市场消息：香港养老金计划拟在美国失去AAA评级后削减美国国债投资。 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [24]. Core Insights - The report highlights three significant events in the global pension sector, including the Canadian CPP's sale of its fossil energy trading platform, the Korean NPS's increase in overseas stock investments, and the UK government's legislative push for pension investments in the domestic private equity market [1][2][11]. Summary by Sections Canadian CPP's Sale of Fossil Energy Platform - On May 30, Canadian CPP Investments announced the sale of its entire 98% stake in the fossil energy acquisition platform EAP to EOG Resources for $5.6 billion. This sale does not indicate a change in CPP's investment strategy in the U.S. [6][7]. Korean NPS's Increase in Overseas Stock Investments - The Korean National Pension Service (NPS) plans to raise its overseas stock allocation target from 35.9% to 38.9% by 2026, which translates to an additional investment of approximately $26.5 billion into foreign stock markets. This strategy aims to hedge against domestic market weaknesses and enhance overall returns [9][10]. UK Government's Legislative Push for Domestic Private Equity Investments - The UK government has proposed legislation to mandate pension plans to invest in the domestic private equity market and set local investment targets. The review aims to reverse the declining trend of UK pension plans investing domestically, which has dropped from over 50% in 2012 to about 20% currently [11][12].

以中央公积金为核心的三支柱体系。 新加坡的养老金体系采用"三支柱"模式，但三支柱规模分布极不平衡， 截至2024年3月，第一支柱占比超过九成，第二支柱占比不足1%，第三支柱占比8%。 1）第一支柱 以中央公 积金制度（CPF）为核心，是新加坡养老体系的主体，是一种完全积累型的强制性养老储蓄计划，企业和个人 共同缴费。公积金账户分为普通账户、特别账户、保健储蓄账户和退休账户等，涵盖养老、医疗、购房等多方 面保障。 2）第二支柱 包括两项特定职业的养老金，一是针对政府公务人员的民政事务-投资计划，二是针对 军人的雇员储蓄退休及保费基金。 3）第三支柱 为个人养老金计划，包括中央公积金投资计划（第一支柱中央 公积金的子计划）以及补充养老金计划。 新加坡养老金都投些什么？ 1）第一支柱 中央公积金资金基本都投资于新加坡政府为了保证中央公积金收 益特地发行和担保的非流动债券，投资于政府特别债券的中央公积金份额首先作为政府存款存入新加坡金 融管理局，然后定期转移到新加坡政府投资管理公司（GIC）进行长期投资管理。截至2024年3月末，GIC 将39%的资金投资于债券和现金，30%的资金配置股票，18%的资金配置于私募股权 ...