长期资本视角下的年金管理思考

Core Viewpoint - The article discusses the significant changes in the investment environment for pension funds in China, emphasizing the need for long-term performance evaluation mechanisms to enhance fund efficiency and support the high-quality development of capital markets [2][3]. Group 1: Changes in Investment Environment - The market and policy environment for pension funds has undergone substantial changes, necessitating that fund management institutions adapt to create sustainable and stable returns for clients and beneficiaries [4]. - The contribution of fixed-income assets to pension funds is declining, while the contribution from equity assets is increasing, indicating a need for improved research and investment capabilities in equity assets [12][13]. Group 2: Fixed-Income Assets - In a low-interest-rate environment, the yield contribution from fixed-income assets is decreasing. For instance, the yield on 10-year government bonds has fallen from 4.72% in November 2013 to 1.86% by September 2025 [8][10]. - The median yield of deposit-type fixed-income pension products has dropped from 4.89% in 2018 to 3.12% in 2024, a decline of 177 basis points over six years [10]. Group 3: Equity Assets - The contribution of equity assets to pension fund performance has risen, with their share in a simulated pension portfolio increasing from 33.6% to 38.3% over the past decade, reflecting the growing importance of equity investments [13][14]. Group 4: Strategic Asset Allocation - The effective boundary for strategic asset allocation of pension funds has shifted downwards, indicating a need to increase equity asset allocation to counteract this trend and optimize the investment structure [15][17]. - The introduction of long-term performance evaluation mechanisms is crucial for enhancing the market-oriented investment operations of pension funds and achieving stable long-term returns [18][19]. Group 5: Recommendations for Fund Management Institutions - Fund management institutions should extend the evaluation period to enhance the equity asset allocation center, which can help achieve long-term value growth goals [21]. - Diversifying investment types by including low-correlation assets such as precious metals and private equity can help improve the overall effectiveness of strategic asset allocation and mitigate risks [22][23]. Group 6: Implementation of Long-Term Evaluation Mechanisms - Fund management institutions must prioritize the interests of clients and beneficiaries by effectively implementing long-term evaluation requirements and enhancing management capabilities [24]. - Trustees should assist clients in setting long-term performance goals and develop strategic asset allocation plans that align with these goals [25][26].