Intelligence is an inevitable trend in the development of new energy vehicles, and autonomous driving technology is one of the important directions of intelligence. According to the latest data, Zhiji LS6, as a new energy vehicle with high-end intelligent driving as standard in the whole series, sold 2,122 units in a single week from December 18th to December 24th, and won the "medium and large pure electric SUV" segment sales crown for 7 consecutive weeks, and won the "all-category pure electric vehicle above 200,000 yuan" Chinese brand sales crown for 3 consecutive weeks.

This sales achievement not only demonstrates market competitiveness, but also highlights consumers’ recognition and demand for intelligent and autonomous driving technology. With the rapid growth of sales, Zhiji Automobile’s intelligent driving technology research and development and functional implementation have also entered the "fast lane". After the four ministries jointly issued the "Notice on Launching the Pilot Work of Intelligent Connected Vehicles Access and Road Access" on November 17, Zhiji Automobile became one of the first enterprises to conduct the access pilot, which further promoted the development of intelligent driving technology. At the same time, Zhiji Automobile also obtained the high-speed road autonomous driving test license in Shanghai, becoming one of the first Chinese brands to obtain the L3 level autonomous driving test license. At present, Zhiji Automobile is applying for the MIIT L3 announcement access pilot, and is expected to be the first models to enter the L3 level autonomous driving access pilot. The grading standard of autonomous driving technology divides L0-L5 into six levels. Generally speaking, L0-L2 level is an automatic driving assistance system, and the driver is still the driving main body; while from L3 level, the driving protagonist is converted from driver operation to vehicle autonomous driving. Therefore, L3 level has become an important watershed for the application of autonomous driving technology. The realization of L3 level is an important milestone for the autonomous driving technology to move forward. Zhiji Automobile, as one of the first Chinese brands to obtain the L3 road test license, has demonstrated its leading position in autonomous driving technology.

Taking the Zhiji LS6 as an example, the model has already realized the landing of L3-level autonomous driving functions. On December 12, 2021, the IMAD high-speed NOA was officially rolled out across the country, covering high-speed sections in 333 cities across the country, and covering elevated sections in 59 cities; while the high-speed elevated NOA is applicable to a total of 389,000 kilometers of roads. In addition, the IMAD city NOA will also start the user public test in Shanghai as scheduled, and launch the first version of the urban commuter mode in 2024. In 2024, the commuter mode will cover 100 cities across the country. Zhiji’s rapid development in autonomous driving technology has made it a pioneer in the industry. The reason why Zhiji Automobile can achieve such outstanding results in autonomous driving technology is inseparable from its rapid technological evolution ability and continuous rapid iteration of software algorithm models. In terms of software architecture, Zhiji is the only self-developed enterprise compatible with the Xavier/Orin intelligent driving computing platform, which makes its architecture adaptability more efficient, reducing computing power requirements by 90%, and improving model operation efficiency by 500%. In addition, algorithms are also the core elements that determine autonomous driving capabilities. Zhiji Automobile has achieved mass production of BEV and Transformer, and plans to apply the DDOD technology solution based on Occupancy Occupancy Network to urban NOA next year. Zhiji Automobile’s efforts in technology research and development have provided a first-mover advantage for its competition in the field of autonomous driving.

The development momentum of the intelligent networked car market is unstoppable. Consumers’ awareness of assisted intelligent driving functions continues to increase, and the government is also increasing its support for the integrated development of vehicle road clouds. Industry sectors related to intelligent networked cars include automotive parts such as chip sensors, and the future growth space of these sectors is optimistic. According to the forecast of Guosen Securities, by 2025, the penetration rate of autonomous vehicles with urban auxiliary driving functions will increase from the current 0.4% to 6%. The domestic autonomous driving market with urban auxiliary driving functions is expected to reach 51 billion yuan. With the progress of technology, the market size will continue to increase. From the perspective of industry trends, L3-level autonomous driving technology is gradually approaching us, which will bring about changes in the pattern of car companies. With its leading technological advantages, Zhiji Automobile has taken the lead in entering the autonomous driving market and established a first-mover advantage. Huachuang Securities evaluates that Zhiji LS6 is expected to become a key breakthrough point for SAIC’s electric intelligent development. Under the leadership of Zhiji, SAIC Motor Group will continue to climb to the peak of high-quality development in the autonomous driving industry, and the long-term investment value will gradually become apparent. Therefore, it is recommended to continue to pay attention to the development of Zhiji Automobile.

　　The trillions of pension investment transcripts that have received much attention have been released.

　　On September 14th, the National Social Security Fund Council issued the Annual Report on the Entrusted Operation of the Basic Endowment Insurance Fund of the National Social Security Fund Council (2020), which showed that at the end of 2020, the total assets of the basic endowment insurance fund were 1,395.085 billion yuan, and the income from the equity investment of the basic endowment insurance fund was 113.577 billion yuan, with an investment return rate of 10.95% last year, higher than the level of 9.03% in 2019.

　　According to the semi-annual report of listed companies, the reporter counted the latest shareholding roadmap of social security fund and basic endowment insurance fund respectively. From the industry distribution of the top five heavyweight stocks, social security funds still prefer finance.

