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市"卡点""堵点"，去年1月份，六部门联合印发的《关于推动中长期资金入市工作 的实施方案》（以下简称《实施方案》）提出，"细化明确全国社会保障基金五年以上、基本养老保险 基金投资运营三年以上长周期业绩考核机制""加快出台企（职）业年金基金三年以上长周期业绩考核指 导意见"。 《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 ...

2026.01.15 本文字数：2735，阅读时长大约4.5分钟 作者 |第一财经 郭晋晖 我国企业年金制度迎来重要政策利好。 1月15日，人力资源社会保障部、财政部对外发布《关于进一步做好企业年金工作的意见》（下称《意 见》），进一步明确企业年金制度的覆盖范围，参加企业职工基本养老保险的用人单位都可以建立企业 年金，大幅简化了企业年金的建立程序并规定了灵活的缴费比例。 这份意见是自2018年《企业年金办法》正式实施以来，企业年金制度的一次关键性改革，政策目标是加 快发展多层次多支柱养老保险体系，增强制度的包容性、灵活性和便捷性，持续推动扩大覆盖范围，让 更多职工享有企业年金。 中国社会科学院中国式现代化研究院研究员、世界社保研究中心秘书长房连泉对第一财经表示，《意 见》有两条重要内容聚焦拓宽覆盖范围和简化建立程序的问题，释放出清晰信号：在坚持依法合规与职 工权益保障前提下，通过"扩面+简化"的政策驱动，让第二支柱更可及、更易建、更易管。 同时，《意见》还在推动基金安全规范运营方面提出了新的要求，明确完善长周期考核机制，防范风 险，实现保值增值。 聚焦打通单位建立年金的痛点 企业年金是用人单位及其职工在依法参 ...

2026.01. 15 本文字数：2735，阅读时长大约4.5分钟 作者 | 第一财经 郭晋晖 我国企业年金制度迎来重要政策利好。 1月15日，人力资源社会保障部、财政部对外发布《关于进一步做好企业年金工作的意见》（下称 《意见》），进一步明确企业年金制度的覆盖范围，参加企业职工基本养老保险的用人单位都可以建 立企业年金，大幅简化了企业年金的建立程序并规定了灵活的缴费比例。 这份意见是自2018年《企业年金办法》正式实施以来，企业年金制度的一次关键性改革，政策目标 是加快发展多层次多支柱养老保险体系，增强制度的包容性、灵活性和便捷性，持续推动扩大覆盖范 围，让更多职工享有企业年金。 中国社会科学院中国式现代化研究院研究员、世界社保研究中心秘书长房连泉对第一财经表示，《意 见》有两条重要内容聚焦拓宽覆盖范围和简化建立程序的问题，释放出清晰信号：在坚持依法合规与 职工权益保障前提下，通过"扩面+简化"的政策驱动，让第二支柱更可及、更易建、更易管。 同时，《意见》还在推动基金安全规范运营方面提出了新的要求，明确完善长周期考核机制，防范风 险，实现保值增值。 聚焦打通单位建立年金的痛点 企业年金是用人单位及其职工在依 ...

高密度、多元化的人才结构和大平台、多策略的投研体系 刚刚过去的2025年，中国资产崛起，A股走出慢牛行情，各大主要指数全线飘红，上证指数、沪深300 分别录得18.41%、17.66%的年内涨幅，A股总市值、成交额均创下历史新高。2025年也是公募基金行业 的改革元年，一场以重塑行业生态、践行投资者利益优先为核心的变革浪潮全面铺开。从服务端的迭代 升级到产品端的结构优化，再到投研端的能力深耕，行业发展逻辑持续向长期价值与投资者利益倾斜。 恰逢权益市场迎来向上行情，双重利好因素共振之下，公募基金行业在2025年整体交出了一份亮眼的投 资答卷。数据显示，剔除当年成立的新基金，2025年权益基金平均净值增长率为28.73%，不仅跑赢同 期大盘，永赢、广发、易方达等基金公司旗下更是诞生多只"翻倍基"。 以广发基金为例，银河证券基金研究中心数据显示（仅统计主份额，下同），广发成长领航一年持有期 混合（A类）2025年净值增长率达134.08%，在1895只偏股型基金(股票上下限60%-95%)(A类)中排名第 6。此外，广发成长启航混合（A类）、广发中证稀有金属主题ETF年内涨幅均超90%。整体来看，在剔 除当年成立的 ...

