Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide for a duration of three years [1]. Group 1: Pilot Program Expansion - The pilot program for pension financial products will now include all regions in the country, with the pilot period set for three years [1]. - The number of pilot institutions has been expanded to include wealth management companies that have been in operation for at least three years and meet prudent management criteria [2]. - The pilot quota has been increased to five times the net capital of each pilot institution, after deducting risk capital, with adjustments possible based on prudent regulatory principles [2]. Group 2: Integration with Personal Pension System - The pilot program will strengthen the connection between pension financial products and the personal pension system, ensuring that the trial areas align with the implementation scope of the personal pension system [3]. - New pension financial products issued by wealth management companies participating in both the pension product pilot and personal pension business can automatically be included in the personal pension product list [3]. - The initial pilot program began in September 2021 with four regions and four institutions, gradually expanding to ten regions and ten wealth management companies by early 2022 [3]. Group 3: Product Development and Investor Support - Institutions are encouraged to issue long-term pension financial products, specifically those with a term of over ten years or a minimum holding period of over five years [5]. - The notice supports the establishment of pension financial accounts for each investor to track their holdings and changes, aiding in retirement fund planning [5]. - Wealth management companies are encouraged to provide pension financial advisory services while adhering to suitability management obligations and conflict of interest prevention [5]. Group 4: Risk Management and Long-term Assessment - The notice emphasizes the establishment of a long-term assessment mechanism, enhancing product information disclosure and risk indication, and improving risk resolution mechanisms [7]. - Wealth management companies are required to incorporate long-term investment returns into the evaluation and compensation systems for investment and sales personnel, avoiding reliance solely on short-term metrics [7]. - The use of the term "pension" in the names or sales documents of other financial products is prohibited to prevent confusion, making "pension" exclusive to relevant financial products [7].

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide for three years, with increased trial limits and a focus on enhancing the connection with personal pension systems [1][2]. Group 1: Pilot Program Expansion - The pilot program for pension financial products will now cover the entire country, with a trial period of three years [1]. - The number of pilot institutions has been expanded to include wealth management companies that have been operating for over three years and meet prudent management criteria [1]. - The trial limit has been raised to five times the net capital of each pilot institution after deducting risk capital, with adjustments possible based on prudent regulatory principles [1]. Group 2: Integration with Personal Pension Systems - The pilot program will align with the implementation scope of the personal pension system, allowing wealth management companies to participate in both pension financial products and personal pension management [2]. - New pension financial products can automatically be included in the personal pension product list [2]. - The initial pilot program began in September 2021 with four regions and four institutions, expanding to ten regions and ten institutions by early 2022 [2]. Group 3: Product Development and Investor Support - Institutions are encouraged to design long-term pension financial products, specifically those with a duration of over ten years or a minimum holding period of five years [4]. - Wealth management companies are supported in creating pension accounts for investors to track their holdings and assist in retirement planning [4]. - Companies are encouraged to provide pension advisory services while ensuring investor suitability and managing conflicts of interest [4]. Group 4: Risk Management and Regulatory Compliance - The notice emphasizes the establishment of a long-term assessment mechanism for pension financial products, incorporating long-term investment returns into the evaluation of investment and sales personnel [5]. - Other financial products cannot use the term "pension" in their names or sales documents to avoid confusion, making "pension" exclusive to related financial products [5].

10月30日，金融监管总局发布了《关于促进养老理财业务持续健康发展的通知》（简称《通知》），明确养老理财产品试点地区扩至全国，试点期限为三 年。试点机构扩大至符合开业满三年、经营管理审慎等条件的理财公司。试点额度提高至各试点机构上年末净资本扣除风险资本后余额的五倍，金融监管总 局可以根据审慎监管原则进行调整。 与个人养老金业务加强衔接 金融监管总局有关司局负责人表示，本次试点扩围的同时，也进一步加强了养老理财产品试点与个人养老金制度的统筹衔接。除了试点范围与个人养老金制 度实施范围保持一致外，理财公司同时参与养老理财产品试点和个人养老金理财业务，新发行的养老理财产品也可以自动纳入个人养老金理财产品名单。 2021年9月，原银保监会发布《关于开展养老理财产品试点的通知》，首批选择"四地四家机构"进行试点，即工银理财在武汉和成都、建信理财和招银理财在 深圳、光大理财在青岛开展养老理财产品试点；2022年1月，贝莱德建信理财获批在广州和成都开展试点；2022年2月，原银保监会明确自当年3月1日起，试 点地区扩至北京、沈阳、长春、上海、武汉、广州、重庆、成都、青岛、深圳十地；试点机构也扩至10家理财公司。 根据中国理 ...

