养老规划投教先行｜银华基金：养老投资为何优选Y份额？

Group 1 - The core viewpoint of the articles is the launch of the "Beijing Public Fund High-Quality Development Series Activities" to promote the high-quality development of the public fund industry in China, following the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May [1] - The personal pension system in China, which was officially implemented in November 2022, is a significant direction for the high-quality development of public funds, with the first batch of personal pension funds expanding from single FOF types to passive index and enhanced index products [1] - As of June 30, 2025, the scale of 288 personal pension Y-share funds reached 12.409 billion, reflecting a growth of 1.019 billion from the previous quarter, with 281 funds showing positive growth [1] Group 2 - Y-shares are specifically designed for personal pension investment, offering lower management and custody fees, typically at a 50% discount compared to A-shares [2] - The net asset value calculation for Y-shares differs from A-shares due to the inclusion of fee factors, leading to different net values [2] - Y-shares can only be purchased through personal pension accounts, and redemption proceeds are transferred back to the personal pension account rather than being available for cash withdrawal [2]