新政策来啦！9月1日起，个人养老金领取规则将迎来重要调整，不仅新增三种领取情形，还优化了申请渠道。具体有哪些变化？已有个人养老金产品历史表 现怎么样？来看本期飞钱说。 出品：飞钱说工作室 栏目统筹：耿雁冰 栏目策划：杨希 编辑：杨希 主播：冯紫彤 本期文案：冯紫彤 视频指导：曾婷芳 视频制作：卞显洋 冯紫彤 设计：王冰 ...

近日，人力资源社会保障部、财政部、税务总局、金融监管总局、中国证监会联合印发《关于领取 个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二 是完全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生 的与基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超 过本省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计 达到12个月。六是正在领取城乡最低生活保障金。 通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个 人养老金提供便捷服务。（记者 邱超奕） 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入 口、个人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请， 由社保经办机构核实。对核实通过的，由个人养老金资金账户开户银行代扣代缴个人所得税后，将资金 划转至本人社会保障卡银行账户。 ...

通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个人养 老金提供便捷服务。 《 人民日报 》（ 2025年08月23日 03 版） (责编：袁勃、赵欣悦) 本报北京8月22日电 （记者邱超奕）近日，人力资源社会保障部、财政部、税务总局、金融监管总局、 中国证监会联合印发《关于领取个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确 了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二是完 全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生的与 基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本 省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计达到 12个月。六是正在领取城乡最低生活保障金。 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入口、个 人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请，由社保 经办机构核实。对核实通过的， ...

通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个人养 老金提供便捷服务。 （文章来源：人民日报） 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入口、个 人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请，由社保 经办机构核实。对核实通过的，由个人养老金资金账户开户银行代扣代缴个人所得税后，将资金划转至 本人社会保障卡银行账户。 本报北京8月22日电 （记者邱超奕）近日，人力资源社会保障部、财政部、税务总局、金融监管总局、 中国证监会联合印发《关于领取个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确 了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二是完 全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生的与 基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本 省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计达到 12个月。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the policy trends in multiple fields from August 7th to August 21st, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. These policies aim to boost consumption, expand investment, support emerging industries, and stabilize the real estate market, among other goals [1][2][3][4][5][6]. Summary by Directory 1. Macro - economic Tone - Personal consumption loan and service industry business loan fiscal subsidy policies were implemented. The subsidy ratio is 1 percentage point, and the central and provincial finances bear 90% and 10% of the subsidy funds respectively. The policies will be evaluated upon expiration [11][14][15]. - The State Council Executive Meeting emphasized cultivating and expanding service consumption and increasing effective investment [12][15]. - 188 billion yuan of ultra - long - term special treasury bond funds for equipment renewal investment subsidies were fully allocated, supporting about 8,400 projects and driving over 1 trillion yuan in total investment [13][15]. 2. Fiscal Policy - Special bonds can be used for government expenditures in the construction costs of PPP stock projects. Local governments are required to manage and use funds properly to ensure the stable operation of PPP projects [16][19]. - A 500 - billion - yuan "quasi - fiscal" tool is expected to be launched, potentially focusing on emerging industries and infrastructure [17]. - The implementation regulations of the Value - Added Tax Law were open for public consultation, clarifying relevant scope and rules [18][19]. 3. Monetary Policy - In August, the central bank conducted repurchase operations, with a net injection of 30 billion yuan, showing its care for the market [20][22]. - The central bank continued the overall tone of "implementing and refining" and remained committed to preventing capital idling. The probability of a policy interest rate cut is relatively low in the short term [20][21][22]. - Financial institutions should focus on exploring effective credit demand rather than being overly concerned about monthly credit increment fluctuations [21][22]. 4. Financial Supervision - Regarding banks, regulators addressed "involution - style" competition, residents' deposits flowed into the market, a draft for public comment on the management measures for commercial bank merger and acquisition loans was released, and many small and medium - sized banks lowered deposit interest rates [22][23][26]. - For insurance, three new scenarios for claiming personal pensions were added [24][28]. - The trading association launched a self - regulatory investigation into institutions involved in the illegal use of raised funds in bond financing [25][28]. 5. Real Estate Policy - The policy aims to consolidate the stabilization and recovery of the real estate market, improve the basic real - estate financial system, and release improvement - oriented housing demand [29][31][32]. - Beijing lifted the purchase restrictions on commercial housing outside the Fifth Ring Road [29][32]. - Hainan Province introduced real - estate regulatory policies, allowing for appropriate relaxation of the acquisition area standard when purchasing existing commercial housing for affordable rental housing [30][31][32]. 6. Tariff Policy - The suspension of the 24% additional tariff on US imports was extended for 90 days, while the 10% additional tariff was retained [33][34]. - Trump stated that there is currently no plan to impose additional tariffs on China for purchasing Russian oil, but this might be reconsidered in two or three weeks [33][34].

