优化中长期资金入市机制：资本市场内在稳定性的资金支撑

Group 1: Current State of Long-term Funds in China - China's long-term funds, including social security and pension funds, have a significantly lower equity investment ratio compared to developed markets, with actual equity investment at only 12.8% against a policy cap of 25% for insurance funds[4] - The investment ratio of pension funds and enterprise annuities in equity assets is around 10%, well below the international average of 30%-50%[4] - The proportion of index-based investments, such as ETFs, in institutional portfolios is less than 15%, compared to 60% in the United States[4] Group 2: Policy Recommendations and Market Potential - The implementation of long-term assessment cycles and relaxation of investment restrictions could significantly increase the equity investment ratio of long-term funds in China[3] - The "Implementation Plan for Promoting Long-term Funds to Enter the Market" aims for public funds to increase their A-share holdings by at least 10% annually over the next three years, potentially adding over 100 billion yuan in long-term funds each year[15] - The report suggests enhancing product innovation and asset allocation systems to attract long-term funds, alongside tax incentives to encourage market entry[8] Group 3: Comparative Analysis with Developed Markets - In the U.S., long-term funds, particularly pension funds, have an equity investment ratio exceeding 80%, with a significant portion allocated to diversified assets like stocks and mutual funds[8] - European pension funds are increasing their equity allocations, focusing on long-term returns through diversified investments and strict regulations[8] - Japan's pension system, led by the Government Pension Investment Fund (GPIF), has become the largest public pension fund globally, emphasizing diversified and international investments[8]