文 | 银行螺丝钉 （转载请注明出处） 产的牛熊市周期就更长了，平均15-20年 一轮。 成为日股最大的净买入方，也是最大的日 本指数基金投资方。 在坚持投资了十几年之后，日本央行也坚 特到了日股上涨,获利颇丰。 FJ | 川八丁目 | 阿拉 | 阿伯 | 阿拉 | 阿拉 | 这些机构的特点，是资金量非常庞大，甚 至自己就可以成为影响市场的主力。 那么，有哪些投资者，有希望成为耐心资 本呢? （1） 国家队 例如2024年1月市场下跌,当时中央汇金 为首的、俗称"国家队"的机构，在短短 几个月里，买入数千亿的沪深300等指数 基金，对稳定市场起到了巨大的作用。 类似的，还有日本央行。 从2012年开始，每年定投买入几千亿日元 的日股指数基金。 ·养老金需要支付每年的养老费用; •保险机构每年需要做理赔; 投资周期通常也比较长。 ·高校捐赠基金需要支付高校的科研费用。 所以这类机构比较喜欢长期持有有定期现 金流的资产。 并且喜欢通过指数基金等方式，来分散配 置股票资产。 (2) 养老金、保险机构、高校捐赠基金 这类机构的特点，是有比较长期的资金, 以及每年定期的现金流支出。 例如有利息的债券、高分红的红利股、有 ...

Core Viewpoint - The inclusion of index funds in the personal pension product catalog is set to expand, following the initial inclusion of 85 index funds, which is expected to enhance investment options for individual pension accounts and promote long-term capital inflow into the stock market [1][2][4]. Summary by Relevant Sections Inclusion Standards - The recent notification outlines the criteria for index funds to be included in the personal pension product catalog, focusing on widely recognized core broad-based indices or dividend low-volatility indices as tracking benchmarks [2][3]. - Specific requirements include: - Ordinary index funds and ETF-linked funds must have a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters or 2 billion yuan (approximately 20 million) at the end of the previous month [3]. - Index-enhanced funds must have been established for at least three years, with a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters and positive excess returns over the last three years [3]. - The combined share of the top five investors must not exceed 50% [3]. - The fund management company must not have a classification evaluation result of C in the latest assessment [3]. Market Impact - The expansion of index funds into personal pension accounts is expected to diversify investment options for pension participants, meeting their varied investment needs and fostering the rapid development of index products [1][4]. - The anticipated influx of index funds is likely to create a positive interaction between the long-term stable inflow of capital into the stock market and the increase in residents' property income [1][4]. Fund Performance and Adoption - As of the end of December 2024, the first batch of personal pension index funds reached a total scale of 300 million yuan (approximately 30 million) and had nearly 58,700 account holders within a month of launch [5]. - Notable funds include Huatai-PB's Dividend Low Volatility ETF Linked Y, which has around 7,500 account holders, and other funds with over 5,000 account holders [5]. Advantages of Index Funds - Index funds are naturally suited for pension investments due to their low fixed fee rates, which are halved for the Y share of funds included in the personal pension investment catalog, enhancing the compounding effect over the long term [6]. - They offer stable styles and transparent holdings, which help reduce agency costs and minimize style drift issues [7]. - Index-enhanced funds combine the benefits of passive index products and active equity products, allowing for better tracking of index styles while addressing inherent flaws in broad-based indices [7].

Core Viewpoint - Long-term funds are increasingly entering the capital market, acting as a stabilizer and ballast for healthy market operation [2] Group 1: Long-term Funds and Market Stability - The People's Bank of China has guided securities and fund companies to conduct two batches of swap operations, exceeding 100 billion yuan [2] - Over 400 listed companies have publicly disclosed stock repurchase and increase information, with a loan limit of nearly 80 billion yuan [2] - The Financial Regulatory Bureau has initiated a second batch of pilot projects for long-term stock investments by insurance funds, with approvals of 52 billion yuan and 60 billion yuan recently [2] Group 2: Growth of Equity Funds - The development of equity funds has accelerated, with 459 equity funds registered from September last year to now, accounting for 70% of total registered fund products [3] - The scale of equity funds has increased from 6.3 trillion yuan to 7.7 trillion yuan, raising their proportion of total public fund scale from 20% to 24% [3] - A phased reduction in comprehensive fund fees is being promoted, expected to save investors over 45 billion yuan annually [3] Group 3: Market Capitalization and Net Inflows - The market capitalization of A-shares held by various long-term funds has grown from 14.6 trillion yuan to 17.8 trillion yuan, an increase of 22% [4] - From September last year to now, insurance funds and various pension funds have net bought approximately 290 billion yuan in the A-share market, significantly supporting market stabilization [5]