12月18日下午，《中国养老金融发展报告2025》成果发布会在京成功举办，主题为"回顾养老金融十年探索 助力十五五再启新篇"。本次会议由清华大学五 道口金融学院主办，中国保险与养老金融研究中心、清华五道口养老金融50人论坛承办，国民养老保险股份有限公司、富达基金管理（中国）有限公司支 持。正值"十五五"规划启动在即，与会嘉宾共同回顾养老金融发展经验与成果，探讨新时期改革路径与发展方向。 【图为会议现场】 中国社会保险学会会长胡晓义，原中国保监会党委副书记、副主席周延礼，中国人民银行金融研究所所长丁志杰发表主旨演讲。清华大学五道口金融学院副 院长、讲席教授张晓燕，清华五道口养老金融50人论坛秘书长董克用分别代表会议主办方、承办方致辞。来自发改委、民政部、财政部、中国人民银行、金 融监管总局和证监会等政府监管部门，金融机构和养老产业相关企业的近两百位领导和专家，以及20余家媒体代表出席会议。清华大学五道口金融学院研究 员、中国保险与养老金融研究中心主任魏晨阳主持会议。 致辞环节：智库研究赋能政策创新，实践探索破局养老金融 【图为胡晓义主旨演讲】 胡晓义认为，"十五五"时期养老保险改革发展需在四个重点方向上确立新目 ...

Core Viewpoint - The conference "2026 Annual Dialogue and Global Wealth Management Forum" emphasizes the theme "China's Resilience in Changing Circumstances," focusing on the urgent need for reform in the pension system to address the challenges of an aging population [1]. Group 1: Pension System Reform - Zheng Bingwen suggests increasing the annual contribution limit for personal pensions from the current 12,000 yuan to better meet long-term retirement savings needs [1][16]. - The "1+5-1" framework for social wealth reserves is established, which includes the sovereign pension fund and five pillars of the pension system, minus local subsidies [6][7]. - The total social wealth reserve under the "1+5-1" framework grew from 11.42 trillion yuan in 2019 to 18.79 trillion yuan in 2024, with significant growth in the second pillar, which increased by approximately 170% [7]. Group 2: Features of the "14th Five-Year Plan" - The "14th Five-Year Plan" saw the establishment of the third pillar of personal pensions, with over 100 million accounts opened, surpassing the second pillar's coverage [8]. - The first transfer of state-owned assets to bolster social security funds was completed, with a second transfer planned [8]. - The fourth pillar, which includes commercial insurance products, is entering a system integration phase, indicating a growing market for retirement-related financial products [8]. Group 3: Recommendations for the "15th Five-Year Plan" - The "15th Five-Year Plan" aims to continue the transfer of state-owned assets to enhance social security funds, which are crucial for capital market stability [9]. - It emphasizes the need for a nationwide basic pension insurance system and the establishment of an actuarial system for social insurance [10]. - The plan encourages the development of a multi-tiered pension insurance system, including the promotion of commercial insurance as a supplementary measure [10]. Group 4: Innovations in Wealth Management Tools - Zheng proposes three key recommendations for the Beijing sub-center as a wealth management hub: reforming the enterprise annuity system, promoting synergy between enterprise annuities and personal pensions, and exploring diverse "housing for pension" models [12][14]. - The development of real estate trusts has been initiated, which is seen as an important innovation for families with special needs [13]. - There is a call for policy support for innovative pension products being developed by institutions like the Beijing Housing Security Center [14].

内蒙古银行聚焦服务实体经济，以高效审批与综合化服务为抓手，向中盐吉兰泰盐化集团有限公司批复 15亿元集团授信，期限1年，并完成首期4.4亿元投放，支持企业在日常经营周转与原材料采购等关键场 景的资金需求，以金融活水助力这家扎根内蒙古的国有大型盐化企业加速产业布局、提升经营效能。 本次合作以"快审、优价、组合担保、全链条服务"，助力央企子公司做优做强、行稳致远，体现了本土 金融机构服务实体经济的担当与效率。这一合作不仅是银企双方深化战略协作的重要里程碑，更开创了 银企携手服务国家战略、推动区域经济转型升级的崭新篇章，是金融供给侧精准滴灌实体经济的生动实 践。 授信结构精准定制，全方位满足集团化运营需求 本次集团授信方案设计凸显了精准化、结构化的服务理念。内蒙古银行深入调研中盐吉兰泰盐化集团的 多元化运营格局后，对15亿元总额进行了科学分解。 向集团母公司中盐吉兰泰盐化集团有限公司提供5亿元流动资金贷款，以信用方式担保，保障其日常经 营周转的资金血脉畅通；为其控股的上市公司——中盐内蒙古化工股份有限公司配置4亿元流动资金贷 款，专项用于原材料采购及营运资金补充，巩固其产业核心地位，分别为中盐吉兰泰氯碱化工有限公 ...

