登录新浪财经APP 搜索【信披】查看更多考评等级 ■以企业年金与职业年金为主的养老第二支柱稳中正进 作为多支柱养老金体系的关键组成部分，养老第二支柱健康发展对于应对人口老龄化、提升国民养老保障水平具有战略性 意义。从国际经验看，以美国401K计划为代表的企业年金制度，与公共养老金协同构成了退休收入的核心支柱，有效缓 解了财政压力。随着国内基本养老保险"一支独大"的现状难以持续，大力发展企业年金与职业年金，引导责任从国家单一 主体向国家、单位、个人三方共担过渡，已成为必然选择与共识。近期，个人养老金制度的落地及配套政策的完善，进一 步明确了构建多层次体系的监管决心，为第二支柱的扩容创造了有利的政策环境。尤其是尽管政策持续推动，我国养老第 三支柱即个人养老金发展并未达到预期，未来逐步扩大第二支柱企业年金覆盖面，这有利于形成政策、企业与个人三方协 同的良性发展生态，我们判断年金增速有望保持8%年化复合增速，高于未来名义GDP增长。 ■ 年金资金稳定性强，配置方向多元，既是"耐心资本"也是资管业务的"Good Money" 在明确政策鼓励下，我国企业年金与职业年金市场正步入稳步扩张的通道。职业年金伴随机关事业单位养老 ...

证券研究报告 | 2025年12月03日 中国年金体系研究暨"寻找中国保险的 优于大市 Alpha "系列之四 支撑养老体系，引入长期活水 以企业年金与职业年金为主的养老第二支柱稳中正进。作为多支柱养老金体 系的关键组成部分，养老第二支柱健康发展对于应对人口老龄化、提升国民 养老保障水平具有战略性意义。从国际经验看，以美国 401K 计划为代表的 企业年金制度，与公共养老金协同构成了退休收入的核心支柱，有效缓解了 财政压力。随着国内基本养老保险"一支独大"的现状难以持续，大力发展 企业年金与职业年金，引导责任从国家单一主体向国家、单位、个人三方共 担过渡，已成为必然选择与共识。近期，个人养老金制度的落地及配套政策 的完善，进一步明确了构建多层次体系的监管决心，为第二支柱的扩容创造 了有利的政策环境。尤其是尽管政策持续推动，我国养老第三支柱即个人养 老金发展并未达到预期，未来逐步扩大第二支柱企业年金覆盖面，这有利于 形成政策、企业与个人三方协同的良性发展生态，我们判断年金增速有望保 持 8%年化复合增速，高于未来名义 GDP 增长。 年金资金稳定性强，配置方向多元，既是"耐心资本"也是资管业务的"Good Mo ...

齐鲁晚报·齐鲁壹点 王小涵 11月26日，山东省政府新闻办举行新闻发布会，邀请省人力资源社会保障厅主要负责同志等介绍"十四 五"时期山东扎实推进高质量就业和社会保障情况。 社会保障关系人民群众的切身利益。"十四五"时期我省在养老保险制度建设方面取得了哪些成绩？ 省人力资源社会保障厅副厅长李士功介绍，"十四五"时期，山东人社紧紧围绕"健全覆盖全民、统筹城 乡、公平统一、安全规范、可持续的多层次社会保障体系"目标，着力加强养老保险制度建设，不断满 足人民群众多样化的养老保障需求，民生保障网织得更密、扎得更牢。主要体现在三个方面： 一是全面深化养老保险制度改革。"十四五"时期是我国社会保障领域改革力度最大的时期。山东深入落 实企业养老保险全国统筹，规范全省政策执行，加强基金收支管理，不断增强养老保险制度稳定运行能 力，确保基本养老金按时足额发放。稳妥有序实施渐进式延迟法定退休年龄改革，全面贯彻落实改革决 定及其配套政策，切实保障参保人员权益。自今年1月1日起，实施居民养老保险基金省级管理，统一开 展基金委托投资工作，努力让百姓的"养老钱"在安全规范的前提下实现更好的保值增值。 二是持续推进养老保险扩面提标。以灵活就 ...

