重磅新规打开发展空间，养老理财产品近1年平均收益率接近5%

Core Insights - The National Financial Regulatory Administration has announced the expansion of pension financial products nationwide, increasing the fundraising limit for individual financial companies to five times their net capital after deducting risk capital [1] - The notification supports financial companies in enhancing the design of pension financial products and diversifying services such as pension accounts and advisory consultations [1] - As of October 23, 2025, there are 54 existing pension financial products, with 42 classified as "fixed income+" and 12 as mixed products [1] Product Performance - The average annualized return of the 54 existing pension financial products over the past year is 5.13% [2] - The top-performing products include ICBC's "Yixiang Antai Fixed Income Pension Product" with a return of 6.67% and BlackRock's "Be Anxin 2032 Pension Product" at 6.54% [2] - The lowest-performing product is the "Anxiang Fixed Income Monthly Open Pension Product" from CCB, with a return of only 2.05% [2] - The latest average performance benchmark for pension financial products is set at 5.53%, indicating pressure to meet performance standards despite some products performing well [2] Market Overview - As of October 23, 2025, there are a total of 1,112 public "fixed income + equity" products with a duration of 2-3 years, with an average net value growth rate of 3.34% over the past year [6] - Among these, 577 products achieved quarterly positive returns, representing 75.32% of the total [6] - The top three products in terms of net value growth rate include CCB's "Stable Wealth Fixed Income Enhanced Product" at 6.96%, followed by Everbright's "Sunshine Gold 36M Increased Enjoyment No. 2" and Hangyin's "Happiness 99 Abundant Fixed Income Multi-Asset" [6][7] Notable Products - The leading product, CCB's "Stable Wealth Fixed Income Enhanced Product," has a maximum drawdown of 0.12% and an annualized volatility of 1.05% [7] - The product's holdings primarily consist of bonds, non-standard assets (trust loans), and public funds, with respective allocations of 40.71%, 34.12%, and 20.45% [7] - The product's top holdings include a non-standard asset (trust loan) and various convertible and credit bonds, with an expected yield of 3.11% from a specific trust loan project [7]