Core Viewpoint - The introduction of a long-term assessment mechanism for pension funds, which exceed 7 trillion yuan, is expected to significantly impact investment strategies and promote long-term capital investment in the market [1]. Group 1: Long-term Assessment Mechanism - A guiding opinion on improving the long-term assessment of pension funds has been issued, and related work is currently underway [1]. - The long-term assessment mechanism aims to address the short-termism currently prevalent in pension fund investments, encouraging a shift towards long-term investment strategies [1]. - This initiative is part of a broader effort to enhance the "long money, long investment" policy framework, which is anticipated to inject more sustainable capital into the market [1].

新华财经上海12月12日电（记者 王淑娟）作为金融市场的基准利率之一，我国10年国债收益率已跌破2%。与此同时，全球金融经济体系正发生深刻变化， 美元信用体系根基动摇。复杂多变的宏观经济环境下，保险公司如何跨越周期？ 截至2025年6月末，中国太保的资产管理规模达3.77万亿元，较上年末增长6.5%。面对内外部的复杂环境，这家以稳健著称的大型综合性保险集团是如何投 资的？在中国太保2025年资本市场开放日活动上，中国太保集团高管及来自太保寿险、太保资产、长江养老、太保资本的管理层就如何打造跨越经济周期的 资产负债管理体系发表见解。 优化策略：动态管控期限和结构匹配 做好资产负债管理是保险公司的生命线。中国太保如何看待市场走势，又是如何通过建立机制来应对挑战的？ 中国太保副总裁、首席投资官、财务负责人苏罡表示，主要发达经济体都经历过利率长期下行阶段，中国近年来利率也持续走低。10年期中国国债收益率目 前在1.7%至1.9%的区间内低位运行，这样的长期缓慢下降过程，是保险业面临的巨大挑战。 低利率市场环境下，对保险公司而言，资产负债管理水平是维系经营稳健、防控风险的核心能力，更是战略规划、业务布局与长期可持续发展 ...

Core Viewpoint - The marketing strategy of Shangyin Fund, which features the image of fund manager Chen Bo, has drawn criticism for being perceived as "fan culture" marketing, raising concerns about the focus on short-term performance rather than long-term investment strategies [1][4][7]. Group 1: Marketing Strategy - Shangyin Fund's advertisements in Shanghai, including on public buses, have sparked public debate due to their simplistic messaging and the use of the fund manager's photo [2][4]. - Critics argue that such marketing tactics do not educate investors about the products and may lead to irrational investment decisions [4][6]. - Industry insiders note that many fund companies utilize similar marketing strategies, indicating that Shangyin Fund is not alone in this approach [5][6]. Group 2: Fund Manager Performance - Chen Bo's short-term performance has been questioned, despite his long-term track record being commendable [8]. - Over the past three years, Chen Bo's funds have achieved a return of 34.77%, outperforming the CSI 300 index's return of 33.00% [8]. - As of the third quarter, the total assets under Chen Bo's management increased to 791 million yuan, up from 744 million yuan in the previous quarter [9]. Group 3: Regulatory Context - The China Securities Regulatory Commission has emphasized the importance of long-term performance assessments for fund managers, with new regulations requiring that long-term performance metrics account for at least 80% of evaluations [9]. - The marketing practices of fund companies must comply with existing regulations, which prohibit misleading claims about fund performance [6][9].

