投资进化论丨养老投资中，我们为什么要重视权益资产？

Core Viewpoint - The article emphasizes the importance of increasing the allocation of equity assets in personal pension investments to counter the challenges posed by a low-interest-rate environment [2][3]. Group 1: Low-Interest Rate Environment - The global low-interest-rate environment is a persistent issue, with major economies experiencing a downward trend in interest rates, including China's ten-year government bond yield at approximately 1.85% [2]. - Traditional fixed-income products, such as bank deposits and money market funds, are yielding significantly lower returns, with some one-year fixed deposits falling below 1% and money market funds entering the "1 era" for annualized returns [2]. - Relying solely on fixed-income assets with annual returns below 2% could lead to a decrease in purchasing power over decades due to inflation [2]. Group 2: Importance of Equity Investments - Increasing the weight of equity assets is a crucial strategy to navigate the low-interest-rate environment [3]. - Internationally, pension funds predominantly allocate assets to equities and bonds, with equities often comprising over 50% of financial assets in U.S. pension funds and 60% to 70% in Norway's sovereign wealth fund [4]. - The core value of equity assets lies in their ability to share in economic growth and corporate profit increases, typically yielding higher returns than fixed-income assets over the long term [4]. Group 3: Historical Performance of Equity vs. Fixed Income - Historical data shows significant cumulative returns for equity indices over the past 20 years, with the CSI 500 index achieving a cumulative return of 540.03% and an annualized return of 10.02%, compared to the China Bond Index's 120.44% cumulative return and 4.03% annualized return [5]. Group 4: Investment Strategies for Personal Pensions - Investors are encouraged to diversify their personal pension investments across various risk levels, utilizing the annual tax-advantaged quota of 12,000 yuan to invest in a mix of stable products and equity-focused funds [7]. - Asset allocation strategies such as the "core-satellite" approach can be employed, where 60% to 70% of funds are allocated to stable core assets and 30% to 40% to more volatile satellite assets for higher potential returns [8]. - The growing range of investable products in China's personal pension system includes various equity index funds, providing low-cost and efficient tools for investors to enhance long-term returns [6].