养老金融行业双周报：美国放弃气候披露要求，养老金淡化净零目标

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [23]. Core Insights - The report highlights two significant events in the global pension sector: the U.S. SEC's decision to halt legal defense for climate disclosure rules and the cautious approach of sovereign funds towards net-zero targets despite increased awareness of climate risks [1][2][6][8]. Summary by Sections U.S. SEC Climate Disclosure Rule - On March 27, the U.S. SEC decided to stop defending the climate disclosure rule, which required public companies to disclose climate-related information in their reports. The SEC's acting chairman stated that the decision aimed to cease support for what was deemed an expensive and overly intrusive regulation [1][6][7]. Sovereign Wealth Funds and ESG - A report by the International Forum of Sovereign Wealth Funds and the One Planet Sovereign Wealth Fund Network revealed that while more sovereign funds are recognizing climate risks, their commitment to net-zero targets is waning. Only 17% of surveyed funds have set net-zero targets, down from 30% in 2023. Additionally, the proportion of funds considering setting such targets has decreased from 27% to 24% [2][8]. Global Pension Policy Developments - North Carolina plans to abandon its "sole trustee" model for pension management due to poor performance metrics, aiming to establish a trustee committee for better governance [9]. - Chile's Congress approved a pension reform bill that will gradually increase employer contributions from 1.5% to 8.5% over nine years, enhancing competition among pension fund managers [10]. - In the UK, 75% of pension plans have adopted net-zero targets, a significant increase from 60% the previous year, indicating a growing commitment to addressing climate risks [11]. - India is set to launch a Unified Pension Scheme (UPS) in April 2025, providing a new option for government employees to enhance their pension benefits [12][13]. - A new U.S. bill is being drafted to require pension funds to disclose excess returns from ESG investments, emphasizing the need for financial accountability in ESG-related decisions [14]. Domestic Pension Policy and Industry Dynamics - The Ministry of Civil Affairs in China is pushing for the expansion of the silver economy, focusing on improving elderly care services and integrating various industries to enhance the quality of life for seniors [14][15]. - Wuhan has initiated a three-year action plan to improve elderly care facilities, aiming to add at least 10,000 new beds by 2027 [16]. - Gansu Province is offering subsidies for home modifications to support elderly residents, with a maximum subsidy of 30% for eligible purchases [17]. - Shanxi Province has released guidelines for managing long-term care insurance service institutions, enhancing the quality of care provided [18]. Industry Innovations - Cheng Tian Technology has completed a nearly 100 million yuan Series B financing round to advance its exoskeleton technology for rehabilitation and elderly care [19]. - New health products targeting the elderly, such as specialized nutritional milk powders, are being introduced to cater to the aging population's needs [19].