欢迎扫描下方二维码关注： 近日，人力资源社会保障部等5部门对外发布《关于领取个人养老金有关问题的通知》，进一步丰富个人养老金领取情形，明 确具体操作办法，自 9月1日起 开始实施。新增情形有哪些？相关税收优惠是什么？一起来看↓ 温馨提示 新增情形 一 新增3种个人养老金领取情形： 此前，参加人符合下列条件之一的，可以领取个人养老金：一是达到领取基本养老金年龄。二是完全丧失劳动能力。三是出国 （境）定居。 新增2类个人养老金领取申请渠道： 在此前通过个人养老金资金账户开户银行申请领取的基础上，增加国家社会保险公共服务平台、电子社保卡、掌上12333App等全国 统一线上服务入口，以及参加人当前基本养老保险关系所在地社会保险经办机构2类申请渠道。 个人养老金个税政策 二 自2024年1月1日起，在全国范围实施个人养老金递延纳税优惠政策。 申请之日前12个月内，本人（或配偶、未成年子女）发生的与基本医保相关的医药费用支出，扣除医保报销后个人负担（指医 保目录范围内的自付部分）累计超过本省（自治区、直辖市）上一年度居民人均可支配收入； 申请之日前2年内领取失业保险金累计达到12个月； 正在领取城乡最低生活保障金。 大 ...

近日，人力资源社会保障部、财政部、税务总局、金融监管总局、中国证监会联合印发《关于领取 个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二 是完全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生 的与基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超 过本省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计 达到12个月。六是正在领取城乡最低生活保障金。 通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个 人养老金提供便捷服务。（记者 邱超奕） 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入 口、个人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请， 由社保经办机构核实。对核实通过的，由个人养老金资金账户开户银行代扣代缴个人所得税后，将资金 划转至本人社会保障卡银行账户。 ...

通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个人养 老金提供便捷服务。 《 人民日报 》（ 2025年08月23日 03 版） (责编：袁勃、赵欣悦) 本报北京8月22日电 （记者邱超奕）近日，人力资源社会保障部、财政部、税务总局、金融监管总局、 中国证监会联合印发《关于领取个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确 了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二是完 全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生的与 基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本 省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计达到 12个月。六是正在领取城乡最低生活保障金。 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入口、个 人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请，由社保 经办机构核实。对核实通过的， ...

通知要求，加强信息共享，充分利用可获取的跨业务、跨层级数据，优化经办系统功能，为领取个人养 老金提供便捷服务。 （文章来源：人民日报） 通知明确，参加人领取个人养老金，可以通过国家社会保险公共服务平台等全国统一线上服务入口、个 人养老金资金账户开户银行、当前基本养老保险关系所在地社会保险经办机构等渠道提出申请，由社保 经办机构核实。对核实通过的，由个人养老金资金账户开户银行代扣代缴个人所得税后，将资金划转至 本人社会保障卡银行账户。 本报北京8月22日电 （记者邱超奕）近日，人力资源社会保障部、财政部、税务总局、金融监管总局、 中国证监会联合印发《关于领取个人养老金有关问题的通知》，就丰富个人养老金领取情形问题，明确 了具体操作办法。 通知规定，参加人符合下列条件之一的，可以领取个人养老金。一是达到领取基本养老金年龄。二是完 全丧失劳动能力。三是出国（境）定居。四是申请之日前12个月内，本人或配偶、未成年子女发生的与 基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本 省（自治区、直辖市）上一年度居民人均可支配收入。五是申请之日前2年内领取失业保险金累计达到 12个月。 ...

债券研究 证 券 研 究 报 告 【债券周报】 政策双周报（0807-0821）：财政贴息政策落 地，政策性工具有望推出 ❖ 宏观基调：财政贴息政策落地，年内设备更新资金下达完毕 （1）财政贴息：《个人消费贷款财政贴息政策实施方案》和《服务业经营主体 贷款贴息政策实施方案》出台，以提振消费需求，两顶政策到期后将开展效果 评估，研究视情延长政策的期限。 （2）国常会：国常会上李强总理强调要培育壮大服务消费，加力扩大有效投 资。 （3）设备更新：据发改委，年内 1880 亿元超长期特别国债支持设备更新投资 补助资金下达完毕。 ❖ 财政政策：专项债可用于 PPP 建设成本，"准财政"工具有望推出 （2）货政报告：央行二季度货政执行报告延续"落实落细"总定调，防资金 空转仍有定力。 （3）金融数据：金融时报回应如何更好理解当前金融数据的问题时称在当 前决策层多次提到"破除内卷式竞争"的背景下，金融机构必须看到挖掘 有效信贷需求是银行稳健可持续经营的保障。 ❖ 金融监管：银行并购贷款征求意见稿出台，个人养老金新增三种领取情形 （1）银行：监管整治银行"内卷式"竞争；居民存款搬家，资金加速入市； 商业银行并购贷款管理办法 ...

