Primary Market - A total of 24 offshore bonds were issued this week, including 6 RMB bonds, 10 USD bonds, 3 HKD bonds, and 5 EUR bonds, with issuance scales of 8.842 billion RMB, 3.2032 billion USD, 13.195 billion HKD, and 4.85 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Hong Kong Mortgage Corporation Limited, while the highest coupon rate for RMB bonds was 6.9% issued by Zibo High-tech State-owned Capital Investment Co., Ltd [1] - In the USD bond market, the largest single issuance was 1.07197 billion USD, with the highest coupon rate of 9% issued by New World Development Company Limited [1] Secondary Market - The Markit iBoxx China USD Bond Composite Index rose by 0.06% to 251.16, while the investment-grade USD bond index increased by 0.07% to 243.85. The high-yield USD bond index decreased by 0.05% to 244.11 [2] - The real estate USD bond index fell by 0.12% to 183.44, while the city investment bond index rose by 0.09% to 153.36, and the financial bond index increased by 0.08% to 290.78 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 228.76 basis points, a decrease of 5.52 basis points from the previous week [3] Rating Changes - Moody's confirmed the "A1" issuer rating for Hong Kong and China Gas Company Limited, changing the outlook from "stable" to "negative" on November 17 [5] Domestic News - The Ministry of Finance and the People's Bank of China announced that savings bonds (electronic) will be included in the personal pension product range starting June 2026 [6] - The Ministry of Finance successfully issued 4 billion euros in sovereign bonds in Luxembourg, with a total subscription amount of 100.1 billion euros, 25 times the issuance amount [7] - The Bond Connect Northbound trading volume reached 572.3 billion RMB in October, with an average daily trading volume of 31.8 billion RMB [8] Overseas News - Major overseas investors held 9.25 trillion USD in US Treasury bonds as of September, with Japan continuing to increase its holdings [9] - Japan's 10-year government bond yield reached 1.765%, the highest since the financial crisis, driven by concerns over potential large-scale fiscal stimulus [10] Default and Restructuring - 78% of creditors have signed a restructuring support agreement with Zhongjun Group Holdings [11] - Western Cement announced a cash offer to repurchase its 4.95% senior notes due in 2026 while issuing new senior notes [12] - Road King Group's subsidiary received a winding-up petition related to approximately 442 million USD in unpaid principal and interest [13]

Core Insights - The Ministry of Finance and the People's Bank of China announced that starting from June next year, personal pension savings bonds (electronic) will be included in the range of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1][2] - Personal pensions are a government-supported, voluntary supplementary pension system that allows individuals to choose from various compliant financial products, including savings deposits, wealth management products, commercial pension insurance, public funds, and government bonds [1] - As of the end of June, over 1.439 million investors had opened personal pension wealth management product accounts, representing a 46.2% increase since the beginning of the year, with these products generating over 390 million yuan in returns for investors [1] Industry Implications - The inclusion of savings bonds is expected to address the current "mismatch of terms" issue, aligning with the long-term investment characteristics of pension funds and optimizing asset allocation structures [1] - The notification mandates that institutions must establish dedicated accounts for pension investors to record their purchases and holdings of savings bonds, ensuring proper tracking and management [2] - Institutions are required to expedite the development of business plans and system integration to ensure a smooth launch of the personal pension savings bond business [2]

Core Viewpoint - The Ministry of Finance and the People's Bank of China have issued a notification to include electronic savings bonds in the personal pension product range, supporting the development of a multi-tiered pension insurance system starting from June 2026 [1][3]. Group 1: Notification Details - From June 2026, institutions authorized to conduct personal pension business must provide services for purchasing electronic savings bonds to pension investors who have opened personal pension accounts [3]. - Institutions must establish dedicated savings bond accounts for pension investors to track their purchases and holdings of electronic savings bonds [3]. - The notification outlines that the funds and tax policies related to these accounts must comply with personal pension regulations [3]. Group 2: Issuance Quotas - The issuance quota for selling electronic savings bonds to pension investors will follow the guidelines set in the "Management Measures for the Issuance Quota of Savings Bonds" [4]. - The Ministry of Finance and the People's Bank of China will allocate basic sales quotas to authorized institutions, with a portion designated as exclusive quotas for pension investors [4]. - The distribution ratio of exclusive quotas will be adjusted quarterly based on the proportion of uninvested amounts in pension accounts [4]. Group 3: Additional Regulations - Institutions must separately manage the sales quotas for pension investors and other investors when utilizing unallocated quotas [5]. - Unused exclusive quotas will be reclaimed by the Ministry of Finance and added to the unallocated quotas the following day [5]. - The notification also includes requirements for the modification of business systems, information exchange between systems, and data reporting [6].

