12.4【★★★★★】货币政策 潘功胜发表署名文章 12月4日，中国人民银行党委书记、行长潘功胜在人民日报发表署名文章《构建科学稳健的货币政策体系和覆盖 全面的宏观审慎管理体系（学习贯彻党的二十届四中全会精神）》。 中央银行以维护币值稳定和金融稳定为双目标，货币政策体系和宏观审慎管理体系是中央银行实施宏观管理的 两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系，有 利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义。 12.1【★★★★★】基金产品审批大消息！"逆周期调节"，来了 在《推动公募基金高质量发展行动方案》指导下，为了更好地保护投资者利益，基金产品审批启动逆周期调节 机制。 据中国基金报记者了解，今年以来，监管对于业绩比较基准（权益指数）估值较高的权益类新基金审批相对审 慎。"前几个月要求新审批的权益基金的业绩比较基准指数最近五年滚动估值在历史90%分位数以下，最近三个 月要求在80%分位数以下，可以说是越来越审慎。"事实上，这仅是公募基金逆周期调节的其中一部分。今年以 来，尽管A股市场日渐火热，基金公司对于新发权益基金的规模也愈 ...

12月4日，中国人民银行党委书记、行长潘功胜在人民日报发表署名文章《构建科学稳健的货币政策体 系和覆盖全面的宏观审慎管理体系（学习贯彻党的二十届四中全会精神）》。 中央银行以维护币值稳定和金融稳定为双目标，货币政策体系和宏观审慎管理体系是中央银行实施宏观 管理的两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系和覆盖全面的宏观审慎 管理体系，有利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义。 12.1【★★★★★】 基金产品审批 大消息！"逆周期调节"，来了 在《推动公募基金高质量发展行动方案》指导下，为了更好地保护投资者利益，基金产品审批启动逆周 期调节机制。 据中国基金报记者了解，今年以来，监管对于业绩比较基准（权益指数）估值较高的权益类新基金审批 相对审慎。"前几个月要求新审批的权益基金的业绩比较基准指数最近五年滚动估值在历史90%分位数 以下，最近三个月要求在80%分位数以下，可以说是越来越审慎。"事实上，这仅是公募基金逆周期调 节的其中一部分。今年以来，尽管A股市场日渐火热，基金公司对于新发权益基金的规模也愈发克制， 多只新发基金规模均设置了20亿元、30 ...

Core Viewpoint - The report emphasizes the need for improving the social security fund system in China, advocating for a comprehensive approach to ensure the fund's safety and sustainability [1] Group 1: Social Security Fund Improvement - The former director of the Social Insurance Fund Regulatory Bureau suggests enhancing the actuarial system for social security funds [1] - There is a call for the continued transfer of state-owned capital to bolster the social security fund [1] - A long-term collection mechanism for the social security fund is recommended, along with a system for overall adjustment, value preservation, and safety supervision [1] Group 2: Development of Second and Third Pillars - The report advocates for a more coordinated development of the second and third pillars of the pension system [1] - It emphasizes the need for top-level design to clarify the functional positioning of these pillars [1] - The improvement of tax incentive policies is highlighted, particularly to allow multiple withdrawal methods for pension benefits [1] Group 3: Pension Products and Services - The introduction of more distinctive personal pension products is suggested to enhance service offerings [1] - Default investment services are recommended to facilitate participation in personal pension plans [1] - A comprehensive service system for personal pensions is proposed to ensure a full-chain service experience [1] Group 4: Long-term Assessment Mechanism - The establishment of a scientific, reasonable, and clearly defined long-term assessment mechanism for pension funds is emphasized [1]

Core Viewpoint - The forum emphasizes the importance of addressing wealth issues related to aging, but first, it is crucial to resolve conceptual and awareness problems regarding social security and pension systems [3][7]. Group 1: Policy Recommendations - The first recommendation is to improve institutional policies, focusing on the gradual implementation of a delayed retirement age, promoting the idea of "pay more to receive more" and addressing specific details in the system [3][7]. - The second recommendation is to enhance the social security fund by establishing a sound actuarial system and continuing to transfer state-owned capital to strengthen the fund [4][8]. - The third recommendation advocates for better coordination between the second and third pillars of the pension system, suggesting improved top-level design and tax incentives, as well as the introduction of more distinctive personal pension products [4][8]. - The fourth recommendation is to optimize service delivery by enhancing the national social security public service platform and integrating digital applications to meet diverse social needs [4][8].

