Group 1 - The personal pension system in China has been officially implemented for three years, with a total of 1,245 personal pension products issued, including 37 wealth management products, 466 savings products, 437 insurance products, and 305 fund products [3] - The establishment of a comprehensive occupational injury protection system is underway, with over 22 million people covered under pilot programs across 17 provinces, and plans to expand coverage nationwide by 2026 [3] - China has built 36 national talent markets and 29 national industrial parks, enhancing the human resources service industry and providing employment services to over 300 million workers [3] Group 2 - The State Council is promoting provincial-level coordination of basic medical insurance to enhance the insurance system's capacity, aiming for better resource allocation and improved healthcare access [5][8] - Over 90% of residents in China now have access to medical services within a 15-minute radius, reflecting significant improvements in healthcare accessibility [9] - The construction of 3,099 tightly-knit county-level medical communities has been completed, covering a population of 924 million, with a focus on integrating AI technologies into healthcare services [6][9] Group 3 - The Ministry of Industry and Information Technology has initiated the creation of national emerging industry development demonstration bases, targeting the establishment of around 100 park-based and 1,000 enterprise-based bases by 2035 [9] - Multiple regions in China have started the construction of national artificial intelligence application pilot bases, focusing on key sectors such as manufacturing, healthcare, and transportation [10]

Core Viewpoint - The strategic cooperation agreement between PICC Life Insurance Shandong Branch and Shandong Electric Power Industry Association aims to enhance the welfare and security of electric power practitioners while supporting the green and low-carbon transformation of the energy sector in Shandong Province [1][2]. Group 1: Strategic Cooperation Agreement - The signing ceremony was attended by key representatives from both organizations, highlighting the importance of this collaboration in the context of Shandong's energy transformation [1][3]. - The agreement focuses on upgrading the welfare protection system for association members, leveraging PICC Life's expertise in insurance and the association's resources for comprehensive solutions [2]. Group 2: Coverage and Services - The comprehensive protection solutions will include accident, medical, and pension coverage, aimed at providing a robust safety net for electric power workers [2]. - The partnership will also enhance the integration of personal pension services, responding to national initiatives for personal pension system promotion and providing tailored services for industry employees [2]. Group 3: Future Outlook - Both parties plan to expand their cooperation to improve the quality and efficiency of welfare protection in the electric power sector, contributing to the broader economic and social development of Shandong [2]. - A regular communication and coordination mechanism will be established to ensure the effective implementation of cooperation initiatives [2].

Core Insights - The personal pension system in China officially launched in November 2022, marking the substantial operation of the third pillar of the pension security system [1] - Y-share funds have emerged as a key investment tool for personal pension accounts, with total market size reaching approximately 15.11 billion yuan by the end of Q3 2025, a growth of over 7 times from 2 billion yuan at the end of 2022 [1] - As of November 23, 2025, there are 305 fund products included in the personal pension product directory [1] Y-Share Fund Overview - Y-share funds are specifically established under the "Personal Pension Investment Fund Business Regulations" and can only be purchased through personal pension accounts [2] - The main products are divided into two categories: target risk funds and target date funds, catering to different investor risk profiles and retirement timelines [2] - Y-share funds generally have lower management and custody fees compared to A and C share classes, with some products seeing fee reductions of over 50% [2] Performance and Comparison - Y-share funds outperform traditional bank pension products and insurance in terms of risk coverage, asset allocation flexibility, and potential returns [3] - As of November 23, 2025, over 97% of personal pension fund products have achieved positive returns since inception, with nearly 70% showing cumulative returns exceeding 10% [3] - Certain products, such as ETF-linked and target date FOF funds, have demonstrated returns over 50% since inception, showcasing the expertise of public funds in equity investment and multi-asset strategies [3] Company Spotlight: Wanji Fund - Wanji Fund is one of the early managers of personal pension fund products, emphasizing a long-term investment philosophy [4] - The fund has developed a range of products covering both target risk and target date strategies, with notable performance in recent years [4] - Wanji Fund aims to enhance return elasticity while controlling volatility through diversified asset allocation and thorough research on industry fundamentals and fund managers [4] New Product Inclusion - In December 2024, index funds were first included in the personal pension fund directory, expanding investment options for personal pension products [5]

