◎记者 朱妍 今年以来，多家公募基金管理人收到《关于指数基金纳入个人养老金产品名录相关工作的通知》，明确 了将指数基金纳入个人养老金产品名录的标准。根据通知，公募基金管理人可以在每季度结束后1个月 内，将符合标准的指数产品申请纳入名录。目前，在个人养老金基金名录中，指增基金的数量已增至24 只，涉及上证50、沪深300、中证500、中证800等多个指数。 指增基金丰富投资者选择 在赚钱效应下，指增基金的市场关注度不断提升。Choice数据显示，截至8月21日，24只纳入个人养老 金产品名录的指增基金，成立以来平均收益接近12%，且最早成立的产品成立时间为2024年12月。养老 基金Y份额投资者的风险偏好与指增基金较为匹配。 南方基金此前发布的《2024年中国个人养老金发展报告》显示，在一般基金投资者中，无法接受大幅收 益波动的投资者占比为46.6%。但在已购买养老基金Y份额的投资者中，此类投资者占比为23%，希望 赚取高收益并愿意承担有限甚至较大本金损失的投资者占比达到77%。 博道基金认为，此次个人养老金基金增加多只指增基金，有助于投资者结合自己的风险偏好和个人养老 规划等因素，进行养老资产的配置。指增基金 ...

自2025年9月1日起，参加个人养老金制度的人员在满足以下六类条件之一时，可申请领取个人养老金。 其中，前三类为原有领取条件，后三类为新增的提前领取情形，旨在应对特殊经济或健康状况，提升制 度灵活性。 个人养老金账户领取发生新变化！ 可领取个人养老金的六类条件： 达到领取基本养老金年龄 完全丧失劳动能力 出国（境）定居 申请之日前12个月内，本人、配偶或未成年子女发生的与基本医保相关的医药费用，经医保报销后，医 保目录内自付部分累计超过参保地所在省（自治区、直辖市）上一年度居民人均可支配收入 《通知》最引人关注的变化是个人养老金领取情形的扩展。 在此之前，参加人需要符合达到领取基本养老金年龄、完全丧失劳动能力、出国(境)定居这三个条件之 一的，方可领取个人养老金。如今，《通知》新增了可以领取个人养老金的3种情形。 一是申请之日前12个月内，本人（或配偶、未成年子女）发生的与基本医保相关的医药费用支出，扣除 医保报销后个人负担（指医保目录范围内的自付部分）累计超过本省（区、市）上一年度居民人均可支 配收入。二是申请之日前两年内领取失业保险金累计达到12个月。三是正在领取城乡最低生活保障金。 在领取申请方式上，《 ...

记者丨见习记者 冯紫彤 编辑丨杨希 江佩佩 个人养老金账户领取发生新变化！ 自2025年9月1日起， 参加个人养老金制度的人员在满足以下六类条件之一时，可申请领取个 人养老金。 其中，前三类为原有领取条件，后三类为新增的提前领取情形，旨在应对特殊经 济或健康状况，提升制度灵活性。 可领取个人养老金的六类条件 ： 9月起个人养老金新增3种领取情形 《通知》最引人关注的变化是个人养老金领取情形的扩展。 在此之前，参加人需要符合 达到领取基本养老金年龄、完全丧失劳动能力、出国(境)定居 这 三个条件之一的，方可领取个人养老金。如今，《通知》新增了可以领取个人养老金的3种情 形。 一是申请之日前12个月内，本人（或配偶、未成年子女）发生的与基本医保相关的医药费用支 出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本省（区、市）上一 年度居民人均可支配收入。二是申请之日前两年内领取失业保险金累计达到12个月。三是正在 领取城乡最低生活保障金。 在领取申请方式上，《通知》也进行了优化。除原有通过个人养老金资金账户开户银行申请 外， 新增了国家社会保险公共服务平台、电子社保卡、掌上12333App等全国统一 ...

Core Insights - The article emphasizes the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance in supporting the high-quality development of China's real economy [1][2][3] - Shenzhen's financial institutions are actively implementing these five key areas, contributing to the transformation from traditional channel business to comprehensive financial services [1] Technology Finance - Since the beginning of 2024, Shenzhen's securities firms have underwritten over 350 billion yuan in technology innovation bonds [1] - CITIC Securities led the underwriting in the technology innovation bond sector with an amount of 71.101 billion yuan and 46.73 underwriting cases in the first half of the year [1] - Public fund companies in the region have issued nearly 30 billion yuan in technology-themed funds [1] Green Finance - In 2024, Shenzhen's securities firms have underwritten over 70 billion yuan in green bonds [2] - An action plan was released to support the construction of carbon peak pilot cities, encouraging the development of green assets for financing [2] - The plan supports the issuance and underwriting of various types of green bonds, including blue bonds and carbon-neutral bonds [2] Pension Finance - A total of 58 fund products from 14 public fund companies in Shenzhen have been included in the personal pension fund directory [2] - The region's public fund management includes over 2 trillion yuan in long-term funds such as social security funds and basic pensions [2] - Southern Fund has prioritized pension business development, establishing a comprehensive asset management system covering multiple pillars of pension assets [2] Inclusive Finance - Shenzhen's futures companies have provided hedging services to over 500 enterprises, achieving a hedging amount of nearly 3.6 trillion yuan in 2024 [3] - The "insurance + futures" projects have exceeded 400, with an insurance amount of nearly 9 billion yuan [3] - Risk management subsidiaries of futures companies have served over 1,700 small and micro enterprises, providing 755 million yuan in funding support [3] Digital Finance - The first batch of nine financial technology innovation pilot projects in Shenzhen has transitioned to regular operations, providing full lifecycle financial services to specialized small and medium enterprises [3] - These projects have assisted nine technology innovation enterprises in securing over 50 million yuan in financing [3] Industry Development - Shenzhen is actively working to build first-class industry institutions, aiming to create a high-quality capital market that meets the needs of economic and social development [3] - The action plan outlines the goal of establishing a high-quality capital market with top-notch innovation capital formation mechanisms and risk prevention systems [3]

