三周年，养老投资新时代！个人养老产品Y份额今年表现如何？

Core Insights - The personal pension system in China officially launched in November 2022, marking the substantial operation of the third pillar of the pension security system [1] - Y-share funds have emerged as a key investment tool for personal pension accounts, with total market size reaching approximately 15.11 billion yuan by the end of Q3 2025, a growth of over 7 times from 2 billion yuan at the end of 2022 [1] - As of November 23, 2025, there are 305 fund products included in the personal pension product directory [1] Y-Share Fund Overview - Y-share funds are specifically established under the "Personal Pension Investment Fund Business Regulations" and can only be purchased through personal pension accounts [2] - The main products are divided into two categories: target risk funds and target date funds, catering to different investor risk profiles and retirement timelines [2] - Y-share funds generally have lower management and custody fees compared to A and C share classes, with some products seeing fee reductions of over 50% [2] Performance and Comparison - Y-share funds outperform traditional bank pension products and insurance in terms of risk coverage, asset allocation flexibility, and potential returns [3] - As of November 23, 2025, over 97% of personal pension fund products have achieved positive returns since inception, with nearly 70% showing cumulative returns exceeding 10% [3] - Certain products, such as ETF-linked and target date FOF funds, have demonstrated returns over 50% since inception, showcasing the expertise of public funds in equity investment and multi-asset strategies [3] Company Spotlight: Wanji Fund - Wanji Fund is one of the early managers of personal pension fund products, emphasizing a long-term investment philosophy [4] - The fund has developed a range of products covering both target risk and target date strategies, with notable performance in recent years [4] - Wanji Fund aims to enhance return elasticity while controlling volatility through diversified asset allocation and thorough research on industry fundamentals and fund managers [4] New Product Inclusion - In December 2024, index funds were first included in the personal pension fund directory, expanding investment options for personal pension products [5]