中经记者 索寒雪 北京报道 业内认为，这一预测意味着我国养老金入市进程有望进一步加速，将为资本市场持续引入规模可观的长 期稳定资金。 《报告》认为，随着养老保险三支柱体系不断完善，以及长期资金入市相关政策持续推进，我国养老金 规模及其入市深度和广度均有望逐步提升。 "保值增值"成养老财富管理核心命题 中国社会科学院世界社保研究中心执行研究员、中国式现代化研究院副研究员张盈华在接受《中国经营 报》记者采访时表示，在我国多层次养老保险体系中，资产型养老金占比正在持续提高。"从广义口径 看，养老资产规模约25万亿元；从狭义口径看，今年有望突破20万亿元，养老财富管理已成为一个具有 标志性意义的重要议题。" 当前规模奠定入市基础 《报告》显示，截至2024年年末，我国基本养老保险基金、全国社会保障基金、企业年金和职业年金的 投资规模分别达到2.35万亿元、3万亿元（预计）、3.64万亿元和3.11万亿元，均实现两位数以上的正向 增长。 与此同时，个人养老金制度已在全国范围内落地实施。截至2024年，已有超过6000万人开通个人养老金 账户，缴存规模预计达1000亿元，为养老金入市提供了重要的规模支撑。 从制度结构看， ...

本报讯 （记者冷翠华）12月6日，长江养老保险股份有限公司（以下简称"长江养老"）联合中国社会科学院，以"资产型养 老金体系与养老财富管理"为核心议题，举办社会保障论坛暨《中国养老金发展报告2025》发布式，为应对人口老龄化、推动 养老金融创新注入新的行业思考。 "党的二十届四中全会对养老保险制度建设和养老金行业发展提出新要求，加快多层次、多支柱养老保险体系建设，大力 发展养老金融已是明确方向。"长江养老副总经理李敬在会上表示，资产型养老金正成为积极应对人口老龄化的关键力量，而 养老财富管理的高质量发展，需要政策、财税、投研、产品生态的协同发力。作为长期扎根养老金融领域的"老兵"，长江养老 始终将服务政策落地、参与行业创新、做好资产管理视为核心使命，持续为行业发展添砖加瓦。 （编辑 郭之宸） 从2011年到2025年，由中国社科院世界社保研究中心主任郑秉文团队主持编写的《中国养老金发展报告》，已连续15年记 录并推动我国养老金事业发展。今年的报告聚焦"资产型养老金体系与养老财富管理"，不仅深入分析构建资产型养老金体系的 现实困境与突破策略，还梳理了我国养老财富管理的落地经验与潜力，更对标国际，详细解析了主要发 ...

Group 1: Core Perspectives - The development of pension and long-term life insurance is essential to address aging, with financial investments in modern industries providing long-term returns and enhancing elderly consumption capacity [1] - Effective pension wealth management is crucial for building an asset-based pension system, aligning with the central government's objectives for pension finance [1] - The need for public pensions to maintain basic support while adjusting replacement rates for different income levels is emphasized, alongside the development of appealing pension financial products [1] Group 2: Policy Recommendations - Continuous policy innovation is necessary to expand pension coverage and enhance fiscal support measures for personal pensions, including exploring tax incentives for low-income groups [2] - Improving investment research capabilities is vital to ensure the preservation and appreciation of pension wealth, while also enhancing service supply adaptability [2] - The integration of pension products with quality elderly care services is highlighted as a key competitive advantage in the pension financial market [2] Group 3: Multi-Pillar Development - Relying solely on pay-as-you-go systems or individual accumulation models is unsustainable; a multi-pillar approach to pension development is necessary for effective asset management [3] - Diverse financial institutions and younger demographics should participate in the development of pension services, reflecting the varied needs of the aging population [3]

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开。中国劳动学会薪酬专委会会长、中国劳动和社会保障科学研究院原副院长、研究员谭中和主持 《中国养老金发展报告2025》宣介，中国社会科学院世界社保研究中心执行研究员、中国式现代化研究 院副研究员张盈华宣介 《中国养老金发展报告2025》。 张盈华 以下为张盈华发言实录： 尊敬的陈文辉理事长，尊敬的各位领导、各位专家、各位朋友，我谨代表我们世界社保研究中心以及 《中国养老金发展报告2025》这份报告的编委会对这份报告做一个简单的介绍。 首先，我想先谈一下这个报告的背景和起源，我们一年一度一份报告，主题选择一般都是在过完春节， 当时我们在一起讨论今年主题的时候，选择什么样的主题要看背景。我们知道中国老龄化进程非常快， 我们从老龄化到深度老龄化再到超级老龄化是以十几年的速度递进的，纵深的速度非常快，这是一方 面。另一方面，我们第一支柱基本养老保险金的替代率也在呈相反的趋势发展。从上个世纪90年代替代 率80%多到现在我们初步估计一下在50%左右，因此 ...

