｜广告｜ 数据说 个人养老金到底香在哪里? 能存 ·能省·还能投资 超过1300万+人选择 在招商银行开启个人养老金 数据来源:招商银行2025年半年度报告。 "第二笔退休金" 随时间"膨胀" 边存边省 至高省税 攒下养老钱 现在存 未来领 5400元/年1 还能投资求增值 存多存少自己定 养老鼠論 98% 产品成立以来正收益 器厂 指数基金 FOF产品 打包一篮子个股 。 股债搭配 专人打理,求稳求进 灵活交易,低费率高性价比 25% 1 30 个年中工作同步 个年中亚拉同城 3.4% 平均年化收益率超 更多人的养老投资选择 超143.9万人 2025年上半年个人养老金理财投资者 46.2% 投资者较年初增长 数据来源：产品数量统计自招商银行App,数据截至2025年11月1日;投资者人数统计、收益 率等数据整理自《中国银行业理财市场2025年半年报告》。 养老保险&存款 数据来源：养老基金收益率数据来源于Wind，养老基金包括Wind内地公募基金分类下全部 Y份额类型基金,截至2025年11月1日。 养老理财 精选理财好品 我们这行收入忽高忽低,以前根本不想养老。现 在懂了,没人帮交社保,再不自己存点,老 ...

本报记者 吴珊 自2022年11月25日至今，个人养老金制度正式实施已满三周年。 三年来，个人养老金基金产品矩阵持续扩容升级，从最初的以养老目标FOF（基金中的基金，是一种专门投资于其他投资 基金的基金）为核心，逐步扩展到被动指数基金、指数增强基金等多元化品类，为不同风险偏好的投资者实现养老资产长期配 置提供更优选择。Wind资讯数据显示，截至目前，个人养老金基金数量已超过300只，规模突破150亿元大关，九成以上的产品 自成立以来实现净值增长。 受访人士表示，三年来，个人养老金基金已实现从起步到壮大的关键跨越，其规模与业绩的双重突破，充分印证了自身价 值。展望未来，公募基金行业将在监管部门引领下凝聚合力，共同构建"理念共生、资源共创、成果共享"的新生态，护航养老 金融行稳致远。 可投标的持续"解锁" 自实施以来，个人养老金制度便承载着公众的期待与厚望。公募基金行业始终将提升养老金融服务能力、促进居民养老财 富保值增值，视为践行社会责任、实现高质量发展的重要目标，在产品供给和渠道拓展等方面均取得良好进展。 中国证监会最新公布的《个人养老金基金名录》和《个人养老金基金销售机构名录》显示，个人养老金基金数量已从2 ...

个人养老金制度实施三年来，相关产品货架又迎来进一步扩充。 近期，财政部、央行联合发布《关于储蓄国债（电子式）纳入个人养老金产品范围有关事宜 的通知》（以下简称"《通知》"），其中显示，开办机构应当按照《通知》规定，自2026年 6月起，开办个人养老金储蓄国债（电子式）业务。此意味着，储蓄国债（电子式）正式被 扩充至个人养老金产品池，未来将形成保险、理财、基金、储蓄、国债相结合的多元化产品 格局。 对此，新浪金融研究院咨询了北京地区多家国有大行网点并询问进展情况，工作人员普遍表 示暂未接到相关通知。不过，也有大行网点工作人员明确，将开通个人养老金账户购买国债 的业务，以前没有该项业务。 近期，财政部、央行联合发布《通知》，其中指出，个人养老金储蓄国债（电子式）业务开 办机构应当按照本通知规定，自2026年6月起，开办个人养老金储蓄国债（电子式）业务， 即为在本机构开立个人养老金资金账户的养老金投资者，提供购买储蓄国债（电子式）的相 关服务。 此意味着，储蓄国债（电子式）正式被扩充至个人养老金产品池，未来将形成保险、理财、 基金、储蓄、国债相结合的多元化产品格局。 在具体操作上，《通知》要求，开办机构在养老金投资 ...

Group 1: Fund Performance and News - The public fund performance benchmark element library has been issued, including 69 first-class indices and 72 second-class indices, with a dynamic management mechanism in place [1] - QDII funds have significantly increased their positions in US stocks following major investments in AI healthcare by companies like Nvidia, Microsoft, Google, and Samsung, leading to improved performance for previously lagging funds [2] - The average annual return for personal pension funds has reached 17.45%, with 98% of the 280 funds showing positive returns, and 4 funds exceeding a 50% increase [3] Group 2: Notable Fund Manager Activities - New funds managed by Su Junjie and Fan Yan sold out on the first day of their launch, with both managers managing over 10 billion yuan as of the end of Q3 [4] Group 3: ETF Market Overview - The market experienced a rebound, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 1.03%, with a total trading volume of 1.87 trillion yuan [5] - The electric grid equipment sector showed strong performance, with solar-related ETFs rising by as much as 5.59% [6] - Notable declines were observed in the Asia-Pacific Select ETF and the China-Korea Semiconductor ETF, both dropping over 3% [8] Group 4: Future Investment Opportunities - The increasing penetration of new energy in the power supply sector and the anticipated rise in demand for electric grid equipment due to major projects suggest a stable growth outlook for the industry, with continued investment expected in the electric grid [9]

