《通知》明确，各开办机构养老金专属额度分配比例按季度调整。首次分配比例根据各开办机构已开立所有养老金资金账 户中未投资金额的比重确定，后续每季度根据各开办机构上一季度向养老金投资者售出储蓄国债（电子式）金额的比重确定。 人力资源社会保障部按月向财政部提供养老金资金账户资金缴存、投资情况，支持做好额度分配管理工作。 （编辑 李家琪 张昕） 本报讯 （记者韩昱）财政部11月21日发布消息称，为支持多层次多支柱养老保险体系发展，根据《人力资源社会保障部财 政部国家税务总局金融监管总局中国证监会关于全面实施个人养老金制度的通知》（人社部发〔2024〕87号）和《储蓄国债 （电子式）管理办法》（财库〔2013〕7号）等规定，财政部、中国人民银行日前发布《关于储蓄国债（电子式）纳入个人养 老金产品范围有关事宜的通知》（以下简称《通知》）。 《通知》显示，个人养老金储蓄国债（电子式）业务开办机构（以下简称"开办机构"），应当按照该通知规定，自2026年 6月份起，开办个人养老金储蓄国债（电子式）业务，即为在本机构开立个人养老金资金账户的养老金投资者，提供购买储蓄 国债（电子式）的相关服务。 开办机构在养老金投资者购买储蓄国 ...

智通财经APP获悉，11月21日，财政部、中国人民银行联合发布《关于储蓄国债(电子式)纳入个人养老 金产品范围有关事宜的通知》，其中提到，开办机构在养老金投资者购买储蓄国债(电子式)前，应当为 其开立个人养老金专用国债账户(以下称养老金国债账户)，用于记录养老金投资者购买的储蓄国债(电子 式)期次、数量以及持有变动等情况。养老金国债账户应当与投资者本人的养老金资金账户绑定，资金 往来、领取条件和税收政策遵从个人养老金制度有关规定。开办机构注销养老金投资者在本机构开立的 养老金资金账户前，应当确认对应的养老金国债账户中无未到期的储蓄国债(电子式)，并注销对应的养 老金国债账户。 原文如下： 关于储蓄国债(电子式)纳入个人养老金产品范围有关事宜的通知 (三)开办机构在按规定抓取未分配机动代销额度时，应当分别抓取向养老金投资者和其他投资者销售的 额度。发行通知规定的定期调整日终，开办机构未售出的养老金专属额度由财政部收回，于次日纳入未 分配机动代销额度。向养老金投资者销售的未分配机动代销额度抓取规则，参照《储蓄国债发行额度管 财债〔2025〕5号 有关储蓄国债承销团成员，中央国债登记结算有限责任公司： 为支持多层次 ...

中证报中证网讯（王珞）个人养老金与基本养老保险、企业年金和职业年金等共同构成我国养老保障体 系。自2022年12月试行以来，个人养老金制度经过近三年的探索与建设，已实现稳健起步，公募基金Y 份额（个人养老金账户专属份额）规模稳步扩大，部分养老公募取得良好收益。截至10月31日，广发基 金旗下共有16只养老基金Y份额，今年以来、成立以来均为正收益（不含年内成立的产品），成立以来 平均回报22.26%，相较业绩比较基准的平均超额收益为4.67%。 从产品类型来看，养老公募基金可以细分为目标日期型、目标风险型、指数型三种。其中，目标风险型 FOF根据风险偏好划分为稳健型、均衡型、积极型，适合对自身风险承受能力较为了解的投资者；目标 日期型FOF则以退休年份命名（如"养老目标2050"），随着目标日期临近而动态调降权益比例，适配投 资者不同生命周期的需求；指数型基金（如"中证A500ETF联接Y"）则提供更低费率、高透明度的选 择，适合具有一定投资经验、可以自主搭配的投资者。 一家金融机构的专业能力与服务水平，直接关系到养老投资的长期稳健回报与服务体验，应审慎选择。 作为一家综合性资产管理公司，广发基金于2010年获 ...

Core Viewpoint - The personal pension system has shown significant growth and development in its three years of implementation, with a notable increase in the number and performance of Y-share funds specifically designed for personal pension accounts [1][3][11]. Fund Performance - As of the end of Q3 2025, the total scale of existing personal pension funds exceeded 151 billion yuan, marking a growth of approximately 65% from 91.41 billion yuan at the end of 2024 [1][9]. - Among the first 40 Y-share funds established, several have achieved returns exceeding 20% since their inception, with specific funds like Bosera Balanced Pension Fund and others showing returns of 20.83%, 20.44%, and 20.16% respectively [4][6]. - Over half of the Y-share funds have generated positive returns, with some funds achieving returns above 15% [5][7]. Market Expansion - The product types available for personal pension accounts have expanded from the initial FOF products to include ETFs and enhanced index products, with over 80 new index-type Y-share funds launched since December 2024 [9][11]. - The market for personal pension funds is accelerating, with a diverse range of products being introduced to better meet the varying needs of investors at different life stages [11][12]. Management and Competition - Major fund companies like Huaxia Fund and E Fund have seen their Y-share funds grow significantly, with some funds exceeding 20 billion yuan in scale [10][11]. - The competitive landscape is evolving, with challenges such as investor education and product differentiation being highlighted as areas needing improvement [11][12].

