近期，人力资源社会保障部等5部门发布《关于领取个人养老金有关问题的通知》（以下简 称"《通知》"），今年9月1日起正式实施。 从个人养老金领取情形看，在原有规定的基础上，《通知》新增3种情形，包括申请之日前 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（自治区、直辖市）上一年 度居民人均可支配收入；申请之日前2年内领取失业保险金累计达到12个月；正在领取城乡 最低生活保障金。 此外，在通过个人养老金资金账户开户银行申请领取的同时，《通知》增加国家社会保险公 共服务平台、电子社保卡、掌上12333App等全国统一线上服务入口，参加人当前基本养老 保险关系所在地社会保险经办机构2类申请渠道。 个人养老金新增3种领取情形， 涉患病、失业及低保人群 近日，人力资源社会保障部等五部门联合印发《通知》，针对个人养老金的领取条件和领取 方法等问题，明确了具体的操作办法，自今年9月1日起正式实施。 《通知》显示，符合六种情形之一的，可以领取个人养老金。其中，原有政策共有三种情 形，包括达到领取基本养老金年龄、完全丧失劳动能力、出国 ...

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 report highlights the continuous efforts in China's wealth management market to enhance the registration services for wealth management products, optimize information disclosure platforms, and strengthen the construction of a central data exchange platform for wealth management products [2] Group 1: Centralized Registration and Regulation - Centralized registration of wealth management products is a key initiative to improve governance capabilities in the wealth management market, addressing the previous lack of unified information management and standards [3] - As of June 2025, the banking wealth management registration and custody center has connected with 36 local financial regulatory bureaus and over 1,000 banks and wealth management companies, registering 27,800 wealth management products and over 283.5 million asset information entries [3][4] Group 2: Information Disclosure and Investor Protection - Information disclosure is crucial for protecting investor rights, reducing sales misguidance, and fostering a healthy market ecosystem [7] - The China Wealth Management Network's information disclosure platform has been upgraded to ensure standardized reporting, automated disclosures, and comprehensive service, with over 400,000 announcements published as of June 2025 [7][8] Group 3: Data Sharing and Industry Efficiency - The establishment of a central data exchange platform has facilitated the efficient exchange of sales information and data among 1,266 institutions, with transaction volumes reaching nearly 70 trillion yuan in the first half of the year [10][11] - The industry is transitioning from a focus on scale to an emphasis on regulation, transparency, and efficiency, enhancing the professional and digital levels of the wealth management market [12]

今年以来，不少像张先生这样的个人养老金产品"尝鲜者"，享受到了超预期收益带来的喜悦，继续缴 存、投资的热情同步增加。但整体来看，个人养老金业务"开户热、缴存冷"的现象仍然存在。"我行去 年个人养老金开户数实现翻倍增长，但实际缴存比例偏低，每年缴满12000元的客户比例更少。如今， 我们的业务重心正从拉动开户数增长转向推动实际缴存率提升。"某国有大行养老金融相关业务负责人 告诉记者。 记者实地调研了解到，当下，多家银行加大个人养老金账户缴存业务推广力度，推出多项福利活动，加 速从获客向留客转变。 ● 本报记者 石诗语 多重福利促缴存 "从8月开始到9月下旬，参与个人养老金账户开户、缴存的客户可以获得微信立减金。"工商银行北京市 西城区一家网点的客户经理向记者介绍。 "我在去年12月份缴存了个人养老金账户，配置的是个人养老金基金类产品，目前收益率已超过9%，业 绩跑赢了我投资的其他理财产品。"北京市民张先生告诉中国证券报记者。 业内人士认为，目前居民缴存意愿不高存在多方面原因，一是我国能够享受到个人养老金税收优惠的人 数量有限，个人养老金制度投资收益免税的效果不明显，在一定程度上限制了居民的缴费意愿；二是对 于能 ...

