千亿市场，再扩容！

Core Viewpoint - The personal pension financial management market in China is expanding, driven by policy support and increasing investor participation, with a focus on providing stable returns and diversified product offerings [2][4][10]. Group 1: Market Expansion and Performance - As of June 2023, the cumulative balance of personal pension financial products purchased by investors reached 110.36 billion yuan, generating over 390 million yuan in returns with an average annualized return exceeding 3.4% [4][6]. - The number of personal pension financial products has increased to 37 by the end of October 2023, indicating a rich and diverse product shelf aimed at helping clients achieve stable returns [4][10]. - The personal pension system has seen significant growth in market scale and participation, with over 70 million accounts opened, creating a multi-tiered and widely covered market structure [4][10]. Group 2: Investment Strategies and Recommendations - The performance of personal pension financial products is attributed to sound investment strategies, optimized asset allocation, and strict risk control, which collectively create a low-volatility and stable appreciation characteristic [7][8]. - It is recommended to focus on "fixed income plus" strategies, especially in a declining interest rate environment, by selecting high-rated, medium-duration bonds and increasing equity asset allocation [8][11]. - The financial management industry is encouraged to enhance product diversity and flexibility in investment strategies, including the introduction of alternative assets like gold and silver to improve risk management [8][11]. Group 3: Future Outlook and Policy Support - The recent announcement by the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of pension financial management businesses [10][11]. - The supply side of the pension financial market is anticipated to see more financial institutions participating, with a shift towards long-term products and a focus on diverse asset allocation and risk hedging [11]. - The demand side is expected to grow as product variety increases and preferential rates are implemented, enhancing the inclusivity of pension finance [11].