Group 1 - The aging population has become a significant strategic issue for national development in China, with a focus on actively addressing aging and developing the silver economy as key points for sustainable development [3][4] - The "14th Five-Year Plan" emphasizes the need for a national strategy to actively respond to population aging, while the upcoming "15th Five-Year Plan" will further clarify policies for the coordinated development of elderly care and industry [3][4] - The government is committed to creating a robust institutional foundation for the construction of the elderly care ecosystem through continuous and precise policy support [3] Group 2 - Industrial Securities has established itself as a leader in the personal pension finance sector, having opened nearly 700,000 personal pension investment accounts and managing a total scale of nearly 6 billion yuan in its subsidiary's pension fund [4] - The company's first pension target fund has achieved a return of 84.25%, with the highest investment yield among similar products over the past three years [4] - Looking ahead, Industrial Securities aims to deepen innovation in the pension finance field, enhance product offerings, and improve services tailored for the elderly, while also promoting financial literacy and collaboration across various sectors [4][5]

我国的养老金融包括基本养老金、企业年金、职业年金、个人养老金以及各种商业性的寿险产品和其他 养老服务的融资，这是一个持续壮大的金融板块。 "养老金融发展存在结构性失衡问题。"郑功成表示，2035年左右中国60岁以上的老年人口将超过4亿， 进入重度老龄化阶段。2050年前后我国老年人口的比重、老年抚养比和社会抚养比将达到峰值。 "养老金融规模仍然偏小。"郑功成认为，我国需要进一步改善发展养老金融的政策环境，提高政策的精 准度，增强养老金融理性的识别性。 文/付乐 11月28日，全国人大常委会委员、全国人大社会建设委员会委员郑功成在第10届新金融论坛上表示，养 老金融是金融建设、金融强国的重要方向，更是面对人口老龄化的重要方向。发展养老金融既是促进金 融业大力发展的增长点，也是十分重要的民生工程。 他指出，我们国家的人口老龄化具有超常规性：一个是规模超大，现在60岁以上的人口已经达到3.1亿 多人；第二，速度超快，从轻度老龄化到中度老龄化到重度老龄化，我们已经进入中度老龄化，在全世 界人口老龄化进程中是速度最快的国家之一。 此外，还有断崖式少子化，近几年时间新生儿从1800万到现在900万左右。再加上家庭保障功能 ...

Core Viewpoint - The company emphasizes the importance of investor education and protection as a vital part of sustainable development, aligning with the principles of the "People First" approach highlighted in the 20th National Congress of the Communist Party of China and the 14th Five-Year Plan [1][6]. Group 1: Investor Education Initiatives - The "Shouzheng Academy" has received over 1.8 million visitors and has been rated "Excellent" for seven consecutive years by the China Securities Regulatory Commission [2]. - The academy integrates party-building with technology to enhance investor education services, showcasing a commitment to the "People First" spirit [1][2]. - The company has established a financial legal volunteer team, merging legal education with financial services, and has been recognized as a public service station by the Fujian Provincial Justice Department [3]. Group 2: Innovative Educational Content - The company has developed a financial literacy course for the elderly, focusing on knowledge dissemination, risk prevention, and financial literacy cultivation [6]. - A series of animated videos titled "Financial Friends" has been created to educate the elderly on financial knowledge, incorporating local cultural elements [6]. - The company has produced educational materials that creatively blend traditional Chinese culture with financial education, receiving national recognition [4]. Group 3: Community Engagement and Outreach - The company has organized numerous educational activities for students, integrating financial knowledge with historical and cultural education [5]. - It has launched various online and offline initiatives to promote investor education, including live-streaming sessions and short educational dramas [5]. - The company actively participates in national investor protection campaigns, ensuring comprehensive coverage of educational content across different age groups [5]. Group 4: Focus on Elderly Financial Services - The company recognizes the importance of transforming the silver economy from concept to practice, expanding its elderly financial services [6][7]. - It collaborates with various stakeholders to create a comprehensive elderly financial service ecosystem, addressing the needs of the aging population [7]. - The company has conducted research on investor protection strategies for the elderly, receiving high praise from regulatory bodies [6][7].

