券商中国·2025-09-11 14:51Core Viewpoint - The article discusses the performance and structure of enterprise annuity funds in China, highlighting a decline in the three-year cumulative return and the importance of long-term investment strategies for pension funds [1][2][11]. Summary by Sections Fund Performance - As of the end of Q2 2025, the accumulated fund for enterprise annuities reached 3.84 trillion yuan, with a net investment asset value of 3.81 trillion yuan. The cumulative return over the past three years (July 1, 2022, to June 30, 2025) was 6.27%, down from 7.46% in the previous quarter [1][2]. - The performance of equity-based portfolios was lower than that of fixed-income portfolios, with fixed-income portfolios yielding a cumulative return of 10.20% and equity portfolios yielding 5.76% over the same period [2][3]. Portfolio Composition - Among 5,987 portfolios, equity-based portfolios dominated. The total scale of fixed-income portfolios was 540.3 billion yuan, while equity portfolios accounted for 3.27 trillion yuan [2][3]. - The performance of equity portfolios was closely linked to the capital market's performance, with major stock indices showing weaker performance in the recent three-year period compared to the previous one [2]. Management Performance - The article notes significant disparities in performance among investment managers. For fixed-income portfolios, several managers achieved returns exceeding 12%, while some equity portfolios had negative returns over the same period [4][6][7]. - Leading trustees in terms of management scale included China Life Pension and Ping An Pension, managing over 882 billion yuan and 559 billion yuan, respectively [4]. Long-term Investment Strategy - The Ministry of Human Resources and Social Security is working on guidelines to enhance long-term assessment mechanisms for pension fund investments, emphasizing the need for stable long-term returns while managing risks [11]. - The trend towards longer assessment periods is expected to encourage higher returns and better alignment of interests between pension fund trustees and beneficiaries [11].