25Q3企业年金基金及养老金产品业务数据点评：权益类收益跳涨带动业绩走强

1. Report Industry Investment Rating No information provided in this report. 2. Core View of the Report In Q3 2025, enterprise annuities showed the characteristics of "scale expansion, high - growth investment income, and market pattern differentiation". The overall performance was significantly improved driven by the jump in equity investment income while the coverage and fund scale continued to expand. In the trustee market, insurance funds still dominated, and bank - affiliated institutions were growing, with different institutional competition strategies. The head - effect in the investment end was strengthened, and equity products became the core driving force for performance. The market conditions and product structure adjustment jointly drove the outstanding performance this quarter [2]. 3. Summary by Relevant Catalogs 3.1 Enterprise Annuity Scale and Yield - Scale Expansion: In Q3 2025, the number of enterprises with enterprise annuities increased by 2,770 to 175,000, the number of participating employees increased by 275,200 to 33.32 million, and the accumulated funds increased by 0.24 trillion yuan to 4.09 trillion yuan. The number of established plans only increased by 8 for single plans (corporate entrustment), and other types remained stable. The investment asset net value increased by 248.7 billion yuan, and the number of portfolios increased by 70. The cumulative yield rate in the past three years increased significantly from 6.27% to 12.08% [2]. - Yield Growth: The investment income growth was the core highlight. The number of recipients decreased slightly by 7,700 to 2.8538 million, the amount of benefits received decreased by 898 million yuan to 27.998 billion yuan, and the per - capita benefit received decreased from 10,098 yuan to 9,811 yuan [2]. 3.2 Enterprise Annuity Trustee Market - Overall Pattern: Insurance funds continued to dominate, and bank - affiliated institutions rose rapidly. The market had a significant head - gathering effect, and the competition strategy might be biased towards small and medium - sized enterprises. As of Q3 2025, China Life Pension and Ping An Pension almost occupied half of the market in terms of the number of managed enterprises, employees, and asset amounts, with the combined proportions being 44.3%, 49.4%, and 49.5% respectively, compared with - 1.38pct, - 0.11pct, and + 0.03pct in Q2 2025 [2]. - Trustee Management Asset Amount: The overall scale continued to rise, with a Q3 2025 quarter - on - quarter increase of 6.3% to 3.1 trillion yuan. Institutions with relatively smaller trustee scales expanded relatively faster. China Life Pension (934.5 billion yuan), Ping An Pension (598.7 billion yuan), and Industrial and Commercial Bank of China (369.7 billion yuan) ranked in the top three in terms of trustee scale. The trustee asset scales of China Construction Bank Pension, PICC Pension, and China Merchants Bank increased by 8.9%, 8.3%, and 8.1% quarter - on - quarter in Q3 2025. The proportion of bank - affiliated institutions in the trustee management asset amount increased from 24.8% in Q2 2025 to 25.0% in Q3 2025 [2]. - Number of Managed Enterprises: The total number of enterprises managed by enterprise annuity trustee institutions continued to grow, increasing by 6,826 to about 160,000 from Q2 2025 to Q3 2025, a quarter - on - quarter increase of 4.5%. Insurance institutions continued to dominate the market. In Q3 2025, the proportion of enterprises managed by insurance institutions was 73.9%, an increase of 3.3pct compared with Q2 2025. China Life Pension led with 43,000 managed enterprises, accounting for 27.1% of the whole market. In terms of quarter - on - quarter growth, the number of enterprises managed by Industrial and Commercial Bank of China increased by 16.6% to 20,000 in Q3 2025, leading the industry in both growth rate and increment. The number of enterprises managed by China Construction Bank Pension increased by 12.7% to 8,000 in Q3 2025, with relatively fast business growth [2]. - Number of Managed Employees: The head - gathering effect was obvious, and the overall pattern still showed insurance - fund dominance. The number of employees increased only slightly by 0.6% quarter - on - quarter to 27.44 million in Q3 2025, which might reflect