非银金融行业资产管理产业链跟踪十：个人养老金产品扩容，红利指数迎来耐心资本

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7][13]. Core Insights - The implementation of the personal pension system is set to expand investment options and support long-term asset preservation and appreciation for residents [7][8]. - The inclusion of index funds in the personal pension fund catalog is expected to enhance product variety and meet diverse investor needs [8][9]. - The report highlights the competitive advantage of dividend assets, which have shown a 10.5% annualized return over the past decade, outperforming the CSI 300 index by 5.7 percentage points [10]. Summary by Sections Personal Pension System Implementation - On December 12, 2024, five government departments jointly issued a notification to implement the personal pension system nationwide starting December 15, 2024 [7]. Expansion of Personal Pension Products - The notification mandates the diversification of personal pension products, allowing for the inclusion of government bonds, specific pension savings, and index funds [8]. - A total of 85 equity index funds have been included in the personal pension fund catalog, comprising 78 funds tracking broad market indices and 7 funds tracking dividend indices [8]. Cost Efficiency and Performance - Index funds are characterized by lower fee structures, with management fees as low as 0.15% for certain products, which is expected to enhance performance and support long-term asset growth [9]. - The report emphasizes that dividend assets, with a yield of 5%-6%, present a significant competitive advantage in the current market environment [10].