6家机构、37只个人养老金理财，收益率大多高于同类

Core Viewpoint - The personal pension financial products in China have expanded for the ninth time, with a total of 37 products issued by six financial companies, indicating a growing market for personal pension investments [2][3]. Group 1: Market Expansion - As of August 26, 2023, the ninth batch of personal pension financial products was released, with China Postal Savings Bank adding two new products [2]. - A total of 21 commercial banks are now involved in the distribution of these products, reflecting a broader acceptance and integration into the financial system [2]. - The personal pension system was launched in 36 pilot cities in November 2022 and has since expanded nationwide [2]. Group 2: Investment Products and Performance - The personal pension funds can be invested in various financial products, including bank wealth management, savings deposits, commercial pension insurance, and public funds, with a current total of 37 bank wealth management products available [2]. - As of August 27, 2023, the scale of public funds within personal pension products reached 4,117.71 billion yuan, with a significant increase in the number of investors [3]. - The average annualized return for personal pension financial products is over 3.4%, significantly higher than the average return of 2.12% for general wealth management products [6]. Group 3: Investment Strategy and Risk - The long-term nature of personal pension products allows for higher return expectations, as they are designed to be held until retirement, reducing the pressure from short-term market fluctuations [5]. - The asset allocation in personal pension products is more diversified compared to traditional wealth management products, with a higher proportion of equity investments [6][10]. - There is a noted need to increase the equity investment ratio in personal pension products to enhance long-term returns, as current allocations remain conservative compared to international standards [10][11]. Group 4: Comparative Analysis - In comparison to the U.S. personal pension market, where a significant portion is allocated to equity funds, China's pension products show a lower equity allocation, limiting long-term growth potential [11]. - The current trend in the Chinese market reflects a cautious approach to risk, with a focus on stability over higher returns, which may need to evolve as demographic and economic conditions change [11].