来源：工银瑞信投教研习社 点击下方查看更多精彩内容： 个人养老金专场 | 不止"领社保"，个人养老金是您的"养老升级包" 个人养老金就像为晚年开的"专属存钱 罐",个人养老金投资注重长期稳健, 公募基金则通过专业的投资运作,助力 养老资金在长期持有中尽可能实现保值 增值,其核心优势体现在以下方面: 1。 专业团队运作。 提升波会高度性 与普通基金份额相比,Y份额在费率设置 上充分考虑养老投资的长期属性,管理费 和托管费实行优惠,且一般不收取销售服 务费 (法定应当收取并计入基金资产的费 用除外）。长期来看,优惠的费率能够有 效降低投资成本,为参加人带来实实在在 MACD金叉信号形成，这些股涨势不错！ 养老投资需要长期、系统的资产配置能力, 公募基金拥有专业的投研团队和完善的投 研体系,能够结合宏观经济形势、市场发 展趋势等多维度因素进行深入分析,通过 多元资产配置有效分散风险,并根据市场 变化动态优化投资策略,为养老资金提供 专业的投资管理服务。 2。 导演 10 为更好地适配个人养老金投资需求,公募基 金专门设置了个人养老金专属Y份额。Y份额 仅面向个人养老金账户持有人发售,进一步 强化了养老资金专款专用的 ...

据了解，兴证全球在个人养老金业务的发展方面，积累了以下三个方面的宝贵经验： 一是起步早，投入大。 蓝鲸新闻12月22日讯（记者 祁和忠）2022年11月25日，个人养老金制度在国内36个城市（地区）试点，并自2024年12月15日起，在全国实 施。针对个人养老金业务，公募基金设立了基金Y份额。各大基金公司在Y份额基金的过程中，积累了大量正反两方面的经验与教训，成为生 动的"活教材"。 一方面，少数公司发生的教训比较深刻。近两年来，鹏华、创金合信等多家基金公司都出现了旗下养老目标基金清盘的案例，其中，鹏华长乐 稳健养老Y份额去年5月清盘时，基金净值低于1元。 个人养老金制度是强制性的长期投资。投资者在申购Y份额基金后，人未老，基金却早早清盘，这会影响投资者的信心。 个人养老金基金的发展，是价值投资和长期投资的"试金石"。鹏华、永赢等基金公司通过押注式投资，吸引了巨大的流量和资金，但它们旗下 养老目标基金Y份额的规模都很小，其中，鹏华基金合计约2亿元，永赢基金只有约57万元。 另一方面，一些公司取得的经验弥足珍贵。截至2025年三季度末，全市场个人养老金基金Y份额合计规模约151亿元，其中，华夏、易方达、 兴证全 ...

Core Viewpoint - The implementation of the personal pension system has significantly expanded, with the average return of personal pension fund Y shares exceeding 17% in the first three quarters of 2025, highlighting its importance in national retirement savings [1][2]. Group 1: Market Expansion and Performance - The personal pension fund catalog has expanded to 302 funds, a 51.76% increase year-on-year, including 211 target date funds and 91 index funds, indicating a diversification of investment options [2]. - The total scale of personal pension fund Y shares reached 15.111 billion yuan by the end of Q3 2025, a growth of over 65% from the end of 2024, with index fund Y shares increasing more than sixfold [3]. - 99.7% of the 300 Y share funds reported positive returns in 2025, with all pension FOF Y shares achieving positive returns, showcasing strong market performance [3]. Group 2: Company Performance and Strategy - ICBC Credit Suisse Fund has seen its Y share scale rise to 1.457 billion yuan, accounting for 9.64% of the total market share, with a growth rate of 94.27% compared to the end of 2024, positioning it as a preferred choice for investors [3][4]. - The company has developed a diversified Y share matrix consisting of 13 products, including 9 pension FOFs and 4 index funds, catering to various retirement planning needs [4][5]. - The performance of ICBC Credit Suisse's pension FOF Y shares has been strong, with 8 funds exceeding the performance benchmark over the past year, and several funds achieving returns over 20% [5]. Group 3: Investment Approach and Research Capabilities - The company emphasizes a long-term investment strategy, supported by a robust research and investment system that covers various asset classes, ensuring deep insights into market dynamics [8]. - The investment management capabilities are enhanced by a platform that integrates risk control and real-time market tracking, allowing for efficient responses to market changes [8]. - The company aims to educate investors on long-term investment principles through initiatives like the "Investment for the People" program, promoting rational investment behavior [8][10].

