《证券日报》记者从行业人士处获悉，去年四季度，企（职）业年金基金（以下简称"年金基金"）的长周期考核机制已落 地。接受采访的专家认为，这为基本养老保险基金长周期考核机制提供实操范本，基本养老保险基金长周期考核年内有望顺利 落地，进而推动提高基金权益投资比例，为资本市场提供更多长期资金。 持续扩大委托投资规模 自2016年底启动投资运营以来，基本养老保险基金委托投资规模增长显著。 对此，川财证券研究所所长陈雳在接受《证券日报》记者采访时表示，基本养老保险基金委托投资规模持续增长，一方面 通过保值增值筑牢养老金待遇发放根基、助力养老保险全国统筹，另一方面又为资本市场注入长期"活水"，平抑市场波动并引 导资源服务实体经济。 本报记者 吴晓璐 近日，人力资源和社会保障部介绍2025年工作进展情况，截至2025年底，基本养老保险基金委托投资规模超2.98万亿元。 下一步，委托投资规模还将继续扩大。 基本养老保险是我国多层次养老保障体系的"第一支柱"。扩大基本养老保险基金委托投资规模，提高基金市场化、专业化 运营水平，不仅是实现基金保值增值的关键路径，更将为资本市场夯实长期资金基础，注入稳定发展动力。 为打通中长期资金入 ...

1月27日，中国证券报记者在人力资源社会保障部举行的例行新闻发布会上获悉，人社部将实施稳岗扩 容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件；完善落实基本养老保险 全国统筹制度，继续扩大基本养老保险基金委托投资规模。 其中，在社会保障制度方面，崔鹏程表示，截至2025年底，全国基本养老、失业、工伤保险参保人数分 别为10.76亿人、2.49亿人、3.05亿人，分别比上年底增加316万人、329万人、102万人。全年三项社会 保险基金总收入9.1万亿元、总支出8.1万亿元，年底累计结余10.2万亿元。 崔鹏程还介绍，截至2025年底，职业伤害保障试点累计参保人数2510万人。2025年全年发放失业保险金 等失业保险保生活待遇1602亿元。截至2025年底，基本养老保险基金委托投资规模达2.98万亿元。 稳就业政策支持力度加大 2025年12月18日至2026年1月18日，人社部举办为期一个月的全国人力资源市场高校毕业生就业服务专 项行动。就专项行动有关情况，人社部人力资源流动管理司副司长、一级巡视员孙晓丽在发布会上回答 中国证券报记者提问时表示，在专项行动期间，约有71.8万人达成初步就业 ...

"制度改革稳步推进，稳妥实施养老保险全国统筹、个人养老金等重大改革。印发进一步做好企业年金 工作的意见，扩大覆盖范围，简化建立程序，让更多职工享有企业年金。基金监管和投资运营不断加 强，截至2025年底，基本养老保险基金委托投资规模达2.98万亿元。"崔鹏程说。 据悉，下一步，人力资源社会保障部将持续深化社保制度改革。完善落实基本养老保险全国统筹制度。 制定优化社会保障体系"十五五"规划。积极稳妥推进职业伤害保障试点，将试点扩大到全国。同时，扩 大社保覆盖范围。鼓励支持灵活就业人员、新就业形态人员参加职工保险。推动城乡居民养老保险应保 尽保，指导各地落实代缴城乡居民养老保险费等帮扶政策。此外，高质量开展社保基金管理巩固提升行 动。继续扩大基本养老保险基金委托投资规模。 人力资源社会保障部还将优化社保服务。拓展社保卡"一卡通"应用场景。持续完善全国性线上服务平台 功能，推动更多人社服务实现"一网通办""跨省通办"。深入实施数字人社建设行动，加快推进人工智能 创新应用，加强智能化场景建设。 在就业创业方面，2025年全国城镇新增就业1267万人，城镇调查失业率平均值为5.2%。稳就业政策支 持力度进一步加大，重点 ...

Core Viewpoint - The article discusses the challenges and potential solutions in China's healthcare insurance reform, particularly focusing on the imbalance in personal account funds between different age groups and the need for strategic investment to address a significant funding gap in the system [1][10]. Group 1: Structural Issues in Personal Accounts - By 2025, the contribution standard for employee health insurance personal accounts has decreased by 28% compared to historical peaks, with those under 35 seeing their contribution rate reduced to 2% [4]. - The aging population is leading to a significant disparity, with retirees having a hospitalization rate nearly four times that of currently employed individuals, while those over 80 have an average personal account balance of less than 200 yuan [4]. - In some developed regions, individual health insurance accounts have accumulated balances exceeding 120,000 yuan, exacerbating the intergenerational financial burden on the healthcare system [4]. Group 2: Investment Strategies and Fund Management - As of March 2025, the entrusted investment scale of the basic pension insurance fund has surpassed 2.4 trillion yuan, marking a 20% increase from the previous year [7]. - The investment strategy is shifting towards a higher allocation in equity assets, aiming to reach a policy limit of 15%, which could potentially generate an additional 180 billion yuan in annual investment returns based on historical market performance [7]. - Innovative mechanisms for regional balance, such as directing 30% of investment returns to cover current fund deficits, have already resulted in increased monthly benefits for retirees in certain provinces [7]. Group 3: Technological Enhancements in Oversight - The use of blockchain technology for real-time monitoring of investment projects has been implemented, covering 92% of investment activities and enabling rapid tracking of fund flows [8]. - A smart risk control system developed by a major state-owned bank successfully intercepted 23 potential abnormal transactions within three months, preventing over 800 million yuan in potential losses [8]. Group 4: Challenges and Future Trends - There exists a cognitive gap among younger insured individuals regarding the "family mutual aid" mechanism, with 43% believing that personal account funds are private property, which poses a challenge for reform implementation [9]. - The introduction of a dynamic adjustment mechanism for fund allocation will link the distribution of healthcare accounts to key indicators like aging rates, enhancing the system's adaptability [14]. - Future trends indicate a rise in service penetration rates, with community service stations expected to exceed 65%, and AI investment advisors managing over 40% of pension fund assets for personalized risk-reward matching [12].

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]