Core Insights - The first three-year performance report of personal pension funds shows that over 90% of the products achieved positive returns, with an average return exceeding 9% [1][2] - The personal pension investment system has been enhanced with the inclusion of various investment products, such as index funds and electronic savings bonds, showcasing the advantages of funds in competing with other financial products [1][2] Summary by Categories Performance of Personal Pension Funds - As of November 25, 2025, out of 129 personal pension funds, 120 achieved positive returns, resulting in a high success rate of 93% and an average return of 9.14% [2] - Notable funds include Guotai Min'an Pension 2040 with a return of 32.39% and Penghua Pension 2045 with 25.6%, with 12 funds exceeding a 15% return [2][3] Fund Categories and Returns - The total number of personal pension products has surpassed 1200, with 311 being fund products [2][4] - The average return for the 311 personal pension fund Y shares since inception is 13.33%, with passive index funds showing exceptional performance, some exceeding 40% [4] Investor Profile and Preferences - The majority of Y share holders prefer aggressive products (77%), while conservative products account for 18%, and balanced products only 5% [9][12] - The age distribution shows that the primary holders are aged 30-50, with males making up nearly 70% of the holders [12] Advantages of Y Shares - Y shares offer tax benefits, lower fees compared to other funds, and encourage systematic investment, promoting better investment habits [13] - Investing in equities is essential for young investors to combat inflation and maintain purchasing power over time [14] Investment Psychology - The investment experience is compared to dopamine (instant gratification) and endorphins (long-term satisfaction), emphasizing the importance of disciplined, long-term planning in pension investments [15]

文 | 银行螺丝钉 （转载请注明出处） 比如：40岁，配置60%的股票资产，40 %的债券资产;到了50岁，配置50%的 股票资产，50%的债券资产。 可以分为两大类: (1) 目标日期FOF 通常采用「100-年龄」的配置思路，股 债配置比例会随着年龄增长而变化。 不过,通常到了70岁,股票资产就不再 降低了。也就是说，股票资产的比例最 少不能低于30%。 这类型的养老FOF，基金名称里通常会 有一个具体的年份，比如，2040、2050 等，比较好识别。 如果自己在对应年份附近退休，就可以 考虑对应的养老FOF。 (つ) 目标风险FOF · H= \´— | 股票和债券资产,会有一个长期的平均 比例。常见股债比例：80:20、70:30、 60:40、50:50等等。 通常，股票资产的比例越高，长期收益 越高，相应的波动风险也越大。 这类型的养老FOF,基金名称里通常会 带有「稳健」、「平衡」、「积极」等 字样，从中我们可以判断出这只基金大 致的收益和波动情况。 养老FOF基金，建议大家可以从目标日 期型的入手。 因为选择目标日期养老FOF，主要是看 退休时间。 「退休时间」这个指标相对 客观，比较好判断， ...

Core Insights - The article emphasizes the attractiveness of personal pension plans, highlighting their ability to save, invest, and provide tax benefits for individuals planning for retirement [2][6][10]. Group 1: Personal Pension Benefits - Over 13 million people have chosen to open personal pension accounts at China Merchants Bank, indicating a growing trend in retirement planning [2]. - The average annualized return for pension investment products exceeds 3.4%, making them a viable option for retirement savings [5]. - Personal pension accounts allow for flexible contributions, enabling individuals to decide how much to save [2][6]. Group 2: Investment Options - 98% of pension products have shown positive returns since their inception, showcasing the effectiveness of these investment vehicles [2]. - The article mentions various investment options, including index funds and FOF products, which are designed to provide stable returns through diversified portfolios [2]. - There are over 300 exclusive pension products available, offering a range of investment choices for consumers [17]. Group 3: Tax Benefits - Individuals can save up to 5,400 yuan annually through tax deductions related to personal pension contributions, enhancing the financial appeal of these accounts [20]. - The article suggests that individuals can save nearly 4,000 yuan in taxes each year by utilizing personal pension funds [16]. Group 4: User Demographics - More than 60% of users opening personal pension accounts are from the 80s and 90s generations, indicating a shift towards early retirement planning among younger individuals [10]. - The article highlights that many users initially started saving without much thought but later recognized the benefits of accumulating savings for retirement [12].

