2025年四类个人养老金产品的收益率对比，分红型个人养老金保险产品表现突出！

Core Viewpoint - The article discusses the development of personal pension systems in China, highlighting the increasing elderly population and the government's initiatives to establish a robust pension framework as a response to aging demographics [3][4]. Personal Pension Development Status - By the end of 2024, the elderly population aged 65 and above in China is projected to reach 22.023 million, accounting for 15.6% of the total population, indicating a deep aging phase [3]. - The State Council issued guidelines in 2022 to promote personal pensions as the "third pillar" of the pension insurance system, utilizing a model of "government tax incentives + voluntary individual participation + market-oriented professional operation" to address gaps in pension security [4]. - As of now, over 70 million personal pension accounts have been opened nationwide, with a diverse range of products available [4]. Product Supply Overview - There are currently 926 personal pension products available, categorized into four main types: - Savings products: 466, primarily consisting of exclusive fixed deposits and large time deposits from state-owned and joint-stock banks [5]. - Insurance products: 118, including exclusive commercial pension insurance and participating pension insurance [6]. - Fund products: 305, designed specifically for pensions with discounted purchase rates and tax benefits, covering equity, mixed, and bond types [6]. - Wealth management products: 37, focusing on low-risk fixed-income assets [6]. Yield Analysis of Personal Pension Products - Different types of personal pension products exhibit significant yield differentiation based on investment strategies and risk levels, catering to various investor risk preferences [7]. - Fund products show the highest yield potential, with a weighted average return of 18.5% and a simple average return of 14.0% for 304 pension fund products as of now [8]. - Passive index funds tracking major indices like the CSI 300 and CSI 500 have performed well, with some products exceeding a 40% return, while others have shown negative returns, highlighting the high volatility associated with fund products [11]. - Savings products offer stable but lower returns, with rates concentrated between 1.3% and 1.8%, appealing to conservative investors [11]. - Wealth management products aim for steady growth, with an annualized weighted return of approximately 2.2% and a simple average return of 2.6% [13]. - Insurance products, particularly participating insurance, provide a dual benefit of guaranteed returns and potential dividends, with average client returns reaching 3.2% in 2024, and some products achieving 3.5% [15]. Comparative Yield Ranking - In 2025, fund products are expected to lead in average yield, followed by insurance products, wealth management products, and finally savings products [17]. Analysis of Participating Insurance Products - The structural bull market in 2025 is expected to draw investors towards high-yield equity funds, but caution is advised due to the inherent risks associated with high returns [19]. - Participating insurance products offer a safety net with guaranteed returns of 1.5% to 1.75%, insulated from market fluctuations, while also allowing for profit-sharing through dividends [20]. - The dual mechanism of guaranteed returns and floating dividends positions participating insurance as a preferred choice for long-term pension planning, addressing both safety and growth needs [20].