又有新品即将面市 又一只养老FOF新品即将面市。11月18日，富达基金发布富达任远保守养老目标一年持有期混合(FOF) 的相关法律文件，富达基金也由此成为首家推出养老FOF的外资新设独资公募。 首只外资新设独资公募推出的养老目标基金(即养老FOF)即将开启发行。11月18日，富达基金发布富达 任远保守养老目标一年持有期混合(FOF)的相关法律文件。随着该基金的推出，富达基金也成为首家推 出养老FOF的外资新设独资公募。从年内新品成立情况来看，公开数据显示，截至当前已有10只养老 FOF(份额合并计算，下同)成立。不过，规模较小的问题，同时存在于新发和存续产品中，更有部分产 品因此黯然离场。有观点认为，当政策把"钱"和"机制"引进来，机构把"收益"和"体验"做上去，养老 FOF才能从"小众精品"变成"国民账户"，真正承接万亿级别的养老第三支柱市场。 合(FOF)的发行规模达22.6亿元，暂居首位，其余单只产品的发行规模则均不足10亿元。 事实上，规模较小的情况不仅存在新发产品中，更有存续产品因规模不足黯然离场。公开信息显示，截 至当前，年内已有永赢养老目标2040三年持有混合发起FOF、国投瑞银积极养老目标五年 ...

Core Viewpoint - The current pension system in China requires exploration of new insurance models, emphasizing the importance of including urban and rural residents in discussions about pension reforms [1][2]. Group 1: Current Pension Landscape - Over 50% of pension recipients are receiving urban and rural resident pension insurance, indicating a need to include this demographic in pension reform discussions [2]. - There are over 300 million private laborers and individual workers, along with more than 200 million flexible employment individuals, who have low pension insurance coverage [2]. - The rise of digital economy and flexible employment is leading to a shift in traditional employment patterns, necessitating new approaches to pension coverage [2]. Group 2: Structural Insights - The status of the resident pension insurance system should be a key criterion for evaluating the first pillar of the pension system [4]. - The three pillars of pension insurance should not be viewed as equal or independent; rather, the first pillar is foundational, and without it, the second and third pillars cannot effectively function [4]. - The development of artificial intelligence is expected to bring revolutionary changes, necessitating a rethinking of pension insurance models and the establishment of effective sharing mechanisms for productivity gains [4].

Core Insights - The insurance industry is increasingly focusing on the development of the third pillar of pension systems, emphasizing the integration of insurance with pension services as a new growth direction [1][2][3] Group 1: Market Overview - The commercial pension insurance market in China is still relatively small, but it is expected to grow significantly, with projections indicating that the market size will exceed 100 billion yuan in 2024, a substantial increase from 18 billion yuan in 2023 [2] - As of mid-2023, 13 insurance institutions have invested in 60 elderly care communities across 20 provinces, providing approximately 80,000 beds, with the total number of communities exceeding 150 when including light-asset models [2] Group 2: Regulatory and Policy Environment - The National Financial Regulatory Administration has proposed reforms to promote high-quality development in commercial pension finance, encouraging the creation of new insurance products that combine pension risk protection with wealth management [3] - Recent discussions have highlighted the need for greater public awareness and acceptance of pension financial products, as well as the importance of tax incentives to encourage individual pension contributions [3][4] Group 3: Challenges and Opportunities - The insurance sector faces challenges in fundraising capabilities compared to the banking sector, with the insurance channel holding a significant share of the pension finance market, while the individual insurance channel is experiencing a decline in agent numbers [3] - The development of commercial long-term care insurance is still in its infancy, with market growth hindered by the need for adequate social care capabilities and investment returns [5] - Despite being the second-largest insurance market globally, China's insurance premium income is significantly lower than that of the United States, indicating substantial potential for growth in commercial pension and life insurance [5]

Core Viewpoint - The expansion of the exclusive commercial pension insurance pilot program to nationwide coverage allows pension insurance companies to participate, marking a significant step for the insurance industry in engaging with the third pillar of pension systems [1][2]. Group 1: Expansion of Pilot Program - The China Banking and Insurance Regulatory Commission (CBIRC) announced that starting March 1, the pilot program for exclusive commercial pension insurance will expand to all regions in the country [2]. - Previously, only six insurance companies were involved in the pilot, but now pension insurance companies are also permitted to participate, which is seen as a crucial opportunity for the industry [2][3]. Group 2: Participation of Pension Insurance Companies - Several pension insurance companies, including Ping An Pension and Taikang Pension, have expressed intentions to actively participate in the pilot program [2]. - Companies are focusing on developing products tailored for unconventional employment groups, such as gig economy workers, and are preparing to align their resources with the upcoming third pillar policy [2][3]. Group 3: Advantages of Pension Insurance Companies - Pension insurance companies have advantages in developing individual tax-deferred commercial pension insurance due to their experience since 2018 [3]. - They can integrate second and third pillar pension products, leveraging their roles as trustees and investment institutions for second pillar annuities [3]. - The existing expertise in group insurance, particularly for unconventional employment groups, positions pension insurance companies favorably in this new market [3]. Group 4: Challenges for Non-Contractual Insurance Companies - Many pension insurance companies, such as China Life Pension and New China Pension, have not previously engaged in contractual insurance and will need to establish new systems and processes to enter the exclusive pension insurance market [4][8]. - The transition from a pension management focus to a contractual insurance model requires significant restructuring of business operations and compliance with different regulatory frameworks [8][9]. Group 5: Product Development and Market Positioning - There is no significant difference in product offerings between pension insurance companies and life insurance companies in the exclusive commercial pension insurance space, although pension companies may have a long-term focus on retirement-related products [6]. - The pilot program has seen a steady operation since its inception, with nearly 50,000 policies and a total premium of 400 million yuan by January 2022 [6][7]. - Despite the potential, the overall scale of the exclusive commercial pension insurance remains small compared to the vast premium volumes of life insurance companies [7]. Group 6: Regulatory Guidance and Future Directions - The CBIRC has issued guidelines to promote the development of commercial pension insurance and related services, requiring pension insurance companies to submit their business transformation plans by June 30 [9]. - This regulatory push aims to clarify the future direction of pension insurance companies and enhance their engagement in the commercial pension insurance market [9].

