个人养老金三周年，为什么红利低波策略脱颖而出？

Core Insights - The personal pension system in China has evolved significantly over three years, with a pilot program starting on November 25, 2022, and full implementation expected by December 15, 2024, making it a crucial part of the multi-tiered pension insurance system [1][8] - The variety of investable products under the personal pension scheme has expanded, with the HuaTai BaiRui CSI Dividend Low Volatility ETF Link Y (022951) emerging as a popular choice, becoming the first index fund Y share product to exceed 200 million yuan in scale by the end of Q3 2025 [1][3][9] Product Development - As of November 31, 2025, the total number of personal pension products reached 1,245, with a balanced offering across savings, insurance, funds, and wealth management products, including 305 fund products tailored for retirement [2][9] - The total scale of personal pension Y shares surpassed 15.1 billion yuan by the end of Q3 2025, marking a 65% increase from the end of 2024, while the scale of index fund Y shares grew over seven times, indicating strong market vitality [2][9][10] Investment Strategy - The rise of index Y shares addresses concerns in pension investment regarding certainty and stability, offering clear and transparent rules and predictable strategy styles, thus mitigating risks associated with strategy consistency and personnel changes [10] - The HuaTai BaiRui CSI Dividend Low Volatility ETF Link Y (022951) has shown rapid growth over four consecutive quarters since the end of 2024, reflecting a preference for long-term value strategies in the personal pension market [3][10][11] Market Trends - The investment goals of pension investors focus on long-term, sustainable asset appreciation, necessitating a longer investment horizon and risk control to prevent significant drawdowns that could erode long-term compounding [12] - The dividend low volatility strategy combines high dividend yield and low price volatility characteristics, aligning well with the investment objectives of pension investors, especially in a low-interest-rate environment [12][13]