Group 1 - The core viewpoint of the article highlights the continuous expansion of personal pension funds, with the number of available funds reaching 303 as of August 21, 2023, an increase from 297 at the end of June 2023 [2][3] - The recent additions to personal pension funds are primarily index-enhanced funds, which are designed to cater to investors with a higher risk appetite, thereby enriching the product matrix for personal pensions [1][4] - The average return of the 24 index-enhanced funds included in the personal pension product list is nearly 12% since their inception, indicating a growing interest and potential profitability in this investment category [3] Group 2 - The inclusion of index-enhanced funds in personal pension products is expected to guide long-term capital into the market, optimizing market structure and providing investors with a better match for their risk preferences [1][4] - Research indicates that the long-term compound return rate of equity assets is higher than that of pure debt assets, suggesting that the current economic recovery phase may yield excess returns in the equity market [4] - Investors in personal pension funds exhibit a higher tolerance for volatility, with 77% willing to accept limited or significant principal losses in pursuit of higher returns, aligning well with the characteristics of index-enhanced funds [3]

Core Viewpoint - The adjustment in personal pension policies allows for three new withdrawal scenarios starting from September 1, enabling families facing serious illnesses, long-term unemployed individuals, and those on low-income support to access their funds earlier [1] Group 1: Policy Adjustments - The new policy facilitates early withdrawals for specific vulnerable groups, indicating a shift towards more inclusive social security measures [1] - The changes aim to improve the financial security of individuals facing significant hardships, thereby enhancing the overall effectiveness of the personal pension system [1] Group 2: Development of Personal Pension System - The personal pension system, recognized as the "third pillar" of personal retirement insurance, has been implemented and is under continuous evaluation for its effectiveness [1] - There is a need to explore further enhancements to increase contribution willingness among individuals, ensuring the system can better serve its intended purpose [1]

1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views of the Report - The A - share market is in high - level oscillation with sector rotation. Futures of various commodities show different trends based on their respective fundamentals, including supply, demand, and macro - economic factors [2][4]. - The bond market is affected by factors such as reverse repurchase operations and stock market trends. It is expected to have limited adjustment and requires certain factors to stabilize [6]. - Precious metals are under pressure due to the strengthening of the US dollar and are waiting for the Fed Chairman's statement at the central bank meeting [7]. - The shipping index shows different trends in different routes, and the container shipping futures are expected to be weakly volatile [11]. - The prices of non - ferrous metals are affected by factors such as macro - economic environment, supply - demand relationship, and inventory. Most of them are expected to be in a range - bound state [13]. - The prices of black metals are influenced by cost, supply, demand, and inventory. Short - term trends vary, and some suggest short - term short - selling operations [41]. - Agricultural products have different outlooks. Meal products have long - term bullish expectations, while the trends of pigs, corn, etc. are affected by supply, demand, and seasonal factors [56]. 3. Summary by Catalog Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market had a high - level oscillation on Tuesday. The main stock indexes rose in the morning and fell back in the late trading. The four major stock index futures contracts also declined. The market is affected by domestic and overseas news and capital flows. It is expected to enter a high - level oscillation and wait for the decision of the policy direction. It is recommended to buy put options to protect long positions or partially take profits [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed up across the board. The yields of most major interest - rate bonds in the inter - bank market declined. The market is affected by reverse repurchase operations and stock market trends. It is expected to be limited in adjustment. It is recommended to wait and see in the short term [5][6]. Precious Metals - Gold and silver prices declined due to the strengthening of the US dollar. The market is waiting for the Fed Chairman's statement at the Jackson Hole Global Central Bank Annual Meeting. Gold is recommended to build a bull spread strategy through call options at low prices after the price correction, and silver is recommended to maintain a low - buying idea [7][9][10]. Container Shipping Futures on European Routes - The spot prices of container shipping are in a downward phase, and the futures are expected to be weakly volatile. It is recommended to hold short positions in the 10 - contract [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market has weak driving forces and shows narrow - range oscillation. The price is affected by the "stagflation - like" environment and inflation expectations. It is expected to be range - bound in the short term, with the main contract referring to 78000 - 79500 [13][17]. - **Alumina**: The alumina market is under pressure due to the continuous increase of warehouse receipts. The supply is expected to increase in the medium term, and it is recommended to short at high prices [17][18][19]. - **Aluminum**: The aluminum price is expected to be range - bound in the short term. The supply is stable with a slight increase, while the demand is in the off - season, and the terminal consumption recovery is weak. The main contract refers to 20000 - 21000 [19][20][21]. - **Aluminum Alloy**: The aluminum alloy market is in a state of weak supply and demand. The price is expected to be range - bound, and the aluminum alloy - aluminum price difference is expected to converge. It is recommended to refer to the 19600 - 20400 range and consider arbitrage operations [22][24]. - **Zinc**: The zinc price is oscillating weakly. The supply is expected to be loose, and the demand is in the off - season. It is expected to be range - bound, with the main contract referring to 22000 - 23000 [24][27]. - **Tin**: The tin price is oscillating with limited short - term driving forces. It is recommended to wait and see, and the follow - up depends on the recovery of tin mines in Myanmar [28][30]. - **Nickel**: The nickel price is in a narrow - range oscillation, and the fundamentals change little. It is expected to be range - bound, with the main contract referring to 118000 - 126000 [30][32][33]. - **Stainless Steel**: The stainless - steel price is oscillating weakly. The cost provides support, but the demand is still a drag. It is expected to be range - bound, with the main contract referring to 12800 - 13500 [33][36]. - **Lithium Carbonate**: The lithium carbonate price is expected to be in a strong - range wide - amplitude oscillation. The fundamentals are marginally improved, and it is recommended to wait and see cautiously and try to go long lightly at low prices [37][40]. Black Metals - **Steel**: The steel price has broken through the support level. It is recommended to try short - selling in the 3380 - 3400 range of the October contract [41][44]. - **Iron Ore**: The iron - ore price follows the steel price. It is recommended to short at high prices due to factors such as supply, demand, and inventory [45][48]. - **Coking Coal**: The coking - coal futures have peaked and declined. It is recommended to short at high prices and conduct reverse arbitrage for the 9 - 1 spread [49][52]. - **Coke**: The coke futures are oscillating downwards. It is recommended to short the 2601 contract at high prices and conduct positive arbitrage for the 9 - 1 spread [53][55]. Agricultural Products - **Meal Products**: The meal products have strong cost support, and the long - term bullish expectation remains unchanged. It is recommended to go long at low prices [56][58]. - **Pigs**: The pig spot price is oscillating at a low level. It is recommended to wait and see due to factors such as supply, demand, and market sentiment [59][60]. - **Corn**: The corn price is oscillating weakly due to supply pressure. It is recommended to pay attention to the growth of new - season corn [61][62].