Group 1 - The Chinese government is actively responding to the aging population by enhancing the pension security system, with policies aimed at promoting personal pension systems and expanding commercial pension insurance trials [1][2] - The "14th Five-Year Plan" emphasizes the development of enterprise annuities and personal pensions, encouraging financial institutions to create pension financial products tailored for the elderly [1][2] - As of the seventh national census, approximately 264 million people aged 60 and above account for 18.7% of the population, with projections indicating that by 2050, this demographic will represent 27.9% of the total population, highlighting significant social pension pressures [1] Group 2 - The current pension system in China consists of three pillars: basic pension, enterprise (occupational) annuities, and personal pension investments, with the first pillar covering over 1 billion people but facing heavy burdens [1][2] - In 2019, the total assets of the pension system were reported as follows: the first pillar at 6.29 trillion yuan (65.45%), the second pillar at 1.8 trillion yuan (18.73%), and the third pillar at 1.52 trillion yuan (15.82%), indicating a dominant first pillar structure [2] - The insurance industry has been actively participating in the development of the third pillar, with initiatives like tax-deferred pension insurance and dedicated commercial pension insurance products designed to meet retirement needs [2][3] Group 3 - Despite the smooth initiation of dedicated commercial pension insurance trials, the overall business scale remains small, and tax-deferred pension insurance has not yet achieved significant regional scale effects [3] - Challenges such as competition with bank financial products and complex operational procedures hinder the growth of the third pillar [3] - The future pension market is expected to be competitive across industries, requiring collaboration among banks, insurance, trusts, funds, and securities to convert short-term savings into long-term retirement assets [3] Group 4 - The golden age for the development of the third pillar is approaching, with insurance institutions placing significant emphasis on this business area [4] - The industry aims to leverage professional strengths in fund management and risk management to support the construction of the three-pillar pension system [4] - Policy encouragement for financial institutions to develop diverse pension financial products aligns with the industry's focus on utilizing their expertise [4]

银保监会日前发布通知，从3月1日起，将养老理财产品试点范围由四个城市扩大到十个城市，将进 一步满足人民群众多样化的养老需求。 通知明确，从3月1日起，养老理财产品试点范围由"四地四机构"扩展为"十地十机构"。试点地区在 此前的武汉、成都、青岛、深圳四个城市基础上增加北京、沈阳、长春、上海、重庆、广州六个城市。 试点机构扩大到10家，新增的试点机构每家募集资金总规模上限为100亿元，首批四家试点机构募集资 金总规模上限由100亿元提高到500亿元。 【纠错】 【责任编辑:刘睿祎】 值得一提的是，养老理财产品普惠理财性质突出，投资门槛较低，适应大部分投资者需求；低费 率，申购、赎回环节低收费，最大限度让利于投资者；购买方便，可以通过银行广大网点或线上渠道购 买，操作尽量简单，产品说明通俗易懂。 在首批试点基础上，今年2月11日，银保监会发布《关于贝莱德建信理财有限责任公司开展养老理 财产品试点的通知》，明确贝莱德建信理财有限责任公司参与养老理财产品试点，试点城市为广州和成 都。据悉，贝莱德建信理财有限责任公司开展养老理财产品试点也参照该《通知》执行。 "银行和理财公司参与养老理财具有多方面优势。一方面，银行和理财 ...