Core Insights - The article discusses the growing interest in personal pension contributions as the deadline approaches, highlighting the introduction of index-enhanced funds into the pension investment basket starting from the end of 2024 [1][2] - Index-enhanced funds are presented as suitable options for long-term pension investments due to their clear investment style and potential for compounded returns [1][2] Group 1: Why Index-Enhanced Funds are Suitable for Pension Investments - Index-enhanced funds maintain a clear investment style, which helps investors hold onto their investments for the long term [1] - These funds aim for enhanced returns beyond merely tracking an index, making them well-suited for the long investment horizon typical of personal pensions [2] Group 2: Performance of Index-Enhanced Funds - The BoDao CSI 500 Enhanced Fund has outperformed the CSI 500 index since its inception, with a cumulative net value increase of 177.53% compared to a benchmark of 75.74%, resulting in an excess return of 101.79% as of September 2023 [3] - The BoDao CSI 300 Enhanced Fund has also consistently outperformed the CSI 300 index since its inception, demonstrating similar performance trends [4][5] - As of October 2023, both index-enhanced funds have continued to exceed their benchmark indices, with returns of 34.21% and 21.31% respectively, compared to their benchmarks of 26.59% and 17.04% [6] Group 3: Suitable Investor Profiles for Index-Enhanced Y Shares - Younger investors, particularly those in their middle years, are ideal candidates for these funds due to their longer investment horizons, which allow for the compounding effect to take hold [8] - Investors looking for a solid equity base in their pension portfolios can benefit from the broad market representation of these index-enhanced funds, which aim to provide both stability and potential for excess returns [9] - Investors who prefer transparent investment strategies over those reliant on individual fund manager discretion may find index-enhanced funds appealing due to their clear rules and transparent holdings [10]

Group 1 - Major banks, including Industrial and Commercial Bank of China and China Construction Bank, suspended gold accumulation and physical gold purchase/exchange services on November 3 due to macroeconomic policy impacts and risk management requirements [1] - On the same day, Industrial and Commercial Bank of China announced the resumption of gold accumulation services, allowing customers to process various gold accumulation business through bank branches and the bank's app [1] Group 2 - As of November 6, the scale of cross-border ETFs reached 915.47 billion yuan, surpassing the 900 billion yuan mark, with an increase of 491.25 billion yuan since the beginning of the year and an addition of 48 new products [2] Group 3 - The average annual return of personal pension funds has exceeded 17% since their launch in November 2022, with the number of funds expanding and product types diversifying [3] - By the end of the third quarter of 2025, the scale of Y-share personal pension funds grew from 2.005 billion yuan at the end of 2022 to 15.111 billion yuan, with 98% of the 280 funds showing positive returns [4] Group 4 - As of the end of the third quarter, the number of active equity fund managers managing over 10 billion yuan reached 109, a nearly one-third increase from the previous quarter, with the number rising to 112 due to new product launches [5] - The public fund performance benchmark database has been established, including 69 first-class indices and 72 second-class indices, with a dynamic management mechanism in place [5] Group 5 - According to Huatai Securities research, the total market value of fund holdings in the real estate sector reached 55.8 billion yuan in the third quarter, a 15% increase quarter-on-quarter, but the proportion of real estate holdings in stock investments fell to 0.62% [6] - The relative allocation of the real estate sector remains underweight compared to standard industry benchmarks, with a decrease of 0.64 percentage points, marking the lowest level since 2013 [6]

Core Insights - The average return of pension fund Y shares has reached 15.46% year-to-date, with 96% of the 132 products established at the end of 2022 showing positive cumulative returns [1][3] - Despite the positive performance, over half of the products have a scale of less than 10 million yuan, and several have been forced to liquidate due to not meeting scale requirements [1][7] Performance Overview - As of October 17, nearly all existing pension fund Y share products have increased in value, with only one product showing a slight decline of 0.77% [2] - Eight products have achieved returns exceeding 40%, with the top performer being Tianhong Zhongzheng Kechuang Chuangye 50 ETF, which has risen by 46.37% [2] - The number of products with positive returns since inception has increased significantly, from 70 to 127, with an average return rising from -0.48% to 11.58% [3] Market Dynamics - The total scale of pension fund Y shares reached 12.405 billion yuan by the end of the second quarter, marking a 35.65% increase from the end of the previous year [5] - The market has seen a diversification of products, with over 300 pension fund products now available, including various types such as index-enhanced funds and ETFs [6] Challenges and Opportunities - Despite the positive performance, the challenge of low participation remains, with many investors still hesitant due to past losses and a lack of understanding of the long-term value of pension investments [9][10] - There is a need for improved marketing strategies and educational initiatives to enhance investor confidence and participation in pension funds [10][11]

Group 1 - The core viewpoint of the articles is the launch of the "Beijing Public Fund High-Quality Development Series Activities" to promote the high-quality development of the public fund industry in China, following the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May [1] - The personal pension system in China, which was officially implemented in November 2022, is a significant direction for the high-quality development of public funds, with the first batch of personal pension funds expanding from single FOF types to passive index and enhanced index products [1] - As of June 30, 2025, the scale of 288 personal pension Y-share funds reached 12.409 billion, reflecting a growth of 1.019 billion from the previous quarter, with 281 funds showing positive growth [1] Group 2 - Y-shares are specifically designed for personal pension investment, offering lower management and custody fees, typically at a 50% discount compared to A-shares [2] - The net asset value calculation for Y-shares differs from A-shares due to the inclusion of fee factors, leading to different net values [2] - Y-shares can only be purchased through personal pension accounts, and redemption proceeds are transferred back to the personal pension account rather than being available for cash withdrawal [2]