Core Viewpoint - The banking sector in China plays a crucial role in supporting the high-quality development of the real economy by actively engaging in the "Five Major Articles" of finance, which include technology, green finance, inclusive finance, pension finance, and digital finance [1][2]. Group 1: Bond Underwriting and Issuance - The total amount of bonds underwritten by banks for the "Five Major Themes" increased from approximately 31 billion yuan in 2020 to around 691.6 billion yuan in 2024, representing a growth of over 21 times [2]. - The proportion of bonds underwritten by banks rose from 28.72% in 2020 to about 35% in 2024, with over 40% in the first seven months of this year [3]. - Since 2022, the annual amount of bonds issued by banks for the "Five Major Themes" has consistently exceeded 500 billion yuan, accounting for over 25% of the total market issuance [3]. Group 2: Credit Support for Key Sectors - As of the end of Q2, the balance of loans to technology SMEs reached 3.46 trillion yuan, a year-on-year increase of 22.9% [4]. - The balance of green loans reached 42.39 trillion yuan, growing by 14.4% since the beginning of the year [4]. - The balance of inclusive micro-loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3% [4]. Group 3: Pension Finance Development - The pension finance product offerings have diversified, including pension savings, pension wealth management products, and personal pension products [7]. - By the end of 2024, the pension management scale of Industrial and Commercial Bank of China reached nearly 5 trillion yuan, with a pension custody scale of 3.3 trillion yuan [7][8]. - Agricultural Bank of China's pension custody scale exceeded 750 billion yuan, with a growth of nearly 25% year-on-year [8]. Group 4: Digital Finance Investment - The total investment in information technology by 20 listed banks increased from approximately 160.3 billion yuan in 2021 to 188.5 billion yuan in 2024, with the investment-to-revenue ratio rising from 3.07% to 3.78% [9][10]. - The investment ratio for joint-stock banks reached 4.31% in 2024, an increase of over 0.8 percentage points since 2021 [9]. - Industrial and Commercial Bank of China led in IT investment, exceeding 28.5 billion yuan in 2024, while also achieving significant growth in digital economic loans [10].

Core Insights - The banking sector plays a crucial role in supporting the high-quality development of the real economy by focusing on the "Five Major Articles" [1][2] - The total underwriting amount for the "Five Major Theme Bonds" has increased significantly, demonstrating the banks' commitment to these areas [2][3] Group 1: Bond Underwriting and Issuance - The total amount of "Five Major Theme Bonds" underwritten by banks rose from approximately 31 billion yuan in 2020 to around 691.6 billion yuan in 2024, an increase of over 21 times [2] - The proportion of bonds underwritten by banks increased from 28.72% in 2020 to about 35% in 2024, with over 40% in the first seven months of this year [3] - Since 2022, the annual issuance of "Five Major Theme Bonds" by banks has consistently exceeded 500 billion yuan, accounting for over 25% of the total market issuance [3] Group 2: Credit Support for Key Sectors - As of the end of Q2, loans to technology SMEs reached 3.46 trillion yuan, a year-on-year increase of 22.9% [4] - The balance of green loans reached 4.239 trillion yuan, growing by 14.4% since the beginning of the year [4] - The balance of inclusive small and micro enterprise loans reached 3.557 trillion yuan, with a year-on-year growth of 12.3% [4] Group 3: Technology and Digital Finance - The total information technology investment by 20 listed banks increased from approximately 160.3 billion yuan in 2021 to 188.5 billion yuan in 2024, with the investment-to-revenue ratio rising from 3.07% to 3.78% [9][10] - The investment ratio for joint-stock banks reached 4.31% in 2024, an increase of over 0.8 percentage points since 2021 [9] - Industrial and Commercial Bank of China led in IT investment, exceeding 28.5 billion yuan in 2024, with a focus on digital transformation [10] Group 4: Pension Financial Products - The pension fund management scale of Industrial and Commercial Bank of China reached nearly 5 trillion yuan by the end of 2024, with a pension custody scale of 3.3 trillion yuan [7][8] - Agricultural Bank of China reported a pension custody scale exceeding 750 billion yuan, with a growth of nearly 25% year-on-year [8] - The number of personal pension accounts opened by China Bank surpassed 10 million, indicating strong engagement in the pension sector [8]