Core Viewpoint - The article discusses the deductibility of transportation expenses for companies, specifically focusing on which expenses can be deducted as input tax and which cannot. Group 1: Deductible Transportation Expenses - Domestic passenger transportation services can have input tax deducted if the taxpayer has obtained the appropriate invoices, such as electronic ordinary invoices or electronic tickets with passenger identity information [2][3]. - The input tax for domestic air travel can be calculated using the formula: Air passenger transportation input tax = (Ticket price + Fuel surcharge) ÷ (1 + 9%) × 9% [2]. - For railway tickets, the input tax can be calculated as: Railway passenger transportation input tax = Ticket face value ÷ (1 + 9%) × 9% [2]. - For other passenger tickets (road, waterway), the input tax is calculated as: Other passenger transportation input tax = Ticket face value ÷ (1 + 3%) × 3% [2]. Group 2: Non-Deductible Transportation Expenses - Transportation expenses paid for non-employees, such as university professors invited for training, cannot be deducted as input tax [6]. - Travel expenses for employee rewards, such as round-trip tickets for team outings, are also non-deductible as they fall under collective welfare [7]. - International passenger transportation services are not eligible for input tax deduction due to the application of zero tax rate or exemption policies [2].

Group 1: Corporate Pension Fund and Investment Performance - The core viewpoint indicates that in Q3 2025, corporate pension funds exhibited characteristics of "scale expansion, high investment returns, and market structure differentiation" [7][8] - The coverage and fund scale continue to expand, with a significant jump in equity investment returns driving overall performance improvement [7][9] - The number of established corporate pension plans increased by 2,770 to 175,000, and the number of participating employees rose by 275,200 to 33.32 million, with accumulated funds increasing by 24 billion to 409 billion [8][9] Group 2: Investment Management Market Dynamics - The current market for corporate pension fund trustees is dominated by insurance capital, with banks rapidly emerging, and competition strategies are diversifying, particularly towards small and micro enterprises [9][10] - As of Q3 2025, major players like China Life Pension and Ping An Pension dominate the market, holding nearly half of the management in terms of enterprises, employees, and asset amounts [9][10] - The total assets under management for corporate pension funds increased by 6.3% to 3.1 trillion, with smaller institutions experiencing faster growth [9][10] Group 3: Investment Returns and Product Performance - The investment returns for equity portfolios surged, with quarterly returns jumping from 1.02% to 4.82%, leading to an overall increase in investment returns from 1.00% to 4.26% [13][14] - The net asset value of equity products increased by 42.8% to 223.6 billion, with investment returns rising from 2.3% in Q2 to 22.9% in Q3 [14] - Fixed income products saw a slight decrease in net asset value by 5.95% to 1.596 trillion, with returns slightly declining to 0.68% [14] Group 4: Wealth Management and Market Trends - As of November 2025, the total wealth management scale reached 34 trillion, an increase of 4 trillion from the previous year, with a monthly increase of 0.35 trillion [15][16] - The average annualized yield for pure fixed income wealth management products fell to 2.42%, reflecting a downward trend in the performance benchmark since early 2022 [16][17] - The growth in wealth management scale is expected to provide strong support for credit bonds with a maturity of 3 years or less [17] Group 5: Real Estate Market Overview - The real estate sector saw a decline of 2.2% in the week, with new home transactions in 42 key cities dropping by 6.9% to 1.93 million square meters [18][19] - The macroeconomic environment is influenced by policies supporting the development of REITs and asset securitization, with the scope of underlying assets expanding to urban renewal facilities [19][20] - Local governments are implementing housing subsidies, with cities like Changzhou and Nanning introducing new policies to support homebuyers [19][20]