Core Viewpoint - The personal pension fund market in China has shown significant growth in both performance and scale this year, with a positive outlook for future expansion driven by policy optimization and product diversification [1][3]. Group 1: Fund Performance - Personal pension funds have achieved an average net value increase of 6.56% year-to-date, with some funds like ICBC Pension 2050 Y achieving over 20% [3]. - Over 90% of personal pension funds have positive returns since inception, with nearly 20% of products seeing net value growth exceeding 10% [3]. - The best-performing fund, GF Pension Target 2060, has achieved over 30% returns since its establishment [3]. Group 2: Fund Scale Growth - The total scale of 296 personal pension funds Y shares reached 12.41 billion yuan, marking a 35.7% increase from the end of last year [3][4]. - The Huatai-PB Dividend Low Volatility ETF Link Y saw the largest scale increase in Q2, growing by over 311.85% to 187 million yuan [4]. Group 3: Market Expansion and Product Diversification - As of June 30, 2025, the number of personal pension funds is expected to reach 297, with 9 new products launched in Q2 from 8 different institutions [6]. - Several fund companies are introducing new Y share offerings for index-enhanced funds, indicating ongoing product expansion [7]. - The personal pension system is seen as a market-driven engine to address aging population challenges, supported by tax incentives, reduced fees, and long-term capital lock-in mechanisms [1][7]. Group 4: Future Development Strategies - To strengthen the personal pension fund sector, continuous scale growth and investor education are essential [8]. - Innovation in product offerings is encouraged to enhance the attractiveness of pension target funds, including establishing long-term payment mechanisms for investors [8]. - A tailored approach to meet diverse investor needs is necessary, moving away from one-size-fits-all solutions in pension services [8].

Core Insights - The personal pension fund Y shares have shown positive returns in Q2, with 290 funds achieving an average increase of 2.1% despite market volatility [8][9] - The total number of personal pension funds has increased to 297, with new products primarily being target date funds [1][2] - The overall scale of personal pension Y shares reached 124.09 billion, marking a 10.19 billion increase from the previous quarter [4][5] Fund Performance - The FOF products remain the dominant category, accounting for 87.3% of the total personal pension Y shares, while index products represent 12.7% [4] - The index Y shares have experienced significant growth, with a total scale surpassing 10 billion in Q1 and a further increase in Q2 [5][6] - The top-performing fund in Q2 was the Huaxia Fuze Pension Target 2035, which achieved a quarterly increase of 5.57% [9] Market Trends - Fund managers have adopted a more diversified asset allocation strategy in response to market fluctuations, with increased investments in QDII, gold, and REITs [3][8] - The performance of the dividend low-volatility index has been strong, with a 6.78% increase in Q2, indicating resilience in the strategy [6][7] - Institutional managers with over 10 billion in personal pension fund Y shares include major players like Huaxia Fund and E Fund [7] Investment Strategies - Fund managers are increasingly diversifying their portfolios to mitigate risks associated with market volatility, focusing on a mix of growth and defensive assets [9][10] - Some managers have shifted their focus towards sectors like military and gold, while others have reduced exposure to high-flying sectors like innovative pharmaceuticals [10][11] - The consensus among fund managers emphasizes the importance of asset allocation and diversification to enhance risk-adjusted returns [9][11]

Core Viewpoint - The personal pension system in China has evolved over three years from a pilot program to a nationwide initiative, playing a crucial role in building a multi-tiered pension security system and providing supplementary support for the elderly while also serving as a significant source of long-term capital for the market [1][2]. Group 1: Development Achievements - As of November 2024, over 72 million people have participated in the personal pension program, with more than a thousand pension products available, establishing a preliminary multi-tiered pension system [2]. - The first batch of personal pension funds has seen significant growth, with the total scale of 288 personal pension fund Y shares exceeding 10 billion yuan by the first quarter of 2025 [2]. - The personal pension system has proven to align with China's national conditions, with a complete policy framework and effective implementation, leading to continuous growth in participation and product diversity [2][3]. Group 2: Economic Impact - The implementation of the personal pension system enhances the pension security framework, addressing the challenges of an aging population and contributing to a more comprehensive multi-tiered pension system [3]. - It increases residents' retirement income, allowing individuals to accumulate additional funds beyond basic pensions and enterprise annuities, thereby improving post-retirement living standards [3]. - The introduction of personal pensions into the capital market promotes the development of financial products and services, fostering innovation within the financial sector [3][4]. Group 3: Market Dynamics - Personal pensions introduce long-term stable capital into the market, which can optimize market structure and reduce volatility [4][5]. - The tax incentives associated with personal pension accounts help alleviate individual burdens, while the variety of investment products allows for flexible personal investment planning [5]. - Financial institutions are presented with significant opportunities in the personal pension sector, necessitating higher alignment in strategies, products, and services to meet long-term pension needs [5].