养老投资面临低利率时代挑战 之所以要重视权益投资，究其原因，与低利率的大环境息息相关。 转眼又到12月，随着一年即将结束，对于有个人养老金投资需求的投资者来说，也到了最后的配置节点，不少投资者都会规划每年12000元的税优额度。 在选择个人养老金的投资品种时，或许大家会习惯性地关注中低风险的稳健型产品。但事实上，在自身风险承受范围内，不妨适度关注风险收益更高的权益 类资产，提升相关配置比例，有助于提升养老金长期储备潜力。 环顾全球，低利率环境非一时之景。欧美等主要经济体利率中枢普遍下移，我国十年期国债收益率现在为1.85%左右。在利率下行的背景下，银行定期、理 财产品、货币基金等产品的收益率相比过去日渐走低。不少银行一年期定期存款利率已经跌破1%，货币基金的7日年化收益率也进入了"1时代"，资产的增 值速度大大放缓。 若养老资金长期投资于年化收益不足2%的产品，在经过数十年的积累后，其实际购买力很有可能因通胀的侵蚀而"缩水"。因此，在低利率的大背景下，过 度依赖传统固收类资产，可能难以达成财富增值的目标，需要寻找新的思路来提高养老投资的长期回报。 拥抱权益是重要的破局方法 适度提升权益资产的权重，是应对低利率 ...

Core Insights - The regulatory body has officially included index funds in the personal pension investment scope by the end of 2024, enriching the third pillar of pension investment alongside government bonds. This policy adjustment broadens the asset allocation boundaries for personal pensions and allows low-cost, high-transparency index funds to enter the pension planning of millions of investors [1] Group 1: Product Ecosystem and Market Diversification - The index fund Y shares have seen a continuous increase in product supply, forming a diverse ecosystem that meets various risk preferences for pension allocation. As of September 30, 2025, there are 302 personal pension fund products, with 91 index fund Y shares, accounting for over 30% [2] - The rapid development of index fund Y shares is supported by active participation from both leading and smaller fund companies, creating a market landscape characterized by leadership and diverse participation. As of September 30, 2025, E Fund leads with 11 index fund Y shares, followed by Huaxia Fund with 10 and Tianhong Fund with 9 [2] Group 2: Growth in Scale and Performance - The index fund Y shares have experienced explosive growth, becoming a significant growth engine in the personal pension market. By the end of September 2025, the total scale of pension fund Y shares exceeded 15 billion yuan, growing over 65% since the beginning of the year, with index fund Y shares increasing from 316 million yuan to 2.294 billion yuan, a growth of over 6 times [3] - Benefiting from the structural market trends in A-shares, index fund Y shares have shown impressive performance, with several products achieving annual returns exceeding 40%, showcasing their ability to capture gains in a bull market [3][4] Group 3: Investment Opportunities for Ordinary Investors - Ordinary investors should not simply follow trends when selecting Y shares for personal pension accounts but should align their choices with their own needs. It is essential to prioritize fund companies with comprehensive offerings to ensure steady progress in long-term pension investments [7][9] - Selecting a fund company with a comprehensive layout is crucial for the long-term stability of pension investments, as these institutions typically have a more complete product matrix and mature research systems [9][12]

Group 1 - The core viewpoint of the articles is that the inclusion of index funds in personal pension investments represents a significant policy shift, enhancing the asset allocation options for individual pensions and making index funds a key tool for long-term retirement planning [1] - The introduction of Y shares for index funds has led to a rapid growth in the personal pension market, with the total scale of Y shares exceeding 15 billion yuan by the end of September 2025, reflecting a growth of over 65% since the beginning of the year [3][4] - The number of personal pension fund products has reached 302 by September 30, 2025, with index fund Y shares accounting for over 30% of this total, indicating a diverse product ecosystem catering to various risk preferences [2] Group 2 - The performance of index fund Y shares has been outstanding, with some products achieving annual returns exceeding 40%, showcasing their ability to capture gains in a bullish market [4][5] - The top-performing index fund Y shares include the Tianhong CSI Innovation and Entrepreneurship 50 ETF, which has a year-to-date increase of 61.96%, highlighting the effectiveness of precise index tracking [5][7] - Major fund companies like E Fund, Huaxia Fund, and Tianhong Fund have taken the lead in the number of Y share products, establishing a competitive advantage in both scale and quantity [2][3] Group 3 - Ordinary investors are encouraged to select Y share products that align with their risk-return profiles and to prioritize fund companies with comprehensive offerings for stable long-term pension investments [8][11] - Fund companies such as Huaxia Fund and Industrial Bank of China have developed diverse product matrices to meet different investor needs, enhancing their service capabilities in the pension sector [10][11] - The emphasis on passive investment strategies in index funds allows for low tracking errors and effective risk diversification, making them suitable as foundational investments for retirement [7][8]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年1月1日起，我国渐进式延迟法定退休年龄政策正式实施，将用15年时间，逐步将男职工的法定退 休年龄从60岁延迟至63岁，女职工的法定退休年龄从50岁、55岁分别延迟至55岁、58岁。 （政策来源：2024/9/13-全国人民代表大会常务委员会关于实施渐进式延迟法定退休年龄的决定） 图：红利低波（全）与中证全指全收益指数2014-2024年度涨跌幅&2025年来区间涨跌幅 这事对90后影响挺大。现在90后慢慢成了职场里的主力，按这个政策算，不少人离退休可能还要再干30 多年，因此养老这件事更要提前准备。 之前我们在"养老投资'红'宝书"的前三期里，专门给大家讲过一 个比较适合养老投资的方法，叫 "红利低波策略"。 简单理解就是选那些分红相对稳定、价格波动较小的投资方向，风险相对较低，适合长期拿着养老用。 不过有个情况大家可能会担心：就拿 "红利低波（全）" 这个指数来说，从2019年到 2025年11月14日， 它已经连续涨了6年多，现在的点位也是2013年12月19日发布以来的相对高位。不少人就会犯嘀咕：这 策略后面还能一直有效 ...