Core Insights - The personal pension fund market has seen significant growth and improvement in performance over the past three years, with 98% of funds achieving positive returns as of November 3, 2023 [1][6][7] - The number of personal pension funds has expanded from 129 at launch to 302 by September 2025, with total assets increasing from 2.005 billion to 15.111 billion yuan [3][4] - Despite the positive trends, challenges remain, including small fund sizes, product homogeneity, and the need for improved asset allocation [8][9] Fund Performance - The average return of personal pension funds was -4.1% in 2023, but improved to 4.45% in 2024, with a notable average return of 17.45% year-to-date in 2023 [6][7] - The highest individual fund return reached 58.57%, indicating strong performance in a recovering market [6][7] Market Expansion - The personal pension fund market has seen an increase in the number of sales institutions from 37 to 52, and the introduction of index products in December 2024 [3][4] - The growth in fund numbers and sizes reflects a broader acceptance and trust in personal pension funds among investors [4][5] Challenges and Recommendations - Key challenges include the closure of underperforming funds due to low asset sizes, with four funds being liquidated for failing to meet the 200 million yuan threshold [8] - Suggestions for improvement include diversifying asset classes to include gold, overseas assets, and REITs, as well as enhancing the integration of advisory services with personal pension accounts [8][9]

Core Insights - The personal pension fund market has seen significant growth and positive performance over the past three years, with 98% of funds achieving positive returns as of November 3, 2023 [1][7][6] - The number of personal pension funds has expanded from 129 to 302, and the total assets under management have increased from 2.005 billion to 15.111 billion yuan [3][10] - Despite the positive trends, challenges remain, including small fund sizes, product homogeneity, and the need for improved asset allocation [10][12] Fund Performance - The average return of personal pension funds was -4.1% in 2023, but improved to 4.45% in 2024, with a notable recovery in the market contributing to this performance [7][8] - As of November 3, 2023, the average return for 280 personal pension funds was 17.45%, with the highest individual fund return reaching 58.57% [7][8] - The long-term investment nature of these funds allows for more stable returns, even during market downturns [9][8] Market Expansion - The personal pension fund market has seen an increase in the number of sales institutions from 37 to 52 since its inception [3] - The introduction of index products into personal pension funds in December 2024 is expected to further diversify offerings [3][10] - The market is projected to grow significantly, potentially reaching a trillion yuan in size due to demographic trends [5] Challenges and Recommendations - Issues such as small fund sizes leading to potential fund closures have been observed, with four funds having been liquidated due to insufficient scale [11][10] - There is a call for greater diversity in asset allocation, including the introduction of alternative assets like gold and REITs [10][12] - Recommendations include enhancing tax incentives for personal pension contributions and improving investor education to increase participation [12][13]

Core Insights - The personal pension fund sector in China has seen significant growth, with the number of funds exceeding 300 and total assets surpassing 15 billion yuan [1][2][3] Fund Growth - As of September 30, the number of personal pension funds reached 302, marking a substantial increase from 199 funds a year prior [2] - The introduction of Y-class fund shares specifically for personal pension accounts has been a key driver of this growth, with major fund companies like GF Fund and Huatai-PineBridge announcing new offerings [2] Asset Scale - The total scale of personal pension funds has reached 15.11 billion yuan, reflecting an increase of 2.706 billion yuan since June 30 [3] - The growth trajectory indicates a doubling of assets compared to the previous year, with specific funds like Xingquan Antai and Huaxia Pension showing significant individual scales [3] Policy Support - Continuous policy support from regulatory bodies like the China Securities Regulatory Commission (CSRC) is expected to further enhance the development of personal pension funds [4] - The CSRC's action plan emphasizes improving service capabilities for long-term funds and creating more suitable investment products for personal pensions [4] Industry Outlook - The personal pension fund sector is anticipated to expand further, catering to diverse investor needs and enhancing the overall pension financial ecosystem [4][5] - Industry experts suggest that public funds should focus on improving long-term investment performance and fostering a collaborative market environment for pension services [5]

