个人养老金理财再扩容：6家机构发行37只，收益率大多高于同类

Core Insights - The personal pension financial products in China have expanded for the ninth time, with 37 products issued by six financial companies, and 21 commercial banks participating in distribution [1] - The personal pension system was launched in November 2022 and has now expanded nationwide after two years of implementation [1] - As of August 27, 2025, the scale of public funds within personal pension products reached 411.77 billion yuan, with a significant increase in both the number of investors and the total purchase amount [2] Product Performance - Most personal pension financial products have yields higher than their peers, with average annualized returns exceeding 3.4%, compared to 2.12% for general financial products [4] - The investment horizon for personal pension products is longer, allowing for better returns due to reduced short-term market volatility [3][4] - The asset allocation in personal pension products is more diversified, with approximately 50% in bonds and a higher proportion of equity investments compared to traditional financial products [5] Market Trends - There is a growing concern regarding the conservative investment strategies for pension funds, which are heavily weighted towards low-yield assets like government bonds and deposits [6] - The aging population and inflation risks highlight the necessity for higher returns, prompting a shift towards more aggressive investment strategies [7] - Comparatively, China's pension product equity allocation is low compared to developed markets, indicating potential for future growth in returns if equity exposure increases [8]