我国的养老金融包括基本养老金、企业年金、职业年金、个人养老金以及各种商业性的寿险产品和其他 养老服务的融资，这是一个持续壮大的金融板块。 "养老金融发展存在结构性失衡问题。"郑功成表示，2035年左右中国60岁以上的老年人口将超过4亿， 进入重度老龄化阶段。2050年前后我国老年人口的比重、老年抚养比和社会抚养比将达到峰值。 "养老金融规模仍然偏小。"郑功成认为，我国需要进一步改善发展养老金融的政策环境，提高政策的精 准度，增强养老金融理性的识别性。 文/付乐 11月28日，全国人大常委会委员、全国人大社会建设委员会委员郑功成在第10届新金融论坛上表示，养 老金融是金融建设、金融强国的重要方向，更是面对人口老龄化的重要方向。发展养老金融既是促进金 融业大力发展的增长点，也是十分重要的民生工程。 他指出，我们国家的人口老龄化具有超常规性：一个是规模超大，现在60岁以上的人口已经达到3.1亿 多人；第二，速度超快，从轻度老龄化到中度老龄化到重度老龄化，我们已经进入中度老龄化，在全世 界人口老龄化进程中是速度最快的国家之一。 此外，还有断崖式少子化，近几年时间新生儿从1800万到现在900万左右。再加上家庭保障功能 ...

Core Viewpoint - The article emphasizes the urgent need to address the challenges posed by an aging population in China, highlighting the government's proactive measures in developing a comprehensive pension finance strategy to support the elderly population [1]. Group 1: Demographic Trends - By the end of 2024, the proportion of individuals aged 60 and above in China is projected to reach 22.0%, and those aged 65 and above will account for 15.6%, marking an increase of 3.9 and 3 percentage points respectively compared to the end of 2019 [1]. - The United Nations forecasts that by the end of 2032, the proportion of individuals aged 65 and above in China will exceed 20%, and by the end of 2049, it will surpass 30%, indicating a significant demographic shift over the next 25 years [1]. Group 2: Policy Initiatives - In response to the aging population, financial regulatory authorities have introduced multiple pension finance policies aimed at clarifying the future development direction of pension finance in China, focusing on pension finance, pension industry finance, and pension service finance [1][2]. - Guangzhou has implemented 12 special policies to promote high-quality development in pension finance, addressing various aspects such as the pension insurance system, financial product supply, and industrial financing support [4]. Group 3: Current Developments in Guangzhou - As of the first half of the year, the number of participants in the basic pension insurance for employees in Guangzhou reached 8.858 million, while the number of participants in the urban and rural residents' basic pension insurance was 1.286 million, establishing a solid foundation for residents' pensions [5]. - Guangzhou has seen the establishment of enterprise annuities in 3,015 companies, covering 510,000 employees, which further supplements retirement income for workers [5]. Group 4: Market Opportunities and Challenges - There is a significant unmet demand in the silver economy, characterized by a lack of high-quality and diversified offerings for different elderly groups, leading to a market that is polarized between expensive luxury services and basic low-end offerings [6]. - Recommendations include shifting financial services from general inclusivity to targeted precision, increasing support for key industries such as health and elderly care, and developing insurance products tailored for the elderly [6]. Group 5: Future Directions - Financial institutions are encouraged to diversify pension financial product offerings, enhance financing support for the pension industry, and improve the accessibility and convenience of financial services for the elderly population [7].

Core Viewpoint - The central financial work meeting emphasizes the importance of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to guide high-quality financial development in China [1] Group 1: Pension Finance Development - Pension finance is crucial for addressing aging populations, linking pension management with the development of the elderly care industry, and ensuring quality of life for the elderly [1] - The personal pension market is experiencing unprecedented opportunities in 2025, but it also faces multiple challenges [3] - To enhance pension participation rates, tax incentives and product optimization are essential [4][5] Group 2: Tax Incentives and Product Optimization - Tax incentives provide strong economic motivation for participants, while product optimization meets diverse needs [2][5] - Current tax policies primarily benefit high-income groups, suggesting a need for more inclusive tax strategies to encourage participation from lower-income individuals [4] - A diverse range of pension products and effective investment strategies are necessary to cater to varying participant needs [4][5] Group 3: Challenges in the Pension Market - There is a significant gap in public awareness regarding pension products, with traditional views on savings and housing still prevalent [3] - The market suffers from product homogeneity, lacking differentiated competition and comprehensive services to meet growing demands [3] Group 4: Community and Family Roles in Elderly Care - The community-based elderly care model integrates government guidance with market and social resources to provide comprehensive services [6][10] - Families are increasingly prioritizing pension savings, with diverse service needs extending beyond basic care to include health and long-term care [11] Group 5: Financial Product Awareness and Misconceptions - Many families mistakenly believe that basic pension insurance suffices for their needs, overlooking the limited coverage it provides [12] - There is a need for better education on pension products to dispel misconceptions and improve participation rates [14] Group 6: Investment Strategies for Different Demographics - For near-retirement individuals, the focus should be on safety and stability, favoring low-risk products [15] - Younger individuals should prioritize growth potential, balancing higher-risk investments with insurance products to mitigate risks [15]

