作为养老"第三支柱"的重要组成部分，2022年11月，个人养老金制度在36个城市（地区）先行实施； 2024年12月，个人养老金制度推向全国。人社部数据显示，个人养老金制度实施两周年之际，已有超 7000万人开通个人养老金账户。 该制度实施以来，产品货架不断丰富。根据国家社会保险公共服务平台数据，截至10月7日，衔接个人 养老金制度的储蓄、基金、保险、理财产品分别为466只、302只、376只、37只，总量达到1181只。 个人养老金制度设计也在不断优化。例如，今年9月1日起施行的《关于领取个人养老金有关问题的通 知》新增三类可提前领取情形，拓展了申请渠道，明确了缴存延续等政策安排，给这项制度赋予更多灵 活性与包容性。 业内人士表示，个人养老金缴费完全由参加人个人承担并自主选择购买产品，是自己储备的额外的"未 来储蓄罐"；参加人可以根据自己的经济能力，在每年1.2万元上限之内，自主决定参加程度和缴存额 度。 缴存和投资程度有待提高 尽管开户人数快速增长到数千万的量级，该制度在推行过程中，也出现了"开户热、缴存冷、投资少"等 问题。 "从实践情况看，制度推行初期虽取得一定成效，但在参与覆盖、税收激励、产品供给、 ...

Core Viewpoint - Jiangsu Financial Regulatory Bureau is implementing a comprehensive set of measures to enhance financial services, focusing on consumer protection and financial support for businesses and individuals [1][2][3][4][5][6][7] Group 1: Financial Support Initiatives - The bureau is promoting personal consumption loans and service industry loans with interest subsidy policies, effectively lowering financing costs and stimulating consumer potential [2] - By mid-2025, the health insurance premium income in Jiangsu reached 32.659 billion yuan, with claims amounting to 8.724 billion yuan, indicating a growing insurance market [2] - Various local initiatives, such as "Su Xin Action" in Suqian and "Red Salt Loan" in Yancheng, have successfully provided significant credit support to businesses and individual entrepreneurs [2] Group 2: Consumer Protection Measures - A coordinated mechanism for financial consumer rights protection has been established, focusing on combating illegal intermediaries and enhancing information sharing among departments [3] - The bureau has initiated collective actions against illegal activities, leading to numerous cases being filed by law enforcement [3] - The establishment of a city-level mechanism in Xuzhou for illegal intermediary governance demonstrates a collaborative approach to maintaining financial order [3] Group 3: Enhanced Financial Services - Jiangsu is improving accessibility in pension finance by promoting barrier-free facilities and developing personal and commercial pension products [4] - By mid-2025, personal pension insurance premium income reached 1.366 billion yuan, covering 110,100 individuals, while commercial pension accounts totaled 580 million yuan [4] - Financial services for foreign nationals are being optimized, including the integration of foreign banks into domestic payment systems and the provision of multilingual support [4] Group 4: Financial Education and Awareness - A multi-channel financial education network has been established, focusing on community engagement and innovative outreach methods [5] - Initiatives like the "Financial Protection in 100 Communities" campaign and the creation of financial safety maps aim to enhance public financial literacy [5] - Localized financial education efforts, such as the use of regional dialects and creative materials, are being employed to make financial knowledge more accessible [5] Group 5: Dispute Resolution and Accessibility - The bureau is expanding financial dispute mediation services, with plans to add 100 new mediation points across the province by 2025 [6] - Innovative solutions for financing challenges, such as a quick loan application process and targeted agricultural loans, are being implemented to improve access to finance for small businesses [6] - The rapid response to insurance needs for new energy vehicles in Nanjing highlights the bureau's commitment to addressing consumer concerns promptly [6] Group 6: Overall Impact - Jiangsu Financial Regulatory Bureau aims to create a reliable financial environment that supports both businesses and consumers, acting as a "safety shield" and "warm bridge" for the community [7]

江苏金融监管局强化牵头统筹，持续完善"大消保"工作格局，牵头建立辖区金融消费者权益保护工作协调机制，组织召开联席会议，强化部门协同与信息 共享。会同省公安厅开展金融领域"黑灰产"违法犯罪集群打击行动,聚焦不法贷款中介、非法代理维权等重点，加强刑事打击与行业监管的多元共治。通 过线索摸排、数据建模，提升精准打击力度，向公安机关移交线索数百条，全省公安机关立案数十起。江苏省保险行业协会发布《江苏保险业打击非 法"代理退保"黑灰产典型案例汇编》，推动行业协同共治。 江苏金融监管局持续推进养老金融服务提升。截至2025年6月末，江苏个人养老金保险保费收入13.66亿元，承保11.01万人；商业养老金业务累计开立账户 8.07万户，存量规模58.54亿元；全省建成养老社区7个，运营床位4090个。指导银行提升外籍来华人员金融服务。推动外资银行主动接入支付宝、微信、 银联云闪付等国内电子支付工具，为境外来华人员开立数字人民币钱包服务，实现人民币 I 类账户结算。鼓励银行开发双语购汇、小程序查询、线上预 约、批量办理等多项功能。引导银行在网点摆放多语种宣传资料，升级柜面证件读取机具功能，支持使用新、旧版外国人永久居留身份证 ...