| 基金名称 | 权益中枢 | 成立时间 | 成立以来净 | 同期业绩比 | | --- | --- | --- | --- | --- | | | | | 值增长率 | 较基准 | | 安泰稳健 FOF Y | 20% | 2022/11/17 | 16.04% | 8.68% | | 安悦稳健 FOF Y | 25% | 2022/11/17 | 19. 05% | 11. 06% | | 安泰平衡 FOF Y | 50% | 2022/12/24 | 23. 50% | 13.08% | | 安悦平衡 FOF Y | 55% | 2023/4/19 | 17.98% | 14.64% | | 安泰积极 FOF Y | 70% | 2022/11/17 | 25. 38% | 14. 86% | 数据来源：基金定期报 告，截至2025/09/30 2022年11月25日，个人养老金制度正式启动实施，标志着我国养老保障体系第三支柱落地。三年来，这 项制度从试点探索走向全国推广，完成了从顶层设计到全面落地的关键转变。 对于养老投资业务，兴证全球基金一直怀有心愿，希望以专业能力为中国的养老投资贡献价值。截至 2 ...

这笔钱, 别忘了年底可退税 解锁您的年终奖升级攻略! TIPS > 最高节省 5400元 , 相当于到手收入多一笔 法册开通手机银行立领10-100元微信立减金 约定缴存有礼 客群专属礼 单笔约定缴存成功扣款100元(含以上) 建行代发工资客户 缴存还可得20元奖励 可领20元元立减礼盒 立即参与 立即参与 1131 已缴存, 养老投资怎么选? 职场萌新的养老规划 还有30、40年才退休?适当积极,充分享受时间复利 成长更积极 适度增加权益配置,力争更高收益 建信优享进取五年FOF Y 去试试 020188 中风险 建行代销 兴全安泰积极养老五年持有FOF Y 去试试 017386 中风险 建行代销 30~50岁的养老规划 承上启下黄金年龄,合理均衡搭配,追求财富健康增长 适度均衡养老 攻守兼备, 养老更从容 建信优享平衡三年FOF Y 去试试 018696 中风险 建行代销 兴证全球安悦平衡养老三年FOF Y 去试试 018321 中风险 建行代销 50岁后的养老规划 遏休临近,管理投资流动性和稳健性至关重要 稳中求进 严控波动更省心 建信添福悠享稳健一年FOF Y 去试试 020189 中风险 建行代销 ...

Core Viewpoint - The event organized by Jiashi Fund aims to raise awareness about personal pension planning among urban office workers, coinciding with the third anniversary of the personal pension system in China [5][15]. Group 1: Event Overview - Jiashi Fund, in collaboration with Health News Agency, hosted a health and pension-themed pop-up event in Shenzhen, focusing on the integration of workplace health and personal pension savings [5]. - The event featured two main components: a live expert interview on health and wealth topics and an interactive offline experience, utilizing various online platforms for real-time engagement [5][11]. Group 2: Wealth Planning Insights - Li Jianjin, a director at Jiashi Fund, discussed the aging trend in China, predicting that by 2040, 24% of the population will be aged 65 and above, highlighting the importance of personal pension savings to mitigate future income gaps [7]. - He emphasized the need to shift from merely saving for retirement to strategic future planning, advocating for long-term investment strategies to achieve asset growth [7]. Group 3: Health and Wellness Focus - Dr. Cui Peng from South China Hospital stressed the importance of bone health for office workers, recommending daily calcium intake of 800-1000 mg and the role of Vitamin D in calcium absorption [9]. - The event included practical stretching exercises aimed at alleviating workplace-related health issues, promoting the idea that integrating movement into daily routines is essential for health [9]. Group 4: Interactive Engagement - The pop-up event featured three interactive zones: a health testing station, a wealth investment declaration area, and a knowledge quiz station, encouraging participants to engage with pension investment concepts [14]. - Jiashi Fund has been a pioneer in pension investment in China, launching pension-focused mutual funds and integrating various resources to support pension business development [14].

