储蓄国债“入池”个人养老金，能否改变“开户热、缴费冷、投资少”的情况？

Core Viewpoint - The personal pension product pool is set to expand, incorporating savings treasury bonds (electronic) alongside insurance, wealth management, funds, and savings, creating a diversified product landscape for pension investors [2][3]. Group 1: Expansion of Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that starting June 2026, savings treasury bonds (electronic) will be included in the personal pension product pool, enhancing the variety of investment options available to pension investors [2][3]. - The personal pension system has been operational for three years, evolving from pilot programs in 36 cities to a nationwide framework, although challenges such as high account openings but low contributions and investments remain [2][4]. Group 2: Benefits of Savings Treasury Bonds - Savings treasury bonds are characterized by low risk and stable returns, making them attractive to conservative investors, particularly first-time pension investors, thereby potentially increasing contributions to personal pension accounts [3][4]. - The current interest rates for 3-year and 5-year savings treasury bonds are 1.63% and 1.7%, respectively, with high demand leading to rapid sellouts of certain issues [3]. Group 3: Operational Guidelines and Market Dynamics - Institutions offering savings treasury bonds must establish dedicated accounts for pension investors to track their purchases and holdings, ensuring compliance with personal pension regulations [3][5]. - The distribution of exclusive quotas for pension investors will be adjusted quarterly based on the proportion of uninvested amounts in pension accounts, fostering competition among institutions to optimize product offerings and enhance customer experience [5][6].