Pi Haizhou: Buying A Shares Is Better Than Buying H-Shares.

The pension market has always been a matter of expectation for the domestic A share market, including the China Securities Regulatory Commission (CSRC) has also thrown out the "China Version 401K plan", actively encouraging the pensions to enter the market.

But the pension market has always been endless.

However, the pension market has made new progress in this year's "two sessions".

According to the "two sessions" press conference held in March 10th this year, Yin Yumin, Minister of the Ministry of human resources, said that the basic plan of pension investment and operation has been formed and is expected to be submitted to the CPC Central Committee and the State Council for approval in the second half of this year. The pension insurance fund will invest some of its funds in the stock market.

Encouraged by Yin Yumin's speech, the A share market has set off a new round of growth. The news of the pension market has greatly boosted the A share market.

It should be said that the pension market does exist its own needs.

At present, the pension system can only buy treasury bonds and deposit banks, and the pension is actually in a state of depreciation.

According to Zheng Bingwen, director of the world social security center of the Chinese Academy of Social Sciences, with the CPI as the benchmark, the pensions have depreciated nearly 100 billion yuan in the past 20 years.

Therefore, at present, the accumulated pension of 3 trillion and 60 billion yuan is facing great pressure of maintaining value and increasing value.

Widening pension investment channels and even investing in stocks are indeed the choices that pensions must face directly.

However, for the current A share market, pension is only a boost to the stock market.

It's too early for the market to smell the chicken.

According to minister Yin Yumin, the basic plan of pension investment and operation is expected to be submitted to the CPC Central Committee and the State Council for approval in the second half of this year, but it is uncertain whether it will pass the examination smoothly.

After all, due to the immaturity of the A share market, because of the prevalence of speculation in the A share market and the fact that the A share market has never jumped out of the "money market" and so on, there is a great divergence in the social aspects of the issue of pensions entering the A share market.

Moreover, even if the pension investment and operation plan is approved by the State Council, the current A share market is not the best time for the pensions to enter the market.

After all, with the sharp rise in the A share market since the second half of last year, the A share market has accumulated a large increase, and the market has accumulated a large investment risk.

For example, by the end of March 23rd, the average price earnings ratio of the gem has reached 100 times, and the price earnings ratio of more than 800 stocks is more than 100 times, and the stock price of more than 100 yuan is up to 29.

Even blue chip stocks have gone up substantially.

There is a large stage investment risk in the pension market.

Therefore, the higher the stock market is, the greater the resistance of the pension market will be. Unless the stock market is going down sharply from now on, after all, after the collapse, the safety factor of the pension market will be increased after the risk of the stock market has been released.

It can be said that the current stock market is rising to pensions.

Increase obstacles.

Such a statement is by no means unnatural or mystifying.

After all, the pension is not a death squads, it will not come to the stock market.

Pension is always the first priority in investing in stock market.

In fact, in the International Symposium on Chinese pensions held in -25 September 24th last year, Chen Liang, director of the fund supervision department of the Ministry of human resources and social affairs, said that he would consider the "pension fund investment only to make money and not lose money" as a requirement for the future pension institutions.

Although this year's "two sessions", Yin Yumin did not emphasize that "pension fund investment can only earn money can not be lost money" argument, but Yin Yumin in the clear pension fund surplus funds investment operation and adhere to the principle of marketization and so on the four principles, while also emphasizing the premise of "guaranteeing the absolute safety of the base money".

Because of this, how can people expect the pension to come to a high level? Further, pension is the money raised by the people, and as a member of the common people, do you want your pension account to go to the high end of the stock market?

So for today's sharp rise

There should be no hope and illusions about the entry of pensions into the market.

Even if the pension investment and operation plan is approved by the State Council, the pension market can also choose other investment channels for stock investment.

For example, the investment value of H-shares is significantly higher than that of A shares.

On the issue of encouraging pensions to enter the market, relevant parties have been emphasizing the investment value of blue chips.

It should be said that in the A share market, blue chips are by far the most valuable group.

But the problem is that these blue chips are basically A+H shares listed.

The stock price is obviously higher than that of H shares.

As of March 23rd, the Hang Seng AH share premium index, which tracks the stock price differences between Mainland and Hongkong, reached 134.06 points, which means that A shares as blue chips are 34.06% higher than the H-share premium.

Since H-share has more investment value, the pension market can naturally choose H-share as the first choice, and buying A shares is better than buying H-shares.

Not only that, the pension market can also choose preferred stock to invest.

This should be a new investment type that can better meet the investment demand of pension.

Because preference shares were only released last year, investment preference shares can get a relatively stable return on investment, and their return on investment is significantly higher than bank deposit rates.

And the companies offering preferred stock issuance are usually high quality companies with relatively reliable quality, such as banking and some large state-owned enterprises, central enterprises and so on. The safety of their investments is still guaranteed in general.

In addition, the financing amount of preferred stock is usually relatively large. If pension funds can invest in preferred stock of these companies, this is not only a support for the development of these companies, but also a stable investment income.

In addition, the pension market can also participate in the "mixed reform" of the central enterprises and big state-owned enterprises.

This is not only a support for the mixed system reform, but also provides a chance for the pension to share the bonus of reform.

In particular, these "mixed changes" mostly take IPO as the expected goal. Once the "new company" is successfully listed after the "mixed reform", it can bring a huge investment return to the pension.