Group 1 - The core idea of the article emphasizes the importance of personal pension accounts as a third pillar of retirement savings, highlighting their tax benefits, exclusive product fee discounts, and long-term compounding advantages [2][20] - The maximum annual contribution to personal pension accounts is 12,000 yuan, which can yield a tax deduction of up to 5,400 yuan during the tax declaration period from March to June of the following year [4][22] - Personal pension funds are designed for long-term investment, and they feature a special Y class share that offers lower management and custody fees, optimizing investment costs [4][22] Group 2 - Sun Zhiyuan, General Manager of the Asset Allocation Department at Huashang Fund, notes that personal pension funds have a long investment horizon and a relatively strong risk tolerance, allowing for strategic investment approaches that can enhance returns [2][20] - The investment philosophy of Sun Zhiyuan focuses on achieving absolute and relative returns, with his managed funds outperforming their benchmarks, such as the Huashang Jiayue Balanced Pension Target Fund achieving a net value growth rate of 20.94% over three years, surpassing its benchmark of 17.87% [8][27] - Huashang Fund offers a variety of pension target funds, including target date and target risk products, catering to different age groups and risk preferences, emphasizing the importance of early preparation for retirement planning [9][27]

Choice数据显示，截至12月24日，近一年来284只个人养老金基金全部实现正收益，平均净值增长率为 16.18%。其中，排名居前的是多只科创创业ETF、创业板ETF和科创50 ETF，近一年净值增长率均在 30%以上。此外，权益占比相对较大的养老目标日期基金和多只中证500 ETF近一年净值增长率也超过 20%。 目前，年度个人养老金缴存进入倒计时。除投资收益外，缴存个人养老金基金还有节税、省费两大优 势。 首先，从具体税收优惠来看，汇丰晋信基金相关人士表示，在2025年12月31日前开通个人养老金账户并 缴存，同时完成个税专项附加扣除项目的确认，就可以在2026年3月开始个税年度汇算时，享受2025年 度个人所得税其他扣除项目的退税额度。值得注意的是，错过的话就无法享受2025年度退税，只能再等 一年。而具体的节税额度根据全年应缴纳税所得额和税率进行阶梯式区分，最高可节税5400元。 近一年来所有个人养老金基金实现正收益 投资指数基金，究竟赚的是什么钱？有机构认为：一是经济长期向上的红利，如中证A500指数，覆盖 了沪深两市各行业规模较大且流动性良好的500家企业的股票，随着经济稳步发展，这些具有代表性 ...

Core Insights - The article emphasizes the importance of personal pension accounts as a third pillar of retirement savings, highlighting their tax benefits, exclusive product fee discounts, and long-term compounding advantages [2][14]. Group 1: Personal Pension Account Benefits - Personal pension accounts allow for an annual contribution of up to 12,000 yuan, which can be declared for tax deductions of up to 5,400 yuan during the tax filing period from March to June of the following year [3][14]. - Investment income from personal pension accounts is not taxed, and withdrawals are subject to a 3% personal income tax rate [3][14]. - The personal pension investment funds offer exclusive Y-class shares, which provide lower management and custody fees, optimizing investment costs [3][14]. Group 2: Professional Management Insights - Sun Zhiyuan, General Manager of the Asset Allocation Department at Huashang Fund, notes that personal pension funds have a long investment horizon and a relatively strong risk tolerance, allowing for strategic investment approaches [2][19]. - Professional managers can assist investors in adhering to investment disciplines that are often difficult to maintain, such as controlling positions at market peaks and gradually investing during downturns [19]. - The investment philosophy pursued by Sun Zhiyuan aims to ensure that even investors entering the market at the worst times can achieve a satisfactory investment experience [19]. Group 3: Fund Performance - The Huashang Jiayue Balanced Pension Target Fund (FOF) A has achieved a net value growth rate of 20.94% over the past three years, surpassing its benchmark of 17.87% [9][20]. - The Huashang Jiayi Pension Target 2040 Fund (FOF) A recorded a growth rate of 21.50%, significantly exceeding its benchmark of 15.65% [9][20]. - The Huashang Jiayue Steady Pension Target Fund (FOF) A achieved an 11.87% return over three years, outperforming its benchmark of 11.73% [9][20].

