2025Q1企业年金数据点评：首度披露三年累计收益率（7.46%），企业年金提速扩容

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [22]. Core Insights - As of Q1 2025, the accumulated fund scale of enterprise annuities reached 3.73 trillion, reflecting a quarter-on-quarter growth of 2.38% from the end of 2024, although the growth rate has decreased by 1.2 percentage points [2][4]. - The newly disclosed three-year cumulative return rate for enterprise annuities stands at 7.46%, primarily driven by long-term investment behavior influenced by relevant policy guidance [4][10]. - The number of enterprises establishing annuities has increased to 168,200, a rise of 5.62% from the end of 2024, with the number of participating employees growing by 1.51% to 32.91 million [2][10]. Summary by Sections Fund Scale and Growth - The enterprise annuity fund scale reached 3.73 trillion as of Q1 2025, with a quarter-on-quarter growth of 2.38% [2]. - The number of enterprises with annuities increased to 168,200, marking a 5.62% rise from the previous year [2]. Cumulative Returns - The three-year cumulative return rate for enterprise annuities is 7.46%, with single plans showing a return of 7.42% and collective plans at 7.82% [5][10]. - Fixed income portfolios yielded a return of 10.54%, outperforming the average by 3.08 percentage points, while equity-inclusive portfolios returned 7.06%, slightly below the average [5]. Market Outlook - The enterprise annuity sector is expected to continue its growth trend, benefiting from a structural market favoring small-cap growth and technology stocks in Q1 2025 [10]. - The long-term assessment of returns is anticipated to drive investment behaviors towards a balanced approach between absolute and relative returns, leading to a "steady progress" investment style [10].