养老金产品规模突破2.4万亿元，个人养老金基金名录扩容至297只，养老REITs等创新工具蓄势待 发……随着《关于资本市场做好金融"五篇大文章"的实施意见》(以下简称《意见》)落地已满半年，资 本市场服务养老金融已取得阶段性成效，养老金融产品供给不断丰富、中长期资金入市的堵点和痛点也 被陆续打通。 养老金融作为金融"五篇大文章"之一，涵盖养老金资产管理、养老产业投融资、养老服务金融三大领 域。加强养老资金投资管理，推动实现养老金稳健增值，是健全养老金融体系的关键一环。 多元化养老金融产品扩容 中长期资金入市堵点打通 近年来，人口老龄化加剧使得养老金支付压力增大。通过金融创新，如发展商业养老保险、养老理财产 品等，拓展养老资金筹集渠道的需求日益迫切。 人社部发布的《2025年一季度养老金产品业务数据摘要》显示，截至今年一季度末，养老金产品已备案 649只，实际运行573只，规模约为2.42万亿元，成立以来累计收益率约33.46%。 《意见》明确，要"推动资本市场更好满足多元化养老金融需求"，并推动将符合条件的权益类公募基金 纳入个人养老金投资范围。 今年以来，个人养老金公募基金产品数量实现稳步增长，为投资者提供 ...

Core Viewpoint - The public fund industry in China is undergoing a transformation period characterized by anxiety and pressure, with a total scale reaching a historical high of 34 trillion yuan. The industry faces challenges in balancing performance and scale retention, particularly in the competitive ETF market and the underwhelming growth of personal pension products [3][4][19]. ETF Market Dynamics - The competition in the ETF market has intensified, with the scale of ETFs becoming a critical factor in determining a company's industry position. Over the past two years, numerous ETFs have been launched, with significant participation from over 30 fund companies in the China A500 ETF alone [6][7]. - The operational costs of managing an ETF are substantial, with fixed annual expenses exceeding 2 million yuan, necessitating a stable scale of at least 5 billion yuan for breakeven [11][12]. - The ETF market is experiencing a stratification of competition, with top-tier companies engaging in full-scale competition, while mid-tier firms are shifting towards strategic competition [12][13]. Active Equity Funds Challenges - Despite the overall growth of public funds, active equity funds are facing a dual challenge of shrinking shares and performance divergence. As of June 30, the total share of active equity funds decreased by approximately 4% compared to the end of the previous year [15][16]. - The performance of active equity funds has shown significant disparity, with an average return exceeding 6% in the first half of the year, but with some funds experiencing losses over 15% [15][16]. Pathways for Active Management - To overcome the challenges of shrinking scale and performance divergence, active equity funds need to focus on restructuring their investment research systems and rebuilding investor trust. This includes establishing a platform-based research framework and enhancing risk management [17][18]. - The regulatory environment is pushing for high-quality development, encouraging a shift from star-driven management to a more team-oriented approach [19]. Industry Recruitment Trends - The public fund industry is witnessing a slowdown in talent mobility and a decrease in recruitment demand, with a notable number of high-performing fund managers leaving for private equity due to differences in compensation structures [21][22]. - The industry is undergoing a structural adjustment in talent needs, driven by the rise of passive investment and financial technology [21][22]. Pension Fund Developments - The scale of pension target funds has been declining, with a total of 604.42 billion yuan as of the second quarter of 2025, reflecting a decrease of 5.18% year-on-year [24][25]. - The investment scope of pension funds is gradually expanding, with public REITs being included, indicating potential growth areas in the future [27]. Industry Transformation and Future Outlook - The fund industry is transitioning from a scale-driven model to one focused on high-quality development, necessitating a collective effort from all stakeholders to explore sustainable growth paths [34].