南方财经全媒体记者 林汉垚 随着人口老龄化持续加深，我国养老领域制度体系日益健全，服务供给持续优化，产业生态协同推进。 即将到来的"十五五"时期，将是我国人口老龄化水平快速提升的关键阶段，养老保障体系亟需适应更庞大的服务需求、应对更复杂的结构变 化，而银发经济也在此过程中迎来广阔发展机遇。 国民养老党委书记、总经理黄涛指出，我国养老体系正从"老有所养"向"老有幸福"转型，但供需仍存在结构性错配，需兼顾"有没有"与"好不 好"的双重目标。 城市养老水平仍存明显区域、群体差异 《发现》显示，中国城市养老从"基础覆盖"迈向"质量提升"新阶段，总体仍有提升空间，同时区域梯度明显；养老公共服务均等化取得显著成 效，"养老财富储备"与"银发经济发展"成为城市排名"分水岭"，需构建"制度—服务—产业—环境"协同发展的生态体系，通过政府、市场、社 会与个人的共同参与，实现"有备而老、有质而老"的和谐养老愿景。 金融企业需聚焦居民多元养老需求 发展养老金融，是促进中国特色金融和养老事业高质量发展良性循环的重要着力点。 而"十四五"时期，我国居民的金融养老需求发生了显著变化。 截至2024年底，我国60岁及以上老年人口已达3.1 ...

Core Insights - The Shenzhen insurance industry has accumulated a liability reserve balance of 758.1 billion yuan for life and long-term health insurance as of October 2025, with total compensation payments amounting to 61.7 billion yuan [1] - The industry has effectively responded to multiple rounds of typhoon and rainstorm disasters, receiving over 5,700 related claims with estimated losses exceeding 11 million yuan [1] - The innovation of pension financial products is progressing steadily, with 5.993 million personal pension accounts opened and total contributions reaching 7.72 billion yuan, ranking among the top in the country [1] - Four commercial pension pilot companies are operating in Shenzhen, with a total of 127,500 commercial pension accounts opened and a sales scale of 20.885 billion yuan in the first three quarters [1]

Core Insights - The seminar on innovative development in China's elderly care sector highlighted the release of the "2025 China Urban Residents Elderly Care Research Findings" report, which integrates various data sources to construct an evaluation system for urban elderly care [1] - The report indicates that while urbanization in China has surpassed 67% with a resident population of 940 million, there are significant regional and demographic disparities in elderly care levels [1] - The transition from "basic coverage" to "quality improvement" in urban elderly care is noted, with a call for a collaborative ecosystem involving government, market, society, and individuals to achieve a harmonious elderly care vision [1] Summary by Categories Elderly Care Index - The report innovatively constructs the "China Urban Residents Elderly Care Index" based on four dimensions: elderly wealth reserve, elderly service system, age-friendly environment, and silver economy development [1] Urbanization and Demographics - China's urbanization rate has exceeded 67%, with a permanent urban population of 940 million, making cities the primary battleground for addressing aging issues [1] Regional and Group Disparities - There are notable regional and group differences in elderly care levels, indicating that while public service equalization has made significant progress, there is still room for improvement in overall quality [1] Market Demand - The report identifies five core care needs in the market: medical services, meal assistance, cultural and recreational activities, health education, and domestic services, driven by the diverse and large elderly population [1] Targeted Services - The findings suggest that the "vibrant elderly" aged 60 to 70 focus on independence, health, and social participation, while those aged 80 and above have a more urgent need for care and rehabilitation services [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本报记者 田 鹏 11月17日，广东省人民政府办公厅印发的《广东省推动养老金融高质量发展的实施方案》提出，引导保 险资金通过股权、债券、基金、资产支持计划、保险资产管理产品等多种形式，为养老服务运营主体、 老年助餐服务机构提供资金支持。 记者通过梳理年内各地出台的相关政策发现，多元金融工具已成为激活养老金融市场的重要抓手之一， 一系列创新探索接连落地，正推动养老金融从政策引导向市场驱动转型。 接受《证券日报》记者采访的专家表示，未来5年至10年，养老金融产品将朝着多元创新且全链条协同 的方向发展。其中，养老产业并购基金、长寿风险证券化产品、嵌入式养老设施经营权证券化、跨境养 老REITs以及基于区块链的养老消费权益通证化等创新方向均值得重点关注。这些产品将共同搭建起覆 盖项目孵化、资产运营、风险分散的全链条资本解决方案，打破养老产业投资重、回报慢、风险高的传 统困境。 养老金融"工具箱"持续扩容 金融工具凭借长期属性、多元形态与风险分散等优势，成为破解养老产业"投资规模大、回收周期长、 收益回报稳"特性与金融资源配置适配难题的关键抓手。为此，今年以来，多地出台 ...