Group 1: Financial Policies and Regulations - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products, with quarterly adjustments to the allocation ratio based on the proportion of uninvested amounts in pension accounts [1] - The Ministry of Finance and the China Securities Regulatory Commission (CSRC) will no longer recommend accounting firms for H-share audits that do not meet basic requirements after comprehensive evaluations [2] Group 2: Energy Consumption and Economic Indicators - In October, the total electricity consumption in China reached 8,572 billion kWh, a year-on-year increase of 10.4%, with significant growth in the service sector, particularly in charging and battery swapping services [4] - The Eurozone's November manufacturing PMI preliminary value was recorded at 49.7, below market expectations, while the services PMI preliminary value was at 53.1, marking an 18-month high [6] Group 3: Real Estate and Investment Trends - In Guangdong, from January to October, real estate development investment totaled 758.53 billion yuan, a year-on-year decrease of 20.7%, with residential investment down by 15.3% [5]

【导读】事关个人养老金，财政部宣布：储蓄国债（电子式）纳入个人养老金产品范围 今天是周五了，刚刚，重磅消息来了！ 储蓄国债（电子式）纳入个人养老金产品范围！ 11月21日，财政部对外发布通知，为支持多层次多支柱养老保险体系发展，将储蓄国债（电子式）纳入个人养老金产品范围。 2.开办机构向养老金投资者销售储蓄国债。在发行额度管理方面，各开办机构养老金专属额度分配比例将按季度调整，首次分配比例将根据各开办机构已 开立所有养老金资金账户中未投资金额的比重确定。 3.后续，每季度的专属额度将根据各开办机构上一季度向养老金投资者售出储蓄国债（电子式）金额的比重确定。 4.财政部强调，开办机构、国债公司要抓紧制定业务方案，加快系统建设以及相关信息系统间的对接、联调测试等筹备工作，保障个人养老金储蓄国债 （电子式）业务平稳启动。 以下为全文： 关于储蓄国债（电子式）纳入个人养老金产品范围 有关事宜的通知 通知明确，自2026年6月起，个人养老金储蓄国债（电子式）业务开办机构应当为在本机构开立个人养老金资金账户的养老金投资者，提供购买储蓄国债 （电子式）的相关服务。 所称个人养老金储蓄国债（电子式）业务开办机构，是指符合金融 ...

Core Viewpoint - The Ministry of Finance has announced that electronic savings bonds will be included in the scope of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] Group 1: Implementation Details - Institutions offering pension products will sell electronic savings bonds, with issuance limits managed according to the existing regulations on savings bond issuance [1] - The allocation ratio of exclusive pension quotas for each institution will be adjusted quarterly, with the initial distribution based on the proportion of uninvested amounts in all pension accounts [1] - Subsequent quarterly adjustments will be based on the amount of electronic savings bonds sold to pension investors in the previous quarter [1] Group 2: Coordination and Preparation - The Ministry of Human Resources and Social Security will provide monthly updates to the Ministry of Finance regarding the funding and investment status of pension accounts to support quota distribution management [1] - Institutions and bond companies are urged to expedite the development of business plans and enhance system integration and testing to ensure a smooth launch of the electronic savings bond business for personal pensions [1]

Core Viewpoint - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, qualified savings bonds (electronic) will be included in the scope of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] Group 1: Policy Implementation - From June 2026, members of the savings bond underwriting group will provide services for purchasing electronic savings bonds to pension investors who have opened personal pension accounts [1] - Institutions must establish dedicated accounts for pension investors to purchase savings bonds, which will be linked to their pension fund accounts [1] Group 2: Allocation and Distribution - The allocation ratio for dedicated pension bond quotas will be adjusted quarterly, with the initial distribution ratio based on the proportion of uninvested amounts in all pension fund accounts opened by each institution [1]