一、 ETF规模或是决定 转型期的公募基金行业 走出焦虑以长期业绩赢得投资者信赖 中国基金报记者若晖王建蔷 总规模创34万亿元历史新高的公募基金，压力与焦虑也伴随而来。 行业转型期，焦虑来自方方面面。拉动权益产品规模增长的ETF赛道厮杀激烈，规模大战从中证 A500ETF打到基准做市信用债ETF、科创债ETF，在主流宽基ETF费率降至0.15%，做市商费用高企的背 景下，除了部分头部公司仍在不计成本投入之外，部分基金公司已经"战略转移"，将精力投入有针对性 的营销。 主动权益基金则在业绩回暖与规模留存间艰难寻求平衡，业绩分化加剧，投资者信任重建之路道阻且 长。 行业人才流动亦出现放缓，可供从业人员跳槽的职位较牛市顶峰时期明显减少。曾被寄予厚望的个人养 老金业务，总体依旧步履蹒跚，规模增速远低于市场预期。 在业内人士看来，这种焦虑状态并非无解方程。ETF业务需要在竞争中找到特色定位，主动权益基金需 要重建信任锚点，以长期业绩和风格稳定性赢得持有人青睐，公募基金才可能穿越周期迷雾，走向高质 量发展的新阶段。 公司行业地位的"胜负手" "很难用一个准确的数值来描述当前ETF竞争的激烈程度。"一位基金公司人士谈及目前 ...

Core Insights - The personal pension fund sector is experiencing significant expansion, with the number of products exceeding 300, marking an increase of over 100 since the end of Q3 last year [1][4] - The introduction of Y share classes for index funds is enhancing the attractiveness of personal pension products, providing investors with more options and potentially injecting stable capital into the market [2][4] Group 1: Expansion of Personal Pension Funds - The latest count of personal pension funds has surpassed 300, reflecting a robust growth trend since last year [1][4] - The first batch of 85 equity index funds was included in the personal pension investment product catalog last December, with the Y share class reaching a scale of 1.576 billion yuan by the end of Q2, an increase of nearly 400 million yuan from Q1 [3][4] Group 2: Introduction of Y Share Classes - Several index funds have recently added Y share classes, with fee discounts applied to management fees and no sales service fees for these shares [2] - Fund companies are expected to continue introducing Y share classes for eligible index funds, further enriching the product matrix for personal pensions [2][4] Group 3: Market Implications and Recommendations - The expansion of personal pension products is seen as a step towards enhancing China's multi-tiered pension insurance system [4] - Investment in index funds is recommended for personal pension investors seeking low-cost exposure to market returns, although it requires a certain level of market knowledge [5]

Core Insights - The personal pension fund industry in China has experienced significant growth in both performance and scale this year, with average net value increases and a notable rise in fund sizes [1][3][4] Group 1: Performance Growth - Personal pension funds have achieved positive returns this year, with an average net value increase of 6.56% as of July 25 [3] - The top-performing fund, ICBC Pension 2050 Y, has exceeded a 20% return, while several others have also shown strong performance with net value growth rates above 14% [3] - Over 90% of personal pension funds have positive returns since inception, with nearly 20% of products seeing net value increases over 10% [3] Group 2: Fund Size Expansion - The total scale of personal pension funds reached 12.41 billion yuan, marking a 35.7% increase from the end of last year [1][4] - The fund with the largest growth in scale during the second quarter was Huatai-PB's Low Volatility ETF Link Y, which saw an increase of over 311.85% [4] Group 3: Market Outlook and Product Expansion - The personal pension fund market is expected to continue expanding, with the number of funds reaching 297 by June 30, 2025, and nine new products added in the second quarter [6] - The industry is witnessing the introduction of new players and the expansion of existing funds, driven by tax incentives, reduced fees, and long-term capital lock-in mechanisms [6] - The development of a multi-tiered pension insurance system is seen as a positive step towards enhancing the pension fund landscape in China [6]

Core Insights - The personal pension fund market in China has expanded to nearly 300 funds, with a total scale exceeding 12 billion yuan, and 90% of these funds have positive returns since inception [1][2] Fund Expansion - The number of personal pension funds has reached 297, with 9 new FOF products added from 8 fund management companies, including 3 target date FOFs and 6 target risk FOFs [1] - The total scale of personal pension funds has grown to 12.41 billion yuan, representing a 35.7% increase compared to the end of 2024 [1] Fund Performance - Among the personal pension funds, 269 have positive returns since inception, accounting for 91.19% of the total [2] - The best-performing fund is the Guangfa Pension Target 2060 FOF, with a net value increase of nearly 30% since inception [2] Market Dynamics - The personal pension system in China is rapidly developing, characterized by low-risk and stable returns, and is part of a multi-tiered pension system [3] - The competition in the public fund sector is marked by a "head-led, mid-tier catch-up, and tail-end supplement" structure, with E Fund and Huaxia Fund leading in scale [3] Product Types - The personal pension fund market primarily consists of pension FOFs and index funds, providing investors with transparent investment options [4] - Investors are advised to choose products based on their risk tolerance and investment horizon, as pension funds are not equivalent to capital-protected investments [4]