养老金融行业双周报：GPFG在俄资产退出困难，加拿大“没收”养老金结余

Investment Rating - The industry investment rating is "Strongly Recommended," indicating an expected performance exceeding the market by over 20% within the next six months [51]. Core Insights - The report highlights two significant events in the global pension sector: the difficulties faced by Norway's GPFG in exiting Russian assets and Canada's decision to transfer a surplus of approximately $1.3 billion from its public service pension fund to the fiscal fund [5][7]. - GPFG has requested authorization from the Norwegian Ministry of Finance to divest frozen Russian assets through isolated transactions, as the ongoing sanctions and countermeasures have complicated the full exit from these investments [5][6]. - Canada's action has drawn criticism from unions and retirees, who argue that the government should use surplus funds to improve the pension system rather than "seizing" them [7][8]. Summary by Sections Overseas Pension Financial Dynamics - The report discusses various overseas pension financial policies, including Oklahoma's renewed push against ESG investment laws and Australia's Australian Super's plans to increase internal investment in overseas equities [9][14]. - The New York City Retirement System (NYCRS) emphasizes the importance of diversifying external managers to achieve higher investment returns, reporting a 10% return in the last fiscal year [15]. - The Ohio Police and Fire Pension Fund (OP&F) plans to significantly increase investments in alternative assets, with a focus on real estate and private markets [16][20]. Domestic Pension Financial Dynamics - The report notes the call from China's National Healthcare Security Administration for the establishment of a long-term care insurance system, which aims to address the challenges of an aging population [24]. - Shanghai's financial regulatory authority has issued an action plan to promote the high-quality development of commercial pension insurance [27]. - The personal pension system has seen over 60 million accounts opened in its two years of implementation, although actual contributions remain low compared to expectations [28][29]. Pension Product Performance - As of the third quarter of 2024, the national enterprise annuity fund's net asset value reached approximately 34,904.38 billion yuan, with a weighted average return of 3.56% for the year [30][31]. - Pension products, particularly stock-based ones, have shown strong performance, with some achieving returns as high as 18.37% [29][30].