungo termine nel mercato]Actively driving long-term funds into the market is an important task in fully deepening the capital market reform. The entry into the market of more long-term capital will not only further optimize the investor structure, but also one of the important conditions for the healthy and stable development of the equity market. Since the beginning of this year, there have been continuous rumors and measures to drive long-term capital in the market, the investor structure of the market has been gradually improved, and the stability of the market has been further strengthened. (Daily headlines)

Actively driving long-term funds into the market means raising capital comprehensivelymarketThe important task of the reform.The market entry of more long-term funds will not only further optimizeinvestmentThe structure of the stock market is also one of the important conditions for a healthy and stable development of the stock market. Since the beginning of this year, there have been continuous rumors and measures to drive long-term capital into the market, the investor structure of the market has been gradually improved and the stability of the market has been further strengthened.

　　China PostSavingsbankResearcher Lou Feipeng believed in an interview with a Securities Daily reporter that the capital market is a financial serviceReal economyAn important part of the development of the real economy, especially large investment projects, requires stable and long-term sources of finance, and the healthy long-term development of the capital market itself also requires stable and long-term sources of finance. From this point of view, driving medium and long-term funds in the market not only favors the development of the capital market itself, but also favors the capital market to better serve the real economy and promote high-quality development of the capital market. real economy. In terms of funding sources, based on foreign experience, pension funds are an important source of long-term capital in the capital market. Therefore, it is necessary to develop pension finance, promote the development of the three pillars of pension funds, especially the second and third pillars, and mobilize employers and individuals for pensions. The enthusiasm of gold collection.

In 2020, regulators will continue to make their voices heard in promoting market entry of medium and long-term funds and relevant measures will continue. On February 15, Yan Qingmin, vice president of the China Securities Regulatory Commission, gave a press conference on the State Council’s joint prevention and control mechanism that encouraged and supportedSocial Security、Insurance, Pension funds and other medium and long-term funds enter the market.

On May 15, the chairman of the China Securities Regulatory Commission, Yi Huiman, told the “515 National Investor Protection Publicity Day” event that it would promote loosening the proportion and scope of the various medium and long-term funds enter the market and promoted the making of personal retirement investments as soon as possiblePublic offerbottomThe policy is implemented.

On June 18, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, in 2020LujiazuiThe forum said the China Banking and Insurance Regulatory Commission plans to launch six measures to support capital market development. Increase equity managementProductForce of issue, including supportInsurancethe companyIncrease investment in the capital market through direct investment and other channels.

It is worth noting that the “State Council Guidelines for Further Improving the Quality of Listed Companies” issued on 9 Octoberopinion“In terms of promoting listed companies to become better and stronger, it is proposed to explore the establishment of a long-term evaluation mechanism for institutional investors to attract more medium and long-term funds to the market.

Also, on October 21 this year, Yi will be full in 2020Financial StreetAt the forum’s annual meeting, when discussing the relevant considerations on strengthening the capital market infrastructure construction in the next stage, it was proposed to strengthen the system construction on the investment side and clearly stated that the political context to promote the optimization of the third pillar pension and other medium and long term funds entering the market has been clearly indicated.

What is the current situation of medium- and long-term capital market entry?InsuranceIn terms of financing, according to Yuan Xucheng, Director of the Treasury Department of the China Banking and Insurance Regulatory Commission, on November 20, ChinaInsuranceThe “China Life Insurance Summit 2020 and the Annual Meeting of the Life Insurance Special Committee” held by the industry association stated that after more than ten years of exploration, ChinaUse of insurance fundsThe first results were achieved with supervision, which are mainly reflected in four aspects. One of these is to strongly support the construction of the real economy and capital market. At the moment, insurance funds are invested in stocks,BondAnd insurance asset management products to provide financial support for the real economy with nearly 16 trillion yuan; insurance funds play a full role in long-term stabilityFixed investmentCapital advantage, actively participate in the construction of the capital market.At the end of the third quarter of this year, insurance funds invested in A shares accounted for the totalMarket value3.44% of Chinese investment bonds accounted forBond market6.49% of the total scale.

FrombankFinancial managementAs for funds, a Securities Daily reporter analyzed data from China Wealth Management Network. As of November 26, there are no salesbankEquity products of wealth management subsidiaries, while existing equity productsTo share5 pieces. At the same time, the mixed wealth management products of some wealth management subsidiaries are also equipped with equity assets, and the allocation ratio is between 20% and 70%. According to data from the China Wealth Management Network, there are 557 mixed products of bank wealth management branches as of November 26 and 13 are on sale. According to the previous disclosure by the China Banking and Insurance Regulatory Commission, at the end of June 2020, the equity asset allocation scale of bank wealth management products reached 790.7 billion yuan, accounting for about 3% of wealth management business bank totals.

registeredInternational investmentsAnalyst(CIIA) Zhou Yancong told the “Securities Daily” reporter that the amount of bank wealth management funds and insurance funds entering the market has increased significantly this year, mainly due to the obvious political orientation and easing. market restrictions, and current A shares are relatively attractive to funds. These medium and long-term funds are of great importance for optimizing the investor structure and stabilizing the market.

(Source: Securities Daily)

(Responsible publisher: DF520)