以美韩养老金计划为例：借镜观形，中长期资金入市启示

Group 1: U.S. Pension System Insights - The 401(K) plan is a key component of the U.S. pension system, with a significant focus on equity investments, which dominate asset allocation[3] - Over the past decade, the annualized returns for major U.S. indices have been notably high, with the S&P 500 at 10.55%, Dow Jones at 8.58%, and Nasdaq at 13.91%[3] - Equity investments are highly concentrated in healthcare, finance, and information technology, accounting for over 60% of the total allocation[4] Group 2: Investment Mechanisms and Innovations - The 401(K) plan primarily utilizes mutual funds, managing approximately $5.3 trillion, with stock funds being the most prevalent[5] - Mechanisms like "automatic enrollment" and "default investment" effectively engage less experienced investors, contributing to market liquidity[6] - Target Date Funds (TDF) dominate the investment landscape, with a total size of$1.33 trillion, representing 68% of all defined contribution plan assets[7] Group 3: South Korean Pension Insights - The Korean National Pension Plan emphasizes equity, globalization, and diversification, achieving investment returns of 750.1 trillion KRW, significantly exceeding pension expenditures of 379.3 trillion KRW[8] - The investment framework follows a top-down approach, focusing on achieving a 5-year return target and optimizing asset allocation for maximum returns[9] - The annualized return since inception is 6.82%, with global equities contributing 16.5% and alternative investments at 10.99%, far surpassing domestic fixed income returns of 2.35%[15] Group 4: Implications for China's Long-term Capital Market - China's long-term capital market can expect an annual influx of approximately 2.1 trillion CNY from insurance, social security, and public funds[16] - The trend indicates a shift towards increasing equity allocations, with the U.S. 401(K) plan allocating 71% to stocks and the Korean pension plan at 47.9%[17] - A "barbell strategy" is recommended, balancing value and growth assets, particularly in sectors like IT, finance, and healthcare[18] Group 5: Investment Recommendations - Strategically, a greater allocation to equity assets is advised, while fixed income should focus on high-yield government bonds[20] - Tactically, a balanced approach is suggested, targeting low-volatility dividend assets and high-growth sectors[20] - Specific investment directions include broad market indices like the Shanghai Composite, financial sector stocks, and technology firms[20]