7万亿年金基金三年期考核机制正式落地

Core Viewpoint - The implementation of a long-term assessment mechanism for pension funds aims to enhance the investment strategy of these funds, allowing for a more long-term approach rather than short-term performance evaluations [3][4][5]. Group 1: Long-term Assessment Mechanism - The new guidelines establish that pension fund management contracts should have a minimum duration of three years, promoting a long-term evaluation framework [5]. - The performance assessment will focus on medium to long-term goals, with an emphasis on indicators that span over three years [5][6]. - The guidelines aim to reduce the pressure on fund managers to chase short-term performance, thereby encouraging more stable and strategic investment decisions [5][9]. Group 2: Importance of Pension Funds - Pension funds are a significant component of China's second pillar of the pension system, with an investment scale exceeding 7.7 trillion yuan as of September 2025 [7]. - The long-term investment strategy is expected to enhance the stability and value discovery role of pension funds in the capital market [7][10]. - The new assessment mechanism is seen as a critical upgrade to the infrastructure of the Chinese capital market, addressing the conflict between long-term funding attributes and short-term investment behaviors [10]. Group 3: Market Impact - The long-term assessment mechanism is anticipated to create a "win-win" situation for both pension investments and the capital market, fostering a more robust long-term funding base [9]. - It is expected to transform pension funds from being merely transactional to becoming true long-term, value-oriented capital [9][10]. - The collaboration between pension funds and other long-term capital sources is likely to enhance the overall stability and growth of the capital market [9].