Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - As of Q2 2025, the accumulated fund scale of enterprise annuities reached 3.84 trillion, with a cumulative return rate of 6.27% over the past three years [4][6]. - The growth rate of enterprise annuity funds accelerated compared to Q1 2025, with a quarter-on-quarter increase of 3.11%, which is an expansion of 0.73 percentage points [5]. - The number of established enterprises reached 172,400, with a quarter-on-quarter increase of 2.44%, although the growth rate has narrowed by 3.19 percentage points [5]. - The number of participating employees increased by 0.42% to 33.05 million, with a growth rate narrowing by 1.09 percentage points [5]. - The cumulative return rate for enterprise annuities over the past three years is 6.27%, reflecting a decrease of 1.19 percentage points compared to the previous quarter [6]. Summary by Sections Fund Scale and Growth - The enterprise annuity fund scale reached 3.84 trillion as of Q2 2025, with a quarter-on-quarter growth of 3.11% [4][5]. - The number of established enterprises and participating employees has shown modest growth, indicating a stable but slowing trend in participation [5]. Performance Analysis - Single plans account for 89.7% of total assets, with a cumulative return of 6.22%, while collective plans account for 10.3% with a return of 6.79% [8]. - Fixed income combinations represent 14.2% of total assets with a return of 10.2%, outperforming the average by 3.93 percentage points, while equity combinations account for 85.8% with a return of 5.76%, underperforming the average by 0.51 percentage points [8]. Future Outlook - The growth in enterprise annuities is expected to be driven by both asset accumulation and withdrawals, with potential benefits from increased market activity and structural opportunities in equity investments [12]. - The report anticipates that the investment style in equity markets may continue to yield returns, despite historical market volatility affecting returns in the past two years [12].