2025年终盘点 养老政策五大趋势 洞见未来十年"享老"新格局 前言 站在2025年末回望，中国养老服务体系建设走过关键十年。从顶层设计到地方实践，养老政策正以前所未有的系统性、精准性和前瞻性，悄然重塑着我们每 个人的晚年生活图景。透过五大清晰趋势，我们不仅能看清政策走向，更能把握未来十年"老有所养、老有所享"的深层逻辑。 01 政策不再只是鼓励"多存钱"，而是引导建立全生命周期资金规划理念。在确保安全的前提下，赋予个人更多支配权，让养老储备既能应对长远需求，也能兼 顾人生突发事件，真正实现"钱为人服务"。单纯的储蓄思维已过时。个人需建立"养老金三支柱"组合思维，在社保基础上，科学配置个人养老金、商业保 险、稳健理财，并学会在政策框架内灵活调度，让养老资金"活"起来。 02 趋势二：服务获取更可及 从"有服务"到"选服务" 全国性失能老人照护补贴试点全面铺开，补贴资金直接发放至符合条件的老年人或其家庭。这标志着中国养老服务补贴机制实现历史性转变——从"补供 方"（机构）转向"补需方"。 趋势一：资金储备更灵活 从"存钱养老"到"智慧用钱" 个人养老金账户可"应急领取"，养老理财试点扩至全国，商业养老保险产品创 ...

Core Viewpoint - The recent news regarding a 3% tax on personal pensions has sparked concerns about retirement fund security, revealing two distinct pension models and the government's nuanced approach to pension policy [1]. Group 1: Basic Pension System - The basic pension, commonly referred to as retirement funds, is completely tax-exempt for all individuals, including employees, civil servants, and rural residents, regardless of the amount received [1]. - This tax exemption benefits over 210 million retirees, reflecting the government's commitment to safeguarding citizens' livelihoods [1]. Group 2: Personal Pension System - The personal pension introduced in 2021 is not a supplement to the basic pension but serves as a third pillar in the pension system, encouraging individuals to engage in long-term retirement planning [1]. - Participants can voluntarily deposit funds into a designated account for investment, with a maximum annual contribution of 12,000 yuan, enjoying tax benefits during the deposit phase, but will incur a 3% tax on both principal and earnings upon withdrawal [1]. Group 3: Impact on Different Income Groups - For high-income individuals, the 3% tax rate may be advantageous, allowing them to convert high personal income tax into long-term investment returns, with participation rates among those earning over 960,000 yuan increasing by 76% [3]. - Conversely, for the average wage earners, the appeal of this "light tax incentive" diminishes, as the annual contribution limit of 12,000 yuan is minimal compared to their monthly salaries, raising concerns about the risks associated with personal pension investments [5]. - The government's dual approach to pension policy aims to ensure basic living standards for retirees while encouraging higher-income individuals to plan more comprehensively for retirement, leading to discussions about fairness and inclusivity in the system [5].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In the production industry, attention should be paid to automobile exports, especially BYD's performance in the European electric vehicle market, where it has surpassed Tesla [1]. - In the service industry, focus on the advancement of elderly - care service - related policies, such as the joint issuance of the guiding opinion by 19 departments including the Ministry of Civil Affairs [1]. 3. Summary by Relevant Catalogs A. Industry Overview - **Upstream**: - In agriculture, egg prices have declined [2]. - In the black industry, the prices of glass and soda ash have dropped in the short term [2]. - **Midstream**: - In the chemical industry, the PTA operating rate has rebounded, while the PX operating rate has declined recently [3]. - In the infrastructure sector, the asphalt operating rate has been continuously rising [3]. - **Downstream**: - In the real - estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - In the service industry, the number of domestic flights has decreased cyclically [3]. B. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have slightly declined recently [3]. C. Industry Credit Spread Tracking (as of May 16) - Different industries show various trends in credit spreads. For example, the credit spreads of industries like agriculture, forestry, animal husbandry, and fishery, and the chemical industry have decreased compared to the previous period [48]. D. Key Industry Price Index Tracking (as of May 15) - Different products in various industries have different price changes. For example, the spot price of corn has increased by 0.81%, while the spot price of glass has decreased by 2.50% [49]. E. Specific Industry Highlights - **Automobile**: BYD's new electric vehicle registrations in Europe in April reached 7,231, a 169% increase year - on - year, surpassing Tesla, whose registrations dropped 49% [1]. - **Elderly - care Service**: The Ministry of Civil Affairs and 19 other departments jointly issued a guiding opinion aiming to improve the elderly's social participation service system by 2035 [1].