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朱邦凌:养老金买入中小创个股自有其投资逻辑

2017-08-21 18:08:44   中国经济网

朱邦凌

近日,正海磁材和九阳股份分别发布了半年报,其十大流通股东中赫然出现“基本养老保险基金八零二组合”,而这正是市场千呼万唤的养老金账户。养老金终于入市,A股正式进入“养老金时代”,让市场一片欢腾。

这是养老金账户第一次直接在二级市场购买A股股票,分别购买了正海磁材和九阳股份392.92万股和286.7万股,耗资大约都在5000万元。目前养老金组合已有13只,但基本养老保险基金投资运作自去年年底启动以来,一直没有在A股直接买股,一季度曾投入运作固收类组合,5月以来又有多只权益类组合陆续亮相新股网下配售。

令市场惊讶的是,养老金账户首次入市,购买的竟是过去一段时间人人唯恐避之不及、被边缘化的中小创,而非白马股、大蓝筹和风头正劲的“新周期”公司。

养老基金流动性要求高,风险承受能力较低,要求有保底收益率,在投资运营上更为谨慎,因此一般重点配置固定收益产品,不能投资境外资产和私募股权基金,投资股票等资产的比例也较低。对安全性要求极高的养老金账户,首次入市即买入两只中小创个股,确实令市场各方感到有些惊讶。

当然,目前不排除养老金已经买入蓝筹股的可能性。由于养老金属于试探性入市,在单只个股的布局资金并不多,或许已经买入其他股票,但未显露在个股的十大股东名单中。

但证金公司近期也买入了创业板公司,这也显示出两者的投资行为有异曲同工之妙。截至8月17日,以证金公司为代表的“国家队”,二季度新进个股大多为创业板公司,并进入了11只创业板公司前十大股东。

从上述两次投资的相似之处可以看出,机构资金显然是看中了中小创部分优质个股已经具有初步的投资价值,在投资标的的选择上以投资价值和业绩支撑作为标准,看中的是估值与业绩的匹配,而不是对中小创股票另眼看待,在投资上也没有大小票之分。

今年以来,A股的“审美观”发生了重大转变。随着大盘蓝筹股持续走强,“以大为美”已成为A股新风尚。“漂亮50”屡创新高,而创业板指数却是持续下跌,闪崩不断。当前基金对创业板的相对配置已经回归到接近2013年的水平,处于异常低配的状态。

根据最新出炉的基金中报显示,2017年二季度,基金对主板配置比重达到66.3%,较一季度提高1.6%。而创业板恰恰相反,配置比重比一季度降低1.6%,回落到12%,与2013年的配置比重类似。

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