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Core Viewpoint - The inclusion of index funds in the personal pension product catalog is set to expand, following the initial inclusion of 85 index funds, which is expected to enhance investment options for individual pension accounts and promote long-term capital inflow into the stock market [1][2][4]. Summary by Relevant Sections Inclusion Standards - The recent notification outlines the criteria for index funds to be included in the personal pension product catalog, focusing on widely recognized core broad-based indices or dividend low-volatility indices as tracking benchmarks [2][3]. - Specific requirements include: - Ordinary index funds and ETF-linked funds must have a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters or 2 billion yuan (approximately 20 million) at the end of the previous month [3]. - Index-enhanced funds must have been established for at least three years, with a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters and positive excess returns over the last three years [3]. - The combined share of the top five investors must not exceed 50% [3]. - The fund management company must not have a classification evaluation result of C in the latest assessment [3]. Market Impact - The expansion of index funds into personal pension accounts is expected to diversify investment options for pension participants, meeting their varied investment needs and fostering the rapid development of index products [1][4]. - The anticipated influx of index funds is likely to create a positive interaction between the long-term stable inflow of capital into the stock market and the increase in residents' property income [1][4]. Fund Performance and Adoption - As of the end of December 2024, the first batch of personal pension index funds reached a total scale of 300 million yuan (approximately 30 million) and had nearly 58,700 account holders within a month of launch [5]. - Notable funds include Huatai-PB's Dividend Low Volatility ETF Linked Y, which has around 7,500 account holders, and other funds with over 5,000 account holders [5]. Advantages of Index Funds - Index funds are naturally suited for pension investments due to their low fixed fee rates, which are halved for the Y share of funds included in the personal pension investment catalog, enhancing the compounding effect over the long term [6]. - They offer stable styles and transparent holdings, which help reduce agency costs and minimize style drift issues [7]. - Index-enhanced funds combine the benefits of passive index products and active equity products, allowing for better tracking of index styles while addressing inherent flaws in broad-based indices [7].