养老金融行业双周报：加拿大取消养老金国内持股限制

Investment Rating - The industry investment rating is "Strongly Recommended," indicating an expected performance exceeding the market by over 20% within the next six months [68]. Core Insights - Canada has lifted restrictions on pension funds regarding single stock investments, allowing for a more aggressive domestic investment strategy amid rising economic nationalism [5][18]. - The Florida Retirement System (FRS) and Oklahoma Teachers Retirement System (OTRS) are divesting from Chinese assets due to deteriorating US-China relations and associated geopolitical risks [6][19]. - The UK has postponed the second phase of its pension review, which aimed to increase contribution rates, due to backlash against recent tax increases [8][20]. Summary by Sections 1. Canadian Pension Policy Changes - The Canadian government plans to guide approximately $31.8 billion in investments towards AI data centers and has initiated a venture capital catalyst program to enhance investment conditions for pension funds [5][18]. 2. US Pension Funds Divesting from China - FRS announced plans to vote on policy changes to eliminate Chinese assets from its global stock benchmark by March next year, citing geopolitical risks [6][19]. - OTRS has already begun reducing exposure to Chinese securities, divesting $140 million in assets earlier this year [7]. 3. UK Pension Review Delay - The UK government has delayed its pension review's second phase, which was intended to raise contribution rates from the current 8% [8][20]. 4. Overseas Pension Financial Dynamics - Ontario's HOOPP will allow eligible doctors to join its defined benefit pension plan starting January 2025 [10][37]. - Australia's AMP Super has included Bitcoin in its investment portfolio, reflecting structural changes in the industry [11][38]. - The Maryland State Retirement and Pension System (MSRPS) has officially incorporated its Emerging Manager Program into its investment policy [12][39]. 5. Domestic Pension Financial Dynamics - The Central Economic Work Conference in China has called for an increase in basic pensions for retirees and the nationwide rollout of the personal pension system [48][49]. - The Social Security Fund Council aims to integrate pension finance with technology finance to enhance investment strategies [49].