人力资源和社会保障部正式公布了本年度一季度全国企业年金 数据，首次引入"近三年累计收益率"这一全新关键指标，取代 了传统的"当年"口径。 封图：图片资料室 秉持"长钱长投"理念，交出优异答卷 在人社部 "长钱长投"的政策指引下，国泰基金作为22家年金投管人之一，凭借专业的投资管理能 力， 交出了一份优异的答卷 。 具体来看，在单一计划中，国泰基金含权类组合近三年收益率为 11.86%，在22家投管人组合中 位列 第一 ；固定收益类组合近三年收益率为 12.02%，在全市场位列第五。在集合计划产品中， 国泰基金含权类组合近三年收益率为11.13%，位列全市场 第一 ；固定收益类组合近三年收益率 为 11.48%， 位居市场第三 。 尤为值得瞩目的是，国泰基金是 22家年金投管人中 唯一 一家在单一计划固收、单一计划含权、 集合计划固收、集合计划含权四类组合产品近三年累计收益率均突破 10%大关的管理机构。"全 能型" 的 卓越表现，充分印证了国泰基金在多元化投资策略与全资产类别管理上的深厚积淀。 2025年6月13日，人力资源和社会保障部正式公布了本年度一季度全国企业年金数据。此次数据 披露方式较以往有所不同， ...

监管政策及资管市场要闻解读： 5月23日，国家金融监督管理总局发布《银行保险机构资产管理产品信息披露管理办法（征求意 见稿）》： 直指公募银行理财产品，从三大维度强化信息披露框架：披露渠道标准化（国家金 融监督管理总局认可的信息披露平台）、披露频率精细化（各项时间节点更细化）、披露内容 规范化（重点聚焦业绩基准、过往业绩和资产穿透三大方面）。 分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 银行理财产品业绩比较基准与费率"双降"： 在低利率环境与资产荒压力下，为匹配市场实际收 益预期、缓解投资者因"预期落差"引发的赎回压力，理财子公司密集启动业绩比较基准下调机 制。基准下调增加了客户流失风险，理财公司通过费率让利稳定客户，形成"收益压力→基准下 调→降费稳客"的传导链条。行业可持续发展需突破短期价格战逻辑。 理财公司多角度响应"长钱长投"号召： 理财公司正由规模扩张迈向价值深耕，通过响应政策、 创新工具及构建产业生态，促进科技与资本深度融合。另一方面，科技型企业高风险、长周期 的特征，也对理财公司的深度投后管理能力（如技术估值模型构建、 ...

Core Insights - The report highlights that Chinese families are beginning to focus on retirement financial planning but lack sufficient action in savings [1][2] - There is a significant concern regarding the adequacy of retirement savings among families, with 40% showing weak proactive savings awareness [2][3] Group 1: Current State of Retirement Planning - The average score of the retirement financial health index for Chinese families is 48.56, indicating they are in the "accumulation phase" [2] - Approximately 83% of respondents express anxiety about future retirement, with many lacking confidence in their financial security [2] - Nearly half of the families report severe inadequacies in retirement savings [2] Group 2: Challenges Faced by Different Age Groups - The "70s" and "80s" generations face dual pressures of supporting both children and elderly parents, with 67.7% of respondents citing child education costs and 14.7% citing elder care [3] - Traditional savings concepts dominate, leading to insufficient attention to retirement insurance and financial products [3] Group 3: Product and Service Improvement - The participation rate in personal pensions is only 26.73%, and commercial pension insurance coverage is below 32% [4] - Concerns about low returns, limited functions, and high risks hinder families from investing in retirement financial products [4] - There is a significant opportunity for optimizing pension insurance products to better match the aging population's needs [4] Group 4: Personal Pension System and Market Opportunities - The personal pension system is set to launch nationwide on December 15, 2024, but young people show low enthusiasm for contributions [5] - There is a need to leverage capital market tools to enhance pension investment growth and transition from savings to investment-based retirement [5] Group 5: Wealth Management Awareness - There is a critical need to cultivate a wealth management mindset across the lifecycle, as families currently have over 70% of their assets in real estate and less than 5% in financial assets [7] - Retirement planning should begin early and encompass the entire family’s financial strategy, not just focus on retirement age [7] Group 6: Investor Education and Protection - Enhancing investor education is essential for improving awareness of retirement financial products and risks [8] - Strengthening legal protections for consumers and establishing compensation mechanisms for financial losses are crucial for building trust in retirement financial products [8]