Core Insights - The personal pension fund market has surpassed a total scale of 15.1 billion yuan, marking significant growth since the implementation of the personal pension system three years ago [1][10] - The number of Y-share funds has increased significantly, with 305 public fund products available, including 265 Y-share funds launched in the past three years [1][2] - The performance of the initial 40 Y-share funds has been strong, with several achieving returns over 20% since their inception [2][3] Fund Performance - As of November 17, 2025, the top-performing Y-share funds include: - Bosera Yields Balanced Pension Fund with a return of 20.83% - CCB Principal Pension Fund with a return of 20.44% - Invesco Great Wall Stable Pension Fund with a return of 20.16% [3][4] - Over half of the initial 40 Y-share funds have achieved returns exceeding 10%, indicating robust performance in the market [2][5] Market Expansion - The personal pension fund market has diversified, expanding from solely FOF products to include ETFs and enhanced index products since December 2024 [6][9] - As of November 17, 2025, more than half of the newly launched index-type Y-share funds have achieved returns over 20%, with some exceeding 50% [7][8] Fund Management - Major fund companies such as Huaxia Fund and E Fund have seen significant growth in their Y-share fund scales, with Huaxia Fund's Y-share fund exceeding 2 billion yuan [10][12] - The market is characterized by a concentration of assets, with only a few funds exceeding 3 billion yuan in scale [11][12] Industry Trends - The public pension fund market is evolving towards diversification, long-term stability, and professionalism, with ongoing improvements in the product system and tax incentives [13] - Challenges remain, including insufficient investor education and product homogeneity, which may hinder market participation and fund inflow efficiency [14]

Core Insights - The personal pension system has shown steady growth over the past three years, with a total investment in pension financial products reaching 110.36 billion yuan and generating over 390 million yuan in returns for investors, with an average annualized return exceeding 3.4% [1][5]. Group 1: Market Development - The personal pension financial product market has transitioned from pilot exploration to comprehensive promotion, characterized by solid institutional foundations, continuous growth in participation, and a rich variety of product offerings [3]. - As of the end of October, the number of personal pension financial products has reached 37, providing a diverse range of strategies to help clients achieve stable returns [3]. - The number of accounts opened for personal pension products has surpassed 70 million, indicating a broad coverage and multi-layered market structure [3]. Group 2: Investment Strategies - The success of personal pension financial products is attributed to sound investment strategies, optimized asset allocation, and strict risk control, supported by favorable policies and market education [5]. - The current market environment suggests a need to increase the allocation of "fixed income plus" and equity assets to enhance the attractiveness of financial products [5][7]. - Recommendations include focusing on high-rated, medium-duration bonds and allocating a small portion to low-volatility equity assets, while also considering alternative assets like gold and silver [7]. Group 3: Regulatory Support - The recent notification from the National Financial Supervision Administration to expand the pilot areas for pension financial products nationwide for three years is expected to inject strong momentum into the development of pension financial services [9]. - The expansion of pilot regions and scale is anticipated to enhance the richness of investment strategies and improve the flexibility of purchasing, redeeming, and dividend mechanisms [9]. - Future developments in the pension financial market are expected to see increased participation from more financial and insurance institutions, with a focus on long-term products and diverse asset allocation to meet varying risk preferences [9][10].

首批养老Y份额基金成立已满三年，投资业绩如何？ 智通财经记者据Wind数据统计，最早一批养老目标基金Y份额成立日期为2022年11月11日，距今已整三年，最新净值也披露到了2025年11月11 日。（注：由于FOF是主要投资其他基金的基金，它需要等所投资基金的净值都披露后，才能开始进行自己的资产估值并计算份额净值，因此其 净值更新和申购赎回确认的时间会晚于普通基金。） 该批养老目标基金Y份额共40只，有39只养老Y份额成立至今均实现了正收益，平均每只产品盈利10.97%；剩余1只则仍小幅度亏损0.77%。 整体来看，截至11月11日，剔除今年新成立的产品，目前全市场195只已有完整数据统计的养老FOF基金Y份额实现全员正收益，年内平均收益率 达13.41%。 成立三年最高累计赚近20% 2022年11月4日，人社部、财政部、税务总局、银保监会、证监会联合发布《个人养老金实施办法》，标志着个人养老金制度正式落地。随后，个 人养老金制度正式启动实施。 目前，纳入个人养老金账户的基金Y份额均为养老目标基金，采用FOF运作模式。其中，养老型FOF基金的Y份额就是"养老金"拼音开头的"Y"， 是专门针对个人养老金账户投 ...

