长钱长投再添力，7万亿年金基金三年期考核机制正式落地

Core Viewpoint - The implementation of the long-term assessment mechanism for pension funds is expected to create a "win-win" effect for both pension investments and the capital market [1][7]. Group 1: Long-term Assessment Mechanism - The formal guidance on the long-term assessment mechanism for pension funds has been issued, establishing a performance evaluation cycle based on contract terms, which should be no shorter than three years [2][3]. - The assessment will focus on medium to long-term goals, incorporating indicators for periods longer than three years and quantitative metrics [3][5]. - The new mechanism aims to shift from short-term assessments to a more long-term investment approach, allowing pension funds to truly leverage their "long money" potential [2][3]. Group 2: Impact on Investment Practices - The long-term assessment mechanism is designed to alleviate the pressure on investment managers caused by short-term performance rankings, which can lead to suboptimal investment decisions [4][7]. - By extending the assessment period, the mechanism encourages pension funds to adopt a more stable and value-oriented investment strategy, moving away from being merely reactive to market fluctuations [5][7]. - The guidance emphasizes the importance of long-term investment behavior, aiming to transform pension funds from being short-term trading entities to genuine long-term capital allocators [7]. Group 3: Broader Market Implications - The long-term assessment mechanism is expected to enhance the role of pension funds in the capital market, allowing them to collaborate with other long-term investors like insurance funds and social security funds [5][7]. - This collaboration is anticipated to create a solid foundation for long-term capital in the market, fostering a positive feedback loop between the market and long-term funds [7]. - The initiative is viewed as a significant upgrade to the infrastructure of the Chinese capital market, addressing the fundamental contradiction between the long-term nature of funds and the short-term behaviors of investments [7].