路虽远，行则将至；事虽难，做则必成。建信人寿做好"五篇 大文章"的每一笔，都倾注着服务国家战略的赤诚；每一划， 都承载着增进民生福祉的担当。 封图：图片资料室 在服务中国式现代化、建设金融强国的壮阔征程中，保险从来不仅仅是冰冷的数据。作为重要的金 融工具，它不仅承担着风险转移的重要职能，更是经济社会发展过程中不可或缺的"稳定器"与"助 推器"。 在中央金融工作会议擘画的"五篇大文章"蓝图中，保险更是被赋予了崭新的历史使命和实践路 径。作为国有保险公司，建信人寿始终坚持金融工作的政治性与人民性，胸怀"国之大者"，情 系"民之关切"，聚焦主责主业，锚定做优做强，通过构建多层次、广覆盖、可持续服务体系和融 合发展机制扎实做好金融"五篇大文章"，不断提升服务实体经济能力与民生保障水平。 引得活水来 智造启新章 从满载玩具和鞋帽的集装箱卡车，到运输精密仪器的智能物流，从繁忙劳碌的车间流水线，到全自 动智能化的先进制造业产业集群。走进广东东莞，处处见"新"，处处上"新"，在新质生产力的推 动下，这座曾经的"世界工厂"，已悄然蜕变为大湾区的"科创高地"。在这里，建信人寿结合当地 科创企业密集、民营经济活跃、人才竞争激烈等特 ...

Core Viewpoint - The aging population in China presents significant challenges, with a need for improved pension systems and commercial insurance solutions to ensure a dignified retirement for citizens [1][3]. Group 1: Aging Population and Pension System - China is facing the dual challenges of "aging before becoming wealthy" and "aging without preparation," with 19 provinces already in a moderate aging society [1]. - By the end of 2024, the elderly population (60 years and older) is projected to reach 310 million, with those aged 65 and older at 220 million [1]. - The current pension system is unbalanced, with basic pension insurance coverage at 95%, but only 3% of employees participating in enterprise annuities and 7% in personal pensions [1][3]. Group 2: Commercial Insurance Solutions - Basic pension insurance meets only the basic survival needs, while a high-quality retirement requires commercial insurance solutions [3]. - Key pension products include personal pension products, commercial pension insurance, and annuity insurance, which provide stable cash flow and flexible payment options [3][4]. - The integration of insurance with health management and community care is a growing focus, offering comprehensive solutions for aging [4]. Group 3: International Experience and Investment Strategies - Spain's "insurance + health care integration" model serves as a reference, emphasizing personal pensions and tax incentives for retirement savings [5]. - In a low-interest environment, insurance companies in China are encouraged to invest long-term, with regulatory support for capital market participation [6]. - The investment side is crucial for the insurance industry, as effective asset allocation directly impacts profitability and product viability [6]. Group 4: Local Market Characteristics in Shenzhen - Shenzhen, with an average population age of 32.5, has diverse insurance needs across different demographics, including high-net-worth individuals and migrant workers [7]. - The "Shenzhen Huimin Bao" project has seen significant participation, with over 18.19 million insured, reflecting a growing demand for affordable healthcare solutions [8]. - The company has tailored insurance products for small and medium enterprises, focusing on industry-specific risks and green insurance initiatives [9].

