2025金融街论坛｜当银发潮遇上科技革命 养老金如何解题“长钱长投”

Core 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][2]. Group 1: Pension Role and Investment Strategy - Pensions are designed for long-term stability and should not engage in short-term speculation; they must act as long-term investors to support the real economy [2][4]. - The aging population in China is increasing the pressure on pensions to maintain value, with the proportion of people aged 65 and above reaching 15.6% and expected to rise to 26% by 2050 [1][2]. - The current technological revolution and industrial transformation require substantial long-term capital to support sectors like artificial intelligence, renewable energy, and biomedicine [2][3]. Group 2: Investment Opportunities and Challenges - The rapid development of new technologies offers significant returns for pension investments, necessitating a focus on innovative investment products [3][4]. - Pensions must transition from being merely financial capital to strategic capital that supports technological advancement while also sharing in the returns from innovation [4][6]. - Establishing a long-term assessment mechanism is crucial for pensions to adapt to the high upfront costs and delayed returns typical of technology companies [4][5]. Group 3: Risk Management and Market Support - Risk management for pensions should shift from focusing on short-term volatility to a comprehensive dynamic risk control system that emphasizes long-term value realization [5][6]. - The development of financial instruments that align with long-term capital needs, such as long-term bonds and infrastructure REITs, is essential for matching pension durations [6]. - Enhancing transparency and information disclosure for technology companies will improve asset pricing and market conditions for pension investments [6][7].