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 ...

财政部、中国人民银行11月21日发布《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》，明确自明年6月起，个人养老金储蓄国债(电子式)业务开办机构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。 个人养老金是政府支持、自愿参加的补充养老制度，属于个人账户制，可以自主选择储蓄存款、理财产 品、商业养老保险、公募基金、国债等合规金融产品。银行业理财登记托管中心近期发布的《中国银行 业理财市场半年报告(2025年上)》显示，截至6月末，开立个人养老金理财产品行业信息平台账户的投 资者超143.9万人，较年初增长46.2%。据测算，个人养老金理财产品为个人养老金份额的投资者实现收 益超3.9亿元(含浮盈)，平均年化收益率超3.4%。 《通知》要求，开办机构在养老金投资者购买储蓄国债(电子式)前，应为其开立个人养老金专用国债账 户，用于记录养老金投资者购买的储蓄国债(电子式)期次、数量以及持有变动等情况。养老金国债账户 应当与投资者本人的养老金资金账户绑定。开办机构向养老金投资者销售储蓄国债(电子式)，发行额度 管理参照《储 ...

Core Insights - The personal pension system has shown steady growth in product offerings, account numbers, and investment scale, with a total balance of 110.36 billion yuan in personal pension financial products as of June this year [1][2][4] - The recent notification from the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of the pension financial business [1][7] Investment Performance - Personal pension financial products have generated over 390 million yuan in returns for investors, with an average annualized return rate exceeding 3.4% [1][4] - The performance of these products is attributed to sound investment strategies, optimized asset allocation, and strict risk control systems, supported by favorable policies [4][7] Market Expansion - The number of personal pension financial products has reached 37, indicating a rich and diverse product shelf that aids clients in achieving stable returns [2][3] - The number of account holders has surpassed 70 million, reflecting a multi-layered and widely covered market structure [2][3] Future Directions - The industry is encouraged to enhance the diversity of product offerings and to consider increasing the allocation of equity assets to improve the attractiveness of financial products [4][5][6] - There is a call for the exploration of innovative products with longer durations and targeted dates to enhance the investment experience for clients [8]

Core Insights - The personal pension financial management market in China is expanding, driven by policy support and increasing investor participation [1][9] - As of June 2023, the total balance of personal pension financial products reached 110.36 billion yuan, with investors earning over 390 million yuan and an average annual return rate exceeding 3.4% [3][5][6] Group 1: Market Expansion - The implementation of the personal pension system has transitioned from pilot exploration to comprehensive promotion, resulting in a solid institutional foundation and continuous growth in participation [3][9] - The number of personal pension financial products has reached 37, offering a diverse range of strategies and helping clients achieve stable returns [3][4] - The number of accounts opened has surpassed 70 million, indicating a broad coverage and multi-tiered structure in the market [3][4] Group 2: Product Performance - Personal pension financial products have provided stable returns due to sound investment strategies, optimized asset allocation, and strict risk control [6][7] - The favorable market environment, including a recovery in the bond market since 2023, has contributed to the performance of fixed-income products [6][7] - There is a recommendation to increase the allocation of "fixed income plus" and equity assets to enhance the attractiveness of financial products [7][8] Group 3: Future Development - The recent notification from the National Financial Supervision Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the market [9][10] - The market is anticipated to see an increase in the number of financial institutions participating, with a focus on long-term products and diverse asset allocation strategies [9][10] - There is a need for a richer product spectrum and enhanced investor education to promote rapid development in account opening and contributions [9][10]

Core Insights - The personal pension system has shown steady growth over the past three years, with a total investment in pension financial products reaching 110.36 billion yuan and generating over 390 million yuan in returns for investors, with an average annualized return exceeding 3.4% [1][5]. Group 1: Market Development - The personal pension financial product market has transitioned from pilot exploration to comprehensive promotion, characterized by solid institutional foundations, continuous growth in participation, and a rich variety of product offerings [3]. - As of the end of October, the number of personal pension financial products has reached 37, providing a diverse range of strategies to help clients achieve stable returns [3]. - The number of accounts opened for personal pension products has surpassed 70 million, indicating a broad coverage and multi-layered market structure [3]. Group 2: Investment Strategies - The success of personal pension financial products is attributed to sound investment strategies, optimized asset allocation, and strict risk control, supported by favorable policies and market education [5]. - The current market environment suggests a need to increase the allocation of "fixed income plus" and equity assets to enhance the attractiveness of financial products [5][7]. - Recommendations include focusing on high-rated, medium-duration bonds and allocating a small portion to low-volatility equity assets, while also considering alternative assets like gold and silver [7]. Group 3: Regulatory Support - The recent notification from the National Financial Supervision Administration to expand the pilot areas for pension financial products nationwide for three years is expected to inject strong momentum into the development of pension financial services [9]. - The expansion of pilot regions and scale is anticipated to enhance the richness of investment strategies and improve the flexibility of purchasing, redeeming, and dividend mechanisms [9]. - Future developments in the pension financial market are expected to see increased participation from more financial and insurance institutions, with a focus on long-term products and diverse asset allocation to meet varying risk preferences [9][10].

