Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, following Beijing, Shanghai, Guangzhou, and Xiamen, indicating a significant move towards enhancing the real estate trust framework in China [1][2]. Group 1: Expansion of Pilot Cities - The pilot program for real estate trust property registration is accelerating, with Tianjin joining the initiative, bringing the total number of participating cities to five [2]. - The pilot program began in Beijing at the end of 2024, with successful registrations occurring in various districts by different trust companies [2]. - The new notification from Tianjin introduces innovative mechanisms, such as allowing trustees to purchase real estate, thus catering to diverse client needs and enhancing asset management capabilities [2]. Group 2: Addressing Pension Issues - The expansion of the pilot cities highlights the potential of real estate trusts in addressing pension challenges, particularly in the context of an aging population [3][4]. - The registration process has been clarified, which helps resolve ownership issues related to real estate as trust property, thereby facilitating the transfer of assets into trusts [3]. - Real estate trusts can activate existing assets to provide funding for elderly care, while the asset isolation feature of trusts protects the financial interests of older adults [3]. Group 3: Service Chain Extension - The increasing demand for elder care services due to population aging has prompted trust companies to explore innovative service models [4]. - Real estate trusts can lower pension costs and improve asset utilization and returns, contributing to the development of the elder care industry and optimizing wealth management [4]. - Several trust companies are actively promoting real estate trust services, particularly in the elder financial sector, aiming to create a comprehensive ecosystem involving various financial and elder care institutions [5].

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 三十九，敬请垂注。 近几年，普惠金融作为金融"五篇大文章"之一被反复强调，体现了我国金融工作以人民为中心的价值取向。 "普惠金融对于缩小城乡、区域、群体间的金融资源差距具有重要作用。"世纪证券党委书记、董事长李剑峰接 受证券时报记者专访时表示，依托深圳前海作为"特区中的特区"政策和区位优势，世纪证券正通过科技赋能、 产品创新与业务协同，探索普惠金融实践路径，推动财富管理从"交易驱动"转向"价值创造"，为行业提供差异 化发展样本。 强化一体协同 随着居民财富管理需求升级，投资者从追求高收益转向风险收益平衡，更重视资产保值与合理增值，资产配置 多元化的需求日益强烈。世纪证券相关负责人表示，该公司坚持"以客户为中心"，根据客户需求提供不 ...

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, indicating a significant move towards utilizing real estate trusts as a tool for addressing aging population issues and enhancing wealth management [1][2]. Group 1: Expansion of Pilot Program - The pilot program for real estate trust property registration has accelerated, with Tianjin joining Beijing, Shanghai, Guangzhou, and Xiamen [2]. - The new regulations introduced in Tianjin allow for innovative methods of real estate trust registration, including the option for trustees to purchase real estate, thus catering to diverse client needs [2][3]. - The pilot program aims to enhance the flexibility of real estate trusts by broadening the range of beneficiaries [2]. Group 2: Addressing Aging Population Needs - Real estate trusts are seen as a viable solution for addressing the financial needs of the aging population by unlocking existing assets and providing a source of retirement funding [3][4]. - The property transfer and trust registration model aims to clarify ownership rights, thereby protecting the interests of beneficiaries [3]. - The integration of real estate trusts into the retirement planning landscape is expected to improve asset utilization and reduce costs compared to traditional retirement methods [4]. Group 3: Industry Innovations and Services - Several trust companies are actively promoting real estate trust services, particularly in the context of retirement finance [5]. - Companies like Shanghai Trust and Aijian Trust are innovating their business models to include comprehensive services that connect real estate trusts with quality retirement institutions [5]. - Aijian Trust is focusing on a "house-for-pension" model that maintains elderly individuals' control over their properties while providing integrated financial and retirement services [5].

近几年，普惠金融作为金融"五篇大文章"之一被反复强调，体现了我国金融工作以人民为中心的价值取 向。 "普惠金融对于缩小城乡、区域、群体间的金融资源差距具有重要作用。"世纪证券党委书记、董事长李 剑峰接受证券时报记者专访时表示，依托深圳前海作为"特区中的特区"政策和区位优势，世纪证券正通 过科技赋能、产品创新与业务协同，探索普惠金融实践路径，推动财富管理从"交易驱动"转向"价值创 造"，为行业提供差异化发展样本。 强化一体协同 随着居民财富管理需求升级，投资者从追求高收益转向风险收益平衡，更重视资产保值与合理增值，资 产配置多元化的需求日益强烈。世纪证券相关负责人表示，该公司坚持"以客户为中心"，根据客户需求 提供不同的金融解决方案；同时，根据市场变化提升专业能力水平，优化金融产品布局，满足广大居民 差异化的财富管理需求。 为此，世纪证券进一步深化各业务条线协同机制建设，整合内外部资源，建立合理合规的利益分配机 制，充分调动一线业务人员积极性，打通跨业务协作的"最后一步"，使专业资产配置服务更高效、精准 触达投资者。随着服务效能的不断提高，客户黏性逐渐增加，世纪证券帮助客户实现从追求高收益到财 富保值增值的转变 ...

