Group 1 - The Ministry of Human Resources and Social Security (MoHRSS) is accelerating the entrusted investment of the basic pension insurance fund, with entrusted fund equity reaching 1.46 trillion yuan by the end of 2021 [1] - The investment returns for the basic pension insurance fund were 9.03% in 2019 and 10.95% in 2020, with an additional 220 billion yuan in entrusted equity investment in 2021 [1] - The current scale of the basic pension insurance fund entering the market has significant growth potential, representing a stable long-term investment force for capital market development [1] Group 2 - The implementation of national coordination of pension insurance began in January, allowing for the adjustment of pension funds across regions to ensure timely and full payment of pensions [2] - A central and local government expenditure responsibility-sharing mechanism will be established, ensuring stable and continuous central financial support for pension insurance [2] - National coordination is expected to enhance the sustainability of pension insurance and improve payment guarantee levels by unifying management across various aspects [2] Group 3 - The central adjustment system for pension funds was established in July 2018, balancing the burden of pension funds between provinces, with over 600 billion yuan adjusted across provinces from 2018 to 2021 [3] - The next steps for national coordination include implementing national coordination for enterprise employee basic pension insurance and developing personal pension policies [3] - Continuous optimization of service delivery and risk prevention in social security fund investment will be prioritized [3]

Core Viewpoint - The Ministry of Human Resources and Social Security is promoting the expansion of the entrusted investment scale of the basic pension insurance fund, which is expected to inject stable long-term capital into the capital market [1][2]. Group 1: Investment Scale and Opportunities - The entrusted investment scale of the basic pension insurance fund currently represents only 26.83% of the cumulative fund balance, indicating significant room for growth in future investments [2][3]. - The basic pension insurance fund's investment operation scale reached 2.55 trillion yuan by the end of June, reflecting a year-on-year increase of 34.21% [3]. - Increasing the entrusted investment scale can potentially bring trillions of yuan in long-term funds to the capital market, enhancing market stability and supporting sustainable economic development [3][4]. Group 2: Long-Cycle Assessment Mechanism - The implementation of a long-cycle assessment mechanism for public funds, state-owned commercial insurance companies, and basic pension insurance funds is a key focus of the recent policy initiatives [4][5]. - The assessment will include performance evaluations over three to five years, which aims to address the mismatch between long-term funds and short-term investments [5][6]. - Establishing this mechanism is expected to reduce market volatility, elevate valuation levels, and strengthen corporate governance by encouraging long-term investment behaviors [5][6]. Group 3: Policy Measures and Market Confidence - Various government departments have introduced measures to enhance liquidity in the stock market, including increasing the investment limits for insurance companies in equity assets [7][8]. - The recent policies have been positively received by investment institutions, boosting market confidence and promoting long-term stability in the capital market [7][8]. - Key strategies for attracting long-term funds include optimizing market structure, improving the quality of listed companies, and enhancing investor return and protection mechanisms [8].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant growth in both scale and net inflow, indicating strong investor interest and market performance in the long-term bond sector [2][3]. Group 1: Performance Metrics - As of July 22, 2025, the 30-year government bond ETF has achieved a year-to-date increase of 1.43% and a one-year net value increase of 12.25%, ranking 6th out of 414 index bond funds [1][3]. - The fund's maximum monthly return since inception is 5.35%, with the longest consecutive monthly gain being 4 months and a total gain of 10.58% [3]. - The fund has a historical one-year profit probability of 100% and an average monthly profit rate of 2.09% [3]. Group 2: Fund Size and Inflows - The latest fund size of the 30-year government bond ETF reached 11.074 billion yuan, marking a new high since its inception [2]. - The fund has seen a continuous net inflow over the past four days, with a peak single-day net inflow of 1.51 billion yuan, totaling 2.066 billion yuan in net inflows [2]. Group 3: Trading and Liquidity - The fund's trading volume on July 22 was 33.289 million yuan, with an average daily trading volume of 2.629 billion yuan over the past month [1][2]. - The fund's financing net purchase amount for the month reached 329.81 thousand yuan, with a latest financing balance of 87.5152 million yuan [2]. Group 4: Market Context - The People's Bank of China conducted a reverse repurchase operation of 214.8 billion yuan at a fixed rate of 1.40%, indicating active liquidity management in the market [2]. - The yield on the 30-year government bond has returned above 1.9%, reflecting market conditions and investor sentiment [3]. Group 5: Tracking and Fees - The fund closely tracks the Shanghai Stock Exchange 30-year government bond index, with a tracking error of 0.032% over the past month [6]. - The management fee for the fund is 0.15%, and the custody fee is 0.05% [5].

Group 1 - The National Bureau of Statistics plans to establish a number of pilot data industry clusters in the second half of the year [1] - The Ministry of Human Resources and Social Security aims to continue expanding the scale of entrusted investment for the basic pension insurance fund and to further standardize the investment operation information reporting and disclosure system [2] - JD.com is acquiring Hong Kong-based Jiabao for an actual amount of less than 4 billion HKD, with transaction details expected to be announced in August [3] Group 2 - The WHO is developing new guidelines for GLP-1 based therapies for treating adult obesity, scheduled for official release in September 2025 [4] - As of the midday close, the Shanghai Composite Index rose by 0.25%, the Shenzhen Component Index increased by 0.56%, and the ChiNext Index gained 0.69%. The Hang Seng Index rose by 0.25%, while the Hang Seng Tech Index saw a slight increase of 0.07% [5]

Group 1 - The Ministry of Human Resources and Social Security (MoHRSS) is promoting the expansion of the basic pension insurance fund's entrusted investment scale and will continue to advance national pension coordination and the gradual increase of the statutory retirement age [2] - The employment situation in China remains stable, with 6.95 million new urban jobs created in the first half of the year, achieving 58% of the annual target [3] - The total revenue of the three social insurance funds reached 4.53 trillion yuan, while total expenditures were 3.89 trillion yuan, resulting in a cumulative balance of 9.83 trillion yuan by the end of June [3] Group 2 - Eight provinces in China have raised their minimum wage standards as of the end of June, reflecting ongoing adjustments in labor costs [4] - The MoHRSS has released wage information for 2024, providing reference for enterprises and workers in negotiating salary levels [4]

Core Viewpoint - The Ministry of Human Resources and Social Security is set to advance reforms in pension insurance nationwide, including the gradual increase of the statutory retirement age and the implementation of personal pension policies [1] Group 1: Pension Insurance Reforms - The Ministry will steadily promote national coordination of pension insurance [1] - There will be a focus on delaying the statutory retirement age as part of the reform efforts [1] - Collaboration with relevant departments to implement personal pension policy measures is planned [1] Group 2: Pension Fund Management - The Ministry aims to ensure timely and full payment of social security benefits while adjusting pensions [1] - There will be an ongoing increase in regulatory oversight of pension funds [1] - Efforts will be made to enhance the management of social insurance funds through continuous improvement actions [1] Group 3: Investment and Reporting - The Ministry will push for the expansion of the entrusted investment scale of the basic pension insurance fund [1] - Research will be conducted to further standardize the investment operation information reporting and disclosure system for basic pension insurance funds [1]