Core Insights - The aging population in China is a pressing issue, with 19 provinces already in a moderately aging society, and projections indicate that by the end of 2024, there will be 310 million individuals aged 60 and above, and 220 million aged 65 and above [1][2] - The current pension system in China, which consists of three pillars (basic pension insurance, occupational pensions, and personal pensions), faces significant imbalances in development [1][2] - The basic pension insurance can only meet the basic needs of survival, and achieving a high-quality, dignified retirement life requires reliance on commercial insurance products [2][3] Pension System and Products - The average replacement rate of basic pensions for enterprise employees is approximately 45%, which is below the International Labour Organization's recommended standard of 55% [2] - Personal pension products are a key focus under national planning, but there is a need for increased consumer awareness and product purchasing rates [2] - Commercial pension insurance, particularly dedicated commercial pension products, offers flexible design and various payment methods, balancing stability and returns [2] - Annuity insurance provides a steady cash flow, making it suitable for clients with clear and stable future cash flow needs [2] Integrated Services - The development of "insurance + health + pension" integrated services is a significant direction, combining insurance products with health management and community care [3] International Experience - Spain's "insurance + health integration" model is highlighted as a reference, where personal pensions are encouraged through substantial tax incentives, and insurance companies collaborate with strong fund management firms for asset allocation [4] - The cost of care in Spain, where the monthly fee for mid-to-high-end nursing homes is about three times the average retirement salary, is comparable to some first-tier cities in China [4] Investment Strategies - The asset allocation of insurance funds is closely tied to macroeconomic conditions, with regulatory support for long-term investments in capital markets [6] - The investment side is crucial for the insurance industry's development, as effective asset allocation and operation directly influence fund yield and support product guarantees and profitability [6] Consumer Demand in Shenzhen - Shenzhen's population is characterized by a complex structure with significant differences in insurance needs among various groups, including high-net-worth individuals and the general public [7] - There is a growing demand for integrated medical services among the general population, while younger consumers are more price-sensitive and inclined towards internet-based insurance products [7] Financial Services and Innovation - The company has actively participated in the "Shenzhen Huimin Bao" project, which has seen over 18.19 million participants since its launch, demonstrating a commitment to inclusive financial services [8][9] - The company has tailored insurance solutions for small and medium-sized enterprises, addressing their specific risks and needs, and has provided substantial risk coverage for green industries and emerging sectors [10]

在服务中国式现代化、建设金融强国的壮阔征程中，保险从来不仅仅是冰冷的数据。作为重要的金融工具，它不仅承担着风险转移的重要职能，更是经济社 会发展过程中不可或缺的"稳定器"与"助推器"。 建信人寿全面聚焦碳足迹管理，依托数字化手段打造了一批方便快捷的线上系统与在线服务工具，多措并举落实减排降碳工作。截至2025年9月末，公司理 赔电子应用率达87.29%；上海董家渡大厦荣获 LEED 金级认证，成都物业大楼获LEEDv.4.10+M铂金认证；携手支持的马拉松等路跑赛事将运动健康和绿色 生活理念深度绑定......在建信人寿的推动下，绿色金融的可持续发展理念正深入美好生活的各个领域。 在中央金融工作会议擘画的"五篇大文章"蓝图中，保险更是被赋予了崭新的历史使命和实践路径。作为国有保险公司，建信人寿始终坚持金融工作的政治性 与人民性，胸怀"国之大者"，情系"民之关切"，聚焦主责主业，锚定做优做强，通过构建多层次、广覆盖、可持续服务体系和融合发展机制扎实做好金 融"五篇大文章"，不断提升服务实体经济能力与民生保障水平。 引得活水来 智造启新章 从满载玩具和鞋帽的集装箱卡车，到运输精密仪器的智能物流，从繁忙劳碌的车间流 ...

Core Viewpoint - The "2025 Guangzhou Investment Advisory Conference and Wealth Management Transformation Development Conference" highlighted the growing importance of pension finance as a key component of China's multi-tiered pension security system, transitioning from pilot programs to comprehensive implementation [1]. Group 1: Current State of Pension Finance - Pension finance is recognized as an essential part of the third pillar of retirement savings, with significant potential to enhance China's pension security framework [1]. - The banking wealth management industry has developed a substantial scale, exceeding 32 trillion yuan, with over 40,000 existing products and 140 million investors, providing a solid foundation for the growth of pension finance [1]. - Despite this growth, there remains considerable room for improvement in the number of investors and distribution channels compared to public funds [1]. Group 2: Challenges in Pension Finance Development - Four major challenges are identified: 1. Demand-side issues, where residents have not yet formed a long-term investment mindset, and a prevalent preference for capital preservation [2]. 2. Supply-side challenges, where product differentiation is insufficient, making it hard to distinguish pension products from regular wealth management products [2]. 3. Investment-side limitations, characterized by a lack of long-term asset supply and limited quality investment targets [2]. 4. Ecological challenges, where the integration of financial services and pension services is inadequate [2]. Group 3: Future Directions for Pension Finance - Future advancements in pension finance will focus on five key areas: 1. Maintaining a prudent investment style to leverage wealth management companies' strengths in asset allocation, thereby building a positive reputation for pension finance [2]. 2. Expanding customer coverage to enrich pension scenarios [2]. 3. Utilizing special policy arrangements for pension finance, including smoothing mechanisms and innovative valuation methods to stabilize investor expectations [2]. 4. Accelerating digital transformation to enhance overall capabilities, driven by data and technology [2]. 5. Improving assessment and incentive mechanisms along with team development [2].