Group 1 - The core viewpoint of the report indicates that the bank wealth management market has a sustained scale of 30.67 trillion yuan as of June 2025, with 1.63 million new wealth management products issued in the first half of the year, raising 36.72 trillion yuan [1] - Wealth management products have significantly supported the development of the real economy, with total investment assets reaching 32.97 trillion yuan, a year-on-year increase of 7.31%, and approximately 21 trillion yuan allocated to support the real economy through investments in bonds, non-standardized debt, and unlisted equity [1] - The structure of the wealth management market is continuously optimizing, with over 320 billion yuan invested in green bonds and over 100 billion yuan in special bonds for initiatives like the Belt and Road, regional development, and poverty alleviation, providing over 50 billion yuan in funding support for small and micro enterprises [1] Group 2 - Wealth management companies are actively engaging in pension finance, with three companies issuing five personal pension wealth management products in the first half of the year, bringing the total to 35 products since the launch of personal pension business [2] - The personal pension wealth management products have performed well and are well-received by investors, with over 1.439 million investors opening accounts on the industry information platform, a 46.2% increase since the beginning of the year, and an average annualized return of over 3.4% [2] - The number of wealth management investors continues to grow, reaching 136 million by June 2025, an 8.37% increase since the beginning of the year, with personal investors increasing by 10.29 million and institutional investors by 190,000 [2]

Core Insights - The banking wealth management market in China has shown significant growth in the first half of 2025, with a total scale reaching 30.67 trillion yuan, marking a 2.38% increase from the beginning of the year and a 7.53% year-on-year increase [1][3] Group 1: Market Performance - The average annualized yield of wealth management products in the first half of 2025 was 2.12%, generating a total return of 389.6 billion yuan for investors, which is a 14.18% increase compared to the same period last year [1][3] - The number of investors holding wealth management products reached 136 million by the end of June 2025, reflecting an 8.37% growth since the beginning of the year [3] Group 2: Product Composition - Fixed income products dominate the market, with a total scale of 29.81 trillion yuan, accounting for 97.2% of the total wealth management product scale, showing a slight decrease of 0.13 percentage points from the beginning of the year but an increase of 0.32 percentage points year-on-year [2] - Open-ended wealth management products are increasingly favored, with a scale of 24.82 trillion yuan, representing 80.93% of the total, which is an increase of 0.13 percentage points from the start of the year [2] Group 3: Investor Behavior - The growth in personal pension wealth management accounts is notable, with over 1.439 million accounts opened, a 46.2% increase since the beginning of the year, and a total purchase balance of 110.36 billion yuan [1] - The decline in bank deposit rates has led investors to seek safer and more stable returns through bank wealth management products, which are perceived as lower risk [3][4]

Core Insights - The banking wealth management market in China has shown growth in both scale and investor participation, with a total size of 30.67 trillion yuan as of June 2025, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2] - The number of investors holding wealth management products reached 136 million, an increase of 8.37% from the start of the year, generating a total return of 389.6 billion yuan for investors in the first half of 2025 [2] - Personal pension wealth management products have seen significant growth, with over 1.439 million accounts opened, a 46.2% increase since the beginning of the year, and a total purchase balance of 110.36 billion yuan [2][11] Wealth Management Product Structure - The wealth management market has a strong focus on stability, with fixed-income products dominating, accounting for 97.20% of the total scale, and low-risk products making up 95.89% of the market [4][5] - The average duration of newly issued closed-end wealth management products ranged from 377 to 489 days, with closed-end products over one year accounting for 72.86% of all closed-end products, an increase of 5.71 percentage points from the beginning of the year [8][9] Factors Influencing Investor Preferences - The preference for low-risk products is driven by the uncertain global economic environment and domestic market volatility, leading investors to favor stable returns [5][6] - The shift in investor demographics towards younger, more educated individuals is expected to gradually change the client structure, allowing for a broader acceptance of mixed and equity products over the next 5 to 10 years [6] Pension Wealth Management Products - The rapid development of personal pension wealth management products is supported by government policies, with an average annualized return exceeding 3.4% [11][12] - The market has seen the introduction of multiple pension products, with six wealth management companies launching a total of 35 pension products, managing over 15.16 billion yuan [12] Recommendations for Investors - Investors are advised to diversify their asset allocation based on their risk tolerance and retirement goals, focusing on products with stable historical performance and controlled volatility [12][13]