Core Viewpoint - The forum highlighted the urgent need for policy innovation and financial product development to address the challenges posed by China's accelerating aging population and the imbalances in the three pillars of pension insurance [3][7]. Group 1: Current Challenges - China is facing accelerated population aging, which necessitates a robust asset-based pension model centered on individual accounts and market-based investment for value preservation and growth [3][7]. - There are significant issues such as the unbalanced development of the three pillars of pension insurance and insufficient quality supply of pension service financial products [3][7]. Group 2: Recommendations for Development - There is a need to actively promote policy innovation to expand the coverage of pension schemes, particularly by accelerating the development of the second and third pillars of pensions [4][8]. - Enhancing fiscal support measures is crucial to improve the inclusiveness of personal pensions, including exploring TEE tax incentive models and implementing matching contribution mechanisms for low- and middle-income groups [4][8]. Group 3: Investment and Product Strategy - Investment management is essential for preserving and growing pension wealth, especially in the context of deepening population aging and a global low-interest-rate environment, which requires strategic upgrades and methodological restructuring [4][8]. - There is a need to deepen the linkage of product ecosystems to enhance the adaptability of service supply, ensuring that pension financial products meet the long-term, safety, and return requirements of pension funds [4][8].

12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，中国社会科学院大学政府管理学院教授、世界社保研究中心主任郑秉文出席并致辞。 郑秉文指出，2023 年 7 月中央政治局会议就提出 "活跃资本市场，提振投资者信心"，此后，中央和有 关部门连续出台一系列政策文件，要求打通中长期资金的堵点，为形成和扩大中长期资金创造条件。 专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 郑秉文指出，2023 年 7 月中央政治局会议就提出 "活跃资本市场，提振投资者信心"，此后，中央和有 关部门连续出台一系列政策文件，要求打通中长期资金的堵点，为形成和扩大中长期资金创造条件。 郑秉文强调，资产型养老金体系和 "商保年金" 都是中长期资金的重要源头，中央提出大力发展养老金 融和做好五篇大文章，目的之一就是为了在资产型养老金体系中做好养老财富管理。 从这一角度出发，郑秉文表示，做好养老财富管理是构建资产型养老金体系的重要条件，也是中央提出 养老金融的题中应有之义。因此，构建和发展资产型养老金体系、做好养老财富管理，既涉及老年人的 福祉，也关乎经济发展，从这个意义 ...

Core Insights - The article discusses the "2025 China Resident Pension Wealth Management Development Report," which analyzes the behavior of residents regarding pension wealth management and identifies opportunities for the financial industry while referencing international best practices [5][3]. Group 1: Changes in Pension Planning Concepts - The perception of pension planning is shifting from "whether to do it" to "how to do it," with a significant decrease in the percentage of young respondents (ages 18-34) who feel they are "still young and not in a hurry" from 78% in 2023 to 47% in 2025 [6][8]. - The reasons for not having pension plans vary by age group, with 38% of respondents aged 35-39 citing reliance on children for financial support as a reason for not planning [9]. Group 2: Pension Savings and Investment Trends - The average age for initiating pension planning is projected to be 37 years in 2025, consistent with previous years, indicating that the middle-aged demographic is crucial for wealth accumulation and pension preparation [10]. - Among respondents under 50, 85% are actively saving for retirement each month, reflecting a growing awareness and willingness to take action regarding pension savings [11]. Group 3: Investment Preferences and Asset Allocation - There is a growing willingness to invest in pension financial products for longer durations, with the average investment period increasing from 3.3 years in 2023 to 4.5 years in 2025 [16]. - The preference for safe investments remains strong, with bank deposits and insurance products being the most popular, while the proportion of respondents willing to invest in funds has increased by 8 percentage points over four years [19]. Group 4: Demand for Non-Financial Pension Services - Respondents' focus has shifted from merely accumulating funds to seeking diverse services such as health management, care services, and cultural leisure activities, indicating a broader understanding of retirement needs [23]. - The demand for health management and medical services is particularly pronounced, with younger respondents showing interest in institutional services and older respondents prioritizing home care and health management [26]. Group 5: Innovations in Pension Financial Products - The report highlights the role of policy in creating new opportunities for pension wealth management, with a growing variety of personal pension products and an expanding market scale [27]. - Financial openness is driving innovation in pension financial products and services, with international experiences and capital being integrated into the Chinese market [32]. Group 6: Comprehensive Pension Financial Services - The report outlines the development of a comprehensive pension financial service ecosystem by CITIC Bank, which aims to meet diverse pension financial needs through a range of products [45][46]. - The integration of technology, such as big data and AI, is emphasized as a means to enhance the safety and transparency of pension financial products [39].

谈及养老理财产品的筹备经历，一家国有行理财公司人士告诉记者，不同于其他银行理财产品，养老理 财产品实行第三方托管，因此在产品筹备中，公司前期在托管机构的选择方面付出了诸多精力。 业内人士向记者介绍，由于养老理财设置了平滑基金机制，该机制的构建以及相关的系统改造也是养老 理财筹备的重点环节。 记者日前调研了解到，第二批养老理财产品试点机构产品正在密集筹备中，待监管部门批复后，有 望于近期发行。 中国理财网数据显示，截至7月26日，全市场共有31只养老理财产品登记备案，其中27只产品披露净 值，净值均大于1，运作稳健。 系统优化改造 今年以来，养老理财产品试点地区和机构迎来扩容，农银理财、中邮理财、兴银理财等机构成为第二批 试点机构。记者获悉，目前多家公司正在针对养老理财产品进行系统调试，部分机构已准备就绪，产品 有望在获得监管部门批复后，于8月上旬发行。 公开资料显示，今年6月，中邮理财曾就养老理财相关系统优化改造进行招标，一是第三方托管接口对 接，涉及TA交易、线上划款指令、估值对账、I9估值减值接口等；二是平滑基金专户设置、科目设 置、计提、回补等清算划拨、估值核算功能改造；三是监管报送、信息披露等相关功能 ...