that the enterprise annuity participation structure was tilted towards small and medium - sized enterprises. Among them, the number of employees managed by the trustee institution of China Merchants Bank increased by 6.1% quarter - on - quarter to 390,000, with a growth rate much higher than that of its peers. Although the number of enterprises managed by Industrial and Commercial Bank of China and China Construction Bank Pension increased significantly, the number of their managed employees increased only by 1.6% and 0.7% quarter - on - quarter respectively, which might indicate that their new enterprise customers were mostly scattered small and medium - sized customers [2]. 3.3 Investment Management Institutions of Enterprise Annuity - Head - effect Strengthened: In Q3 2025, the list of the top ten institutions in terms of portfolio asset amount was relatively stable. Three insurance - fund institutions, Taikang Asset, China Life Pension, and Ping An Pension, still ranked in the top three in terms of management scale with 693.3 billion yuan, 517.3 billion yuan, and 381.6 billion yuan respectively. The average managed asset amount of public - offering fund companies (149.5 billion yuan, an increase of 9.2 billion yuan compared with Q2 2025, a quarter - on - quarter increase of 6.54%) was less than that of insurance - fund institutions (an average of 283.1 billion yuan, an increase of 17.2 billion yuan compared with Q2 2025, a quarter - on - quarter increase of 6.48%). In terms of scale change, Taikang Asset, ICBC Credit Suisse, and Ping An Pension had the top three increments, with increases of 44.9 billion yuan, 37.9 billion yuan, and 26.0 billion yuan respectively compared with Q2 2025. Xinhua Pension, Guotai Fund, and Yin Hua Fund had the top three growth rates, with quarter - on - quarter increases of 25.9%, 17.1%, and 14.5% respectively. Guotai Fund entered the top 10 in terms of management scale (a rise of 4 places compared with Q2 2025) [3]. - Performance: The high - growth yield of equity - containing portfolios drove the overall investment yield to strengthen, while the investment yield of fixed - income portfolios fluctuated slightly and remained relatively stable. In Q3 2025, the investment yield of fixed - income portfolios decreased slightly by 0.03pct (from 0.93% to 0.90%), mainly affected by the decline in the income of single plans. The investment yield of equity - containing portfolios "jumped", with the single - quarter yield increasing significantly from 1.02% to 4.82%, and each plan type recorded an increase of about 3pct. This also drove the overall yield to increase from 1.00% to 4.26%, and single - plan and collective - plan types all achieved significant growth. From the yields in the first three quarters of this year, the yields of fixed - income, equity - containing, and overall were 2.37%, 6.24%, and 5.72% respectively [3]. 3.4 Changes in Annuity Pension Products - Equity Products: Compared with Q2 2025, in Q3 2025, the scale and yield of equity products increased significantly. As of Q3 2025, the number of actually operating products was 568, a decrease of 2 compared with Q2 2025. The net value of equity products at the end of the period increased by 42.8% quarter - on - quarter to 223.6 billion yuan, and the investment yield in this period increased from 2.3% in Q2 2025 to 22.9% in Q3 2025. Among them, the single - quarter yields of ordinary stock - type and Hong Kong - stock - type products reached 22.6% and 25.4% respectively, and the cumulative yield of Hong Kong - stock products since their establishment also improved from - 23.8% in Q2 2025 to - 7.3% in Q3 2025 [3]. - Fixed - Income Products: The net value of fixed - income products at the end of Q3 2025 decreased by 5.95% quarter - on - quarter to 1,596.1 billion yuan, and the yield in this period slightly decreased to 0.68% [3]. - Overall Situation: The total net value of pension products at the end of the period increased slightly by 0.58% quarter - on - quarter to 2,464.8 billion yuan, and the quarterly investment yield increased from 1.09% in Q2 2025 to 3.11% in Q3 2025. This change might be due to the inflow of funds into equity products driven by the equity market conditions in the third quarter, while the fixed - income products experienced capital outflows [3].