Group 1: Report Core View - Focus on the start - up situation of mid - stream manufacturing industries, including the "anti - involution" progress in the production industry and pension policies in the service industry [1][2] - Provide an overview of the upstream, mid - stream, and downstream industries, including price and start - up rate changes [3] Group 2: Industry Investment Rating - No relevant content provided Group 3: Summary by Directory Production Industry - In the photovoltaic industry, on August 19, multiple departments jointly held a symposium to further standardize the competition order, including strengthening industrial regulation, curbing low - price disorderly competition, and standardizing product quality [1] Service Industry - From January to July 2025, the stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%. The securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5%. In July 2025, the securities trading stamp duty was 1.51 billion yuan, a month - on - month increase of 29% and a year - on - year increase of 1.25 times [2] - Starting from September 1, 2025, three new personal pension withdrawal situations are added, related to medical expenses, unemployment insurance benefits, and minimum living security [2] Upstream Industry - In the black industry, glass prices have dropped significantly; in the agricultural industry, egg and palm oil prices have rebounded; in the energy industry, liquefied natural gas prices have dropped [3] Mid - stream Industry - In the chemical industry, the PX start - up rate has increased, while the start - up rates of urea and PTA have slightly decreased; in the energy industry, the coal consumption of power plants has increased; in the agricultural industry, the start - up rate of pig products has increased [3] Downstream Industry - In the real estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined; in the service industry, the number of domestic flights has remained stable at a high level [3] Key Industry Price Indicators - In the agricultural industry on August 19, the spot price of eggs increased by 5.16% year - on - year, and the spot price of palm oil increased by 4.55% year - on - year; in the non - ferrous metal industry, most metal prices decreased year - on - year; in the black metal industry, most product prices decreased year - on - year; in the energy industry, the price of liquefied natural gas decreased by 3.32% year - on - year [37]

Core Viewpoint - The recent notification issued by multiple government departments aims to enhance the accessibility and management of personal pension withdrawals, effective from September 1 [1]. Group 1: Conditions for Withdrawal - Participants can withdraw personal pensions if they meet one of the following conditions: reaching the retirement age for basic pensions, complete loss of labor capacity, settling abroad, incurring significant medical expenses exceeding the local average disposable income, receiving unemployment insurance for 12 months within the last two years, or currently receiving minimum living security [4]. Group 2: Withdrawal Process - The notification specifies that participants can apply for personal pension withdrawals through various channels, including the national social insurance public service platform, the bank where their personal pension account is held, or local social insurance agencies. Upon verification, the bank will deduct a 3% personal income tax before transferring the funds to the participant's social security card bank account [2]. Group 3: Understanding Personal Pensions - Personal pensions are a government-supported, voluntary, market-oriented system designed to supplement retirement insurance. They operate on an individual account basis, with a maximum annual contribution limit of 12,000 yuan. Participants can choose to invest in various financial products, benefiting from tax incentives as per national regulations [3].