养老金融行业双周报：澳洲养老金扩大对美投资，以期美国取消对澳关税

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to outperform the market by more than 5% within the next six months [26]. Core Insights - Australian pension funds plan to expand investments in the U.S. to encourage the U.S. to abandon tariff plans against Australia. The Australian pension industry currently has an AUM of $2.6 trillion, with about one-third of private equity investments located in the U.S. [9][10] - The French Audit Court reports that the pension system deficit in France could reach €15 billion by 2035 without additional reforms. The government is considering measures such as raising the retirement age and increasing contribution rates [10][11]. - CalPERS opposes the SEC's decision to abandon ESG disclosure rules, arguing that this will prevent investors from understanding climate risks and lead to financial risks [12]. Summary by Sections Australian Pension Investments - Australian pension funds are seeking to expand their investments in the U.S. to influence the U.S. government regarding tariff policies. The AUM of the Australian pension industry is $2.6 trillion, with significant investments in private equity in the U.S. [9][10]. - The Australian government is actively engaging with U.S. officials to discuss trade relations and potential tariff eliminations [10]. French Pension System - The French Audit Court has indicated that without reforms, the pension system deficit could reach €15 billion by 2035 and €30 billion by 2045. The current surplus of €8.5 billion in 2023 is expected to turn into a deficit starting in 2024 [10][11]. - Proposed reforms include raising the retirement age and adjusting pension benefits, which may lead to social tensions [11]. ESG Disclosure Rules - CalPERS is defending the ESG disclosure rules against the SEC's decision to abandon them, emphasizing the importance of climate risk disclosure for investors [12].