中国养老金专题：长钱长投：企业年金的过去、现在与未来

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - China's pension system is undergoing profound changes due to the acceleration of population aging. The enterprise annuity, as an important part of the second - pillar pension, has significant development potential. In the future, through measures such as expanding coverage, optimizing equity allocation, and integrating the three - pillar pension system, it is expected to enhance the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of aging [1]. - The enterprise annuity is transitioning from "short - term investment of long - term funds" to "long - term investment of long - term funds". With the implementation of the "automatic enrollment + voluntary withdrawal" mechanism, the establishment of a long - term assessment mechanism, and the integration of the three - pillar pension system, the enterprise annuity's role in the pension system will be further strengthened [1]. 3. Summary by Relevant Catalogs 3.1 Historical Evolution - Non - marketization to Marketization: From 1991 - 2004, it was the non - marketization operation stage, including the exploration period (1991 - 2000) and the pilot transformation period (2000 - 2004). After 2004, it entered the market operation stage, with the rapid development period from 2007 - 2016 and the mature deepening period from 2017 to the present. During this process, policy dividends continuously promoted scale expansion, but there were also deep - seated contradictions such as system design and investment performance fluctuations [8][9][10]. - Enterprise Annuity Management Institutions: The market shows characteristics of high concentration and professional division of labor. There are four types of management institutions, with different numbers and types of institutions in each category. The insurance - based institutions dominate the trustee market, and the public - offering fund companies play an important role in the investment management field [16]. - Enterprise Annuity Plans and Pension Products: There are single plans and collective plans. Single plans are suitable for large enterprises, while collective plans have advantages such as high efficiency and low cost. Pension products have gradually expanded their investment scope over the years [39][41][44]. 3.2 Current Situation of Enterprise Annuity - Coverage and Regional Characteristics: The number of participating employees in enterprise annuities is increasing, but the coverage rate has not improved significantly. The participation rate is far lower than that of OECD countries. In terms of regional distribution, central enterprises and economically developed regions dominate [45][50]. - Investment Performance: The overall performance of enterprise annuities has been growing steadily in the long - term. In the past three years (2022Q1 - 2025Q1), the cumulative return reached 7.46%. Asset allocation is significantly differentiated, with fixed - income products performing better in the past three years. The performance also varies between different plans and investment managers [55][65][71]. - Different Investment Managers: The market shows a trend of strengthening the leading position of top - tier institutions. The assessment mechanism is shifting towards long - term orientation. Different types of institutions have different investment capabilities in equity and fixed - income products [71][72]. - Annuity Pension Products: As of 2025Q1, there are 649 registered pension products and 573 actually operating products. The top three in terms of the number of actually operating products are common stock - type, hybrid, and common fixed - income products [75]. 3.3 Future Development of Enterprise Annuity - Coverage Expansion: The "automatic enrollment + voluntary withdrawal" mechanism may be promoted to reduce the participation threshold for small and medium - sized enterprises and expand the coverage [1][82]. - Head - Concentration of Institutions: The "Matthew effect" in the trustee and investment management markets may intensify, with insurance - based institutions continuing to dominate, and the proportion of large state - owned banks may increase [82]. - Structural Adjustment of Investment Management: There may be a two - way evolution in the investment management of single and collective plans. The long - term assessment mechanism may be implemented soon, and the equity allocation ratio may increase [83].