Core Viewpoint - The intersection of the aging population and technological revolution is leading to a historic redefinition of the role of pensions, emphasizing the need for long-term investment strategies to support innovation and economic development [1][3]. Group 1: Aging Population and Pension Pressure - The proportion of the population aged 65 and above in China has reached 15.6% and is expected to rise to 26% by 2050, increasing the pressure on pensions to maintain value and growth [1]. - The acceleration of the aging process in China necessitates a focus on the preservation and appreciation of pension funds [3]. Group 2: Long-term Investment Opportunities - Pensions are designed for long-term stability and should not engage in short-term speculative investments; instead, they should act as long-term investors that support the real economy [3]. - The new technological revolution and industrial transformation present significant opportunities for pension funds to invest in strategic emerging industries such as artificial intelligence, new energy, and biomedicine [3][4]. Group 3: Financial Innovation and Technology - Rapid technological advancements are revitalizing capital markets and providing substantial returns for pension investments, necessitating the creation of suitable investment products for technology innovation [4]. - The historical relationship between technological revolutions and financial innovations suggests that pension funds can play a crucial role in supporting technological advancements [4]. Group 4: Long-term Assessment Mechanisms - There is a need for pension funds to establish long-term assessment mechanisms to align financial supply with technological demand, ensuring that they can act as capital engines for technological progress while also benefiting from excess returns [5][6]. - The transition from financial capital to strategic operational value is essential for pensions to effectively engage with intangible assets like data and algorithms [6]. Group 5: Market Ecosystem Support - The development of financial instruments that cater to long-term capital needs, such as long-term bonds and infrastructure REITs, is crucial for aligning with pension fund durations [7]. - Enhancing transparency and information disclosure standards for technology companies will improve market conditions for pension investments [7]. - Pension funds should be guided to invest in key areas such as technological innovation, advanced manufacturing, and green development to create a positive cycle of economic growth and pension value preservation [7].

Core Insights - The total accumulated enterprise annuity fund reached 3.73 trillion yuan by the end of Q1 2025, with a cumulative return of 7.46% over the past three years [1][2] - The number of enterprises establishing annuities has steadily increased, with 168,200 companies and 32.91 million employees participating as of Q1 2025 [1] - The new disclosure method for cumulative returns aims to promote long-term assessments in annuity management, aligning with the long-term investment nature of pension funds [2] Group 1 - The cumulative return for the past three years (April 1, 2022 - March 31, 2025) is 7.46%, with an annualized average of 2.43% [2] - Fixed income portfolios achieved a cumulative performance of 10.54%, while equity portfolios had a cumulative performance of 7.06% [2] - The number of enterprises establishing annuities in Q1 2025 reached 8,959, the highest quarterly figure in the past three years [1] Group 2 - The adjustment in disclosure methodology is expected to shift the focus from short-term performance to long-term assessments, enhancing the management of pension funds [2] - This change will allow for greater flexibility in asset allocation across cycles, addressing the conflict between the long-term nature of pension funds and short-term performance evaluations [2] - The new approach is anticipated to increase tolerance for market fluctuations and encourage more investments in equity assets, benefiting the capital market [2]