Core Viewpoint - The article discusses the progress of initiatives aimed at promoting long-term capital investment in the Beijing region, following the "9.24 New Policy" introduced last year, highlighting various measures and their effectiveness in enhancing market participation by long-term funds [3][7]. Group 1: Measures to Promote Long-term Capital Investment - The Beijing Securities Regulatory Bureau, in collaboration with various governmental bodies, has issued the "Implementation Opinions" to promote long-term capital investment, focusing on responsibilities of different entities and aligning with local development needs [3][4]. - Key measures include optimizing the market ecosystem by establishing a long-term performance evaluation mechanism for commercial insurance funds and encouraging listed companies to repurchase shares [3][4]. - There is a strong emphasis on developing equity public funds and supporting the stable growth of private securities investment funds, shifting the focus from scale to investor returns [3][4]. Group 2: Investment Policy Environment - The article outlines efforts to enhance the investment policy environment for commercial insurance funds and pensions, increasing the flexibility and coverage of enterprise annuities and personal pensions [4]. - Encouragement is given to financial institutions to actively participate in capital markets, with a focus on optimizing incentive mechanisms and improving channels for market entry [5]. Group 3: Performance and Results - As of September 2025, the number of equity funds managed by Beijing-based fund companies reached 1,090, with a total scale of 1.94 trillion yuan, reflecting a year-on-year increase of 19.0% in product numbers and 25.56% in scale [6]. - The article notes that public funds in Beijing have implemented a plan to increase their A-share market value by at least 10% annually over the next three years, alongside measures to encourage fund managers to invest in their own equity funds [6]. - The management of various pension funds has also seen significant growth, with social security funds reaching 576.65 billion yuan (up 13.41%), enterprise annuities at 656.07 billion yuan (up 14.99%), and basic pensions at 633.46 billion yuan (up 34.31%) [6]. Group 4: Future Directions - The Beijing Securities Regulatory Bureau plans to strengthen policy coordination and information sharing among relevant departments to ensure the effective implementation of the "Implementation Opinions" [7].

Core Viewpoint - The implementation of policies to promote long-term capital investment in the Beijing region has led to a significant increase in the proportion of equity investments managed by fund companies, with a notable rise in both the number and scale of equity funds [1][2][3] Group 1: Policy Implementation and Progress - The Beijing Securities Regulatory Bureau, in collaboration with various financial and regulatory bodies, has introduced the "Implementation Opinions" to encourage long-term capital market participation [1] - Key measures include optimizing the market ecosystem, developing public equity funds, enhancing the investment environment for commercial insurance and pension funds, and encouraging bank wealth management and trust funds to engage in capital markets [2][3] Group 2: Fund Performance and Growth - As of September 2025, Beijing fund companies manage 1,090 equity funds with a total scale of 1.94 trillion yuan, reflecting a 19.0% increase in the number of products and a 25.56% increase in scale year-on-year [1][2] - Public funds in Beijing have implemented a plan to increase the market value of A-shares held by at least 10% annually over the next three years [3] - The management of various pension funds has also seen substantial growth, with social security funds increasing by 13.41%, enterprise annuities by 14.99%, and basic pensions by 34.31% year-on-year [3] Group 3: Long-term Investment Strategies - The establishment of a long-term assessment mechanism for public funds aims to enhance the stability of long-term investments, with a focus on three-year evaluation periods [3] - Companies are encouraged to buy back their equity funds and incentivize employees to invest in their own funds, promoting a culture of long-term investment [3]

Core Viewpoint - The implementation of the "Implementation Opinions on Promoting Long-term Funds to Enter the Market" aims to enhance the quality of listed companies in Beijing and encourage long-term investment strategies among various financial institutions [1][2][3]. Group 1: Market Optimization - The initiative focuses on optimizing the market ecosystem by establishing a long-term performance evaluation mechanism for commercial insurance funds and promoting share buybacks among qualified listed companies [1][2]. - It emphasizes the development of equity public funds and supports the stable growth of private securities investment funds, shifting the focus from scale to investor returns [1][2]. Group 2: Investment Policy Environment - The policy aims to improve the investment environment for commercial insurance funds and pensions, enhancing the coverage and flexibility of enterprise annuities and personal pensions [2]. - It encourages banks and trust funds to actively participate in the capital market, optimizing incentive mechanisms and improving market access [2]. Group 3: Implementation Outcomes - The quality of listed companies in Beijing has improved, with 45 companies executing buybacks totaling 19.33 billion yuan and 285 companies distributing cash dividends amounting to 605.4 billion yuan [3]. - The public fund fee reform has resulted in 838 actively managed equity fund products reducing fees, potentially saving investors 10 billion yuan annually [3]. - The actual equity investment ratio has significantly increased, with 1,090 equity funds managed in Beijing, growing by 19% and reaching a scale of 1.94 trillion yuan, a 25.56% increase [3]. Group 4: Long-term Assessment Mechanisms - A long-term assessment mechanism for public funds has been established, with enterprise annuities and occupational annuities setting long-term evaluation indicators [4]. - State-owned commercial insurance companies in Beijing are gradually implementing a three-year long-term assessment mechanism [4].