Group 1 - The establishment of Guomin Pension Insurance Co., Ltd. marks the emergence of another specialized pension insurance company in China, with a registered capital of 11.15 billion yuan, focusing on individual pension business and management of funds for pension security [1] - The aging population in China necessitates the rapid development of the third pillar of commercial pension insurance, as previous attempts have not yielded satisfactory results, with traditional commercial pension products remaining limited in scale [1][2] - Regulatory bodies have been actively promoting the development of the third pillar pension insurance, expanding the pilot program for exclusive commercial pension insurance to include all 10 specialized pension insurance companies [2] Group 2 - Guomin Pension Insurance Co., Ltd. has a diverse range of 17 shareholders, including traditional insurance companies and various banks and investment firms, which may enhance its ability to meet residents' pension financial needs [3] - The current state of the third pillar commercial pension insurance in China is poised for growth, with expectations for a wider variety of secure and flexible pension products as more specialized companies enter the market [3]

Core Viewpoint - The expansion of pension financial products in China has entered a normalization phase, with significant interest and participation from various financial institutions and investors [1][4]. Group 1: Product Offerings - The second batch of pension financial products has been launched, with 33 products issued by six major bank wealth management subsidiaries, including 24 fixed-income and 9 mixed products [1]. - The average subscription amount for these products is 259,700 yuan, indicating strong market recognition and a growing awareness of long-term wealth planning among investors [4]. - The first product from the second batch, "Postal Savings Wealth Adding Series 2022 No. 1," achieved a cumulative subscription of 3 billion yuan within two days of launch [2]. Group 2: Market Dynamics - The pension financial products are characterized by long terms (starting from five years), low fees (0 subscription fee, 0-0.01% sales service fee, and as low as 0.1% annual management fee), and multiple risk protection mechanisms [2]. - The China Banking and Insurance Regulatory Commission (CBIRC) reported that by the end of July, 231,000 investors had subscribed to pension financial products totaling over 60 billion yuan [4]. - The introduction of specific pension savings trials by major banks is set to begin on November 20, focusing on products that emphasize capital preservation and yield [5]. Group 3: Institutional Developments - The National Pension Insurance Company, referred to as the "national team" for the third pillar of pension insurance, officially commenced operations in March, backed by major state-owned banks and financial institutions [6]. - The company aims to provide innovative pension financial services, including commercial pension plans and high-security insurance products, to meet long-term retirement needs [6]. - The recent release of guidelines for personal pension investment in public funds indicates a potential expansion of pension-related investment products, particularly pension-targeted funds [7].

Core Insights - The exclusive commercial pension insurance products continue to show good investment performance, with 27 products reporting stable account yields between 2% and 4.07%, and aggressive account yields between 2.5% and 4.12% [1][2] Group 1: Product Performance - Among the 27 products, 70% have settlement rates of 3% or higher, with 19 products having both account types above 3% [2] - The average yield for stable accounts is 3.18%, while the median is 3.1%; for aggressive accounts, both the average and median yield is 3.3% [2] - Four products have settlement rates exceeding 4%, with notable performances from Guomin Pension and Xinhua Pension [2] Group 2: Yield Trends - The overall trend shows a decline in yields for exclusive commercial pension insurance, with 10 out of 16 comparable products reporting lower stable account yields in 2024 compared to 2023 [3] - Historical yield ranges indicate a consistent decrease from 2021 to 2024, with stable account rates dropping from 4%-6% in 2021 to 2%-4.07% in 2024 [3] Group 3: New Product Developments - The minimum guaranteed interest rate for new products has decreased to 2% or below, with 13 out of 15 current products having a minimum guarantee of 2% [4] - The guaranteed rates do not necessarily reflect actual yields, as many products have actual returns significantly higher than their minimum guarantees [4][5] Group 4: Product Structure and Flexibility - Exclusive commercial pension insurance products are designed for retirement security, featuring a "guaranteed + floating" yield model during the accumulation phase [6] - These products offer flexible payment options, including traditional lump-sum and periodic payments, as well as "irregular additional" contributions [6] Group 5: Market Position and Policy Implications - Exclusive commercial pension insurance is a key type of insurance in the third pillar of retirement, with products included in the personal pension product directory, allowing for tax benefits [7] - The number of companies offering these products has increased to 17, including major life insurance and pension companies, as well as bank-affiliated insurers [7]

Core Viewpoint - The expansion of personal pension financial products in China continues, with the introduction of two new products by Bank of China Wealth Management, bringing the total number of such products to 35, primarily focusing on stable returns [2][3][6]. Product Expansion - The latest addition includes two products: "Fu" fixed income enhanced product with a holding period of 368 days and "Ji" fixed income gain product with a 3-year holding period, both launched on May 27 [3][4]. - The total number of personal pension financial products has increased from 7 to 35 since the first batch was released in February 2023, indicating a growing selection for investors [6]. Performance and Returns - All 33 existing personal pension financial products are currently in a floating profit state, with several achieving annualized returns exceeding 4% since inception [6]. - The average annualized return for the "Fu" series products since inception is 3.98%, with a maximum drawdown of approximately 0.5% [5]. Fee Structure - Both new products offer promotional fee rates, with "Fu" product management fees reduced to 0.05% and "Ji" product management fees to 0.07% starting May 29 [5]. Market Context - Six institutions are currently issuing personal pension financial products, with 29 being fixed income and 6 mixed products, reflecting a diverse market landscape [6]. - The development of pension financial products is seen as a way to enhance the third pillar of China's pension system and alleviate retirement pressure [7]. Future Outlook - The company plans to enhance the service capabilities of pension products by improving purchase convenience, adapting strategies, and integrating pension services with financial products [7].