个人养老金投资于2022年末开始在部分城市试点，2024年12月底推广至全国。公开数据显示，截至目前，个人养老金开户人数已一路攀升至超1.5亿。 临近年末，年度个人养老金缴存进入收官倒计时，金融机构纷纷加大营销力度，开启年底冲刺。 个人养老金是我国多层次养老保障体系的重要组成部分，其"缴费税前扣除、投资收益暂不征税、领取环节低税率"的税收优惠政策，已成为居民优化个 税、补充养老储备的重要选择。 银行花式营销 从开户到缴存，银行们纷纷设置阶梯式奖励，以真金白银的优惠吸引客户完成个人养老金年度缴存，助力居民锁定个税优惠与额外权益。 此外，各家银行还推出差异化产品和全流程服务升级，推动养老金融市场从粗放营销迈向精细化运营。 银行们针对个人养老金缴存的优惠呈现阶梯化和差异化特征， 覆盖不同缴存能力客群。"愉见财经"根据媒体报道整理了部分，例如： 中信银行推出"达标礼赠"福利活动：10月1日至11月30日，首次开户达标可参与抽奖，最高获366元微信立减金，缴存达标可再抽最高188元立减金，两档 福利叠加至高可领554元。 超98%基金Y份额实现正收益 工商银行在12月1日至31日推出"首开首缴享好礼"与"累计缴存礼上礼 ...

