随着权益市场趋热，行情日见活跃，养老FOF产品的特点及优势在当前市况中再次光泽倍显。这其中， 华宝稳健养老FOF A（007255）以近一年13.04%的收益率、同类基金排名前1/4的水准*，进入了许多投 资者的重点关注list并获得认可。 注：业绩数据统计截至2025.8.29，近1年同类排名19/80，基金分类标准为：银河证券基金三级分类-养 老目标风险FOF（权益资产0-30%）（A类）。相关数据已获托管行复核。 业界人士指出，FOF基金的突出优势是可以开展大类资产配置， 而养老产品一般风险收益特征相对稳 健，因此养老FOF基金一方面细水长流，能做到"岁月抚人心"；另一方面在基金契约的范围内，又可 随"市"而动，让投资组合的风险收益更具性价比。2024年下半年以来，以华宝稳健养老FOF（A类 007255；Y类017271）为代表的一批养老FOF产品即依托有效的资产配置，并把握住主要资产市场的系 统性机遇，呈现出靓丽的净值上扬态势，为广大投资人做好资产储备、向安乐晚年过渡提供了良好选 择。 孙梦祎 华宝基金养老金部总经理助理 优秀的业绩体现出华宝稳健养老FOF基金经理孙梦祎在资产配置框架上的细致维度，亦 ...

Core Viewpoint - The recent notification from the Ministry of Human Resources and Social Security expands the scenarios under which individuals can withdraw personal pensions, enhancing flexibility and support for various financial needs, effective from September 1 [1][2]. Group 1: New Withdrawal Scenarios - The notification introduces three new scenarios for personal pension withdrawals: significant medical expenses exceeding the average disposable income in the province, receiving unemployment insurance for 12 months within the last two years, and currently receiving minimum living security [1][2]. - This expansion aims to provide dual protection of "pension + medical" and offers a safety net for unemployed individuals and low-income groups, promoting a positive cycle of labor accumulation [2]. Group 2: System Flexibility and Accessibility - The notification enhances the system's flexibility by allowing online applications and automatic verification through various national service platforms, making it easier for participants to access their funds [2]. - Participants can continue to contribute to their personal pension accounts even after making withdrawals, with specific conditions based on the reason for withdrawal [3]. Group 3: Development of Personal Pension System - The personal pension system, initiated in November 2022, is set for nationwide implementation by the end of 2024, with a current total of 297 pension funds, reflecting a growth of over 8% in total scale to 12.472 billion [4]. - The growth is driven by product expansion and positive investment returns, with approximately 90% of pension fund products yielding positive returns, boosting market confidence [4]. Group 4: Structural Challenges - Despite the rapid increase in account openings, the average annual contribution remains significantly below the policy limit, indicating a disparity between account growth and actual contributions [5]. - The current tax incentives are less attractive to low- and middle-income groups, suggesting a need for policy adjustments to lower contribution thresholds and diversify product offerings [5].

Core Insights - The aging population in China has made pension security a critical issue for families, leading to the accelerated development of a multi-tiered pension system, with pension FOFs showing strong growth momentum [1][4] - As one of the first fund managers to obtain the qualification for issuing pension target date funds, Penghua Fund has actively participated in the construction of the pension FOF product system since 2019, launching multiple target date funds to meet varying retirement needs [1][2] Group 1: Market Development - By the end of March 2025, the total number of pension FOF products in the market is expected to reach 204, with a total scale exceeding 10 billion yuan, and the average scale continuing to grow [1] - The development of pension FOFs in China requires localized innovation rather than simple replication of overseas experiences, taking into account residents' savings habits, risk preferences, and demographic trends [2] Group 2: Product Strategy - Penghua Fund employs a "downward curve" mechanism in its pension FOF products, gradually reducing the proportion of high-risk assets like stocks while increasing low-volatility assets like bonds, aligning with the needs of ordinary investors for a "one-stop" pension solution [2][3] - The core of pension FOFs lies in asset allocation capabilities and risk management, with Penghua Fund establishing a professional FOF management system that includes a "selection—allocation—monitoring—optimization" process [3] Group 3: Investor Education and Services - Penghua Fund enhances investor education through a combination of online and offline initiatives, including expert lectures and research projects that present real stories and attitudes towards pension planning [3] - The company is committed to providing customized and sustainable pension investment solutions, enhancing investor trust and experience through refined management and comprehensive customer service [4]