文 | 银行螺丝钉 （转载请注明出处） 合并做投资的,收益相同,只不过费率 有区别。 通常Y份额只能在个人养老金账户中投 资，费率也给了优惠。 (2) 覆盖了16个主流股票指数。 包括沪深300、中证500等宽基指数，中 证A500等龙头策略指数,以及中证红 利、红利低波等红利策略指数。 个人养老金账户目前还没有纳入ETF。 那这些养老指数基金,该如何搭配呢? 比较经典的，是两组搭配： (1) 沪深300+中证500 (即中证800) 同时覆盖了A股大中盘股，也是最经典的 搭配。 指数增强投顾组合，也是采用类似的策 略,分散配置大中小盘股，底层主要投 资中证800的成分股。 (2) 龙头策略(A系列指数)+红利策略 龙头+红利，也是比较适合搭配。 纳入个人养老金账户的策略指数基金, 当前也主要是龙头策略（中证A50、 A100、A500）和红利策略。 螺丝钉个人养老金定投实盘,也采用这 个策略。 每周二晚上,公众号会发布「个人养老 金账户的指数基金定投计划」。 计划包括定投的具体品种和金额、再平 衡方案、止盈操作等，方便大家参考。 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 在 ...

专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。摩根资产 管理（中国）养老金业务负责人陈晓东表示，从多维度观察，中国养老体系具备充足的安全边际，无需 对养老问题过度担忧。 一，基本养老保险基金财务状况健康，近10年持续保持收大于支，节余资金以接近两位数的比例增长， 且近两年收入增速高于支出增速，从全国视角看无重大风险。 二，生产力发展将成为缓解养老压力的核心动力，未来随着科技前沿、生命科学等领域的持续突破，个 体创造的价值将显著提升，即便抚养比下降，也能通过更高的生产效率支撑养老需求。 责任编辑：李思阳 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。摩根资产 管理（中国）养老金业务负责人陈晓东表示，从多维度观察，中国养老体系具备充足的安全边际，无需 对养老问题过度担忧。 一，基本养老保险基金财务状况健康，近10年持续保持收大于支，节余资金以接近两位数的比例增长， 且近两年收入增速高于 ...

Core Viewpoint - The market is experiencing a rotation in styles, with growth stocks performing strongly while value stocks are lagging behind. Recent regulatory changes are expected to facilitate more capital inflow into the market, particularly benefiting certain indices [3][5][12]. Group 1: Market Performance - The overall market is up, with a closing rating of 4.2 stars [1]. - All market caps (large, mid, and small) have seen similar increases [2]. - The growth style is particularly strong, with the ChiNext Index rising over 2% [3]. - However, there is a rotation in market styles, with growth outperforming value [4]. Group 2: Regulatory Changes - Two positive regulatory announcements were made last week: 1. Insurance institutions have lowered the risk factors for investing in the CSI 300 and the Low Volatility Dividend 100 indices [9][10]. 2. There is a relaxation of capital space and leverage restrictions for quality brokerage firms, enhancing capital efficiency [11]. - These changes are expected to encourage more funds to enter the market [12]. Group 3: Risk Factors and Investment Strategies - The risk factor is akin to a "capital occupation coefficient," which determines how much capital insurance companies must reserve for risky investments [14]. - The risk factors for specific indices have been adjusted: 1. For stocks held over three years in the CSI 300 and Low Volatility Dividend 100, the risk factor decreased from 0.3 to 0.27 [15]. 2. For stocks held over two years in the Sci-Tech Innovation Board, the risk factor decreased from 0.4 to 0.36 [16]. - This adjustment allows insurance companies to allocate more funds to these indices, which is a positive signal for these stocks [17][18]. Group 4: Investment Insights for Retail Investors - Different indices are assigned varying risk levels by institutional investors, which can guide retail investors in their choices [21][22]. - The risk hierarchy for insurance institutions is as follows: 1. Broad-based and value style indices (e.g., CSI 300) are considered lower risk [23][26]. 2. Growth style indices (e.g., ChiNext) have higher risk factors, leading to more cautious investment [29]. 3. Smaller individual stocks not included in major indices carry the highest risk [31][32]. - Observing the risk factors assigned by insurance institutions can help retail investors identify suitable investment options [33]. Group 5: Future Investment Trends - The first batch of indices to be included in personal pension accounts by December 2024 will primarily consist of broad-based indices and dividend-focused indices [34]. - Recently, new stock-bond constant ratio indices have emerged, focusing on broad-based and dividend indices [36]. - Broad-based and dividend products are increasingly being promoted by financial institutions for individual investors [37].