Core Insights - The personal pension system in China has made significant progress since its implementation on November 25, 2022, evolving from pilot programs to comprehensive promotion, enhancing the product system and market vitality [1][10][11] Group 1: Investment Behavior and Trust - Investors are showing more mature and rational behavior, with many early investors recovering from initial losses as market conditions improve [2][12] - The participation rate in regular investments for different pension products has increased, with the participation rate for pension FOF Y shares rising from 2.22% in 2022 to 5.27% in 2025, and index fund Y shares reaching 13.77% [2][12] Group 2: Growth of Index Funds - The inclusion of index funds in the personal pension system has led to significant growth in Tianhong Fund's pension business, with the total scale of index fund Y shares reaching 160 million yuan by the end of Q3 2025 [3][13] - The number of clients holding index fund Y shares has expanded rapidly, reaching 17,000 by the end of Q2 2025 [3][13] Group 3: Professional Empowerment and Core Competitiveness - Tianhong Fund has established a professional pension investment team and a systematic, diversified asset allocation research framework to support decision-making [5][15] - The company has built a comprehensive risk management system that emphasizes proactive risk prediction and management, gaining recognition from regulatory bodies [7][17] Group 4: Product Strategy and Customer Service - The product lineup for personal pensions has expanded to 13 offerings by 2025, catering to diverse age groups and risk tolerances [6][18] - Continuous innovation in customer service and investor education is being implemented, focusing on long-term investment strategies and risk awareness [7][18] Group 5: Future Development - Tianhong Fund aims to deepen product innovation and customer segmentation, enhance research capabilities, and strengthen customer service and education efforts to support the ongoing development of the personal pension system [8][19]

"随着个人养老金开户数量达到一定规模，越来越多的银行意识到，竞争的重点已从吸引更多新户转向 留住活跃用户。"苏商银行特约研究员薛洪言在受访时分析认为。 而策略调整的背后，则是个人养老金业务"开户热、缴存冷"的现象仍然存在。 从"拉新客"转向"留旧客" 从11月中旬至今，多家银行密集推出个人养老金开户、缴存福利活动。 工商银行推出"开户缴存，领立减金"活动，开户缴存最高可领取388+188元立减金。中国银行推出"开户 缴存大礼包"，活动期间开户并完成缴存任务，即可参与抽奖，最高可获618元微信立减金。 临近年末，多家银行密集加大对个人养老金开户、缴存专属优惠活动的推广力度，通过抽奖派送微信立 减金、现金红包等福利吸引客户。 《金融时报》记者在采访中发现，与往年不同的是，银行营销策略重点不再是"拉新客开户"，而是侧重 于"留客活客"。 推广策略的调整，意欲何为？ 国家鼓励、银行积极，投资者却热情不高，这是为何？ 记者发现，原因需从供给和需求两端来分析。 "个人养老金理财产品可选择 的 不多，还不如买普通金融投资产品。"北京市民胡先生的感受具有一定 代表性。在供给端，个人养老金市场上可供选择的产品同质化现象依然存在 ...

