这一理财产品全国落地！试点期限三年

Core Viewpoint - The recent notice from the National Financial Supervision Administration aims to promote the sustainable development of pension financial products by expanding the pilot areas nationwide and encouraging the issuance of long-term pension financial products, addressing liquidity issues and enhancing the third pillar of retirement planning in China [1][3]. Group 1: Policy Changes - The pilot areas for pension financial products will expand from 10 cities to nationwide, with a trial period of three years [1]. - The notice encourages the issuance of pension financial products with a term of over ten years or a minimum holding period of five years [1][3]. - The upper limit for fundraising by a single financial company for pension products will be increased to five times the net capital after deducting risk capital [3]. Group 2: Market Performance - As of October 31, 2025, 10 banks have issued 53 pension financial products with a total fundraising scale of 107.96 billion yuan [1]. - The average annualized return of pension financial products over the past year is 10.12%, significantly higher than money market funds [2][3]. - The most popular pension products are pension savings and pension financial products, with the latter attracting medium-risk preference investors due to higher returns [2]. Group 3: Challenges and Recommendations - Current pension financial products are primarily five-year terms, with only one ten-year product available, leading to limited investor participation [3][5]. - There is a significant issue of product homogeneity, with most products adopting a "fixed income+" strategy, lacking differentiation based on age, health, and care needs [5]. - Recommendations include diversifying product types, such as introducing customized products linked to pension industry REITs or healthcare themes [5]. Group 4: Tax Policy Implications - Tax policy is a critical factor affecting the competitiveness of pension financial products, with current tax benefits being less favorable compared to commercial pension insurance [6]. - Future efforts should focus on enhancing tax incentives for pension financial products, such as allowing tax exemptions on the returns of specific long-term products [6].