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 [44]. Core Insights - Insurance capital continues to increase its allocation towards stocks and bonds, with a total investment balance reaching 36.23 trillion yuan as of the first half of 2025, reflecting a year-on-year growth of 17.4% [4]. - The allocation of insurance capital is primarily directed towards bonds (51.1%), followed by deposits (8.6%), stocks (8.8%), and funds (4.8%) [4][8]. - High dividend stocks constitute a significant portion of the insurance capital's equity investments, with approximately 66% of the heavy-weight stocks being high dividend stocks as of the third quarter of 2025 [9]. - Social security funds have shown a stable growth trend, with total assets reaching 3.32 trillion yuan by the end of 2024, marking a year-on-year increase of 10.2% [13]. - The basic pension system in China is projected to reach a total scale of 15.52 trillion yuan by 2024, with the first and second pillars accounting for 56% and 23% respectively [20]. Summary by Sections Insurance Capital - Insurance capital has maintained a high growth trend, with stock and fund allocations reaching 13.6% as of 2025H1 [4]. - The major investment focus remains on bonds, with a 51.1% allocation, while stock investments have increased to 8.8% [4][8]. - Heavy-weight stocks in the insurance sector are concentrated in banking, accounting for 47% of the total heavy-weight stocks [10]. Social Security Funds - The social security fund's heavy-weight stocks account for 14.6% of total assets, with a notable investment return of 8.1% for the year [13]. - The fund has increased its holdings in real estate and basic chemicals while reducing exposure to oil and electricity equipment [19]. Basic Pension - The basic pension fund has a total balance exceeding 8.7 trillion yuan, with a return rate of 5.52% for the year [22]. - The heavy-weight stocks in the basic pension fund are diversified, with significant investments in basic chemicals and electricity equipment [23]. Enterprise Annuities - The enterprise annuity fund has shown rapid growth, reaching a total scale of 6.75 trillion yuan by 2024, with a return rate of 5.77% [29]. - The investment style of enterprise annuities is market-oriented, with significant fluctuations in sector allocations [30].

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Core Viewpoints - The pension system in Taiwan is characterized by significant occupational segmentation and treatment disparities, consisting of multiple pillars including a zero pillar for poverty alleviation and a third pillar primarily based on commercial insurance [2][6][11] Group 1: Structure of the Pension System - Taiwan's pension system is divided into four pillars: the first pillar includes social insurance pensions, the second pillar consists of occupational retirement funds, the zero pillar provides social allowances for low-income elderly, and the third pillar is based on commercial insurance [6][11] - The first pillar covers all eligible individuals, with contributions shared between individuals and the government, varying by occupation [8][11] - The second pillar does not cover unemployed individuals and includes various retirement funds for military, public education, private school teachers, and farmers [12][16] Group 2: Investment Allocation of Pensions - The first pillar's military insurance primarily invests in Taiwanese stocks and ETFs, with 39% allocated to stocks and 16% to bonds [25][30] - National pension funds prefer domestic stocks and beneficiary certificates, while labor insurance funds mainly invest in bonds and special stocks [30][34] - The second pillar's military and public education retirement funds allocate nearly half of their funds to bonds and stocks, with a significant portion managed by external institutions [38][44] Group 3: Characteristics of Pension Financial Products - Taiwan's long-term care service system has developed rapidly, with the Long-Term Care 2.0 plan expanding service targets and projects, integrating community resources [4][51] - The "small endowment insurance" product is designed for low-income elderly individuals, featuring low premiums and no medical examination requirements [4][58] - The long-term care plan includes various services for daily living assistance, professional training, and transportation for elderly individuals [55][56]

中国二支柱 养老金体系 第二支柱 第一支柱 第三支柱 商业养老保险 基本养老保险 年金制度 (政府主导) (单位发起,商业机构运作) (个人购买,商业机构提供 ) ® H 您的上月账单已生成 点击查询 FAT the first 演情 a (4G) 灰茶! 解等 台 h 事天未来尧吉生活, 带您一文读懂个人秀吉金~ 个人舞老金是什么呢? 个人养老金是指适合中国国情、政府政策支持、个人自 愿参加、市场化运营的与基本养老保险、企业年金相衔 接，实现养老保险补充功能的制度。 个人养老金制度属于我国养老体系的第三支柱,与基本养 老保险、年金制度相衔接,构成中国养老体系。 狗什么要开立个人素老金呢? 享受"税收+费率"双重优惠政策 g 此图片来自微信公众平台 未经允许不可引用 优选个人养老金投资产品 此图片来自微信公众平台 未经允许不可引用 力争长期投资带来的资产增值 g 此图片来自微信公众平台 未经允许不可引用 lib 养老、投资一举多得 省践、 Q 什么脏助人群能开立个人养老金呢? 在中国境内参加并正在缴纳城镇职工基本养老保险或城 乡居民基本养老保险的劳动者，可参加个人养老金。 36个个人养吉翁先行城市（ 世区 ） ...