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 long-term assessment mechanism for pension funds has been officially implemented, aiming to enhance the investment effectiveness of pension funds by extending the evaluation period and focusing on medium to long-term goals [1][2]. Group 1: Long-term Assessment Mechanism - The official guidance specifies that the management contracts for pension funds should have a minimum duration of three years, establishing a new standard for performance evaluation [2]. - The assessment will primarily focus on medium to long-term objectives, with an emphasis on indicators that span over three years [2][4]. - The new mechanism aims to reduce the pressure on investment managers caused by short-term performance rankings, allowing for more stable and long-term investment strategies [3][6]. Group 2: Impact on Pension Funds and Capital Markets - The pension funds are a significant component of the long-term capital market, with the investment scale exceeding 7.7 trillion yuan by September 2025, and generating over 756 billion yuan in investment returns during the 14th Five-Year Plan period [4][5]. - The long-term assessment mechanism is expected to transform pension funds from being reactive to market fluctuations into stable, value-oriented long-term capital [6]. - This policy is seen as a critical upgrade to the infrastructure of China's capital market, addressing the fundamental conflict between the long-term nature of funds and short-term investment behaviors [6].