养老理财业务试点扩大至全国，监管发文引导长期资金服务长期事业

Core Points - The core viewpoint of the article is that the recent notification from the National Financial Supervision Administration marks a significant step in promoting the development of pension financial products, expanding the pilot program nationwide, and establishing a comprehensive regulatory framework for the pension finance system [2][6][7]. Group 1: Expansion of Pilot Program - The pilot program for pension financial products has been expanded to cover the entire country, aligning with the implementation of the personal pension system [3][4]. - The pilot period has been extended to three years, and the number of participating financial institutions has increased to those meeting specific operational criteria [3][4]. - The fundraising limit for individual institutions has been raised to five times the net capital minus risk capital from the previous year [4][5]. Group 2: Regulatory Framework and Market Environment - The notification establishes a complete framework covering regulatory rules, product standards, information platforms, and risk constraints, transitioning from pilot exploration to systematic construction [6][7]. - It emphasizes the importance of long-term, stable, and compliant pension financial services to meet the wealth preservation and appreciation needs of the elderly population [6][7]. - The policy aims to enhance the market environment, encouraging differentiated and specialized pension financial products [2][6]. Group 3: Long-term Investment and Risk Management - The notification encourages the issuance of long-term pension financial products with maturities of over 10 years or minimum holding periods of over 5 years [4][5]. - It supports financial institutions in investing in long-term quality assets that match pension characteristics, thereby promoting investment in major national projects and the health and pension industries [4][8]. - The policy highlights the need for financial institutions to strengthen risk management and information disclosure to protect investor rights and ensure sustainable development in the pension finance market [6][7]. Group 4: Societal Impact and Economic Growth - The promotion of pension financial products is expected to inject medium- to long-term funds into health, wellness, and silver economy sectors, contributing to economic growth [8]. - The policy aims to create a funding cycle linking residents' long-term savings, pension financial products, and investments in the pension industry [7][8]. - Overall, the policy serves as a regulatory guide for the development of the pension financial market and deepens the responsibility awareness of financial institutions [8].