独家！万亿养老金迎来长周期考核

Core Viewpoint - The introduction of a long-term assessment mechanism for pension funds is expected to significantly enhance long-term investment strategies, promoting the entry of more medium- and long-term capital into the market [2][3][5]. Group 1: Long-term Assessment Mechanism - The Ministry of Human Resources and Social Security has issued guidelines to improve the long-term assessment of pension funds, which is a crucial step towards fostering long-term investments [2][3]. - The new assessment mechanism will extend contract periods and evaluation cycles, focusing on medium- to long-term goals, thereby encouraging pension funds to adopt a long-term investment approach [3][4]. - The shift from short-term performance metrics to a three-year cumulative return metric is seen as a practical step to guide pension funds towards long-term investments [3][4]. Group 2: Impact on Investment Behavior - Historically, pension funds have been evaluated based on annual returns, leading to a focus on short-term gains, which has hindered the allocation of funds to long-term quality assets [4]. - The new long-term assessment mechanism is expected to encourage investment managers to adopt a longer-term perspective, improving risk control and cross-cycle asset allocation [4][6]. - The decline in fixed-income asset yields has prompted a shift towards equity investments, which are anticipated to play a more significant role in pension fund portfolios under the new assessment framework [6]. Group 3: Broader Market Implications - The implementation of long-term assessments is part of a broader strategy to enhance the participation of medium- and long-term capital in the market, addressing external challenges faced by pension funds [5][7]. - The regulatory shift from quantity-based restrictions to cautious management rules is expected to facilitate the growth of medium- and long-term capital in China's capital markets [8].