Core Viewpoint - The personal pension financial management market in China is expanding, driven by policy support and increasing investor participation, with a focus on providing stable returns and diversified product offerings [2][4][10]. Group 1: Market Expansion and Performance - As of June 2023, the cumulative balance of personal pension financial products purchased by investors reached 110.36 billion yuan, generating over 390 million yuan in returns with an average annualized return exceeding 3.4% [4][6]. - The number of personal pension financial products has increased to 37 by the end of October 2023, indicating a rich and diverse product shelf aimed at helping clients achieve stable returns [4][10]. - The personal pension system has seen significant growth in market scale and participation, with over 70 million accounts opened, creating a multi-tiered and widely covered market structure [4][10]. Group 2: Investment Strategies and Recommendations - The performance of personal pension financial products is attributed to sound investment strategies, optimized asset allocation, and strict risk control, which collectively create a low-volatility and stable appreciation characteristic [7][8]. - It is recommended to focus on "fixed income plus" strategies, especially in a declining interest rate environment, by selecting high-rated, medium-duration bonds and increasing equity asset allocation [8][11]. - The financial management industry is encouraged to enhance product diversity and flexibility in investment strategies, including the introduction of alternative assets like gold and silver to improve risk management [8][11]. Group 3: Future Outlook and Policy Support - The recent announcement by the National Financial Regulatory Administration to expand the pilot areas for pension financial products nationwide is expected to inject strong momentum into the development of pension financial management businesses [10][11]. - The supply side of the pension financial market is anticipated to see more financial institutions participating, with a shift towards long-term products and a focus on diverse asset allocation and risk hedging [11]. - The demand side is expected to grow as product variety increases and preferential rates are implemented, enhancing the inclusivity of pension finance [11].

Core Insights - The aging population has become a long-term structural feature of China's economic and social development, with the "14th Five-Year Plan" marking a critical phase for addressing this issue through pension finance as a core strategy [1][2] - The "15th Five-Year Plan" aims to transition from scale expansion to quality improvement in pension finance, emphasizing the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2] Summary of Achievements During the "14th Five-Year Plan" - A multi-level, multi-pillar pension finance system framework has been established, with the full implementation of the personal pension system marking a historic leap for the third pillar [2] - The supply of pension financial products and services has diversified, covering various risk preferences from savings and wealth management to insurance and funds [2] - The policy framework has been improved from macro deployment to micro operation, with pension finance elevated to a national strategic level in the 2023 Central Financial Work Conference [2][3] Regulatory Developments - A multi-level policy matrix has been formed, with various documents issued to regulate product development and institutional oversight [3] - The goal is to establish a basic pension finance system by 2028, supported by a collaborative mechanism among multiple departments [3] Performance of the Three-Pillar Pension System - The basic pension insurance fund's investment operation scale has reached 2.6 trillion yuan, doubling since the end of the "13th Five-Year Plan" [4] - The second pillar (enterprise annuities) has also seen growth, with a fund scale of 7.56 trillion yuan, an increase of 4.02 trillion yuan since the end of the "13th Five-Year Plan" [4] - The personal pension system has transitioned from pilot accumulation to a defined system, with personal pension product balances exceeding 15.16 billion yuan, a growth of 64.7% year-to-date [4] Challenges in Current Pension Finance Development - The pension system is overly reliant on the first pillar, with insufficient development of the second and third pillars, leading to a lack of effective collaborative support [6][7] - There is a significant structural imbalance in the three pillars, with the third pillar facing challenges in attractiveness and participation [7] - Regional and urban-rural disparities in pension finance services are pronounced, with rural areas lacking adequate supply and financial literacy [8] Development Directions for the "15th Five-Year Plan" - The focus will be on building a more mature multi-level system, enhancing the quality of the second and third pillars, and transitioning products and services to a user-centered approach [9] - The policy framework will aim for institutionalization and collaboration, with tax incentive optimization as a key direction [9][10] - The second pillar will be strengthened through lowering barriers for small and medium enterprises and expanding coverage to new employment forms [11] - The third pillar will see increased contribution limits and the development of new products tailored to individual pension needs [12] Integration with the Silver Economy - There will be a focus on deepening the integration of pension finance with the silver economy, creating a virtuous cycle that supports both sectors [13] - The product system will shift towards user-centered and dynamic adaptation, ensuring that offerings meet diverse and evolving needs [14] Technological Empowerment - Digital transformation will be a core driver for high-quality development in pension finance, with a focus on enhancing service efficiency and accessibility for the elderly [15] - Financial institutions will be encouraged to develop inclusive products and services that cater to the unique needs of older adults, ensuring their participation in the digital economy [15]