2025年即将结束，个人养老金投资的年度抵税优惠额度缴纳期限，进入倒计时。 券商中国记者了解到，基金公司近期向投资者发出"1.2万元缴存额度即将清零"提醒，不同年龄段的养老金投资者，也在近期根据自身情况进行了账户操作。有公募从 业者往养老金账户存入1.2万元，以在明年申报个税扣除；还有刚于今年退休的金融高管，把此前存的两期本金带利息（24384元）一并取出。 该高管对券商中国记者表示，384元的养老金利息比一般定期存款利率高一些，但收益算不上明显。他开户的银行没有公募基金Y份额产品，他存入资金买的是银行养 老储蓄产品。而受益于年内A股行情，逾98%基金Y份额产品年内实现正收益，最高收益率超60%。分析人士认为，从长期来看，养老金投资依然应遵循分散原则，目 前可投的金融产品已日趋丰富，投资者应根据产品风险收益特征、产品费率、自身年龄、收入等情况综合考虑。 最多可省5 4 0 0元 从券商中国记者了解的情况来看，不同年龄段的养老金投资者，在年底都根据自身情况进行了账户操作。北京一位公募从业人士对券商中国记者表示，和往年一样， 他近期往养老金账户了存了1.2万元，把额度都用上了。他表示，这笔退税虽然不高，但确实是一 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The "Y share" of personal pension funds is a significant initiative in the context of the national strategy for personal pension system construction, with cost advantages and tax shield effects. It can guide the transformation from "short - term funds" to "long - term funds" [3][7]. - The CSI 300 index has relatively stable dividend returns, its current valuation has a safety margin, and its future profit expectations are optimistic, making it suitable for long - term allocation [3]. - The Cathay CSI 300 Index Securities Investment Fund has outperformed the CSI 300 index in the long - term, with excellent control over tracking errors, and is a high - quality passive index fund [33]. 3. Summary by Relevant Catalogs 3.1 Personal Pension Fund "Y Share" Introduction 3.1.1 "Y Share" Policy Background: The "Cornerstone" of the Third Pillar - In the context of population aging and fiscal pressure, the construction of the personal pension system is a national strategy. The "Y share" is a standardized interface for the public fund industry to connect with the national pension strategy [7]. - It has cost advantages, with fee structures that significantly reduce long - term holding frictional costs, and tax shield effects, providing direct tax subsidies for middle - and high - income groups [7][8]. 3.1.2 "Y Share" Market Significance: Mechanism Guidance from "Short - Term Funds" to "Long - Term Funds" - For individual investors, the closed - operation mechanism of the "Y share" can lock in long - term liquidity and obtain high - equity volatility premiums. The annual contribution limit forms an annual fixed - investment rhythm, which matches the characteristics of equity - type assets [11][12]. - For the market ecosystem, personal pension account funds are long - term and stable, which can improve the A - share investor structure, reduce market volatility, and support the real economy [12]. 3.2 CSI 300 Index Introduction 3.2.1 Dividend Yield Analysis: Relatively Stable Dividend Returns - The dividend yield of the CSI 300 mostly ranges from 2.0% to 3.5%, higher than that of the CSI 500 and 1000 but lower than that of the SSE 50. It combines growth and value components, suitable for investors who prefer stable cash flows [22]. 3.2.2 Valuation Level: The Overall Valuation Level Returns to the Historical Median - Since 2021, the valuation has shown a significant downward trend. Currently, the overall valuation level of the CSI 300 is in the middle range, with a certain safety margin and medium - to long - term attractiveness [25]. 3.2.3 Profit Level: Optimistic Future Profit Expectations for the Index - The net profit has shown a steady upward trend, increasing from about 3.8 trillion in 2020 to an expected about 5.9 trillion in 2027E, with a cumulative growth of over 55%. The ROE will continue to grow in the next three years, and the index has medium - to long - term allocation value [29]. 3.3 Cathay CSI 300 Index Securities Investment Fund Analysis 3.3.1 Cathay CSI 300 Has Outperformed the CSI 300 Index in the Long - Term - Since 2020, as of December 12, 2025, the cumulative net value of Cathay CSI 300 has increased to about 1.38 times, higher than about 1.12 times of the CSI 300 index. It has achieved stable excess returns, controlled volatility and drawdowns, and has the characteristics of "high return + low volatility + strong defense" [33]. 3.3.2 Excellent Tracking Error Control of Cathay CSI 300 - The average value of the absolute value of the daily tracking deviation since 2020 is 0.05%, and the maximum value is 1.28%. The annualized tracking error has been kept within 2% since 2020 and within 1% in the past three years [40]. 3.3.3 Asset Allocation of Cathay CSI 300 - The fund has returned from active exploration to pure passive replication. The stock market value accounts for 94% - 95% of the net value, higher than the benchmark requirement. The industry weight deviation is well - controlled, making it a high - purity and tool - oriented CSI 300 index allocation vehicle [46][49]. 3.3.4 Introduction of the Current Fund Manager - Wu Zhonghao, with 3.88 years of investment experience, currently manages 18 funds with a total managed fund scale of 253.91 billion yuan as of September 30, 2025 [52].

三十五年前，诗人海子写下了那首著名的诗《面朝大海，春暖花开》，诗中说："从明天起，关心粮食和蔬菜；我有一所 房子，面朝大海，春暖花开。" 诗歌里还写道："给每一条河每一座山取一个温暖的名字，…….愿你有一个灿烂的前程，愿你有情人终成眷属，愿你在尘 世获得幸福, 我只愿面朝大海，春暖花开。" 以入世的观点看，有房子、有美好的餐食、有家人陪伴、可以去看这个世界的山河大川，应该是我们后半生的美好样子。 但美好的生活不会从天上掉下来，除了必要的身体的爱护、家庭和社会关系的经营外，个人（家庭）财富的调度和积累也 非常重要。 一个简单的统计是，如果以2.2%（中国过去30年的通胀速率）为参考值，经历30年后，我们身边财富的实际购买力或将 萎缩近一半。 所以， 如何管好你手头的财富，充分利用当下的养老金优惠政策，做好长期的养老规划，非常重要。而在这方面， 华泰 柏瑞中证红利低波ETF联接Y（022951）或能助我们一臂之力。 01 高利率时代成为过去式 如果回顾最近几年和过去30年我国的GDP的变化，就可以发现，最大的差异主要来自于两个方面： 其一、我国GDP总量大幅增加； 其二、在高增长下我国GDP增速不可避免地呈现下移 ...