Core Insights - The Ministry of Human Resources and Social Security (HRSS) has released the national enterprise annuity fund data for Q1 2025, showing a fund accumulation scale of 3.73 trillion yuan and a net investment asset value of 3.70 trillion yuan, with a three-year cumulative return of 7.46% [1][2] - The HRSS's decision to disclose the "three-year cumulative return" instead of quarterly investment returns marks a shift towards a long-term assessment mechanism for pension funds, aligning with the government's push for "long money, long investment" strategies [1][3] Group 1 - The establishment of a long-term assessment mechanism is expected to reduce short-term performance pressure on management institutions, encouraging long-term investments and enhancing fund stability and risk resistance [1][3] - The new disclosure rules for enterprise annuity funds reflect a significant adjustment in information transparency, focusing on long-term performance rather than short-term fluctuations [3][4] - The three-year cumulative return data serves as a benchmark for trustees, alleviating the pressure to frequently change fund managers based on short-term performance [3][4] Group 2 - The enterprise annuity fund has seen a year-on-year growth of 13.48%, reaching a scale of 3.73 trillion yuan as of Q1 2025 [4] - The current upper limit for equity asset investment in enterprise annuity funds is 40%, but actual investment in equity assets is below 20%, indicating potential for increased A-share market investment [4][5] - The upcoming long-term assessment mechanism for enterprise annuity funds is expected to be released soon, following the HRSS's previous draft guidance on improving long-term assessment mechanisms [5][6] Group 3 - The differentiation in assessment periods for social security funds (five years) and enterprise annuity funds (three years) reflects their distinct characteristics and investment goals, promoting healthy long-term development in the capital market [6]

Group 1 - The total scale of national enterprise annuity funds reached 3.73 trillion yuan by the end of Q1 2025, an increase of approximately 0.62 trillion yuan compared to the end of 2024 [1][2] - The average three-year cumulative return for national enterprise annuity funds was 7.46%, with fixed income products outperforming equity products [2][3] - The management scale of leading institutions, such as E Fund and ICBC Credit Suisse, surpassed 300 billion yuan, highlighting the concentration of assets among top managers [4][5] Group 2 - The number of enterprise accounts increased to 168,000 and individual accounts to 32.9 million by the end of Q1 2025, reflecting growth in the sector [4] - Among fixed income products, the top performers included Haitong Fund with a return of 12.71%, while the average return for fixed income investments was 10.16% [6][7] - In equity investments, the average return was 7.15%, with significant performance differentiation among fund companies, where Guotai Fund and ICBC Credit Suisse led with returns of 11.86% and 11.65% respectively [6][7]

3.7 万亿元企业年金市场，首次公布 " 近三年累计收益率 " ！ 近日，人力资源和社会保障部公布的 2025 年一季度全国企业年金数据显示，截至一季度 末，企业年金积累基金规模为 3.73 万亿元，近三年累计收益率为 7.46% 。 与往年公布的当期或当年 " 加权平均收益率 " 数据不同，今年首次披露 " 近三年累计收益率 " 。 业内人士表示，企业年金等养老金是典型的长期资金，按 " 近三年累计收益率 " 公布业绩， 是顺应养老金长期投资长期考核的趋势，有利于从长周期考察年金的投资绩效，理性看待短 期波动，发挥企业年金 " 长钱长投 " 的投资优势。 首次按 " 近三年累计收益率 " 公布业绩 数据显示，截至一季度末，企业年金基金建立企业数为 16.82 万家，参加职工人数为 3290.81 万人，积累基金规模 3.73 万亿元。 从投资管理情况看，企业年金基金投资资产净值为 3.7 万亿元，建立组合数 5892 个，近三 年累计收益率为 7.46% 。 而此前公布的数据均为当期和当年累计收益。例如， 2024 年前三季度显示，本季度加权平 均收益率为 1.56% ，本年以来加权平均收益率为 3.56% ...

【导读】全国企业年金业务数据披露，首次公布"近三年累计收益率" | 1. 总体情况 | | | --- | --- | | 建立企业(个) | 168,246 | | 参加职工(万人) | 3,290.81 | | 积累基金(亿元) | 37,287.16 | | 2. 建立计划情况 | | | 建立计划数(个) | 1,950 | | 单一计划 | 1,871 | | 法人受托 | 1,785 | | 理事会 | 86 | | 集合计划 | e1 | | 其他计划 | 18 | | 3. 投资管理情况 | | | 投资资产净值(亿元) | 37,004.62 | | 建立组合数(个) | 5,892 | | 近三年累计收益率(%) | 7.46 | | 4. 待遇领取情况 | | 中国基金报记者李树超 3.7万亿元企业年金市场，首次公布"近三年累计收益率"！ 近日，人力资源和社会保障部公布的2025年一季度全国企业年金数据显示，截至一季度末，企业年金积累基金规模为3.73万亿元，近三年累计 收益率为7.46%。 与往年公布的当期或当年"加权平均收益率"数据不同，今年首次披露"近三年累计收益率"。 业内人士表 ...