◎记者 朱妍 今年以来，多家公募基金管理人收到《关于指数基金纳入个人养老金产品名录相关工作的通知》，明确 了将指数基金纳入个人养老金产品名录的标准。根据通知，公募基金管理人可以在每季度结束后1个月 内，将符合标准的指数产品申请纳入名录。目前，在个人养老金基金名录中，指增基金的数量已增至24 只，涉及上证50、沪深300、中证500、中证800等多个指数。 指增基金丰富投资者选择 在赚钱效应下，指增基金的市场关注度不断提升。Choice数据显示，截至8月21日，24只纳入个人养老 金产品名录的指增基金，成立以来平均收益接近12%，且最早成立的产品成立时间为2024年12月。养老 基金Y份额投资者的风险偏好与指增基金较为匹配。 南方基金此前发布的《2024年中国个人养老金发展报告》显示，在一般基金投资者中，无法接受大幅收 益波动的投资者占比为46.6%。但在已购买养老基金Y份额的投资者中，此类投资者占比为23%，希望 赚取高收益并愿意承担有限甚至较大本金损失的投资者占比达到77%。 博道基金认为，此次个人养老金基金增加多只指增基金，有助于投资者结合自己的风险偏好和个人养老 规划等因素，进行养老资产的配置。指增基金 ...

央视网消息：自9月1日起，个人养老金新增3种领取情形，大病家庭、长期失业者、低保人群可提前领 取。怎样看待政策的调整改进？另外，作为个人养老保险制度的"第三支柱"，个人养老金制度落地实施 以来发展情况如何？接下来还可以从哪些方面进一步提升缴存意愿，让这一制度更好地发挥效用？《新 闻1+1》连线中国社会保障学会副会长金维刚、中国社会科学院金融所研究员董昀，带来分析解读。 ...

1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views of the Report - The A - share market is in high - level oscillation with sector rotation. Futures of various commodities show different trends based on their respective fundamentals, including supply, demand, and macro - economic factors [2][4]. - The bond market is affected by factors such as reverse repurchase operations and stock market trends. It is expected to have limited adjustment and requires certain factors to stabilize [6]. - Precious metals are under pressure due to the strengthening of the US dollar and are waiting for the Fed Chairman's statement at the central bank meeting [7]. - The shipping index shows different trends in different routes, and the container shipping futures are expected to be weakly volatile [11]. - The prices of non - ferrous metals are affected by factors such as macro - economic environment, supply - demand relationship, and inventory. Most of them are expected to be in a range - bound state [13]. - The prices of black metals are influenced by cost, supply, demand, and inventory. Short - term trends vary, and some suggest short - term short - selling operations [41]. - Agricultural products have different outlooks. Meal products have long - term bullish expectations, while the trends of pigs, corn, etc. are affected by supply, demand, and seasonal factors [56]. 3. Summary by Catalog Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market had a high - level oscillation on Tuesday. The main stock indexes rose in the morning and fell back in the late trading. The four major stock index futures contracts also declined. The market is affected by domestic and overseas news and capital flows. It is expected to enter a high - level oscillation and wait for the decision of the policy direction. It is recommended to buy put options to protect long positions or partially take profits [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed up across the board. The yields of most major interest - rate bonds in the inter - bank market declined. The market is affected by reverse repurchase operations and stock market trends. It is expected to be limited in adjustment. It is recommended to wait and see in the short term [5][6]. Precious Metals - Gold and silver prices declined due to the strengthening of the US dollar. The market is waiting for the Fed Chairman's statement at the Jackson Hole Global Central Bank Annual Meeting. Gold is recommended to build a bull spread strategy through call options at low prices after the price correction, and silver is recommended to maintain a low - buying idea [7][9][10]. Container Shipping Futures on European Routes - The spot prices of container shipping are in a downward phase, and the futures are expected to be weakly volatile. It is recommended to hold short positions in the 10 - contract [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market has weak driving forces and shows narrow - range oscillation. The price is affected by the "stagflation - like" environment and inflation expectations. It is expected to be range - bound in the short term, with the main contract referring to 78000 - 79500 [13][17]. - **Alumina**: The alumina market is under pressure due to the continuous increase of warehouse receipts. The supply is expected to increase in the medium term, and it is recommended to short at high prices [17][18][19]. - **Aluminum**: The aluminum price is expected to be range - bound in the short term. The supply is stable with a slight increase, while the demand is in the off - season, and the terminal consumption recovery is weak. The main contract refers to 20000 - 21000 [19][20][21]. - **Aluminum Alloy**: The aluminum alloy market is in a state of weak supply and demand. The price is expected to be range - bound, and the aluminum alloy - aluminum price difference is expected to converge. It is recommended to refer to the 19600 - 20400 range and consider arbitrage operations [22][24]. - **Zinc**: The zinc price is oscillating weakly. The supply is expected to be loose, and the demand is in the off - season. It is expected to be range - bound, with the main contract referring to 22000 - 23000 [24][27]. - **Tin**: The tin price is oscillating with limited short - term driving forces. It is recommended to wait and see, and the follow - up depends on the recovery of tin mines in Myanmar [28][30]. - **Nickel**: The nickel price is in a narrow - range oscillation, and the fundamentals change little. It is expected to be range - bound, with the main contract referring to 118000 - 126000 [30][32][33]. - **Stainless Steel**: The stainless - steel price is oscillating weakly. The cost provides support, but the demand is still a drag. It is expected to be range - bound, with the main contract referring to 12800 - 13500 [33][36]. - **Lithium Carbonate**: The lithium carbonate price is expected to be in a strong - range wide - amplitude oscillation. The fundamentals are marginally improved, and it is recommended to wait and see cautiously and try to go long lightly at low prices [37][40]. Black Metals - **Steel**: The steel price has broken through the support level. It is recommended to try short - selling in the 3380 - 3400 range of the October contract [41][44]. - **Iron Ore**: The iron - ore price follows the steel price. It is recommended to short at high prices due to factors such as supply, demand, and inventory [45][48]. - **Coking Coal**: The coking - coal futures have peaked and declined. It is recommended to short at high prices and conduct reverse arbitrage for the 9 - 1 spread [49][52]. - **Coke**: The coke futures are oscillating downwards. It is recommended to short the 2601 contract at high prices and conduct positive arbitrage for the 9 - 1 spread [53][55]. Agricultural Products - **Meal Products**: The meal products have strong cost support, and the long - term bullish expectation remains unchanged. It is recommended to go long at low prices [56][58]. - **Pigs**: The pig spot price is oscillating at a low level. It is recommended to wait and see due to factors such as supply, demand, and market sentiment [59][60]. - **Corn**: The corn price is oscillating weakly due to supply pressure. It is recommended to pay attention to the growth of new - season corn [61][62].

