养老第二支柱收益账本披露，业内思辩“长钱长投”下如何提质扩面

Core Insights - The investment roadmap for the second pillar pension funds in China is gradually emerging, driven by regulatory encouragement for long-term investments from insurance funds and corporate annuities [2][7] - As of the end of 2024, the accumulated fund size of corporate annuities reached 36,421.88 billion yuan, with a year-on-year growth rate of 14.27% and an average return of 4.77% [2][4] - The average investment return for corporate annuities over the past 18 years is 6.17%, with only three years showing negative average returns [4][7] Investment Performance - The comprehensive investment return rate for the domestic insurance industry reached 7.21% in 2024, while the average return for corporate and occupational annuities is comparatively lower due to strict return requirements from managing institutions [3][4] - The net asset value of corporate annuities was 36,054.50 billion yuan, with a year-on-year growth of 14.53% [4] - The average annual return for occupational annuities since the start of market-oriented investment operations in February 2019 is 4.42% [5] Regulatory Environment - The National Financial Regulatory Administration has issued a plan to enhance the quality of pension finance, encouraging banks and insurance institutions to innovate in corporate and occupational annuity products [7][12] - The plan aims to establish a distinctive pension finance system in China over the next five years, emphasizing the importance of corporate annuities in alleviating pressure on basic pension insurance [7][12] Challenges and Opportunities - Despite the growth in corporate annuities, challenges remain, including market complexity and insufficient motivation for enterprises to establish annuity plans [8][10] - There is significant potential for growth in the corporate annuity market, but the motivation for enterprises to contribute remains low [9][10] - Enhancing the investment quality of corporate and personal pensions is seen as crucial for increasing participation in the second and third pillars of the pension system [11][12] Investment Strategy - Increasing the proportion of equity investments in corporate and occupational annuities is viewed as a key strategy to improve returns [11][12] - Financial institutions are focusing on upgrading their asset allocation methodologies to achieve better investment outcomes [11][12]