企业年金基金首次公布“近三年累计收益率”“长钱长投”走向实操

Core Insights - The Ministry of Human Resources and Social Security (HRSS) has released the national enterprise annuity fund data for Q1 2025, showing a fund accumulation scale of 3.73 trillion yuan and a net investment asset value of 3.70 trillion yuan, with a three-year cumulative return of 7.46% [1][2] - The HRSS's decision to disclose the "three-year cumulative return" instead of quarterly investment returns marks a shift towards a long-term assessment mechanism for pension funds, aligning with the government's push for "long money, long investment" strategies [1][3] Group 1 - The establishment of a long-term assessment mechanism is expected to reduce short-term performance pressure on management institutions, encouraging long-term investments and enhancing fund stability and risk resistance [1][3] - The new disclosure rules for enterprise annuity funds reflect a significant adjustment in information transparency, focusing on long-term performance rather than short-term fluctuations [3][4] - The three-year cumulative return data serves as a benchmark for trustees, alleviating the pressure to frequently change fund managers based on short-term performance [3][4] Group 2 - The enterprise annuity fund has seen a year-on-year growth of 13.48%, reaching a scale of 3.73 trillion yuan as of Q1 2025 [4] - The current upper limit for equity asset investment in enterprise annuity funds is 40%, but actual investment in equity assets is below 20%, indicating potential for increased A-share market investment [4][5] - The upcoming long-term assessment mechanism for enterprise annuity funds is expected to be released soon, following the HRSS's previous draft guidance on improving long-term assessment mechanisms [5][6] Group 3 - The differentiation in assessment periods for social security funds (five years) and enterprise annuity funds (three years) reflects their distinct characteristics and investment goals, promoting healthy long-term development in the capital market [6]