Core Viewpoint - The "New National Ten Articles" released by the State Council aims to strengthen regulation, prevent risks, and promote high-quality development in the insurance industry over the next 5 to 10 years, marking a significant policy direction for the sector [1] Industry Performance - As of the end of Q2 2025, the insurance industry's asset scale reached 39.22 trillion yuan, with a year-on-year growth of 9.2% [2] - The total insurance premium income amounted to 3.74 trillion yuan, reflecting a 5.3% increase compared to the same period in 2024 [2] - Insurance companies' claims and payouts reached 1.3 trillion yuan, showing a notable growth of 9% year-on-year, outpacing premium growth [2] Social Welfare Services - The insurance sector has enhanced its role in social welfare, particularly in disaster relief, with 20.5 billion yuan paid out during extreme weather events in 2025 [3] - The urban catastrophe insurance program has provided risk protection for 64.39 million households, amounting to 22.36 trillion yuan in coverage [3] - Technological advancements have improved risk reduction services, with significant outreach for disaster warnings to millions of clients [3] Health Insurance Development - The urban commercial medical insurance, known as "惠民保," has seen significant growth, with 615.9 million participants in Shenzhen and over 22 billion yuan in claims paid [4] - The commercial health insurance sector has also expanded, with claims reaching 405.2 billion yuan in 2024 and long-term health insurance reserves exceeding 2.5 trillion yuan [4][5] Support for the Real Economy - The insurance industry is aligning with national strategies by enhancing risk protection in technology innovation and green development [6][7] - Insurance services for technology activities provided coverage of nearly 24 trillion yuan in the first half of 2025 [6] - Green insurance products have seen a 23.9% increase in risk coverage, with over 126.35 trillion yuan provided [7] Investment in Strategic Areas - Insurance companies are increasing investments in strategic sectors, with China Life establishing a fund focused on high-demand industries like AI and advanced manufacturing [8] - New China Life's investment in national strategic areas surpassed 1.21 trillion yuan, reflecting a 54% year-on-year increase [8] Industry Reform and Transformation - The insurance sector is undergoing significant reforms in pricing mechanisms and product structures to enhance quality and efficiency [10][11] - The introduction of floating yield insurance products has led to a 33% share of new life insurance products in the first half of 2025 [11] - The insurance intermediary market is also experiencing a contraction, with a 11.7% decrease in the number of professional intermediary institutions in Jilin province [11] Future Outlook - The insurance industry is expected to continue leveraging its long-term advantages to contribute to the construction of a financial strong nation and support modernization efforts in China [12]

Core Viewpoint - The article highlights the rapid growth and development of pension financial services in the banking sector, driven by regulatory support and increasing demand for personal pension accounts, with many banks reporting significant increases in account openings and asset management scales [1][2][3]. Group 1: Growth in Pension Financial Services - Major banks have reported a doubling in the number of personal pension accounts, with institutions like Industrial and Commercial Bank of China (ICBC) and China CITIC Bank leading in growth [2][5]. - The total pension management scale for ICBC reached nearly 5 trillion yuan, with a 2024 increase of approximately 900 billion yuan [4]. - China Bank reported a 23.44% increase in entrusted pension funds, reaching 259.09 billion yuan, while Agricultural Bank of China saw a 24.6% growth in its entrusted management scale [4]. Group 2: Personal Pension Account Growth - By the end of November 2024, personal pension account openings in China surpassed 72.79 million, with banks like ICBC reporting a 187% increase in new account openings [6]. - China Bank and China Merchants Bank each exceeded 10 million personal pension accounts, with significant contributions to the overall market [7]. - Other banks, such as Industrial Bank and Minsheng Bank, also reported substantial growth in personal pension accounts, with increases of 47.67% and 34.91% respectively [8]. Group 3: Diversification of Pension Financial Products - Financial regulatory authorities have issued guidelines to enhance the quality of pension financial services, prompting banks to diversify their product offerings [9]. - Construction Bank aims to establish itself as a "pension financial professional bank," launching a unified brand for pension financial services [9]. - Other banks, such as Postal Savings Bank and CITIC Bank, are developing comprehensive pension financial systems and services, including both financial and non-financial support for elderly clients [10][11].

证券研究报告·行业深度 养老金融 2024 年 4 季度跟踪 报告 核心观点 此次养老金融季度跟踪报告要点：一是随着个人养老金制度 从 36 个先行城市推广至全国，24Q4 末个人养老金基金规模和个 人养老金理财累计销售规模分别同比+51.7%、+373.7%。二是指 数基金纳入个人养老金产品目录后，24Q4 末个人养老金基金产 品数量同比+59.2%、环比+43.9%。三是《关于推动中长期资金入 市工作的实施方案》发布，提出稳步提升社保基金股票类资产投 资比例，细化明确社保基金五年以上、基本养老保险基金投资运 营三年以上长周期考核机制，加快出台企（职）业年金基金三年 以上长周期考核指导意见；支持具备条件的用人单位探索放开企 业年金个人投资选择，鼓励企业年金基金管理人开展差异化投 资。 摘要 本期报告的核心数据如下： 第一支柱：截至 24Q4，基本养老保险基金委托投资规模为 2.3 万亿元，同比+23.7%，环比+21.1%。 第三支柱：截至 24Q4，个人养老金基金产品规模为 91 亿 元，同比+51.7%，环比+24.5%；单四季度，个人养老金基金的 规模加权平均收益率（非年化）同比+3.01pct 至- ...