养老理财即将全国范围“上新”，这些年的试点产品怎么样了？

Core Viewpoint - The introduction of new regulations for pension financial products is expected to expand the market significantly, allowing for a wider range of investment options and increasing the scale of pension financial products available to investors [1][2][3]. Summary by Sections Current Market Situation - The median annualized return of existing pension financial products is approximately 3.6%, with a total of 51 products currently in existence, amounting to a total scale of about 106.5 billion [1][8]. - Most pension financial products have achieved positive returns since their inception, although many are still below their performance benchmarks due to declining asset yields [1][10]. Regulatory Changes - The recent notice from the National Financial Supervision Administration expands the pilot program for pension financial products nationwide, aligning it with the personal pension system and extending the pilot period to three years [2][3]. - The number of pilot institutions has increased, allowing companies that have been operating for at least three years to participate, with the fundraising limit raised to five times the net capital after deducting risk capital [2][3]. Product Characteristics and Investor Concerns - Pension financial products are characterized by their long-term, stable, and inclusive nature, but many investors express concerns about liquidity due to the typical three-year lock-in period [5][6]. - The new regulations encourage the issuance of long-term products (10 years or more) and improve exit conditions for investors, aiming to enhance liquidity options [6][7]. Performance and Investment Trends - The performance of existing pension financial products shows a range of annualized returns from 1.53% to 5.81%, with most products having performance benchmarks set above 5% [9][10]. - The majority of pension financial products are classified as R2 (medium-low risk) and are primarily fixed-income or mixed products, with a focus on supporting long-term quality assets in the pension sector [11].