Key Points Summary Group 1: UK Pension Developments - The UK government has approved the Collective Defined Contribution (CDC) pension plan, which is expected to increase retirement income for workers by 60% compared to individual pensions. This plan pools pensions into a common fund to provide lifelong regular pensions, offering a new alternative to traditional Defined Benefit (DB) and Defined Contribution (DC) plans [6][10]. - The CDC plan aims to address the growing demand for stable retirement income, as research indicates that nearly three-quarters of DC plan participants prefer guaranteed pension income. The pooled funds can also be invested in key infrastructure and high-growth industries, contributing to economic growth in the UK [7][10]. - A new investment alliance named Sterling 20 has been established, comprising 20 of the largest pension funds and insurance companies in the UK. This alliance aims to direct pension savings into critical infrastructure and high-growth sectors to promote balanced regional economic development [10][11]. Group 2: Japan's GPIF Initiatives - The Government Pension Investment Fund (GPIF) of Japan has partnered with BNY to enhance alternative investment data management, aiming to improve transparency and analytical depth in its investment portfolio. As of June, GPIF's asset management scale reached $1.7 trillion, while BNY manages assets totaling $57.8 trillion [7][8]. - GPIF is shifting its focus towards sustainable and impact investing, with a reported 50% year-on-year increase in assets under management for impact investments, reaching 17.3 billion yen (approximately 98 million euros) for the fiscal year 2024 [8]. Group 3: Global Pension Fund Trends - The Oregon Public Pension Fund, with over $100 billion in assets, is reassessing its heavy reliance on private equity investments due to rising interest rates and changing market conditions. The fund's private equity allocation has been reduced from 28% to 26% as it seeks to balance risk and growth [12][15]. - A report from Swiss Re indicates that global population aging will significantly reshape the life insurance industry, with an expected increase of approximately 200 million people aged 65 and older in developed economies by 2050. This demographic shift will drive demand for new insurance products focused on retirement income maintenance and healthcare costs [16][17]. - In the US, corporate pension funding ratios have reached their highest level since October 2007, with the average funding ratio for the top 100 corporate defined benefit plans at 106.5% as of September 2025. This improvement is attributed to strong market performance and asset value increases [18][20]. Group 4: Domestic Pension Developments - Personal pension funds in China have expanded significantly, achieving an average return of 15.14% year-to-date, with nearly all funds reporting positive returns. The growth is largely driven by the recovery in the A-share market [23][24]. - There is a call for better integration between health insurance and the third pillar of pension systems in China, as current coverage levels for supplementary pensions remain low. The report suggests optimizing incentives for second and third pillar pension schemes to enhance coverage [24][25].

A-shares - The average return of private equity macro strategies has reached 24.54% year-to-date as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [2] - As of October 23, 20 listed companies have seen brokerages among their top ten circulating shareholders, with a total holding value of nearly 5 billion yuan [3] - Over 600 listed companies in A-shares have distributed more than 300 billion yuan in cash dividends for the first half of the year, with an additional 300 billion yuan in dividends pending [4] - By October 22, 43 stocks have been identified as held by the social security fund, with a total market value exceeding 15.5 billion yuan [4] Financial Management - The global trading volume of the renminbi has surged to 817 billion USD daily, accounting for 8.5% of the global foreign exchange market, with the gap between the renminbi and the pound narrowing [5] - As of October 22, 17 listed brokerages have announced mid-year dividends totaling 7.949 billion yuan [6] - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, with four new additions since the end of September [6] Economic Indicators - In September, the total electricity consumption in China reached 888.6 billion kWh, a year-on-year increase of 4.5% [8] - Shanghai's GDP for the first three quarters reached 4.072 trillion yuan, growing by 5.5% year-on-year, surpassing the national growth rate of 5.2% [8] - In September, China's automobile exports reached 652,000 units, a month-on-month increase of 6.7% and a year-on-year increase of 21% [8] - The engineering machinery import and export trade amounted to 5.505 billion USD in September, with exports growing by 29.6% year-on-year [9] - Domestic tourism saw 4.998 billion trips taken by residents in the first three quarters, an increase of 18% compared to the previous year [9]

Core Insights - The performance of personal pension funds has significantly improved, with an average return rate exceeding 15% year-to-date as of October 22, compared to just 3.08% at the end of the first half of the year [1][2] - The number of personal pension fund products has increased to 302, with 8 new products added in the third quarter [1][4] Performance Analysis - As of October 22, 299 out of 302 personal pension fund products reported positive returns, with four specific products achieving over 50% cumulative returns [1] - The average return for personal pension funds reached 15.14% by the end of the third quarter, marking a substantial recovery from earlier in the year [1] Market Dynamics - The recovery in personal pension fund performance is attributed to a significant valuation recovery in the A-share market, with improved market sentiment and rising major indices [2] - The ongoing improvement of personal pension system policies and macroeconomic measures aimed at stabilizing growth and promoting reforms have bolstered long-term market confidence [2] Product Development - The recent expansion of personal pension funds includes 5 index-enhanced funds, 2 fund-of-funds (FOFs), and 1 ETF linked fund, focusing on low volatility and high stability indices [4] - The newly added products primarily target the CSI 500 and CSI 300 indices, which are seen as suitable for long-term, stable growth in pension investments [4][5] Strategic Recommendations - To address challenges related to product homogeneity and investor behavior, fund companies are advised to optimize product design, enhance long-term performance transparency, and create a differentiated product matrix [3] - Emphasizing investor education on long-term holding and regular investment strategies is crucial for sustainable product development [3]