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 a long-term assessment mechanism for pension funds, with a focus on mid-to-long-term performance metrics, aims to enhance the investment capabilities of pension funds and promote long-term investment strategies in the capital market [1][2][4]. Group 1: Long-term Assessment Mechanism - The official guidance on the long-term assessment mechanism for pension funds has been issued, establishing a minimum contract duration of three years for performance evaluation [2][5]. - The assessment will primarily focus on mid-to-long-term goals, with an emphasis on quantitative indicators beyond three years [2][4]. - The new mechanism aims to shift the evaluation from short-term performance to a more sustainable long-term perspective, allowing pension funds to invest more strategically [1][3]. Group 2: Impact on Investment Behavior - The long-term assessment mechanism is expected to reduce the pressure on investment managers to chase short-term performance, thereby allowing for more stable and value-driven investment decisions [3][6]. - This change is anticipated to transform pension funds from being reactive to market fluctuations into stable long-term capital that can act as a market stabilizer [6]. - The guidance is part of a broader initiative to align various long-term funds, including public funds and insurance capital, to create a solid foundation for long-term investment in the capital market [5][6]. Group 3: Market Implications - The implementation of the long-term assessment mechanism is seen as a critical upgrade to the infrastructure of the Chinese capital market, addressing the fundamental conflict between long-term capital attributes and short-term investment behaviors [6]. - It is expected to enhance the overall market environment by encouraging long-term capital to participate in a more rational manner, rather than creating short-term volatility [6].