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, which joins Beijing, Shanghai, Guangzhou, and Xiamen, indicating a significant acceleration in the implementation of real estate trusts as a tool for asset management and elder care [1][2]. Group 1: Expansion of Pilot Cities - The pilot program for real estate trust property registration has been accelerated, with Tianjin becoming the fifth city to join after Beijing, Shanghai, Guangzhou, and Xiamen [2]. - The new regulations introduced in Tianjin include innovative mechanisms such as allowing trustees to purchase real estate, catering to diverse client needs and enhancing asset management capabilities [2][3]. Group 2: Addressing Elderly Care Issues - Real estate trusts are increasingly recognized for their potential to address elderly care challenges by unlocking existing assets to provide financial support for retirement [3][4]. - The registration process for real estate trusts has been clarified in pilot cities, facilitating the transfer of property into trusts and ensuring the protection of beneficiaries' rights [3]. Group 3: Service Chain Extension - The growing demand for elderly care services amid an aging population has prompted trust companies to explore innovative service models, enhancing asset utilization and efficiency [4][5]. - Companies like Aijian Trust are developing integrated solutions that combine real estate trusts with various elder care services, aiming to create a comprehensive support system for the elderly [5].

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, indicating a significant move towards enhancing the application of real estate trusts, particularly in addressing pension needs amid an aging population [1][2][3]. Group 1: Expansion of Pilot Cities - The pilot program has accelerated, with Tianjin joining Beijing, Shanghai, Guangzhou, and Xiamen, increasing the total number of pilot cities to five [2]. - The new notification from Tianjin introduces innovative mechanisms, such as allowing trustees to purchase real estate, which caters to diverse client needs and enhances asset management capabilities [2][3]. Group 2: Addressing Pension Issues - Real estate trusts are gaining attention for their potential to address pension challenges, as they can activate existing assets to provide funding for elderly care [3][4]. - The registration process has been clarified in pilot cities, which helps in resolving ownership issues and ensures the protection of beneficiaries' rights [3][4]. Group 3: Service Chain Extension - The growing demand for elderly care services has prompted trust companies to explore innovative service models, which can lower costs and improve asset utilization [4][5]. - Companies like Aijian Trust are developing integrated solutions that combine real estate trusts with various elderly care services, aiming to enhance the quality of life for seniors [5].

Core Viewpoint - The 2025 Asia Brand Conference highlighted the inclusion of Fude Life Insurance in the "Asia's Top 500 Brands" list, reflecting its brand influence and social reputation growth over the years [1][6]. Group 1: Brand Recognition - Fude Life Insurance has been recognized for the 14th time in the "Asia's Top 500 Brands," showcasing its continuous improvement in brand value and comprehensive strength [1][6]. - The "Asia's Top 500 Brands" list evaluates over 2,000 well-known brands based on market share, brand loyalty, and leadership in Asia [6]. Group 2: Commitment to Financial Services - The company has maintained its commitment to "finance for the people," focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [3]. - In the pension finance sector, Fude Life Insurance is innovating to address the challenges of an aging population, emphasizing a shift from home-based care to more professional and humanized services [3]. Group 3: Health and Welfare Initiatives - Fude Life Insurance has developed a comprehensive health service model called "Healthy Life," which integrates insurance protection, product promotion, health services, and cost management to meet diverse customer needs [3][5]. - The company has established a public welfare matrix focusing on children and the elderly through initiatives like the "Little Dolphin Plan" and "Silver Crane Plan," promoting social responsibility [4]. Group 4: Product and Service Innovation - The company emphasizes a "product + service" dual-engine model to meet diverse and lifelong customer protection needs, launching 41 new products in 2024 across various insurance categories [5]. - Fude Life Insurance has optimized its claims service with a new system that reduces average claim processing time to 1.16 days and case closure time to 0.42 days, enhancing service efficiency and quality [5]. Group 5: Future Aspirations - Fude Life Insurance aims to continue enhancing its core competitiveness and brand influence by focusing on product and service innovation, aligning with its vision of "Beautiful Life" and "Healthy Life" [6].

