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Core Viewpoint - The development of pension finance is a key focus of the Central Financial Work Conference, aiming to create a sustainable financial system that supports the aging population and enhances the growth of the silver economy [2][3]. Group 1: Policy and Market Environment - The Central Financial Work Conference highlighted the importance of establishing a pension finance system by 2028 and achieving a high-quality development cycle by 2035 [2]. - Current challenges in pension finance include the need for market-oriented investment management capabilities and the nascent state of related industries such as health care and elder care [2]. Group 2: Investment Opportunities - The aging population opens up investment opportunities for brokerages across the entire value chain of health care, pension services, long-term care, and elder-friendly products [3]. - Brokerages can leverage public and private funds to effectively integrate long-term investment opportunities into residents' asset allocations [3]. Group 3: Differentiation Strategies - Brokerages are seeking differentiation in pension management through product innovation, service upgrades, and cross-industry collaboration [4]. - The development of a layered product system is essential for balancing safety and returns in pension investments [4]. Group 4: Asset Management Services - Brokerages are providing comprehensive asset management services for various pension funds, including social security and enterprise annuities [5]. - The implementation of personal pension systems has significantly increased demand for pension wealth planning among individual clients [5]. Group 5: Client-Centric Approaches - The need for professional asset allocation advice is driving brokerages to adopt a client-centered "buy-side advisory" model [6]. - Brokerages are offering tailored pension advisory services to meet diverse client needs [6]. Group 6: Financing Innovations - Brokerages are transitioning towards modern investment banking by providing diversified financing solutions for the silver economy [7]. - Innovative financial tools such as private placement notes (PPN) and asset-backed securities (ABS) are being utilized to support the pension industry [7]. Group 7: Future Directions - Brokerages are encouraged to focus on high-growth segments of the silver economy, such as rehabilitation medical care and elder-friendly consumer products [8]. - There is potential for further innovation in pension financial tools, including real estate investment trusts (REITs) and pension ABS [8].