10月30日，国家金融监督管理总局办公厅对外发布关于促进养老理财业务持续健康发展的通知。 【导读】国家金融监督管理总局办公厅发布关于促进养老理财业务持续健康发展的通知 事关理财公司服务养老产业发展重要文件来了！ 该通知提出，支持理财公司在坚守职能定位、依法合规的前提下，以债券、股票、非标准化债权类资产和衍生品等多种方式投资养老领域资产。养老理财 产品试点地区扩大至全国，试点期限三年。对养老理财产品实施一定费率优惠。鼓励试点理财公司发行10年期以上，或者最短持有期5年以上等长期限养 老理财产品。支持理财公司与信托公司、保险资产管理公司、证券公司、公募基金等持牌资管机构在专户管理、运营托管、交易执行等方面依法开展合 作，实现优势互补，更好服务养老产业发展。 以下为重点内容： 1.养老理财产品试点地区扩大至全国，试点期限三年 稳步扩大养老理财产品试点，自本通知印发之日起，养老理财产品试点地区扩大至全国，试点期限三年。 2.支持在合规条件下以债券、股票等多种方式投资养老领域资产 在投资方式上，支持理财公司在坚守职能定位、依法合规的前提下，以债券、股票、非标准化债权类资产和衍生品等多种方式投资养老领域资产。 3.对养老 ...

养老理财产品试点实现从局部到全国的跨越式扩容，10月30日，金融监管总局官网发布《关于促进养老理财业务持续健康发展的通知》（以下简称《通 知》），继2021年"四地四家机构"试点启动后，历经多次扩围，此次政策明确将养老理财产品试点地区扩展至全国，与个人养老金制度实施范围全面接轨， 试点期限设定为三年。本次扩容不仅打破地域限制，更在机构准入、规模上限、产品设计等方面全面升级，鼓励试点理财公司发行10年期以上，或者最短持 有期5年以上等长期限养老理财产品。分析人士指出，未来三年试点期既为产品创新留出空间，也为政策优化提供窗口，将推动形成更加成熟、规范的养老 理财市场格局。 试点地区扩大至全国 为进一步提升覆盖面，本次《通知》中最大的亮点便是全国试点正式落地，具体来看，养老理财产品试点地区扩大至全国，与个人养老金制度实施范围一 致，试点期限延长至三年。 在完善养老理财产品和服务方面，本次《通知》也在产品形态、收费模式、产品流动性方面进行了完善。鼓励试点理财公司发行10年期以上，或者最短持有 期5年以上等长期限养老理财产品。支持试点机构依法在养老理财产品购买、赎回、分红等方面进行灵活设计，更好匹配投资者个性化养老需求 ...

Core Viewpoint - The National Financial Supervision Administration has announced the expansion of pilot areas for pension financial products to nationwide, aiming to promote the sustainable and healthy development of pension finance [1][2]. Group 1: Expansion of Pilot Areas - The pilot areas for pension financial products will be expanded to the entire country, with a trial period of three years [1]. - Eligible institutions for the pilot must have been in operation for at least three years and meet prudent management conditions [1]. - The pilot quota will be increased to five times the net capital of each pilot institution after deducting risk capital from the previous year's end balance, with adjustments based on prudent regulatory principles [1]. Group 2: Product Design and Services - The notification emphasizes the combination of investing in physical assets and human capital, supporting long-term quality assets that match pension characteristics [2]. - Financial companies are encouraged to enhance the design of pension financial products and diversify service offerings, including pension financial accounts and advisory services [2]. - The aim is to balance economic benefits with social benefits while considering the risk-return characteristics of the invested assets and investors' risk preferences [2]. Group 3: Risk Management and Compliance - Financial companies are required to strengthen their risk prevention responsibilities, improve product information disclosure, and enhance investor experience [2]. - A prudent investment strategy must be maintained, and a risk resolution mechanism should be established to ensure stable product operation [2]. - Information disclosure and data exchange for pension financial products should be conducted through the banking industry’s financial registration and custody center [2]. Group 4: Future Guidance - The National Financial Supervision Administration will enhance supervision and guidance to ensure the implementation of the notification, aiming to meet diverse pension needs and support the high-quality development of the silver economy [2].

Core Insights - Zhangjiagang Bank, as the first rural commercial bank established from a rural credit cooperative, maintains a strategic focus on supporting agriculture and small enterprises, showcasing strong operational resilience and growth potential [1] Financial Performance - For the first three quarters of 2025, Zhangjiagang Bank reported operating income of 3.676 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 1.572 billion yuan, up 5.79% year-on-year, indicating improved profitability and cost control [2] - The bank's wealth management business has seen significant growth, with agency sales reaching 4.343 billion yuan, a 162.73% increase from the beginning of the year, and wealth management balances at 24.434 billion yuan, up 14.85% [2] - The shift towards a more diversified income structure reflects the bank's strategy to reduce reliance on traditional interest margins, enhancing its adaptability in a complex environment [2] Asset and Loan Growth - As of September 2025, Zhangjiagang Bank's total assets reached 221.201 billion yuan, a 1.05% increase from the beginning of the year, with total deposits at 176.346 billion yuan, up 5.83%, and total loans at 146.311 billion yuan, increasing by 6.55% [3] - The bank has maintained a strong focus on agricultural and small enterprise lending, with loans to these sectors totaling 124.786 billion yuan, accounting for 90.34% of total loans, and growing faster than the overall loan portfolio [3] Risk Management and Asset Quality - The bank's non-performing loan ratio stood at 0.94% as of September, unchanged from the beginning of the year, indicating stable asset quality, while the provision coverage ratio was 355.05%, reflecting robust risk resilience [4] - Zhangjiagang Bank has implemented an innovative risk control system, establishing a "1+1+3" risk management team model to ensure stable business operations [4] Strategic Development - The bank is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to solidify its foundation for high-quality development [5] - As of September 2025, the bank's green credit balance was 5.298 billion yuan, a 21% increase, and loans to technology enterprises reached 12.204 billion yuan, up 19.42% [5] Digital Transformation and Shareholder Returns - In the digital finance sector, the bank has introduced local applications of open-source models to enhance internal processes, with transaction volumes exceeding 89 billion yuan since the pilot [6] - The bank's decision to implement a mid-term dividend for the first time in October 2025 reflects its commitment to shareholder returns and signals confidence in its development [6]