文/刘思嘉 "十五五"规划建议提出，"健全养老事业和产业协同发展政策机制""发展银发经济""稳妥实施渐进式延迟法定退休年龄"等关键举 措。 这一系列顶层设计，不仅标志着国家对老龄化社会战略认知的全面深化，更预示着中国银发经济正式迈入制度化、系统化、产 业化发展新阶段。 国家统计局数据显示，2024年末，我国60岁及以上人口已超3亿人，占比已达22%。根据中国社会福利与养老服务协会等机构发 布的报告测算，目前中国银发经济规模在7万亿元左右，约占GDP的6%。到2035年，银发经济规模有望达到30万亿元，占GDP 的10%。 3亿老年人口，7万亿"银发经济"，一场关乎国计民生的"养老大考"正在加速到来。这不仅重塑社会结构，更倒逼养老金融体系 从"有没有"迈向"好不好"。 当前，养老金融领域面临产品创新趋同、服务模式亟待优化、局部市场竞争压力加剧等挑战，可能影响行业长期高质量发展潜 力。在"十五五"开篇之年，如何打破养老金融的路径依赖和内卷竞争？ 和讯网特邀北京工商大学中国养老金融研究院院长、香港中文大学荣誉研究员刘云龙，探讨养老金融如何避免低效竞争，从"卷 存量"走向"创增量"。 刘云龙指出，"产品创新和服务升级 ...

Core Viewpoint - The article emphasizes the importance of developing a comprehensive and systematic approach to the aging population and the silver economy in China, highlighting key initiatives such as improving pension policies, promoting the silver economy, and gradually raising the retirement age [2]. Group 1: Silver Economy and Aging Population - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million, accounting for 22% of the total population [2]. - The current scale of the silver economy is approximately 7 trillion yuan, representing about 6% of GDP, with projections suggesting it could reach 30 trillion yuan by 2035, making up 10% of GDP [2]. Group 2: Challenges in Pension Finance - The pension finance sector faces challenges such as product innovation homogenization, the need for service model optimization, and increasing competitive pressure in local markets, which may affect the long-term high-quality development potential of the industry [2]. - The article discusses the need to break the path dependence and internal competition in pension finance to achieve sustainable growth [2]. Group 3: Personal Pension System Development - Progress in the personal pension system includes transitioning from pilot programs to nationwide promotion, integrating tax-deferred commercial pension insurance, and optimizing the supply of personal pension products [8]. - Key challenges for personal pensions include low participation rates, low investment rates, and difficulties in achieving long-term stable returns [8][9]. Group 4: Recommendations for Policy Improvement - Suggestions for enhancing the personal pension system include gradually increasing contribution limits, allowing catch-up contributions, and enabling inheritance of pension rights [11][12]. - The focus should be on achieving long-term stable returns in personal pension products and avoiding volatility [12]. Group 5: Insurance Companies' Role - Insurance companies are encouraged to enhance their investment management, strategic management, and technology management capabilities to achieve high-quality growth [3][19]. - The article highlights the need for insurance companies to shift from a "general store" model to a differentiated and specialized approach in pension product offerings [14][15]. Group 6: Technological Innovations - The application of insurance technology, including big data and artificial intelligence, is still in its early stages, with future innovations expected to enhance services in health management and elderly care [16]. Group 7: Long-term Investment Strategy - The article stresses that the insurance industry should act as long-term investors in the financial market, focusing on long-term capital and patient capital attributes [5][19]. - The development of long-term care insurance and comprehensive elderly services requires strategic resource investment and specialized capabilities [16].