Core Viewpoint - The personal pension system in China has successfully transitioned from pilot programs to nationwide implementation over the past three years, becoming a crucial component of the country's pension security system and injecting stable long-term funds into the capital market [1][4]. Group 1: Performance and Growth of Personal Pension Products - Nearly 300 personal pension Y-share products have achieved positive returns this year, with only one product showing a loss, indicating a significant increase in market interest [2]. - ETF-linked products have emerged as the top performers, with several achieving returns exceeding 50% this year, particularly those tracking broad indices focused on the Sci-Tech and Growth sectors [2][3]. - Target date FOF products have also performed well, with returns over 30% for several offerings, benefiting from diversified asset allocation strategies in a recovering equity market [2]. Group 2: Expansion of Personal Pension Accounts - Over 70 million personal pension accounts have been opened since the system's launch, reflecting a growing recognition of the importance of pension security among families [5]. - The personal pension system has evolved through various policy frameworks and operational guidelines, leading to a comprehensive implementation across the country [4][5]. Group 3: Diversification of Pension Products - The range of personal pension products has expanded significantly, now exceeding 1,100 options, including government bonds, specific pension savings, and index funds, providing participants with greater flexibility and choice [6][7]. - The total scale of pension fund Y-shares has grown from 2.005 billion yuan at the end of 2022 to 12.409 billion yuan by mid-2025, indicating increased participation and confidence in long-term fund allocation [6].

Core Insights - The personal pension system in China has officially launched and evolved over three years, marking a significant transition from pilot programs to nationwide implementation [1][4] - The system has diversified its product offerings, including funds, savings, insurance, and wealth management products, which are increasingly recognized for their tax benefits and long-term investment potential [1][5] Product Performance - As of November 8, over 300 personal pension Y-share products have achieved positive returns this year, with only one product showing a loss, indicating strong market performance [2] - ETF-linked products have emerged as the top performers, with several achieving returns exceeding 50% this year, particularly those tracking broad indices focused on the STAR Market and ChiNext [2][3] - Target date FOF products have also performed well, with returns over 30% for several offerings, benefiting from diversified asset allocation strategies [2] Fund Flows and Growth - The management scale of high-performing pension Y-share products has shown steady growth, with notable increases in assets under management for leading ETF-linked products [3] - Over 70 million individuals have opened personal pension accounts, reflecting a significant expansion in participation and recognition of the system's value [4][5] Product Expansion - The personal pension product range has expanded from four initial categories to over 1,100 products, including government bonds and specific pension savings, enhancing flexibility and choice for participants [5][6] - Fund products have seen the most significant growth, with total assets increasing from 2.005 billion to 12.409 billion yuan, indicating a growing acceptance of long-term fund allocation for retirement [6]

Core Insights - The personal pension system in China has officially launched, marking the establishment of the third pillar of the country's pension security system [1] - The system has evolved from pilot programs to nationwide implementation over three years, with a diverse range of products including funds, savings, insurance, and wealth management [1] - The personal pension system is becoming a crucial tool for residents' retirement savings and wealth management, injecting stable long-term funds into the capital market [1] Product Performance - Over 300 personal pension Y-share products have achieved positive returns this year, with only one product showing a loss [2] - ETF-linked products have emerged as the standout performers, with several achieving returns exceeding 50% [2] - Target date FOF products have also performed well, with returns over 30% for several offerings [2] Fund Flows and Growth - The management scale of high-performing pension Y-share products is steadily increasing, reflecting growing investor confidence in long-term returns [3] - For instance, the Tianhong CSI Science and Technology Innovation 50 ETF-linked Y-share grew from 2.257 billion to 2.903 billion yuan in the second and third quarters [3] Participation and Expansion - More than 70 million personal pension accounts have been opened, indicating significant public engagement with the system [5] - The expansion of the personal pension system is supported by favorable tax policies, enhancing its appeal [6] Product Diversification - The product range has expanded significantly, now exceeding 1,100 options, including government bonds and specific pension savings [7] - The total scale of pension fund Y-shares has grown from 2.005 billion yuan at the end of 2022 to 12.409 billion yuan by mid-2025 [7][8] - The diverse product matrix allows participants with varying risk preferences to find suitable investment options for retirement [8]