专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 三是加强产品供给和投资顾问服务。鼓励金融企业、保险公司开发各种风险型产品，满足风险厌恶与风 险偏好不同的群体需求；另外能够提供投资顾问服务。 责任编辑：王馨茹 专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，华中科技大学社会学院副教授谢勇才出席并发言。 谢勇才分析了我国个人养老金制度高质量发展的主要困境。他指出，个人养老金制度存在公众的参加意 愿不高、足额缴费意愿很低、持续缴费意愿很低的问题。 针对上述问题，谢勇才深入剖析形成机理：首先，激励措施存在重大缺陷，目前没有办法吸引大家参 保；其次，账户存取规则僵化，削弱了参加者的缴费意愿；第三，投资产品和服务供给不均衡，难以吸 引参加者持续缴费。 针对以上问题，谢勇才提出三大优化建议： 一是优化财税激励措施。保留 EET 模式以吸引中高收入者，同时为中低收入者提供直接补贴，"第一支 柱可以补贴，第三支柱也可以补贴，都可以补贴，不是把第一支柱的补贴拿到第三支柱，要让大家觉得 ...

助力养老"第三支柱"建设，友邦人寿个人养老金总保费突破60亿元 编辑｜张静 文｜慕奕 作为中国养老保险体系"第三支柱"的核心制度设计，该体系通过个人自愿参与、市场化运营与政策支持 相结合的模式，构建起多层次养老保障网络。目前，多部门协同推进税收优惠等配套政策落地，已初步 形成制度框架支撑。 过去三年间，这项制度经历了从局部试点到全国推广的渐进式发展，目前已进入从"制度搭建"向"深化 运营"的关键转型期。在实践推进过程中，个人养老金的产品体系持续丰富完善，逐步构建起涵盖公募 基金、储蓄存款、商业保险、银行理财等多元化的产品矩阵。同时，税收优惠政策与长期投资理念的协 同效应日益显现，有效促进了市场健康发展。 截至2025年11月，个人养老金账户开户人数已突破7000万。在几类产品中，保险类产品凭借稳健优势， 成为投资者进行长期资产配置的重要工具。 作为市场重要参与者，友邦人寿通过政策落地、市场推广与产品创新，为行业提供了具有参考价值的实 践样本。在个人养老金政策出台后，友邦人寿积极响应号召，将个人养老金业务纳入公司战略规划，并 调动公司资源投入市场开拓。截至2025年10月，友邦人寿的个人养老金客户数量已超过30 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with the Industrial and Commercial Bank of China (ICBC) moving from the second group to the third group, marking a historic breakthrough for Chinese banks in global importance assessments [1][44] - The upward adjustment in ranking will subject ICBC to stricter capital regulatory requirements, with additional capital requirements increasing from 1.5% to 2% effective from 2027 [1][44] - The banking sector is expected to attract funds due to the ongoing low-interest-rate environment and the "asset shortage" issue, leading to sustained demand for high-dividend, low-valuation bank stocks [1][44] - The insurance sector is transitioning from reliance on sales expenses to refined management and cost control, with policies encouraging a return to the core of insurance protection and supporting increased equity investment by insurance funds [1][49] Summary by Sections Market Review - As of December 4, 2025, the banking, securities, and insurance indices experienced declines of -2.18%, -4.12%, and -2.74% respectively, while the CSI 300 index fell by -0.40% [10] - Xiamen Bank (+4.94%), CITIC Securities (+1.15%), and China Pacific Insurance (-0.96%) were the best performers among sub-sectors [10] Valuation Situation - As of December 4, 2025, the PB ratio for the banking sector was 0.77, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.83, 0.62, 0.73, and 0.65 respectively [19] - The securities sector's PB ratio was 1.44, indicating potential for valuation recovery [22] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [27] - The average daily trading volume of A-shares was 17142.93 billion, showing a slight decrease of 0.65% [33] Industry News - The China Actuarial Society issued guidelines on the allocation of costs for life insurance products, aiming to clarify cost definitions and management [40][47] - The number of new A-share accounts opened in November 2025 was 2.38 million, a 3% increase from October, indicating a recovery in market sentiment [46] Company Announcements - New China Life announced a cash dividend of 0.67 yuan per share for the first half of 2025, totaling approximately 2.09 billion yuan [42] - Changsha Bank issued 60 billion yuan in secondary capital bonds, while Industrial Bank successfully issued 20 billion yuan in financial bonds [42]

| 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 ...

作者：高莺 平安基金 养老FOF投资总监 作为中国养老保险体系"第三支柱"——个人养老金制度，历经三年探索实践，整体已从政策蓝图走向全 面落地，构建起多层次、多支柱养老保险体系的重要一环。 一、产品创新与服务体系升级，满足多元化养老需求 三年来，平安基金不断优化产品布局与服务体验，积极响应个人养老金制度发展。 产品创新方面，目前，平安基金旗下存续6只养老FOF基金，包括养老目标日期2025、2030、2035、 2040、2050以及稳健养老基金，形成了覆盖不同退休时间需求的产品线，充分满足投资者多样化的养老 投资目标。 其中，公司旗下养老目标日期2025、2030、2035、2040和稳健养老基金已率先增设个人养老金Y份额， 积极响应国家政策号召，为投资者提供专属的个人养老金投资服务。 营销与服务升级方面，平安基金通过"线上+线下"全面覆盖，开展产品说明会、策略分享会，并打造渠 道专属服务号与银行APP财富号，持续输出投教内容与市场观点，提升客户陪伴体验。针对养老基金， 公司以"长期持有、稳健增值"为理念，通过定期报告、市场分析和提取方式解读，帮助投资者树立长期 养老规划意识。 在此营销服务的升级支持下，客 ...