Group 1 - The personal pension system has been promoted nationwide for one year, with over 97% of pension fund products achieving positive returns in 2023 [2] - The total scale of personal pension funds reached 15.11 billion yuan, growing by 65.3% since the beginning of the year [2] - Among the 128 FOF products established for over three years, over 96% have achieved positive returns, with the highest return reaching 33.54% [2][6] Group 2 - The first batch of 85 personal pension index funds has all achieved positive returns, with an average return of approximately 24.2% since their establishment [3][4] - The total scale of personal pension index funds reached 2.294 billion yuan, increasing by 6.3 times since the beginning of the year [3] - The top four index funds tracking the ChiNext 50 Index have returns exceeding 58%, with the highest at 60.59% [4] Group 3 - The average return of personal pension FOF products in 2023 is approximately 13.2%, with about 99% of products achieving positive returns [6][7] - The total scale of personal pension FOF products reached 12.817 billion yuan, increasing by 45.3% since the beginning of the year [6] - Among the 128 FOF products established for over three years, the average return is 11.03%, with only 5 products showing negative returns [7][8]

又至岁末年初，很多小伙伴都开始关注起个人养老金缴存的话题。今年的缴存期限不到一个月了，明年 新的额度又来了，每年缴存的这12000元可以买点什么？ 事实上，从2024年底起，指数类基金（含指数增强基金）也被正式纳入个人养老金投资篮子，大家的选 择变得更加丰富了。小博家成立最早的两只宽基指增——博道中证500增强和博道沪深300增强今年也都 增设了个人养老金Y份额。 对于大部分养老投资者而言，指数增强基金可能都是不错的选择，它不光跟着指数走，策略简单透明， 还悄悄"加Buff"，长期复利下来，收益效应会像滚雪球一样越滚越大。 那么，为啥指数增强适合养老配置？指数增强基金的长期收益如何？哪些类型的投资者更适合配置Y份 额？本文带大家一口气看懂！ 01指数增强为啥成养老配置新宠？ 首先，风格清晰不漂移。 养老是长期规划，清晰的投资风格有助于让投资者长期持有。 而指数增强基金的特点之一，就是会对标明确的指数，不管中途是否更换基金经理，风格都不会改变， 投资组合高度透明。 其次，增强策略契合养老金。 指数增强基金有一个特点：不满足于只跟踪指数，还进一步追求"增强"！ 而且，这种增强的复利效应很显著，个人养老金投资周期往 ...

据悉，华泰柏瑞中证红利低波ETF联接Y主要投资于全市场首只规模突破250亿元的红利低波主题ETF ——红利低波ETF。红利低波ETF成立于2018年12月19日，是全市场首只跟踪红利低波指数的ETF产 品，同时也是全市场仅有的成立以来每个完整年度（2019年至2024年）均实现正收益的股票型ETF产 品。截至2025年三季度末，该基金成立以来的累计收益率达127.74%。 ● 本报记者 王鹤静 为推进多层次、多支柱养老保险体系建设，贯彻落实《关于推动个人养老金发展的意见》，2022年《个 人养老金实施办法》及《个人养老金投资公开募集证券投资基金业务管理暂行规定》发布，标志着个人 养老金制度以及个人养老金投资公募基金业务正式落地实施，专门针对个人养老金设置的养老FOF基金 Y份额应运而生。 个人养老金制度试点两年后，2024年12月《关于全面实施个人养老金制度的通知》宣告个人养老金制度 正式推广至全国，并且在养老FOF基金Y份额的基础上，首次将包括华泰柏瑞中证红利低波ETF联接Y 在内的权益类指数基金纳入个人养老金投资产品名录。2025年5月发布的《推动公募基金高质量发展行 动方案》进一步强调，积极推动基金公司 ...