日前，国家金融监督管理总局发布通知，正式将养老理财产品试点范围扩大至全国，试点期限3 年，并提高符合条件的理财公司募集资金规模上限。这一系列举措既是完善多层次养老保险体系、积极 应对人口老龄化的战略部署，更是畅通居民储蓄向长期养老投资转化的关键抓手，从政策层面为养老理 财市场"松绑赋能"，也为构筑稳健可持续的养老保障体系注入了强劲动力。 我国养老理财的发展脉络，始终遵循"试点先行、稳步推进、创新驱动"的路径，在政策引导下逐步 形成规模效应与市场活力，而此次全国扩容正是这一进程的关键跨越。自2021年首批试点启动以来，目 前全国存续养老理财产品达51只，规模约1065亿元，个人养老金理财产品37只，印证了市场认可度与居 民养老投资意识的提升。尤为关键的是，通知明确新发行的产品可自动纳入个人养老金理财产品名单， 破解了此前流程长、操作繁琐的衔接堵点，既提升了效率，也为市场规模进一步扩张奠定了基础。 在市场规模稳步增长的基础上，养老理财产品的形态创新与服务升级成为我国养老金融行业深化发 展的核心方向，其中，"长期化"导向与"普惠性"特征尤其突出。产品创新始终与资金投向协同，养老理 财资金通过股权投资、债权投资等形式 ...

Core Insights - The development of enterprise annuities in China is gaining momentum, with a focus on expanding coverage and participation in the multi-tiered pension system [1][2][4] Policy Initiatives - Several regions, including Xiong'an New Area, have introduced policies to promote enterprise annuities, such as the automatic enrollment mechanism, which shifts from voluntary participation to automatic inclusion with the option to opt-out [2][7] - Other regions like Shanghai and Shandong have tailored policies to encourage enterprise annuity development, including a talent enterprise annuity plan in Shanghai [2][3] Current Status - As of the end of 2024, there are approximately 159,300 enterprises with enterprise annuities, covering about 32.42 million employees, with total accumulated funds reaching 3.64 trillion yuan [1] - Despite the growth, the coverage of enterprise annuities remains limited, accounting for only about 2.7% of GDP, indicating a need for increased participation from both enterprises and employees [4][5] Challenges - Key challenges to expanding enterprise annuities include the reluctance of small and medium-sized enterprises (SMEs) due to cost pressures and complex establishment processes [4][5] - Employees, particularly younger ones, often lack understanding of the multi-tiered pension system and long-term retirement planning [5] Recommendations for Expansion - Industry experts suggest enhancing policy flexibility and developing simplified annuity plans to better accommodate SMEs and diverse employment forms [7][8] - The automatic enrollment mechanism in Xiong'an is seen as a positive step, addressing operational challenges and allowing for gradual implementation based on enterprise capabilities [7] Coordination of Pension Pillars - There is a call for better coordination among the three pillars of pension insurance, including shared tax incentives and potential fund flow between the second and third pillars [8]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the need for a national action plan to address aging population challenges and the integration of technology in the elderly care sector [10][15][49] - It highlights the potential of the silver economy as a new growth point, predicting that by 2050, the elderly industry could account for over one-third of GDP [18][23] - The report discusses the importance of optimizing the pension system and enhancing the quality of pension finance to support China's modernization efforts [78] Summary by Sections Key Focus - The report discusses the government's comprehensive approach to aging, shifting from merely addressing elderly care to a holistic life-cycle support system [10][15] - It highlights the role of artificial intelligence in transforming the elderly care industry, improving service efficiency and quality [49][50] - The report also addresses the need for increased basic pension standards and a more scientific adjustment mechanism for pensions [57][59] Industry Research - The report includes insights on optimizing the pension system, emphasizing the need for a multi-pillar approach and improved structural design [63][74] - It discusses the progress and future outlook of China's pension insurance system, noting significant reforms and the need for further integration and coverage [69][73] - The report suggests enhancing the role of commercial insurance in the healthcare sector to alleviate funding bottlenecks [33][39] Forum Dynamics - The report reflects on the discussions held at the Tsinghua PBCSF Pension Finance Forum, focusing on the intersection of technology and finance in the elderly care sector [10][49] - It emphasizes the importance of collaboration among various stakeholders to create a robust elderly care ecosystem [10][49] - The report also highlights the need for policy support to facilitate the integration of technology in elderly care services [50][52]