养老理财风又起：扩面、提额、探索转让，白名单机构续发产品便利性提升

Core Viewpoint - The recent notification from the Financial Regulatory Bureau promotes the sustainable and healthy development of pension financial products, providing significant benefits for the industry and companies involved in pension finance [2][4]. Group 1: Policy Benefits - The notification allows financial companies participating in both pension financial product trials and personal pension financial services to automatically include new pension products in the personal pension product list, enhancing product issuance convenience [2][6]. - A mechanism for the transfer and pledge of pension financial products is being researched to meet liquidity needs for investors facing major health issues, addressing long-standing industry calls for such measures [2][6]. Group 2: Industry Development - The policy trajectory has been clear, focusing on the steady diversification and expansion of pension financial products since the pilot program began in 2021, with various expansions and new institutions added over the years [3][4]. - The total fundraising cap for a single company's pension financial products has been raised to five times the net capital minus risk capital from the previous year-end, although the immediate impact may be limited due to the current market acceptance of long-term products [4][6]. Group 3: Innovation in Pension Finance - The notification encourages innovation in pension financial service models, allowing companies to provide not only pension accounts but also advisory services to assist investors in planning their retirement funds [7]. - It also supports diversified investment methods, permitting investment in non-standardized debt assets and derivatives under certain conditions, which could enhance the investment landscape for pension products [7]. Group 4: Market Landscape - Currently, there are 11 institutions and 51 existing pension financial products, with no new institutions or products approved in recent years, indicating a stable but stagnant market [9]. - The existing pension products typically have a minimum holding period of five years for open-ended products and a five to ten-year lock-up for closed-end products, with most products now in the latter half of their operational period [9][11]. Group 5: Case Study - BlackRock Jianxin - BlackRock Jianxin has established itself as a standout in the pension finance sector, being the only joint venture company with dual qualifications for both pension financial trials and personal pension product issuance [9][10]. - The company has launched innovative products, including the first ten-year pension financial product and personal pension products that integrate overseas lifecycle investment concepts with local needs [11][12]. - BlackRock Jianxin employs differentiated asset allocation strategies for its pension products, balancing risk and return while aiming for long-term gains through a diversified investment approach [12].