Core Viewpoint - The article emphasizes the urgent need for diversified and multi-layered elderly care insurance products in response to China's aging population, highlighting recent policy developments aimed at enhancing the insurance framework for elderly care institutions [1][5]. Group 1: Policy Developments - The Beijing Civil Affairs Bureau issued guidelines to improve comprehensive liability insurance for elderly care institutions, covering various liabilities such as accidental injury, legal fees, and third-party responsibilities [1][3]. - The implementation of these guidelines is seen as a move towards ensuring comprehensive insurance coverage for elderly care facilities, with similar initiatives reported in regions like Xinjiang, Hebei, and Shanghai [1][5]. Group 2: Insurance Products - Elderly care liability insurance is designed to compensate for economic liabilities incurred by care institutions due to accidents involving residents, including personal injury and legal costs [3]. - The development of long-term care insurance (LTCI) is crucial, especially as the population of elderly individuals requiring long-term care grows, with over 1.8 billion people expected to be insured by the end of 2024 [5]. Group 3: Challenges and Innovations - Despite advancements, LTCI faces challenges such as low coordination levels, inconsistent benefits, and insufficient coverage for rural areas and dementia patients [6]. - The market is witnessing innovations like dedicated commercial elderly insurance products and inclusive health insurance options that cater to the needs of the elderly population [8]. Group 4: Future Outlook - The Chinese government is pushing for the development of a robust elderly care financial system, emphasizing the need for innovation in pension insurance products and improved financial services for the elderly [8][9]. - Experts suggest leveraging financial technology to reconstruct the elderly care ecosystem, focusing on personalized asset allocation and integrating AI and big data for better service delivery [9].

Core Viewpoint - The article discusses the launch of a series of activities aimed at promoting the high-quality development of public funds in Beijing, emphasizing the importance of pension fund management in the context of an aging population and national financial strategies [1][2]. Group 1: Industry Initiatives - The Beijing Securities Regulatory Bureau, along with the Beijing Securities Association and various financial institutions, initiated the "Beijing Public Fund High-Quality Development Series Activities" to enhance the public fund sector [1]. - The 2023 Central Financial Work Conference highlighted the need for high-quality financial development, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1]. Group 2: Company Actions - Yin Hua Fund has proactively engaged in personal pension business, aligning with national strategies to support a multi-pillar pension insurance system [1]. - The company has established a dedicated team to oversee the planning and implementation of personal pension services, aiming to provide long-term and stable investment options for retirees [2]. Group 3: Product and Service Innovations - Yin Hua Fund has launched pension-targeted funds with Y-class shares, catering to diverse age groups and risk preferences in pension investments [2]. - The company has pioneered a B2C model for personal pensions, collaborating with major state-owned enterprises to offer a "one-stop" service for pension investments [2]. - Yin Hua Fund is the first fund company to integrate into the electronic social security card's personal pension product purchase section, facilitating easier access for residents [2]. Group 4: Future Outlook - Yin Hua Fund plans to strengthen its research and investment capabilities, enhance cross-cycle asset allocation, and build a skilled workforce in pension management to contribute to the high-quality development of the pension system [2].

Core Insights - The aging population in China is driving the demand for diversified pension security, prompting the insurance industry to innovate products and services to meet the needs of the elderly and their families [1][3] Group 1: Policy Developments - The Beijing Civil Affairs Bureau issued guidelines to enhance comprehensive liability insurance for elderly care institutions, covering accidental injuries, legal fees, and third-party liabilities [1][2] - The implementation of these guidelines signifies a move towards ensuring comprehensive insurance coverage for elderly care facilities, with similar initiatives reported in regions like Xinjiang, Hebei, and Shanghai [1][2] Group 2: Insurance Products - Elderly care liability insurance compensates for economic liabilities incurred by care institutions due to accidents involving residents, covering personal injury, legal fees, and rescue costs [2] - The introduction of long-term care insurance (LTCI) is crucial as the number of elderly individuals requiring long-term care increases, with over 1.8 billion people expected to be insured by the end of 2024 [3] Group 3: Market Innovations - The market is seeing innovations such as dedicated commercial pension insurance and inclusive health insurance products that cater to the elderly, enhancing their financial security [4] - The People's Bank of China and other departments are promoting the development of pension insurance pillars and encouraging innovation in commercial annuity products to better serve the aging population [4] Group 4: Challenges and Recommendations - The pension finance system faces challenges such as disparities in basic pension benefits, low coverage of enterprise annuities, and complexity in third-pillar products [5] - Experts suggest leveraging financial technology to reconstruct the pension ecosystem, emphasizing the need for personalized asset allocation and a service platform that is both age-friendly and trustworthy [5]