Core Insights - The approval of Fidelity's first foreign pension FOF marks a significant breakthrough in the participation of foreign institutions in China's pension system [1][2] - The introduction of international investment institutions is expected to create a "catalyst effect" in China's pension investment landscape [2] - The design of the new pension FOF focuses on conservative risk management, aligning with the needs of the current domestic pension investors [3][4] Group 1: Market Entry and Strategy - Fidelity's new conservative pension target fund is a response to the growing demand for stable and low-volatility retirement assets among the 40 to 60 age group in China [3][4] - The fund's asset allocation includes approximately 15% in risk assets, with a focus on stable domestic bonds and diversified international assets [4] - The shift in regulatory focus from local AUM assessment to a global pension asset scale evaluation reflects a broader strategy to enhance the pension investment framework in China [2] Group 2: Long-term Investment Perspective - The long-term nature of pension funds in China presents a unique opportunity for foreign institutions to leverage their expertise in investment research and technology [2][6] - Fidelity's approach emphasizes a lifecycle investment philosophy, adapting global strategies to local market characteristics [6] - The integration of advanced financial technology, such as AI risk management models, aims to enhance investment decision-making and risk assessment [6] Group 3: Target Audience and Product Design - The target audience for the conservative target risk fund includes pre-retirees, retirees seeking stable income, and high-net-worth individuals looking for low-volatility investment options [4][5] - The emphasis on professional management and systematic investment processes aims to alleviate the burden of complex investment decisions for individual investors [7] - The successful implementation of the pension FOF will depend on effectively matching the product with the right customer segments [7]

Core Insights - The approval of Fidelity's first foreign pension fund of funds (FOF) marks a significant breakthrough in the participation of foreign institutions in China's pension system [1][2] - The introduction of international investment institutions is expected to create a "catalyst effect" in China's pension investment landscape, reflecting a shift in regulatory assessment from local assets under management (AUM) to a global perspective [2][3] Group 1: Product Launch and Market Positioning - Fidelity's newly launched conservative pension target fund is designed to meet the needs of Chinese pension investors, focusing on stable asset allocation and risk control [1][4] - The fund's asset allocation includes approximately 15% in risk assets, with a significant portion in lower-risk assets, aligning with the preferences of the target demographic [4][5] - The target audience includes individuals nearing retirement, retirees needing income, and high-net-worth investors seeking stable growth without high volatility [4][5] Group 2: Long-term Investment Strategy - The pension market in China is characterized by long-term investment needs, requiring international institutions to invest in research, human resources, and technology [2][3] - Fidelity's approach emphasizes a lifecycle investment philosophy, adapting global strategies to local market characteristics, and focusing on risk control rather than chasing returns [5][6] - The integration of advanced financial technology, such as AI risk management models, aims to enhance investment decision-making and risk assessment [5][6] Group 3: Challenges and Future Outlook - The successful implementation of pension FOFs in China faces challenges in matching products with the right customer segments, emphasizing the need for stability and long-term risk alignment [6] - The ultimate goal of pension investment managers is to simplify investment decisions for individual investors, allowing them to focus on long-term growth [6]