2022年11月25日，个人养老金制度正式启动实施。如今转眼已三年。 三年间，从36个城市先行试点，到推广至全国，从首批的129只基金产品，到如今突破300只，从最初 清一色的养老目标基金，到如今指数基金、目标日期、目标风险产品齐头并进，为投资者提供越来越多的 选择，个人养老金正在被越来越多的普通投资者接受、认可。 今年下半年以来权益市场显著回暖，部分养老Y份额产品凭借灵活、敏锐的组合调整实现业绩大增。全 市场Y份额产品规模增长至 151 .1 亿元。从基金管理人角度看，有7家公募机构旗下养老基金Y份额管理规 模突破10亿元，相比年初新增3家。其中，华夏基金旗下养老基金Y份额总规模率先突破20亿元，为目前管 理规模最大的基金公司。 时值年末报税季，缴存个人养老金即可享受个税优惠。个人投资者在做养老投资规划时要注意哪些问 题呢？其实关键要想清楚几件事：个人养老金账户的必要性；为什么养老投资不建议太保守；应该如何选 择具体的养老基金产品。 个人养老金的"补充"角色 如果将我国的养老体系形象地比作一座三层金字塔，那么每一层都承载着各自独特的养老使命。 第一支柱位于金字塔的底层，是由政府主导的基本养老保险，但存在替代 ...

Core Points - The article emphasizes the importance of personal pension contributions for tax deductions before the end of the year, highlighting that contributions made before December 31, 2025, can be counted towards this year's tax deduction limit [1][8] - Personal pension contributions are capped at 12,000 yuan annually, which can be deducted from taxable income, providing significant tax savings for individuals with higher income tax rates [1][8] - Investment options for personal pensions have diversified, allowing for better alignment with different risk preferences and financial goals [2][9] Tax Benefits - Contributions to personal pension accounts are fully deductible from taxable income, directly reducing the taxable amount [1][8] - Investment income generated within the personal pension account is not subject to personal income tax until withdrawn [1][8] - Withdrawals from personal pensions will be taxed at a flat rate of 3%, simplifying the tax process for individuals [2] Investment Options - The article discusses three specific funds offered by Guotai Fund that are included in the personal pension Y share category, which offers lower fees compared to regular fund shares [3][9] - The Guotai CSI 300 Index Fund is suitable for investors who want to track market dynamics closely [4] - The Guotai Min'an Target Date 2040 Fund adjusts its equity allocation based on the investor's age, showing a 33.30% return over the past six months, significantly outperforming its benchmark [5] - The Guotai Minze Balanced Target Fund maintains a fixed equity allocation of 30%-45%, catering to moderate risk investors [6] Personal Pension System - The personal pension system is designed as the "third pillar" of retirement savings, complementing the basic pension and enterprise annuities, making it accessible to a wide range of individuals [7][8] - The system allows voluntary participation for all workers with basic pension coverage, enhancing the inclusivity of retirement planning [7] Y Share Advantages - Y shares are specifically designed for personal pension accounts, offering significant fee advantages that can lead to substantial savings over the long term due to compounding effects [9]

Group 1 - The article introduces the concept of "Pension Ledger," which helps individuals plan their retirement funds by presenting current pension assets and estimating future pension income [2][3]. - It outlines the three pillars of pension funding: the first pillar is social security pensions, the second pillar includes enterprise or occupational annuities, and the third pillar consists of personal pensions [3][5]. - The article emphasizes the importance of understanding the total pension assets and the estimated monthly pension income from all three pillars combined [3][5]. Group 2 - The article provides a guide on how to experience the new "Pension Ledger" through a QR code for immediate calculation of retirement benefits [2][3]. - It details the potential rewards for individuals who open and contribute to personal pension accounts, including bonuses for first-time deposits and referral incentives [6][7]. - The article promotes specific investment products aimed at enhancing retirement savings, including low and medium-risk funds available through the bank [6][8].