个人养老金追踪报告（2024年11月）：政策多箭齐发，资负两端展新篇

Investment Rating - The report maintains a positive outlook on the non-bank financial industry, particularly focusing on personal pension systems and their development [1]. Core Insights - The report highlights a series of supportive policies aimed at enhancing the personal pension system, including the promotion of commercial insurance annuities and the expansion of enterprise annuity coverage [1][13]. - As of November 13, 2023, the total payment amount in personal pension accounts reached 18.2 billion, with over 60 million accounts opened, representing 4.26% of the total population [1][13]. - The scale of personal pension pilot products reached 218 billion, with 810 product offerings, indicating significant growth in the sector [1][17]. Summary by Sections 1. Policy Developments - The report discusses multiple policy initiatives aimed at strengthening the personal pension framework, including the promotion of a multi-tiered pension system and the enhancement of commercial insurance roles [1][13]. - Key policies include the Ministry of Human Resources and Social Security's push for universal insurance participation and the State Council's emphasis on developing third-pillar pension insurance [1][13]. 2. Channel Development - As of November 13, 2023, 23 banks have been included in the personal pension institution list, with 17 banks fully opening transactions for four types of personal pension products [2][36]. - The number of personal pension insurance products sold by banks reached 89, reflecting a significant increase in the distribution of these products [2][36]. 3. Business Structure - The report notes the continuous expansion of participating institutions and product offerings in the personal pension sector [3][40]. - Personal pension financial products have seen a total of 102 billion in scale, with 26 products available as of November 13, 2023 [3][40]. - The personal pension fund products reached a scale of 73 billion, with 200 products available, indicating a robust market presence [3][40]. - Personal pension insurance products have expanded to 119 offerings from 25 participating insurance companies, with accumulated pension reserves exceeding 10.6 billion [3][40]. 4. Product Performance - The annualized return for personal pension financial products ranges from -0.06% to 7.73%, with an average return of 3.69% [40][42]. - The report highlights that 80.8% of personal pension financial products have an annualized return above 3% [40][42].