Group 1 - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, eligible savings bonds will be included in personal pension products, providing more investment options for personal pension asset allocation [1] - The inclusion of savings bonds is expected to enhance the attractiveness and coverage of the personal pension system, diversify product types, and optimize the investor structure in the bond market [1][2] - As of now, there are 1,245 personal pension products available, including various types such as savings, wealth management, insurance, and fund products, indicating a rapidly diversifying supply structure [2] Group 2 - The number of personal pension accounts has surpassed 72 million, reflecting continuous growth in account openings [3] - The addition of savings bonds is anticipated to lower the cognitive barrier for investors and optimize asset allocation, benefiting individuals, institutional development, and national growth [3] - Future development of personal pensions requires coordinated efforts in policy incentives, product supply, and market cultivation to ensure long-term health [3]

Core Viewpoint - The inclusion of electronic savings bonds into the personal pension product pool is expected to enhance the attractiveness and coverage of the personal pension system, providing more investment options for individuals [1][2]. Group 1: Expansion of Personal Pension Products - The recent notification by the Ministry of Finance and the People's Bank of China allows qualified savings bonds to be offered as investment options for personal pension accounts starting June 2026 [1]. - The addition of savings bonds is seen as a way to fill the low-risk product gap, catering to conservative investment needs and facilitating the development of the pension finance sector [1][2]. - As of now, there are 1,245 personal pension products available, including 466 savings products, 437 insurance products, and 305 fund products, indicating a diverse supply structure [2]. Group 2: Market Impact and Investor Guidance - The expansion of personal pension products is significant for individuals, as it broadens asset allocation channels and accommodates various risk preferences [2]. - Savings products are characterized as a stabilizing component in investment portfolios, suitable for conservative investors due to their high safety and fixed returns [2]. - The growth in personal pension account holders has surpassed 72 million, reflecting a positive trend in the uptake of pension products [3]. Group 3: Future Development and Recommendations - For the sustainable development of personal pensions, a collaborative effort is needed in terms of institutional incentives, product supply, and market cultivation [3]. - Recommendations include optimizing tax incentives, enhancing financial literacy among investors, and encouraging product innovation to expand the range of eligible investment options [3].

中经记者 陈晶晶 北京报道 日前，同方全球人寿保险有限公司（以下简称"同方全球人寿"）联合清华大学经济管理学院（以下简 称"清华经管学院"）中国保险与风险管理研究中心共同发布了2025中国居民退休准备指数调研报告（以 下简称"报告"）。 值得关注的是，随着退休准备水平（RRI）的提升，居民的养老担忧呈现系统性转移：低准备群体更担 忧"退休后收入下降""资产贬值"等经济保障问题；而高准备群体的焦虑更多转向"健康原因产生大额医 疗支出""自理能力下降后无人照顾"等健康与照护风险。这构成了"收入保障—健康安全—生活质量"的 层次性养老焦虑结构。 清华经管学院讲席教授冯润桓表示，居民养老金融选择整体呈"稳健为主、代际分层"，个人养老金制度 已快速推广，但在认知普及、激励力度与产品适配上仍不足。代际维度上，各代际均以低风险偏好为共 性，但生命周期位置决定其差异化选择：70后及以上更强调资金安全与商业健康险保障；80后、90后在 购房、育儿与养老之间寻求平衡，倾向低风险产品保底，对商业养老险与健康险需求均衡；00后勇于尝 试多元配置，更偏好高灵活性产品。 此外，居民在养老金融产品的选择上，也形成了鲜明的偏好特征。报告显示 ...

本文字数：1578，阅读时长大约3分钟 作者 | 第一财经 杨倩雯 2025年中国居民的退休准备情况如何？最新报告显示，受访居民在退休准备的认知上有所提升，但 行动仍滞后。 上述报告指的是同方全球人寿保险有限公司联合清华大学经济管理学院中国保险与风险管理研究中心 近日发布的《2025中国居民退休准备指数调研报告》（下称"报告"）。报告收集了超4000份问卷后 的统计数据显示，2025年中国居民退休准备指数为5.49，相比于2024年的5.34略有上升。 根据报告课题组的解释，中国居民退休准备指数选取退休责任意识、财务规划认知水平、财务问题理 解能力、退休计划完善度、退休储蓄充分度以及取得期望收入的信心六个维度并分别赋以相应的权重 来计算。数值低于6为低退休准备指数，表明退休准备不足，需要引起重视。 从报告数据来看，较去年情况而言，今年在上述六大维度中受访居民在退休责任意识（7.45）和财 务规划认知水平（7.36）上显著提升，这表明公众对个人养老责任的理解和理财知识掌握程度持续 2025.11. 30 键实施期。 在养老金融方面，报告认为受访居民的选择整体呈"稳健为主、代际分层"，个人养老金制度已快速推 广， ...