Group 1 - Recent activities of insurance capital include participation in long-term investment reforms and significant investments in private equity funds [1] - The China Insurance Industry Association reported that seven insurance companies executed 15 equity stakes by the end of May, indicating a strong focus on banking and public utilities [1] - The central financial authorities aim for large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025 [1] Group 2 - Regulatory adjustments include a 10% reduction in risk factors for stock investments, encouraging insurance companies to increase market participation [2] - Industry experts emphasize the importance of long-term equity investments and the need for insurance capital to focus on high-dividend assets and innovative financial tools [2] - A proposed "dumbbell" asset allocation strategy suggests balancing stable dividend assets with high-growth assets while using convertible bonds and preferred stocks as buffers [3] Group 3 - The cautious approach of insurance companies towards equity investments is primarily due to concerns over the volatility of fair value [3] - Recommendations for improving the investment environment include optimizing assessment mechanisms and implementing long-term performance evaluation systems [3] - Key challenges for insurance capital include addressing asset scarcity, adapting accounting standards, and reforming assessment mechanisms [3]

Group 1 - Insurance institutions have shown increasing enthusiasm for researching listed companies, with 148 insurance institutions conducting a total of 3,863 research sessions as of June 8 [1][2] - The top five insurance companies conducting the most research are all pension insurance companies, with Ping An Pension leading at 293 sessions covering 237 companies [2] - The most researched stocks include Xinjie Energy, Huichuan Technology, and Shandong Huada, indicating a preference for undervalued blue-chip or high-growth companies [2][3] Group 2 - The industries attracting the most attention from insurance institutions include biomedicine, integrated circuits, and electronic components, with Xinjie Energy being the most popular stock among insurers [3] - Regulatory bodies are promoting long-term investment strategies for insurance funds, resulting in a significant increase in the scale of insurance capital entering the market, reaching 2.82 trillion yuan by the end of Q1 [4] - Insurance companies have accelerated their stock acquisitions, with 7 companies making a total of 16 acquisitions by June 9, surpassing the total for the entire year of 2023 [4] Group 3 - The growth in premium income has led to a substantial increase in investable funds for the insurance industry, making listed company equity an attractive investment option [5] - Bank stocks have become a focal point for insurance capital, with companies like Ping An Life increasing their holdings in Agricultural Bank and other banks due to their high dividend yields [5][6] - The favorable tax policies for dividends in the Hong Kong market further enhance the attractiveness of equity investments for insurance funds [6]

Core Viewpoint - The article highlights the increasing involvement of long-term capital in China's capital markets, driven by policy initiatives aimed at promoting long-term investments and enhancing the investment environment for institutional investors [1][2][5]. Group 1: Long-term Capital Initiatives - China Pacific Insurance has launched the Taibao Zhiyuan No. 1 private securities investment fund with a target size of 20 billion yuan, marking a commitment to long-term investment strategies [1][2]. - The China Securities Regulatory Commission (CSRC) has reported that social security, insurance, and pension funds have net purchased over 200 billion yuan in A-shares this year, indicating a positive cycle of long-term capital inflow and market stability [2][5]. - The approval of the first batch of new floating fee rate funds, which link management fees to fund performance, aims to encourage long-term holding by investors [3][4]. Group 2: Policy and Regulatory Changes - The CSRC has introduced a floating management fee structure that aligns the interests of fund managers and investors, promoting a focus on risk-return balance and long-term goals [3][4]. - Recent regulatory changes allow private equity funds that hold investments for over four years to reduce their lock-up periods, enhancing liquidity and investment efficiency [4]. - The government plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan, further encouraging insurance companies to increase their market participation [5]. Group 3: Market Outlook and Recommendations - Experts suggest that the ongoing implementation of policies to facilitate long-term capital entry into the market will optimize the investment environment and address existing barriers [5]. - There is potential for growth in personal pension contributions, with recommendations to increase contribution limits and develop low-fee index products to attract more long-term capital [5].