非银行金融《关于全面实施个人养老金制度的通知》点评：个人养老金全国推行，长期资金入市有望加速

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The implementation of the personal pension system is expected to accelerate the inflow of long-term funds into the market, with the system's coverage expanding from 36 pilot cities to nationwide [2][3][4]. Summary by Sections Background - The personal pension system has been officially expanded to cover all workers participating in urban and rural basic pension insurance as of December 15, 2024, marking a significant policy shift [3][4]. - The development of various pension financial products has been ongoing since 2018, including target pension funds and tax-deferred pension insurance [4]. Changes in the System - The personal pension product range has been broadened to include government bonds and specific pension savings, with a total of 941 products available as of December 12, 2024 [6][4]. - Tax incentives remain unchanged, allowing for a pre-tax deduction limit of 12,000 yuan per year, with investment gains not taxed at the investment stage [4][6]. Product Supply and Management Services - Financial institutions are encouraged to explore default investment services to assist investors in asset allocation [6][7]. - The report highlights the need for improved management services, including a wider range of products offered by commercial banks and enhanced online and offline service channels [7][6]. Withdrawal Conditions - The conditions for early withdrawal of personal pensions have been expanded to include severe illness and unemployment benefits, increasing account liquidity [7][6]. Market Outlook - The demand for personal pensions is expected to grow, with the number of personal pension account holders exceeding 70 million, a significant increase from 19.54 million at the end of 2022 [14][15]. - The report anticipates that as the personal pension system matures, more long-term funds will flow into the capital market, creating a positive feedback loop [15][16]. Competitive Landscape - Leading financial institutions with strong product creation and research capabilities are expected to gain a competitive edge in the evolving market [16][17].