Core Viewpoint - The personal pension fund system in China is expanding, with the number of funds reaching 297 and sales institutions remaining at 52 as of June 30, 2025, indicating a growing interest in retirement savings products [2][4]. Fund Expansion - As of June 30, 2023, the personal pension fund list has expanded to 297 products, with 9 new fund-of-funds (FOF) added in the second quarter of this year [4]. - The newly added FOFs include various target date and risk funds, primarily focusing on one-year and three-year holding periods [4]. Sales Institutions - The number of personal pension fund sales institutions remains unchanged at 52, comprising 25 securities companies, 19 commercial banks, and 8 independent fund sales institutions [5]. Fund Size Growth - The total scale of personal pension fund Y shares surpassed 11.39 billion yuan as of the end of the first quarter, marking a growth of over 20% compared to the end of last year [7]. - By the end of June 2023, the disclosed Y share scale of 71 personal pension funds reached 2.307 billion yuan, reflecting a 7.45% increase from the previous quarter [7]. Notable Fund Performances - Six personal pension funds have Y share scales exceeding 100 million yuan, with significant growth in net subscriptions during the last quarter [8]. - The top-performing funds include 招商和悦稳健养老一年 Y and 建信优享进取养老目标五年持有 Y, with scales of 283 million yuan and 264 million yuan, respectively [8]. FOF Market Activity - The first half of the year saw a notable increase in public FOF issuance, with the top two new fund issuances being FOFs, indicating a strong market demand [9]. - A total of 30 FOFs were established in the first half of the year, with a combined issuance of 32.752 billion shares, the highest since the first half of 2022 [9].