Core Points - The inclusion of savings bonds in personal pension accounts is a significant development aimed at enhancing investment options for individuals [1][2] - The policy will be implemented starting June 2026, allowing investors to purchase electronic savings bonds through their personal pension accounts [1][2] - This move is expected to diversify low-risk investment options and provide stable returns, aligning with the needs of conservative investors and the elderly [2] Group 1: Benefits for Residents - The inclusion of savings bonds increases the variety of investment products available in personal pension accounts, which now encompass five major categories: funds, wealth management, savings, insurance, and bonds [1][2] - Savings bonds are characterized by fixed returns and high safety, making them suitable for conservative investors and those seeking stable long-term growth [2] - The expansion of the product pool in personal pension accounts is anticipated to enhance investor engagement and address the current issue of low contribution rates despite high account openings [2] Group 2: Investment Process - Investors will need to open a dedicated savings bond account at a financial institution authorized to offer personal pension services, which includes 40 commercial banks from 2024 to 2026 [3] - The dedicated account will track the purchase details of electronic savings bonds and will be linked to the investor's personal pension fund account [3] - The purchasing process is designed to be user-friendly, with services available through various channels such as bank branches, mobile banking, and online banking [3]

个人养老金制度实施已满三周年。 作为多层次、多支柱养老保险体系的重要组成部分，2022年11月末，个人养老金制度率先在北京、上海 等36个城市或地区启动试点。两年后，2024年12月15日，个人养老金制度开始在全国范围内推广实施。 3年来，个人养老金制度不断优化升级，开户人数突破1.5亿人，产品数量持续扩容至1245只，已形 成"开户数稳步增长、产品供给多元、收益结构稳健"的发展态势。不过，如何进一步提升居民参与度仍 然备受关注。业内专家普遍认为，未来，需要继续探索优化个人养老金支持政策、产品体系等，更好激 活"第三支柱"活力。 制度设计不断升级 "个人养老金制度实施3年来，整体成效显著。"邮储银行（601658）研究员娄飞鹏表示，特别引导居民 从储蓄养老逐步认识并转向投资养老，为居民积累个人养老资产、积极应对人口老龄化积累了经验。 与基本养老保险不同，个人养老金是一项由政府政策支持、个人自愿参加、市场化运营的补充养老保险 制度，实行个人账户制，缴费完全由参加人个人承担，实行完全积累，目前每年额度上限为12000元， 所有参加基本养老保险的劳动者都可以参加。 作为我国养老保险体系"第三支柱"的重要组成部分，3 ...

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！ 转眼间，我国的个人养老金制度已经走过三个年头。从2022年11月25日试点启动，到2024年12月15日的 全面实施与纳入指数产品，个人养老金已成为完善我国多层次养老保险体系的关键一环。 （政策来源：人力资源社会保障部官网-《个人养老金实施办法》-2022/10/26、《关于全面实施个人养 老金制度的通知》-2025/12/12） 而随着个人养老金可投资产品种类持续丰富，不少追求"慢才是快"宝藏品类脱颖而出，例如收获高人气 的红利低波策略产品——华泰柏瑞中证红利低波ETF联接Y（022951）。截至2025年三季度末，华泰柏 瑞中证红利低波ETF联接Y（022951）成为市场首个规模超2亿元的指数基金Y份额产品。 红利低波Y份额在个人养老金市场的脱颖而出，并非因其在某一时段创造了惊人的回报，而是因其风险 收益特征与养老资金的投资目标高度契合。 （数据来源：定期报告，规模2.45亿元） 伴随"指数Y"飞入百姓家 2022年11月25日，个人养老金制度率先在36城试点启动，参与者在开立的个人养老金账户后，每年最多 可存缴1.2万元，用于自主 ...

个人养老金制度实施已满三周年。 作为多层次、多支柱养老保险体系的重要组成部分，2022年11月末，个人养老金制度率先在北京、 上海等36个城市或地区启动试点。两年后，2024年12月15日，个人养老金制度开始在全国范围内推广实 施。 3年来，个人养老金制度不断优化升级，开户人数突破1.5亿人，产品数量持续扩容至1245只，已形 成"开户数稳步增长、产品供给多元、收益结构稳健"的发展态势。不过，如何进一步提升居民参与度仍 然备受关注。业内专家普遍认为，未来，需要继续探索优化个人养老金支持政策、产品体系等，更好激 活"第三支柱"活力。 制度设计不断升级 "个人养老金制度实施3年来，整体成效显著。"邮储银行研究员娄飞鹏表示，特别引导居民从储蓄 养老逐步认识并转向投资养老，为居民积累个人养老资产、积极应对人口老龄化积累了经验。 与基本养老保险不同，个人养老金是一项由政府政策支持、个人自愿参加、市场化运营的补充养老 保险制度，实行个人账户制，缴费完全由参加人个人承担，实行完全积累，目前每年额度上限为12000 元，所有参加基本养老保险的劳动者都可以参加。 作为我国养老保险体系"第三支柱"的重要组成部分，3年来，从36个 ...

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]