11月17日，广东省人民政府办公厅印发的《广东省推动养老金融高质量发展的实施方案》提出，引导保 险资金通过股权、债券、基金、资产支持计划、保险资产管理产品等多种形式，为养老服务运营主体、 老年助餐服务机构提供资金支持。 金融工具凭借长期属性、多元形态与风险分散等优势，成为破解养老产业"投资规模大、回收周期长、 收益回报稳"特性与金融资源配置适配难题的关键抓手。为此，今年以来，多地出台专项政策，明确金 融工具在养老金融领域的赋能作用，以打通社会资本与养老产业的对接通道，推动养老金融加速向市场 驱动转型。 例如，6月份，深圳发布的《关于统筹做好养老金融大文章服务深圳银发经济高质量发展的实施意见》 明确，支持金融机构进一步丰富个人养老金产品差异化供给，推出更多兼具稳健性、普适性的储蓄、理 财、基金、信托、保险等多元化金融产品；8月份，重庆发布的《关于促进重庆市养老金融高质量发展 的实施意见》提出，支持养老理财等养老金融产品，投资与养老特征相匹配的长期优质资产等。 得益于政策的大力护航，各地加速推进金融工具在养老金融领域的实践探索，一系列创新模式接连落 地，不仅让养老金融的"工具箱"持续扩容，更加速形成了"政策引导— ...

Core Viewpoint - Guangdong Province has launched its first dedicated policy for pension finance, aiming to establish a modern pension finance system that aligns with the region's demographic, industrial, and financial structures [1][2]. Group 1: Implementation Goals - The implementation plan outlines two phases: by 2028, the pension finance supply system will be largely improved, and by the end of the 14th Five-Year Plan, financial support for pension fund utilization will be more mature and stable [2][3]. - Guangdong faces dual pressures from an aging population and increasing demand for pension services, but it also has a strong financial market and high capital supply capabilities [2][4]. Group 2: Product and Service Development - The plan includes measures to enhance the pension finance product system, such as establishing pension finance departments in banks and improving service channels for the elderly [3][4]. - Financial institutions are encouraged to innovate pension products, including long-term care insurance and specialized financial products for personal pensions [3][5]. Group 3: Financial Support for Pension Services - A "white list" mechanism for pension institutions and enterprises will be established to guide financial resources towards compliant and stable pension projects [4][5]. - Various financial tools, including loans, bonds, and asset securitization, will be utilized to promote the development of standardized and large-scale pension facilities [4][6]. Group 4: Rural and Cross-Border Pension Services - The plan emphasizes financial support for home-based and community elderly care services, particularly in rural areas, and encourages the development of inclusive financial products for these services [5][6]. - Cross-border pension finance cooperation is highlighted as a strategic focus, with plans to support cities like Guangzhou in becoming pension finance demonstration cities [5][6]. Group 5: Risk Management and Policy Implementation - A comprehensive risk prevention mechanism will be embedded in the pension finance process, including consumer protection and financial literacy education for the elderly [6]. - The plan establishes a collaborative mechanism for policy implementation, with a focus on creating replicable models for pension finance development across the province [6].

Core Points - Guangdong Province has issued its first dedicated policy for promoting high-quality development in pension finance, aiming to establish a distinctive pension finance system by 2028 [1][2] - The implementation plan emphasizes the active participation in national basic pension insurance fund investments and the enhancement of quality investment project reserves in Guangdong [1] - The plan outlines the development of long-term care insurance and the establishment of a standardized management system for long-term care service institutions [2] Group 1 - The implementation plan aims to enrich pension financial products and services, focusing on the development of the first, second, and third pillars of pension insurance [1][2] - It encourages enterprises to establish enterprise annuities and promotes the development of third-pillar pension financial products tailored to local needs [1] - By 2028, the plan envisions a widespread awareness of pension finance and an effective improvement in the supply level of pension finance across the province [1] Group 2 - The plan supports the construction of a provincial pension finance demonstration model in Guangzhou and aims to include cities like Shenzhen, Foshan, Dongguan, and Zhuhai in national specific pension savings pilot programs [2] - It promotes cross-border pension services in the Guangdong-Hong Kong-Macao Greater Bay Area, including integrated services for Hong Kong and Macao seniors [2] - The plan encourages the development of innovative insurance products and services that facilitate cross-border financial cooperation and regulatory collaboration in the Greater Bay Area [2]