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide and enhancing the design and management of pension financial products [2][4]. Group 1: Expansion of Pilot Program - The pilot areas for pension financial products have been expanded from "ten regions" to nationwide, with a trial period of three years [2][4]. - The number of pilot institutions has increased from "ten institutions" to any qualified wealth management companies that have been operating for over three years and meet prudent management conditions [2][4]. - The pilot quota has been raised to five times the net capital of each pilot institution after deducting risk capital, with adjustments based on prudent regulatory principles [2]. Group 2: Product Design and Services - The notice encourages pilot wealth management companies to issue long-term pension financial products with a duration of over 10 years or a minimum holding period of over 5 years [5]. - It supports the establishment of pension financial accounts for each investor to track their holdings and assist in retirement fund planning [5]. - The notice allows wealth management companies to provide pension financial advisory services while ensuring appropriate management of investor suitability and conflict of interest [5]. Group 3: Risk Management - Wealth management companies are required to establish a long-term assessment mechanism that includes long-term investment returns in the evaluation and compensation of investment and sales personnel [6]. - There is an emphasis on enhancing product information disclosure and risk warnings, linking product performance to the underlying asset performance [6]. - The notice mandates the establishment of a risk mitigation mechanism and the use of a unified platform for information disclosure and data exchange related to pension financial products [6].

Core Insights - The National Financial Regulatory Administration has announced the nationwide expansion of pension financial products, increasing the fundraising limit for individual financial companies to five times the net capital after deducting risk capital, which is a significant boost for the silver economy market [1] - The aging population in China is projected to exceed 300 million by the end of 2024, making pension finance a critical issue for social and economic development, driven by both policy support and market demand [1][2] - The silver economy is expected to grow significantly, with its scale currently around 7 trillion yuan, projected to reach 30 trillion yuan by 2035, accounting for 10% of GDP [2] Regulatory Developments - The recent notification supports financial companies in investing in long-term quality assets that match the characteristics of pension finance, enhancing support for the health and pension industries [1] - In 2024, further policy support is anticipated, with a focus on developing targeted financial products for different age groups and elderly populations [2] Market Trends - Financial institutions are rapidly entering the pension finance market, evolving from basic account services to comprehensive wealth management throughout the life cycle [3] - Banks like ICBC and CITIC Bank are launching innovative pension financial products that integrate health consultation, medical assistance, and home care services [3][4] Challenges in the Industry - Despite the market potential, there are challenges such as inadequate elderly-friendly services and the complexity of financial products, which may not meet the needs of older adults [5] - Financial institutions are addressing these issues by optimizing their apps for elderly users and incorporating risk management measures to prevent financial fraud [5]

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, emphasizing the expansion of pilot programs and the enhancement of product design and risk management [1][2]. Summary by Relevant Sections Expansion of Pilot Programs - The pilot areas for pension financial products will be expanded nationwide with a trial period of three years [2]. - Financial companies participating in the pilot must meet specific regulatory requirements, including being operational for at least three years and demonstrating strong long-term investment and risk management capabilities [2]. Product Design and Features - Companies are encouraged to issue long-term pension financial products with maturities of over 10 years or minimum holding periods of over 5 years [3]. - The notice supports flexible design in purchasing, redeeming, and dividend distribution of pension products to better match individual investor needs [3]. Liquidity and Risk Management - The establishment of mechanisms for the transfer and pledge of pension financial products is encouraged to meet liquidity needs in cases of major illness [4]. - Companies must ensure that the transfer and pledge services operate smoothly while maintaining investor rights [4]. Diverse Financial Services - Companies are supported in opening pension financial accounts for investors to track their holdings and provide advisory services [6]. - The notice emphasizes the importance of long-term investment philosophies and the establishment of a long-term assessment mechanism for investment personnel [6]. Support for the Pension Industry - Financial companies are encouraged to invest in high-quality long-term assets that align with pension characteristics and to participate in major national projects [7]. - Collaboration with other licensed asset management institutions is promoted to enhance service delivery to the pension industry [7]. Sales and Disclosure Standards - Strict standards for the sales of pension financial products are mandated, ensuring that performance benchmarks and risk-return profiles are thoroughly evaluated [8]. - The notice calls for optimization of product valuation rules to protect investor rights while ensuring compliance with accounting standards [8].