Core Viewpoint - The introduction of personal pension accounts and the tax incentives associated with them have led to increased interest in index funds designed for personal pension investments, particularly those employing a low-volatility dividend strategy, which is becoming increasingly popular among investors [1] Group 1: Understanding Pension Investment - Pension investment fundamentally aims to ensure a comfortable retirement, which includes having sufficient funds to cover unexpected situations and improve quality of life [2] - For many young and middle-aged individuals, pension investment is a long-term accumulation process, emphasizing risk control and stable asset growth rather than short-term high returns [3] Group 2: Low-Volatility Dividend Strategy - The low-volatility dividend strategy combines high dividend yield stocks with low volatility factors, aiming to select fundamentally strong stocks that can perform well in both economic recovery and downturns [4] - This strategy is particularly suited for pension investments as it emphasizes risk control and long-term value growth, making it a good match for the objectives of pension funds [5] Group 3: Benefits of Low-Volatility Dividend Strategy - The inclusion of low-volatility factors helps identify high-quality value stocks, enhancing defensive attributes during market fluctuations, which aligns well with the stability sought in pension investments [5] - The high dividend yield of low-volatility assets can significantly contribute to long-term pension investment returns, especially in a low-interest-rate environment where traditional fixed-income investments yield less [6] - Historical performance shows that the low-volatility dividend strategy has outperformed broader market indices during downturns, demonstrating its resilience and long-term investment value [7][9]

Core Viewpoint - The introduction of personal pension accounts and the tax incentives associated with them have made dividend low-volatility strategies increasingly attractive for long-term retirement planning, particularly in the context of a low-interest-rate environment [1][5]. Group 1: Understanding Pension Investment - Pension investment fundamentally aims to ensure a comfortable retirement, which includes financial security alongside health and family well-being [1]. - For many young individuals, pension investment is a long-term accumulation process, emphasizing risk control and stable asset growth rather than short-term high returns [2]. Group 2: Dividend Low-Volatility Strategy - The dividend low-volatility strategy combines high dividend yield stocks with low volatility factors, aiming to select fundamentally strong stocks that can perform well in various economic conditions [3]. - This strategy is designed to provide a defensive approach during market downturns, thereby reducing volatility and drawdown risks [3]. Group 3: Alignment with Pension Investment - The inclusion of low-volatility factors helps identify high-quality value stocks, making it suitable for pension investments that prioritize long-term stability [4]. - Dividend low-volatility assets can accumulate wealth over time, contributing significantly to overall returns in a pension portfolio [5]. - In a persistently low-interest-rate environment, dividend low-volatility indices offer attractive yields compared to traditional fixed-income investments, making them appealing for pension funds [5]. Group 4: Performance and Resilience - The dividend low-volatility strategy has demonstrated strong performance across different market conditions, particularly during market downturns, outperforming broader indices [6][8]. - Since its inception, the strategy has achieved significant cumulative and annualized returns, indicating its effectiveness as a long-term investment approach [7].

编者按： 当前资本市场正经历前所未有的变革与挑战，如何借助专业投研力量优化资产配置，成为投资者迫切 关注的核心命题。与此同时，中国公募基金行业正经历从规模扩张向高质量发展的深刻生态变革，基 金经理队伍的迭代更新与投研体系的深度重塑，为市场注入全新活力。 在行业变革与市场波动交织之际，券商中国推出《基金经理周周看》栏目，以"拨云穿雾"的专业视角 锚定产业趋势研判。栏目将通过深度对话优秀基金经理群体，系统解构其投资框架的底层逻辑与市场 前瞻思维，构建连接产业变革与资产配置的专业桥梁，为投资者提供兼具行业深度与市场时效性的价 值参考。 本期《基金经理周周看》栏目中，南方基金基金经理郑晓曦表示，自2022年三季度起，她便开始集中布 局以半导体设备为代表的自主可控产业链，并已连续重仓持有三年。对半导体设备为代表的自主可控板块 非常有信心，未来三年有望进入成长逻辑逐步兑现的右侧收获期。富达基金多资产部负责人、基金经理赵 强认为，随着更多国际经验与长期投资方法被引入中国养老市场，本土养老金产品体系正在从理念探索走 向体系化建设，为长期资金的配置提供更成熟的工具和方法。安信基金的基金经理梁冰哲表示，基本面和 流动性环境仍对债 ...