Social Security funds lighten up their metal and machinery have been substantially lighten up

This year's close to double the A-share market, so that the large-scale institutions such as the National Social Security Fund also began to increase profitability to honor.

According to statistics of WIND, the scale of major investments of the National Social Security Fund fell significantly in the third quarter. As of September 30, multiple accounts held by China National Social Security held a total of 253 A-shares with a market value of 19.11 billion yuan. This scale was significantly lower than the 263 stocks at the end of June and 21.52 billion yuan. At the same time, the direction of operation between the various accounts has also clearly diverged.

Direct investment scale stability

At the end of the third quarter, a total of 25 accounts of the National Social Security Fund had appeared in the list of shareholders of the listed companies in the third quarter. Among them, include 2 direct investment accounts, 12 commissioned stock accounts, 6 commissioned bond accounts, 1 entrusted new share account, and 4 dedicated stable portfolio investment accounts. Among them, the operation direction of each account is very different. Even among similar accounts, the difference in the operation of different investment managers is also very obvious.

On the whole, the most stable positions are the two direct investment accounts directly managed by the National Social Security Fund. Both the management scale and the number of shares held have remained stable. The National Social Security Fund 001 account, as at the end of the quarter and the second quarter, only holds 6,846,200 shares of the TCL Group. The National Social Security 002 account for the Shanghai stock market's sample positions are also basically the same as last season.

In addition, six social security bonds escrow accounts continue to hold a considerable proportion of convertible bonds to convert shares, of which, the social security fund 201 holding Hualing pipeline reduced to 9 million shares, and the Haihua Social Security Fund 202 account held by Shandong Haihua reduced to 753 million shares. In addition, copper copper is also reduced by social security funds.

Large differences in commission accounts

Social security funds commissioned 12 investment managers to manage the stock account, the most obvious difference. As the social security fund's absolute main force in the A-share market, the manager of 90% of stock assets, the portfolio under the social security fund's stock account changed quite frequently in the third quarter.

Three of the five large-scale portfolios have seen significant declines in their shareholdings. The key shareholdings of E Fund Management’s portfolio in the second quarter reached 2.7 billion yuan, and the value of the stock market fell by 20% at the end of the third quarter and fell to 1.96 billion yuan. The social security stock accounts managed by Boshi Funds fell from 2.6 billion yuan to 2.19 billion yuan. The social security account assets managed by the South China Fund have dropped from 2 billion yuan to 1.55 billion yuan.

At the same time, the account portfolio of Harvest Fund and Penghua Fund is relatively stable. Harvest Fund's investment portfolio remained at over RMB 3.1 billion at the end of the third quarter, and Penghua Fund also maintained a key stock allocation of nearly RMB 2.3 billion.

Mechanical metal was reduced sharply

In terms of industry, the investment scale of the National Social Security Fund in the two industries of metal non-metal, machinery and instrumentation has declined most rapidly. In the third quarter, the scale of social security fund reduction reached 730 million yuan per industry. Unfortunately, the above two industries performed well in the beginning of the fourth quarter.

In the metal non-metal industry, the stock with the greatest reduction in social security funds was Zhongke Sanhuan. During the period of combination of the Social Security Fund 106, the company reduced its shareholding of more than 1,000 shares, resulting in a market value reduction of over 100 million yuan. In addition, the social security fund account managed by China International Capital Corporation Limited reduced its shareholding in TISCO stainless nearly 13 million shares during the third quarter, but the stock has risen 42% so far in the fourth quarter.
In the machinery industry, the focus of social security fund reduction in the quarter is the military industry represented by aerospace, and the top stocks for reductions include Rocket shares, Jianghuai Automobile, Sany Heavy Industry, and S Dongqi. Among them, the major reduction unit of the Rockets shares is the combination of Penghua Fund, the major reduction of Sany Heavy Industry is the combination of E Fund, and the major reduction of S Dongqi is the combination of Harvest Fund Management.

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In many internal combustion engines the thermostat housing acts as the coolant outlet, it is normally located on the engine block or Cylinder Head. Engine coolant is constantly flowing, it flows through ports located in the block and head; it travels through these two components, through the thermostat housing and into the radiator where the coolant is cooled. As the name implies, this engine component houses the thermostat which regulates the coolant flow.

All thermostats do the same job; they delay the circulation of engine coolant until such time as the engine warms up. On the engine side of the thermostat there is a little wax filled cylinder that doesn't begin melting until the engine reaches the thermostat design temperature which is about 180 degrees F. There is a small rod connected to a valve that is closed when the engine is cold, when the wax melts it expands and in doing so it pushes the rod which in turn opens the valve allowing coolant to flow . Regardless of whether the thermostat is a standalone device or one which is integrated into the thermostat housing, the operation is the same.


Up until about 15 years ago all thermostats were standalone units that were installed into a housing. In the event the thermostat failed, the mechanic was faced with removing the housing first. Although it was not overly difficult to change a thermostat, the problem was that the housing often failed due to overheating. It was never a problem for a mechanic to locate a thermostat but locating the correct housing was often difficult and costly.  
With the introduction of integrated units where the thermostat and the housing were one, there is no problem . The mechanic can quickly and easily replace the entire unit, it takes no special tools and as the thermostat is fixed permanently into the housing there is no fear of it being installed incorrectly.


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