11月27日，省政府新闻办举行新闻发布会，邀请中国人民银行山东省分行主要负责同志等介绍山东省金 融服务养老事业和银发经济情况。记者在发布会上了解到，个人养老金制度全面实施马上期满一年，山 东金融监管局在推动个人养老金制度落地方面逐步探索出一条适合山东省情的个人养老金发展道路。截 至10月底，辖区个人养老金开户数已突破1000万户；推出相关金融产品超500款，涵盖储蓄、保险、基 金、理财等多类型产品；开户人员年龄主要集中在中年人群，30—50岁开户人数占比近60%。 国家金融监督管理总局山东监管局二级巡视员刘长霞表示，个人养老金制度是我国"第三支柱"养老保险 的重要制度性安排，我省个人养老金体系自2022年11月启动试点，2024年12月全面推开，在此过程中， 山东金融监管局引领银行保险机构认真落实政策要求，积极满足人民群众多样化养老需求，主要举措体 现为"三多"： 一、多渠道加强宣传推广。积极组织辖区银行保险机构做好"线上+线下"多渠道、多维度宣传。"线 上"方面，充分利用官网、手机银行、微信公众号等方式宣传个人养老金知识，普及具体操作流程，广 泛发布新闻，精准推送信息。"线下"方面，组织开展养老金融知识进企 ...

个人养老金是我国多层次养老保障体系的重要组成部分，其"缴费税前扣除、投资收益暂不征税、领取 环节低税率"的税收优惠政策，已成为居民优化个税、补充养老储备的重要选择。当前，银行个人养老 金营销已从初期的"拉新开户"全面转向"留客促活"，行业竞争焦点持续迭代。 本报记者 彭妍 在薛洪言看来，这一策略调整的核心原因在于"开户热、缴存冷"这一行业痛点——不少客户因短期开户 奖励而开户后，账户长期处于闲置状态。银行逐渐意识到，短期激励难以留住客户，需要转向提供更优 质的服务体验。 临近年末个人养老金缴存窗口期，多家银行再度加大推广力度，推出个人养老金缴存专属优惠活动，通 过抽奖派送微信立减金、现金红包等福利，吸引客户开户并缴存资金。若按年度1.2万元的缴存上限"顶 格"缴纳，客户最高可获得600元左右的补贴礼包。 值得注意的是，与推广初期聚焦"拉新开户"的策略不同，当前多家银行已将营销重心转向"留客促活"， 不再仅停留于引导客户开立账户，而是针对首次缴存、累计缴存达到一定额度的客户推出更多激励措 施，着力推动个人养老金账户从"开户"向"实际缴存"转化。 以中信银行为例，该行近期推出"税收优惠+达标礼赠"双重福利活动：2 ...

（央视财经《经济信息联播》）截至11月25日，个人养老金制度实施已满三周年。从三年前全国36个城市先行试点，到去年12月推广至全国，再到现在，个 人养老金可投资的产品数量已经超过1200只，产品体系更加丰富多元。 记者在国家社会保险公共服务平台查询发现，截至11月25日，个人养老金产品目录已达1245只，较二季度末增加185只。四大产品类型中，储蓄类产品466 只，数量最多，主要为银行存款。保险类产品437只，包括年金保险、两全保险、专属商业养老保险等；基金类产品305只；理财类产品37只。 个人养老金相当于居民的另一个养老"存钱罐"，每人每年最多可以往里面缴存1.2万元，不仅可以获得投资带来的增值收益，还可以在计算个人所得税时抵 扣个税。 转载请注明央视财经 我国的养老体系由三部分组成，第一支柱是由政府主导的基本养老保险，第二支柱是由用人单位主导的企业年金和职业年金，第三支柱就是个人养老金制 度，是第一支柱和第二支柱的重要补充。 编辑：令文芳 ...