Core Viewpoint - The Chinese government has issued new guidelines to enhance regulation and prevent risks in the capital market, emphasizing the importance of long-term funds, particularly pension funds, in promoting high-quality development and addressing the challenges of an aging population [1][8]. Group 1: Policy Initiatives - The "National Nine Articles" outlines the need to encourage long-term capital market participation, optimize investment policies for social security and pension funds, and enhance the flexibility of corporate and personal pension investments [1]. - The implementation plan by six departments aims to improve the management mechanisms for national social security and basic pension funds [1]. Group 2: Role of Pension Funds - Pension funds are characterized as "long-term funds" and "patient capital," designed to meet retirement needs with a focus on stable, long-term growth [3][6]. - The National Social Security Fund, established to support pension insurance during demographic shifts, has seen its assets grow to approximately 30,145.61 billion yuan by the end of 2023, with an average annual investment return of 7.36% from 2001 to 2023 [5][6]. Group 3: Investment Strategies - The focus of pension fund investments is shifting towards technology and industrial innovation, which are seen as key drivers for future economic growth [6][9]. - Recommendations include increasing equity investments, particularly in technology sectors such as semiconductors, AI, and renewable energy, while reducing allocations to cash and fixed-income assets [12][13]. Group 4: Long-term Investment Approach - Emphasizing long-term, value, and responsible investment strategies is crucial for pension funds to ensure asset preservation and growth [9][15]. - A robust investment management and assessment framework is necessary to avoid short-term market fluctuations affecting long-term strategies [15]. Group 5: Risk Management - Strengthening risk management practices is essential, including the use of quantitative risk assessment models and a comprehensive risk management system [15]. - The role of pension funds in guiding social capital towards innovative sectors is highlighted, promoting a collective effort in advancing new productive forces [15].