5 billion ya, Bao CSR on the history of social security's biggest a share investment

CSR CSR 2010 income constituted $ 300 billion of social security fund enter the market, which listed company will be lucky? Speculation at the social security fund has made a surprising move. On June 15, China railway and urban rail transport equipment market share leader in CSR (601,766, unit) (601,766) announced that the social security fund will invest $ 5 billion in cash, and participate in non-public offering. Recommended reading insurance weekly: Storm safe involvement haixin shares owned pipe investigation storm disaster danger-don't forget to vote Wade was the protection of health is expected within months of funds granted 1 billion insurance product specification for more selling short China insurance regulatory Commission to be more variable annuity insurance into a bear market life-saving straw tendencies on the other side of risk capital investment balance? Deciphering the trader password, grasp the main trends "in my impression, SSF has never invested so much money involved in the a-share listed companies, is perhaps one of the biggest in the history of social security fund investment in shares. "Hai Tong securities (600,837, unit) mechanical longhua reporters, industry analysts said. Invest billions to build a complete industrial chain based on CSR's non-public offering plan, this private placement offering price of RMB $ 6.06/unit. Upon completion of the 2010 annual profit distribution, private placement offering price will be adjusted to $ 6.02/unit. China Merchants securities (600,999, unit) Liu Rong machinery industry analysts believe that this fundraising plan for industrialization of high speed heavy rail transportation equipment, and extended services, InterCity transit network construction of Metro vehicle maintenance base and service projects, extending industrial chain of services and additional liquidity. This private placement is conducive to further increase manufacturing capacity and research and development capabilities, consolidating technology advantage, and further optimize the structure of an existing product, improve international competitiveness. Longhua believes that this raised investment capital from the 18 projects from the IPO to increase production capacity for new products, changes to increase the high-end product maintenance and core parts and components manufacturing, a small amount increases productivity of high-end products subsidiary, to enhance the company's unit revenue profit capacity. Liu Rong considered, by the financial crisis of 2009 Metro orders declined, so 2011 delivery rates decline, but the 2011 Metro rapid order, judging from the announcement of the contract, the former South car subway order May have been close to $ 10 billion is expected around 2012 annual revenue growth of 70%. And thanks to Metro vehicle bidding slightly adjust pricing, 2010 start CSR gross margins for urban rail vehicles begin to improve. Social security lock hit $ 5 billion three-year private placement of this CSR object only two: one is the controlling shareholder of the company CSR group, second, social security funds, subscribe for the amount of $ 6 billion and 5 billion yuan to subscribe by cash subscription. Addition to the cash option, a social security fund is rare commitment: this subscription from the date of end of the private placement of shares shall not be transferable within 36 months. Southern group commitment, this release is complete, Southern Group of the non-public offering since the end of private placement of shares held before transfer within 36 months of not engaging in. According to the notice, the non-public offering a total of 1,827,242,524 shares, is Southern Group and the social security fund subscription of 996,677,740 and 830,564,784, respectively. In the CSR in a private placement notice or notice of the social security fund in 2010 earnings. As of December 31, 2010, the pension fund assets amounted to 856.69 billion yuan, fund interest was 837.558 billion yuan, 2010 net income of 32.122 billion dollars. It could therefore be concluded that, social security funds in 2010 yields 3.835%. For Social Security Fund, interest exceed 800 billion, 5 billion accounted for only a small part of the interests of social security fund in cash, but for social security in a share of the investment, but not cheap. By the end of last year, there were social security fund in the top ten shareholders of listed companies in 339 total stake worth 42.732 billion yuan, of which, put in the largest amount a company be-Qinhuangdao Railway (601,006, unit), and social insurance of the Social Security Fund Council 501 combination holding $ 2.352 billion and $ 629 million, respectively, together hold about $ 3 billion. In fact, test water a share of Social Security Fund, the main three ways are: strategic investor participating in the new share IPO placement, participate in a private placement, search for fund manager managing funds. That year, China petrochemical (600,028, unit) when the IPO, social security funds has to offer price $ 4.22 placing of 300 million addition, celebrity estates (000667, unit) more of a social security 112 combo, which is public-fund management behavior of the social security fund is not the behavior of the social security fund directly. In addition, the social security fund would make strategic investments in Hong Kong stocks, the main object is the State-owned enterprise company. This social security fund invested $ 5 billion yuan in cash, and participation in CSR sale once the subscription is complete, CSR will become so far, the social security funds in the a-share market is one of the biggest direct investment. End of social security entered the market to $ 6 in or iron as people's "life insurance money," social security fund investment security and added value is particularly important. Despite the General Social Security Fund is not large, but its leading policy of "sensitivity", so that it has played a proactive role in the market, their every move has also become an important investment market reference. "Believe in the next three years, the $ 6 price is almost invisible. "A private person said, this social security fund invested $ 5 billion in cash to participate in CSR on the issue, and its commitment to lock for 3 years. Social Security Fund must be considered see, CSR will become in the future high speed rail, and intercity rail transport, the most profitable companies, so brave heavy hand to buy under the Social Security Fund and long-term holding. Haitong securities longhua considers, taking into account the $ 11 billion of additional fully diluted, 2011-2013 CSR EPS: $ 0.29 and $ 0.35 and $ 0.44, net profit growth rate of 54%, 22%, respectively. Valuation of current CSR medium-low, maintained on CSR "buy" rating. Liu Rong raised CSR's rating to "strongly recommend-A". Assuming the total share capital increase of additional, 15%1-2013 earnings per share of $ 0.28, 0.36, 0.49, respectively. As 3-5 growth in the future than to determine, catalyst events may also include in the second half: MOR starts 2011 bid, Beijing-Shanghai high-speed railway guest rate exceeded expectations, rebound in new high-speed rail projects, short-term bad, by year 2012 times valuations, China Southern one-year target price of $ 9. (Daily economic news under) China South car part intends inputs project situation project name total investment intends inputs raised investment recovery internal proceeds (million yuan) funds (million yuan) period (years) rate (%) high speed dynamic units industrialization base construction project 2730001400008.220.43 city inter-dynamic units development and the industrialization construction project 115000950008.9512.34 Guangdong track traffic vehicles built base project 2793571200009.1512.31 high power motor and city rail vehicles development upgrade project 900207000010.8119.46 Guangzhou South car city rail vehicles maintenance assembled base project 73702140008.4210.17