Bei Jing Shang Bao·2025-10-28 13:24Core Viewpoint - The intersection of the aging population and technological revolution is leading to a historic redefinition of the role of pensions, emphasizing the need for long-term investment strategies to support innovation and economic development [1][3]. Group 1: Aging Population and Pension Pressure - The proportion of the population aged 65 and above in China has reached 15.6% and is expected to rise to 26% by 2050, increasing the pressure on pensions to maintain and grow value [1]. - The acceleration of the aging process in China necessitates a focus on the preservation and appreciation of pension funds [3]. Group 2: Investment Opportunities in Technology - Pensions are designed for long-term stability and should not engage in short-term speculative investments; instead, they should act as long-term investors that support the real economy [3]. - The current technological revolution, including advancements in artificial intelligence, renewable energy, and biomedicine, requires substantial long-term capital investment, creating a significant opportunity for pension funds [3][4]. Group 3: Financial Innovation and Technology - The rapid development of new technologies has revitalized capital markets and provided substantial returns for pension investments, highlighting the need for pension funds to embrace new opportunities [4]. - Financial innovation is essential to match the pace of technological advancements, with pensions needing to create suitable investment products that enhance their portfolios and returns [4][5]. Group 4: Long-term Assessment Mechanisms - A key challenge for pension management is to align financial supply with technological demand while ensuring risk and return characteristics are met [5]. - There is a need to transition from traditional financial valuation methods to a focus on operational value, particularly as intangible assets become more central to production [6]. Group 5: Cultivating Patient Capital - To transform pensions into patient capital, there must be a shift in investment philosophy and systemic support from the market [7]. - Developing long-term financial instruments and improving transparency in technology companies are crucial for enhancing the investment environment for pensions [7]. - Pension funds should be directed towards key sectors such as technological innovation, advanced manufacturing, and green development to create a virtuous cycle of economic growth and pension value preservation [7].