　　The return on investment is 10.95%

　　The basic old-age insurance fund is a part of the balance fund of basic old-age insurance and its investment income entrusted by the people’s governments of all provinces (autonomous regions and municipalities directly under the Central Government) according to the Measures for Investment Management of Basic Old-age Insurance Fund issued and implemented in the State Council on August 17, 2015. According to the Measures for the Administration of Investment in Basic Endowment Insurance Funds and the entrusted investment management contracts signed by the Social Security Fund and the people’s governments of the entrusted provinces (autonomous regions and municipalities directly under the Central Government), the Social Security Fund will implement separate management, centralized operation and independent accounting for the entrusted basic endowment insurance funds.

　　According to the data, in 2020, the income from equity investment of the basic pension insurance fund was 113.577 billion yuan, with an investment return rate of 10.95%, of which: realized income was 85.327 billion yuan (realized return rate was 8.50%), and the change in fair value of trading assets was 28.250 billion yuan. Since the basic endowment insurance fund was commissioned in December 2016, the accumulated investment income was 198.646 billion yuan, with an average annual investment return rate of 6.89%.

　　It is reported that the investment scope of the basic old-age insurance fund mainly includes: bank deposits, central bank bills and interbank deposit certificates; Treasury bonds, policy and development bank bonds, financial bonds with credit rating above investment grade, corporate bonds, local government bonds, convertible bonds (including convertible bonds with separate transactions), short-term financing bonds, medium-term notes, asset-backed securities, and bond repurchase; Pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bonds futures. In addition, the basic old-age insurance fund can participate in the investment of major national projects and major projects through appropriate means. When key state-owned enterprises are restructured and listed, the basic endowment insurance fund can make equity investment.

　　The annual report pointed out that the Social Security Fund has formed a relatively complete asset allocation system including strategic asset allocation plan, annual tactical asset allocation plan and quarterly asset allocation implementation plan in its investment and operation. Among them, the strategic asset allocation plan determines the medium and long-term target allocation ratio and proportion range of various assets. The annual tactical asset allocation plan is to determine the allocation ratio of various assets in the year within the range of various asset ratios specified in the strategic asset allocation plan. The quarterly asset allocation implementation plan is to determine the specific quarterly implementation plan and make dynamic adjustments through the analysis of the situation and the examination of the annual asset allocation plan.

　　In terms of investment methods, the social security fund will adopt a combination of direct investment and entrusted investment to carry out investment operations. Direct investment is directly managed and operated by the Social Security Fund, mainly including bank deposits and equity investments. The entrusted investment is managed and operated by the investment manager entrusted by the Social Security Fund, mainly including domestic stocks, bonds, pension products, listed and circulated securities investment funds, stock index futures, treasury bonds futures, etc.

　　According to the annual report, at the end of 2020, the total assets of the basic old-age insurance fund were 1,395.085 billion yuan, the total liabilities were 150.627 billion yuan (mainly short-term liabilities formed in the investment and operation of the basic old-age insurance fund), and the total equity was 1,244.458 billion yuan, of which: the direct investment was 470.006 billion yuan, accounting for 37.77%; The entrusted investment was 774.452 billion yuan, accounting for 62.23%.

　　Steady investment performance

　　As the weather vane of long-term capital in the capital market, what is the investment performance of the basic endowment insurance fund?

　　On August 18th, the 2020 Annual Report of Social Security Fund was released. The National Social Security Fund is a national social security reserve fund, which is used to supplement and adjust social security expenditures such as endowment insurance during the peak period of population aging. The National Social Security Fund consists of central budget allocation, state-owned capital transfer, fund investment income and funds raised in other ways approved by the State Council.

　　By the end of 2020, the total assets of the social security fund were 2,922.661 billion yuan, the investment income of the social security fund was 378.660 billion yuan, and the investment return rate was 15.84%. Among them, the realized income was 204.574 billion yuan (realized rate of return was 9.58%), and the fair value change of trading assets was 174.086 billion yuan; Since the establishment of the Social Security Fund, the average annual investment return rate is 8.51%, and the accumulated investment income is 1,625.066 billion yuan.

　　Compared with the index performance, at the end of 2020, the Shanghai Composite Index closed at 3,473.07 points, an increase of 13.9%; Shenzhen Component Index closed at 14,470.68 points, up 4,039.91 points or 38.7% from the end of last year.

　　Compared with the investment income of insurance funds, some market statistics show that in 2020, the investment income of insurance funds on stocks and securities investment funds totaled 310.1 billion yuan. Among them, the rate of return of insurance investment securities investment funds is 12.2%, and the rate of return of investment stocks is 10.87%.

　　The data shows that the total net investment income of listed insurance companies in 2020 was 481.656 billion yuan, a year-on-year increase of 10.03%; The total investment income increased by 14.20% to 585.634 billion yuan.

　　List of Awkwardness Stocks Released

　　Recently, the semi-annual report of listed companies has been disclosed, and the latest shareholding roadmap of social security funds and basic endowment insurance funds has also surfaced.

　　According to the reporter’s statistics, at the end of the second quarter, the social security fund held the highest market value of Agricultural Bank of China (601288.SH), reaching 71.3 billion yuan, with 23.5 billion shares. From the industry distribution of the top five heavyweight stocks, social security funds still prefer finance.

　　In terms of basic endowment insurance funds, in terms of the number of shares held, Focus Media has the largest number of shares in the first half of the year, with a shareholding of 133,594,900 shares; Judging from the stock market value, the market value of Renfu Medicine’s positions reached 1,324,672,800 yuan.

　　In addition, insurance funds are also one of the weathervanes of long-term funds in the capital market. According to statistics, at the end of the second quarter, China Life Insurance held the highest market value, reaching 654.8 billion yuan, with 19.3 billion shares.