引导养老金“长钱长投”：企业年金“近三年累计收益率”首次公布为7.46%

Core Insights - The total accumulated enterprise annuity fund reached 3.73 trillion yuan by the end of Q1 2025, with a cumulative return of 7.46% over the past three years [1][2] - The number of enterprises establishing annuities has steadily increased, with 168,200 companies and 32.91 million employees participating as of Q1 2025 [1] - The new disclosure method for cumulative returns aims to promote long-term assessments in annuity management, aligning with the long-term investment nature of pension funds [2] Group 1 - The cumulative return for the past three years (April 1, 2022 - March 31, 2025) is 7.46%, with an annualized average of 2.43% [2] - Fixed income portfolios achieved a cumulative performance of 10.54%, while equity portfolios had a cumulative performance of 7.06% [2] - The number of enterprises establishing annuities in Q1 2025 reached 8,959, the highest quarterly figure in the past three years [1] Group 2 - The adjustment in disclosure methodology is expected to shift the focus from short-term performance to long-term assessments, enhancing the management of pension funds [2] - This change will allow for greater flexibility in asset allocation across cycles, addressing the conflict between the long-term nature of pension funds and short-term performance evaluations [2] - The new approach is anticipated to increase tolerance for market fluctuations and encourage more investments in equity assets, benefiting the capital market [2]