Group 1 - The article emphasizes the importance of long-term investment strategies in China's pension fund management, particularly for enterprise annuities, which are currently facing challenges due to short-term performance evaluations and conservative asset allocations [2][3][4] - The current annualized return for enterprise annuities since inception is 6.26%, with a noticeable downward trend in recent years, while the national social security fund has achieved a higher annualized return of 7.36% [4][5] - The implementation of personal investment choice rights is seen as a significant step towards enhancing the long-term investment capabilities of enterprise annuities, allowing employees to align their investments with personal risk preferences [7][8][10] Group 2 - The article outlines the challenges faced by enterprise annuities, including low risk tolerance and conservative equity allocations, which are influenced by the risk preferences of near-retirement employees [3][4] - It suggests that increasing equity allocations to 30%-40% could potentially yield an annualized return of around 7% over the long term, highlighting the need for a shift in investment strategy [5][6] - The article discusses the significance of personal investment choice rights, which can optimize governance structures and enhance employee engagement in pension fund management [7][8][10] Group 3 - The article provides insights into international practices regarding personal investment choice rights, noting that countries like the United States and Australia have successfully implemented such policies to enhance pension fund performance [11][12][13] - It highlights the importance of a phased approach to implementing personal investment choice rights in China, starting with sectors that are more open to experimentation [20][21][22] - Recommendations for the implementation of personal investment choice rights include categorizing employees based on their retirement proximity and risk tolerance, as well as establishing a clear and simple investment selection process [17][19][21]