2025Q1企业年金数据：首次公布“近三年累计收益率”，健全长周期考核制度破局

Investment Rating - The industry is rated as "Positive" [5] Core Viewpoints - The national enterprise annuity fund accumulated to 3.73 trillion yuan by the end of Q1 2025, showing a growth of 2.38% from the end of 2024 and a year-on-year increase of 13.48% [2][4] - The introduction of the "three-year cumulative return" indicator marks a significant step in establishing a long-term investment environment, with a cumulative return of 7.46% for the past three years [3][4] - The fixed income plans have shown a strong performance with a cumulative return of 10.54% over three years, outperforming equity-inclusive assets which returned 7.06% [4] Summary by Sections Section: Enterprise Annuity Data - As of Q1 2025, the total enterprise annuity fund reached 3.73 trillion yuan, with 32.91 million participating employees [1][2] - The cumulative return for the past three years is reported at 7.46% [3] Section: Investment Growth - The investment asset net value increased to 3.70 trillion yuan, reflecting a 2.64% growth from the end of 2024 [4] - The single plan remains dominant, accounting for 89.70% of the total, while collective plans represent 10.24% [4] Section: Returns Analysis - Fixed income plans achieved a cumulative return of 10.54%, while equity-inclusive plans returned 7.06% [4][16] - The current low-interest-rate environment has led to a narrowing of returns in fixed income assets, indicating potential for increased equity investment [4]