Core Viewpoint - The recent data on corporate annuities reveals that public fund companies hold a significant position in the investment management landscape, with a 50% share among 22 institutions, indicating their growing influence in the non-public management sector [1][2]. Group 1: Investment Management Landscape - As of the first quarter of this year, there are 22 investment management institutions managing a total of 3.67 trillion yuan in corporate annuity assets, with public fund companies occupying 11 positions [2]. - The leading public fund company in terms of the number of managed portfolios is E Fund, with 422 portfolios amounting to 311.81 billion yuan, while ICBC Credit Suisse Asset Management has the highest asset amount at 315.12 billion yuan despite managing fewer portfolios [2]. - Other notable public fund companies include Southern Fund with 323 portfolios (253.42 billion yuan) and several others managing over 100 portfolios, indicating a diverse competitive landscape [2][3]. Group 2: Investment Performance - The three-year cumulative returns for fixed income and equity-inclusive portfolios are 10.92% and 7.15% respectively for single plans, while for collective plans, the returns are 10.16% and 6.09% [4]. - Among public fund companies, Hai Fu Tong Fund leads in fixed income returns at 12.71%, followed by Yin Hua Fund (12.19%) and Guo Tai Fund (12.02%), while Jia Shi Fund recorded a loss of 1.68%, the only negative return among the 22 institutions [4]. - In equity-inclusive portfolios, Guo Tai Fund achieved the highest return at 11.86%, with ICBC Credit Suisse Fund following closely at 11.65%, marking a significant performance in comparison to other institutions [5]. Group 3: Non-Public Business Development - The corporate annuity market in China has evolved since its inception in 2005, with public funds being a major player, and the scale of non-public management business is increasingly significant [6][7]. - Non-public business, including corporate annuities, accounts for a substantial portion of the total asset management scale for many fund companies, with some companies like ICBC Credit Suisse Fund having over 20 trillion yuan in total assets under management [8]. - The non-public business is characterized by large institutional funds, providing stable and sustainable management income, which is crucial for the growth of conservative public fund companies [7][9].