Group 1: Report Core View - Focus on the start - up situation of mid - stream manufacturing industries, including the "anti - involution" progress in the production industry and pension policies in the service industry [1][2] - Provide an overview of the upstream, mid - stream, and downstream industries, including price and start - up rate changes [3] Group 2: Industry Investment Rating - No relevant content provided Group 3: Summary by Directory Production Industry - In the photovoltaic industry, on August 19, multiple departments jointly held a symposium to further standardize the competition order, including strengthening industrial regulation, curbing low - price disorderly competition, and standardizing product quality [1] Service Industry - From January to July 2025, the stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%. The securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5%. In July 2025, the securities trading stamp duty was 1.51 billion yuan, a month - on - month increase of 29% and a year - on - year increase of 1.25 times [2] - Starting from September 1, 2025, three new personal pension withdrawal situations are added, related to medical expenses, unemployment insurance benefits, and minimum living security [2] Upstream Industry - In the black industry, glass prices have dropped significantly; in the agricultural industry, egg and palm oil prices have rebounded; in the energy industry, liquefied natural gas prices have dropped [3] Mid - stream Industry - In the chemical industry, the PX start - up rate has increased, while the start - up rates of urea and PTA have slightly decreased; in the energy industry, the coal consumption of power plants has increased; in the agricultural industry, the start - up rate of pig products has increased [3] Downstream Industry - In the real estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined; in the service industry, the number of domestic flights has remained stable at a high level [3] Key Industry Price Indicators - In the agricultural industry on August 19, the spot price of eggs increased by 5.16% year - on - year, and the spot price of palm oil increased by 4.55% year - on - year; in the non - ferrous metal industry, most metal prices decreased year - on - year; in the black metal industry, most product prices decreased year - on - year; in the energy industry, the price of liquefied natural gas decreased by 3.32% year - on - year [37]

Core Viewpoint - The recent notification issued by multiple government departments aims to enhance the accessibility and management of personal pension withdrawals, effective from September 1 [1]. Group 1: Conditions for Withdrawal - Participants can withdraw personal pensions if they meet one of the following conditions: reaching the retirement age for basic pensions, complete loss of labor capacity, settling abroad, incurring significant medical expenses exceeding the local average disposable income, receiving unemployment insurance for 12 months within the last two years, or currently receiving minimum living security [4]. Group 2: Withdrawal Process - The notification specifies that participants can apply for personal pension withdrawals through various channels, including the national social insurance public service platform, the bank where their personal pension account is held, or local social insurance agencies. Upon verification, the bank will deduct a 3% personal income tax before transferring the funds to the participant's social security card bank account [2]. Group 3: Understanding Personal Pensions - Personal pensions are a government-supported, voluntary, market-oriented system designed to supplement retirement insurance. They operate on an individual account basis, with a maximum annual contribution limit of 12,000 yuan. Participants can choose to invest in various financial products, benefiting from tax incentives as per national regulations [3].