Core Viewpoint - The article emphasizes the importance of personal pension contributions, highlighting tax benefits and savings opportunities associated with investing in pension funds through FOF (Fund of Funds) strategies [1][12]. Group 1: Market Performance - On November 13, the Shanghai Composite Index reached a new high, marking the strongest performance in nearly a decade [3]. - FOF fund net values have also achieved new highs this year, indicating a positive trend in the market [3]. Group 2: Investment Strategies - Pension funds can strategically invest in equity assets through FOF funds, which are designed for long-term growth and aim to reduce portfolio volatility while sharing in the long-term growth of the equity market [7]. - Over the past five years, the FOF fund index has shown relative advantages in controlling maximum drawdown and annualized volatility, while providing competitive long-term returns that align with the investment needs of pension funds [9]. Group 3: Fund Performance Metrics - The annualized volatility and maximum drawdown for various indices are as follows: - FOF Fund: 6.02% annualized volatility, -18.41% maximum drawdown, 13.97% total return - CSI 300: 18.04% annualized volatility, -45.60% maximum drawdown, 1.06% total return - Equity Funds: 18.97% annualized volatility, -47.80% maximum drawdown, 11.08% total return [10]. Group 4: Fund Offerings - Various FOF funds are available for different risk profiles, including: - Aggressive Strategy: Jianxin Youxiang Progress FOF (Y) [11] - Balanced Strategy: Jianxin Youxiang Balanced FOF (Y) [11] - Conservative Strategy: Jianxin Tianfu Youxiang Stable FOF (Y) [11]. Group 5: Tax Benefits and Cost Savings - The Y class shares for personal pension investments offer lower fees and tax benefits, allowing investors to save up to 5,400 yuan annually on taxes when contributing 12,000 yuan to their personal pension accounts [12][13]. - The article outlines that the fee rates for Y class shares are generally lower than those for A class shares, enhancing the overall investment value [12][14].

Core Viewpoint - The NEMO system integrates Fidelity's global asset allocation processes, enhancing the efficiency of fund managers and researchers, ultimately benefiting the multi-asset pension fund products [2][3][20]. Group 1: NEMO System and Its Functionality - The NEMO system transforms the investment process of Fidelity's multi-asset pension funds from a flat to a three-dimensional structure, incorporating various asset classes, regions, strategies, and managers [2]. - It provides a clear framework for strategic asset allocation (SAA), tactical asset allocation (TAA), and fund selection, ensuring a systematic approach to investment [2][20]. - The system emphasizes the importance of coupling the fund manager selection process, allowing for a more cohesive investment strategy [7][20]. Group 2: Investment Philosophy and Framework - The investment philosophy is centered around a framework-based approach, which helps in identifying and solving key investment problems [3][9]. - The focus on long-term performance over short-term gains is crucial, with an emphasis on maintaining a steady upward trajectory in net asset value [3][4]. - Trust is identified as fundamental in asset management, with a strong belief that maintaining client trust leads to sustained growth in assets under management [4][18]. Group 3: Key Personnel and Their Influence - Zhao Qiang, the head of Fidelity's multi-asset department, plays a pivotal role in translating global investment wisdom into actionable strategies for pension funds [3][4]. - His educational background at the University of Chicago, where he learned from Nobel laureates, significantly shaped his investment thinking and framework [8][9]. - The importance of a global team of experts is highlighted, as successful asset allocation cannot rely solely on individual fund managers [12][18]. Group 4: Market Position and Growth - Fidelity has established itself as a leading provider of pension fund management, with a significant market share in the U.S. and Hong Kong [2][17]. - The company has maintained a 20% growth rate in its pension products, attributed to its ability to safeguard client wealth during market crises [4][18]. - The emphasis on client satisfaction as a key performance indicator reflects Fidelity's commitment to long-term client relationships [17][18]. Group 5: Investment Strategy and Asset Allocation - The multi-asset investment strategy involves diversifying across various asset classes, regions, and strategies to mitigate risk and enhance returns [22][25]. - Tactical adjustments in asset allocation are informed by comprehensive macroeconomic research and data analysis, ensuring informed decision-making [26][33]. - The integration of quantitative and qualitative frameworks in fund selection allows for a thorough evaluation of fund managers and their strategies [35]. Group 6: Future Outlook and Development - The development of new pension fund products is underway, with a focus on risk management and achieving stable returns [43][46]. - Fidelity aims to leverage its global expertise to enhance the pension fund landscape in China, advocating for policies that promote default options in retirement savings [45][46]. - The long-term assessment of pension fund performance is emphasized, moving away from short-term metrics to foster a more sustainable investment environment [46].