Core Insights - The expansion of the pension financial management pilot program to nationwide coverage is expected to stimulate market activity and increase the variety of pension financial products available to investors [1][2][3] Group 1: Pilot Program Expansion - The pilot program for pension financial products has been expanded to include all regions in the country, with a trial period of three years [2] - A total of 32 financial management companies are eligible, with 29 having been operational for over three years [2] - The fundraising limit for individual companies has been increased significantly, allowing for a potential increase in the trial quota for leading financial management companies [2] Group 2: Market Growth and Competition - The total scale of the pension financial management market surpassed 100 billion yuan in the first quarter of 2023, indicating steady growth [3] - The market is expected to see increased competition with the entry of more qualified institutions, leading to differentiated development strategies among various types of banks [3] Group 3: Product Diversity and Quality - The current selection of pension financial products is limited compared to other financial products, with only 37 financial management products available out of over 1200 personal pension products [4][5] - The new mechanism allows newly issued pension financial products to be automatically included in the personal pension product list, enhancing investor choice [5] Group 4: Addressing Liquidity Issues - There is a significant demand for liquidity among older investors, who prioritize flexible access to funds over high returns [7] - The pilot program allows for more flexible design in purchasing, redeeming, and distributing pension financial products, which can better meet individual investor needs [7][8] - Recommendations include establishing a platform for transferring unexpired financial products to enhance liquidity [8]

Core Viewpoint - The recent notification from the Financial Regulatory Bureau promotes the sustainable and healthy development of pension financial products, providing significant benefits for the industry and companies involved in pension finance [2][4]. Group 1: Policy Benefits - The notification allows financial companies participating in both pension financial product trials and personal pension financial services to automatically include new pension products in the personal pension product list, enhancing product issuance convenience [2][6]. - A mechanism for the transfer and pledge of pension financial products is being researched to meet liquidity needs for investors facing major health issues, addressing long-standing industry calls for such measures [2][6]. Group 2: Industry Development - The policy trajectory has been clear, focusing on the steady diversification and expansion of pension financial products since the pilot program began in 2021, with various expansions and new institutions added over the years [3][4]. - The total fundraising cap for a single company's pension financial products has been raised to five times the net capital minus risk capital from the previous year-end, although the immediate impact may be limited due to the current market acceptance of long-term products [4][6]. Group 3: Innovation in Pension Finance - The notification encourages innovation in pension financial service models, allowing companies to provide not only pension accounts but also advisory services to assist investors in planning their retirement funds [7]. - It also supports diversified investment methods, permitting investment in non-standardized debt assets and derivatives under certain conditions, which could enhance the investment landscape for pension products [7]. Group 4: Market Landscape - Currently, there are 11 institutions and 51 existing pension financial products, with no new institutions or products approved in recent years, indicating a stable but stagnant market [9]. - The existing pension products typically have a minimum holding period of five years for open-ended products and a five to ten-year lock-up for closed-end products, with most products now in the latter half of their operational period [9][11]. Group 5: Case Study - BlackRock Jianxin - BlackRock Jianxin has established itself as a standout in the pension finance sector, being the only joint venture company with dual qualifications for both pension financial trials and personal pension product issuance [9][10]. - The company has launched innovative products, including the first ten-year pension financial product and personal pension products that integrate overseas lifecycle investment concepts with local needs [11][12]. - BlackRock Jianxin employs differentiated asset allocation strategies for its pension products, balancing risk and return while aiming for long-term gains through a diversified investment approach [12].

Core Viewpoint - The expansion of the pilot program for pension financial products to nationwide will enhance the third pillar of the pension insurance system, providing more investment options and encouraging long-term investments for retirement savings [1][2][3]. Summary by Sections Expansion of Pilot Program - The pilot program for pension financial products has been expanded to align with the personal pension system, now covering the entire country with a three-year extension [1][2]. - The pilot program initially started in four cities in September 2021 and has gradually expanded to ten cities by March 2022, with the personal pension system set to be fully implemented by the end of 2024 [2]. Development of Pension Financial Products - The development of pension financial products is seen as a way to alleviate growing pension pressures and provide more choices for investors, encouraging families to convert savings into long-term pension investments [3]. - As of June 2025, six financial companies have launched 35 personal pension financial products, with a total balance exceeding 15.16 billion yuan, reflecting a 64.7% increase since the beginning of the year [2]. Encouragement of Long-term Investment - The new guidelines encourage long-term investments by promoting products with a minimum holding period of five years and supporting the development of long-term pension financial products [4]. - The focus on long-term investment aims to enhance the diversity and flexibility of pension financial products, better meeting the varied needs of investors [4]. Fee Reductions and Value-added Services - The guidelines propose fee reductions for management, sales, and custody of pension financial products, aiming to make these products more accessible [5]. - Investors can expect more personalized and comprehensive financial services, integrating pension product returns with health and elderly care scenarios [5]. Risk Management and Product Authenticity - Financial companies are required to strengthen internal management and risk control mechanisms to ensure the stability of pension financial product investments [6]. - Investors are advised to verify the authenticity of pension financial products through official channels, ensuring clarity in product naming to avoid confusion [6][7]. Investor Education and Information Disclosure - Investors are encouraged to read product descriptions carefully, and financial companies must enhance information disclosure and risk warnings [7]. - New pension financial products should link performance to underlying asset performance, providing a realistic view of risk and return characteristics [7].