Group 1 - The total retail sales of consumer goods from January to May increased by 5.0% year-on-year, with a 6.4% increase in May alone, reflecting the positive effects of policies aimed at boosting consumption and implementing trade-in programs for consumer goods [1] - The Consumer Price Index (CPI) in May showed a year-on-year decrease of 0.1% and a month-on-month decrease of 0.2%, indicating a need to enhance the internal momentum of consumption [1] - To stimulate consumer demand in the short term, it is suggested to focus on transfer payments and expand the trade-in policy, particularly in central and western regions, encouraging participation from urban-rural integration areas [1] Group 2 - Long-term personal income tax reform could help adjust disposable income, providing stable cash flow for households, especially if tax rates for low- and middle-income groups are lowered [2] - A higher pension replacement rate can enhance current consumption tendencies, and transferring some savings to personal pension accounts could increase the overall pension replacement rate without affecting current cash flow [2] - Recommendations include increasing tax incentives for personal pension accounts and improving the performance and returns of pension products, as well as enhancing related services like healthcare based on pension contributions [2]

Core Viewpoint - The article emphasizes the importance of boosting consumption not only as a means to adjust total demand and stimulate growth in the short term but also as a way to generate new, diverse, and high-level consumption demands that can guide high-quality investments [1][4]. Group 1: Consumption Potential - China's consumption rate in 2024 is projected to be only 56.6%, significantly lower than the 70%-80% typical in developed countries, indicating substantial room for growth [2]. - The relationship between consumption and economic growth is highlighted, with rising per capita GDP and disposable income correlating with increased consumption rates. China's current per capita GDP is approximately $13,000, suggesting a considerable gap compared to developed nations [2][3]. - Income distribution is a critical factor affecting consumption potential, with data showing that developed countries had an average consumption rate of around 73% when their per capita GDP was similar to China's current level [3]. Group 2: Role of Consumption in Economic Growth - Consumption is expected to play a more significant role in this year's economic growth, especially given the uncertainties in external trade and the diminishing marginal returns of traditional investments [5][6]. - The article argues that consumption and investment are not mutually exclusive but rather mutually reinforcing, with consumption driving production, employment, and investment [5][6]. Group 3: Policy Measures to Boost Consumption - Policies aimed at stimulating consumption have shown positive results, with retail sales growing by 5.0% year-on-year from January to May 2023, and a 6.4% increase in May alone [7]. - To enhance consumer willingness, improving income redistribution is suggested as a key measure, as the current low share of disposable income among residents limits consumption growth [7][8]. - Specific recommendations include lowering tax rates for middle and low-income groups, which could provide a stable cash flow and enhance consumption [8]. Group 4: Service Sector and Foreign Investment - The article discusses the potential for service sector growth through foreign investment, drawing parallels with past manufacturing sector reforms that improved productivity and competitiveness [9][10]. - Encouraging foreign investment in services like education and healthcare could stimulate competition, break monopolies, and enhance service quality, ultimately releasing more consumption potential [9][10]. Group 5: Local Government's Role - Local governments are increasingly important in stimulating consumption, with suggestions to include consumption targets in their performance assessments [12][13]. - Optimizing the value-added tax distribution mechanism is proposed to enhance local governments' incentives to promote consumption, which could lead to more effective consumer policies [12][13].