Core Viewpoint - The launch of the first foreign-funded independent public offering pension target fund (FOF) by Fidelity Fund marks a significant step in the Chinese pension finance sector, aiming to provide a comprehensive pension solution for investors [1][2][5] Group 1: Fund Launch Details - Fidelity Fund announced the launch of the Fidelity Renyuan Conservative Pension Target One-Year Holding Mixed Fund (FOF) on November 18, becoming the first foreign-funded independent public offering to introduce a pension FOF [1][2] - The fund is set to be publicly offered from December 1, 2025, to February 27, 2026, with a minimum issuance of 200 million shares [2] - The fund manager, Zhao Qiang, emphasizes the importance of scientific and diversified asset allocation for effective risk control and long-term wealth accumulation [2] Group 2: Market Context and Challenges - As of November 18, 2023, a total of 10 pension FOFs have been established this year, with a combined issuance scale of approximately 3.67 billion yuan, highlighting the small scale of new and existing products [2][3] - The leading product, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding Mixed Fund (FOF), has an issuance scale of 2.26 billion yuan, while other products have not exceeded 1 billion yuan [2] - The small scale issue is not only present in new products but also affects existing ones, with 10 pension FOFs having been liquidated due to insufficient scale [3] Group 3: Performance and Future Outlook - As of the third quarter of 2025, the total scale of pension FOFs reached 63.62 billion yuan, with 162 out of 267 products having a latest combined scale of less than 200 million yuan [3] - The average return of pension FOFs for the year up to November 17 is 14.28%, with all related products achieving positive returns [3] - Analysts suggest that the small scale of pension FOFs may be attributed to a high number of offerings and varying product quality, indicating a need for improved competitiveness and performance [4]

★ 宏观动态 ★ 外交部：美日同盟是冷战产物，不应针对第三方 据央视新闻，11月18日，外交部发言人毛宁主持例行记者会。针对美国驻日本大使格拉斯在社交平台上的有关 涉华言论，毛宁表示，美国这位大使的有关表态，纯属别有用心的政治作秀，有违外交官的身份和职责。美日 同盟是冷战产物，不应针对第三方，更不应肆意干涉他国内政，损害他国核心利益。 北京：到2027年转化孵化3000家科技型企业、600家专精特新企业 北京市人民政府办公厅印发《北京市推进科技成果转化落地行动方案（2025—2027年）》，其中提出，发展目 标是，到2027年，高效协同、富有活力的科技成果转化体系基本形成，成功转化一批服务国家战略需求、满足 北京经济社会发展需要的重大科技成果；促成1000家合作平台、5000项技术开发合作项目，转化孵化3000家科 技型企业、600家专精特新企业，开辟未来产业新赛道，实现关键核心技术新替代，激发转型升级新动能。 澳门特区行政长官岑浩辉发表2026年施政报告 据央视新闻，澳门特区行政长官岑浩辉11月18日在特区立法会发表2026年施政报告，明确明年特区政府施政总 体方向为：深化行政改革、加力促进多元、精准优化民 ...

人民财讯11月18日电，11月18日，富达基金发布富达任远保守养老目标一年持有期混合型基金中基金 (FOF)，成为首个推出养老目标基金的外资新设独资公募公司。 这只FOF采用目标风险策略，是该系列中风险收益特征相对保守的基金。拟任基金经理赵强表示，养老 投资的核心原则是通过科学多元的配置有效控制风险，从而实现养老财富的长期稳健积累。该FOF是目 前市场上首只在基准中包含海外市场指数的养老FOF基金，这一设计旨在通过全球多元布局，为国内养 老人群提供更具韧性的投资组合。 ...