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Core Insights - The personal pension system in China has evolved significantly over the past three years, expanding from 36 pilot cities to nationwide implementation, with the number of fund products increasing from 129 to over 300, providing greater flexibility for investors [1][7] - The market for personal pensions has seen a notable recovery, with most products achieving positive returns since inception, and the total scale of pension funds reaching 15.11 billion [1][7] Group 1: Product Development - 华夏基金 has developed a diverse product line to meet various retirement investment needs, currently offering 22 pension funds, including 10 index funds, 8 target date funds, and 4 target risk funds [2][8] - The index funds track major indices such as the Sci-Tech Innovation Board and the ChiNext, benefiting from the recent market rebound [2][8] Group 2: Investor Education - The company emphasizes investor education through a comprehensive approach, combining online and offline initiatives, including forums, educational books, and dedicated online platforms for personalized investment guidance [3][9] - The "养老Y星球" platform provides tools for users to calculate retirement gaps and create personalized investment plans, enhancing the overall investment experience [3][9] Group 3: Institutional Collaboration - 华夏基金 has established deep collaborations with government entities and large enterprises to promote pension services, including customized financial services for state-owned enterprises [4][10] - The company actively participates in local initiatives to enhance public awareness of personal pensions, contributing to the expansion of the pension system [4][10] Group 4: Future Development Strategies - To enhance the attractiveness of personal pensions, the company suggests targeted strategies for different income groups, focusing on education for middle-income earners and incentives for low-income individuals [5][11] - The company aims to improve the integration of pension systems and enhance the portability of accounts, addressing the needs of a mobile workforce [5][11] - Continuous innovation in product offerings is emphasized to cater to diverse retirement planning needs, ensuring a wide range of investment options for participants [5][11] Group 5: Commitment to Quality Development - As a leader in the pension finance sector, 华夏基金 is committed to safeguarding public retirement wealth and driving high-quality development in pension services [6][12] - The company plans to leverage its expertise and collaborate with industry partners to build a more comprehensive and user-friendly pension financial service system [6][12]

点评：央行开展的1076亿元7天期逆回购操作，维持了1.40%的利率水平，没有向市场提供新的利率信 号，这显示出央行继续保持流动性适度充裕的立场。这样的操作在一定程度上缓解了市场的流动性压 力，有助于支持实体经济。 NO.2 银行板块震荡走强，张家港行涨超5% 12月1日，银行板块A股盘中震荡走强，城商行方向领涨，张家港行涨超5%，厦门银行、齐鲁银行、江 阴银行、渝农商行、上海银行涨幅靠前。 点评：银行板块尤其是城商行震荡走强，显示出市场对银行业健康状况的信心恢复。张家港行领涨超过 5%，表明投资者对银行的盈利能力和行业前景持乐观态度。这种走强可能与宏观经济复苏、贷款增长 和政策支持有关。 | 2025年12月2日星期二 | NO.1 央行开展1076亿元7天期逆回购操作 12月1日，央行开展1076亿元7天期逆回购操作，操作利率为1.40%，与此前持平。 NO.3 抖音：7月以来已封禁投资理财类涉诈账号超80万个 当地时间12月1日，受日本央行加息预期影响，日本东京股市日经225指数大幅收跌。1日下午，日经225 指数一度较上一交易日收盘下跌超过1000点，跌幅达2.05%。日本央行行长植田和男1日表示，本 ...

Core Insights - The article discusses the launch of a new personal pension insurance product, "Shengshi Youxiang (2026) Pension Annuity Insurance (Dividend Type)," by Ping An Life to address the challenges posed by an aging population and to enhance the supply of pension insurance products [1][3] Group 1: Product Features - "Shengshi Youxiang Red 26" offers multiple payment options and allows for scheduled payouts, providing clients with a solution that emphasizes both immediate savings and future peace of mind [1][3] - The product supports nine flexible payment periods, allowing customers to choose based on their financial situation and retirement plans [3][8] Group 2: Market Context - The ongoing aging of the population in China has significantly increased the demand for pension products, leading to a more diversified and market-oriented pension system [1][2] - The personal pension system, introduced in 2022, has gained popularity, with over 70 million accounts opened by the end of November 2024, indicating strong public interest in pension financial products [2] Group 3: Tax Benefits - Contributions to personal pension accounts are tax-deductible up to 12,000 yuan per year, and the income received from these pensions is taxed at a lower rate of 3%, enhancing retirees' income levels [5][9] - For example, an individual with a pre-tax income of 500,000 yuan can benefit from significant tax savings during the contribution phase [5][9] Group 4: Additional Services - The product includes access to Ping An's "Zhenxiang Family Doctor" service, which offers comprehensive health management for the insured and their family members [6][7] - This service allows one policyholder to cover up to three family members, providing personalized medical management and 24/7 support from experienced medical professionals [7][10] Group 5: Long-term Commitment - Ping An Life emphasizes its commitment to enhancing the pension insurance market by continuously improving product offerings and integrating services to meet customer needs [6][10] - The company aims to provide high-quality pension financial services that are time-efficient and cost-effective for clients [6][10]