证券之星消息，12月9日南向资金减持528.94万股中国人民保险集团（01339.HK）。近5个交易日中，获 南向资金增持的有3天，累计净增持642.96万股。近20个交易日中，获南向资金增持的有13天，累计净 增持3436.46万股。截至目前，南向资金持有中国人民保险集团（01339.HK）26.77亿股，占公司已发行 普通股的30.67%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-09 | 26.77亿 | -528.94万 | -0.20% | | 2025-12-08 | 26.83亿 | -171.20万 | -0.06% | | 2025-12-05 | 26.84亿 | 139.40万 | 0.05% | | 2025-12-04 | 26.83亿 | 264.40万 | 0.10% | | 2025-12-03 | 26.80亿 | 939.30万 | 0.35% | 中国人民保险集团股份有限公司是一家主要提供保险产品的控股公司。该公司及其子公司主要从事财产 保险、健康保险、人寿保险、再保险、 ...

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，泰康养老保险股份有限公司山东分公司副总经理冯鹏程出席并参加圆桌论坛。 冯鹏程明确提出养老保险体系目前存在"四个不均衡"，第一支柱内部差距不均衡，二、三支柱偏弱的结 构性失衡突出。 针对上述痛点，冯鹏程从二、三支柱融合发展方面提出四项核心建议： 专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，泰康养老保险股份有限公司山东分公司副总经理冯鹏程出席并参加圆桌论坛。 冯鹏程明确提出养老保险体系目前存在"四个不均衡"，第一支柱内部差距不均衡，二、三支柱偏弱的结 构性失衡突出。 针对上述痛点，冯鹏程从二、三支柱融合发展方面提出四项核心建议： 第一是政策协同。国际上二、三支柱本质是融通的，没有严格界限，从政策协同的角度应该把二支柱、 三支柱政策打通，比如新业态没有就业单位，二支柱用不了这个政策，或者没用足，应该把二支柱的政 第一是政 ...

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，全国人大常务委员会委员、中国社会保障学会会长郑功成做主旨发言。他指出，发展企业年金、个 人养老金和其他商业养老金融的关键，在于增强目标人群与养老金融的适配性，真正做到让有能力者有 需要，有需要者也有能力。 郑功成指出，目前是有能力者没有需要或者需要的意愿不强，而有需要者又没有能力，这就是我们面临 的尴尬局面，这是导致企业年金和商业性养老金融产品发展不理想的深层次的原因。 针对这一问题，郑功成提出改进方向：一定要明确公共养老金保基本的定位，让较高的替代率适当下 调，将较低的替代率应该往上调，然后对于低收入的劳动者应该考虑给予相应的补贴。他结合考察经历 提到，只有对低收入者购买个人养老金或者商业性养老金加以补贴，才能够跟我们目前个人所得税养老 专项扣除相匹配，才能使更多的人有需要也有能力或者有能力也有需要，那么整个养老金融这篇大文章 才能写好。此外，市场主体也要开发出受到客户欢迎的养老金融产品，尤其是要提高养老金融产品的增 值服务，这样，多层次 ...

12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，全国人大常务委员会委员、中国社会保障学会会长郑功成做主旨发言。 郑功成指出，要建设和发展好多层次养老金体系，必须首先夯实公共养老金制度根基。他表示，公共养 老金制度是所有老年人最可靠的老年生活保障，是他们的基本经济来源，只有这个制度成熟定型了，才 能够增添我们应对老龄化的信心，才能够为其他层次的养老金融提供清晰的发展空间。 "公共养老金也就是基本养老保险构成了第一层次，它构成了多层次养老金体系的基石，如果这一层次 基石垒的不好，第一层次建的不好，再往上边加第二层次、第三层次，实际上是十分危险的，也是很难 达到理想目标的。"郑功成表示，我们国家的公共养老金制度虽然改革已经历时30年有余，但迄今仍未 成熟，还未定型，还不能够给所有人提供清晰稳定的基本养老金预期，所以我们的企业年金20多年来发 展很缓慢，很不理想。个人养老金也是热闹一时，现实也不太理想。 郑功成认为，我们要意识到公共养老金一定是多层次养老金体系建设的前提条件，是它的根基所在。基 于这一点，有必要尽快凝聚以下基本共识：第一就是要把优化基本养老保险制度摆 ...

Core Insights - The second pillar of pension, primarily consisting of enterprise annuities and occupational annuities, is crucial for addressing aging population challenges and enhancing national pension security [1][11] - The development of enterprise and occupational annuities is seen as a necessary transition from a single state responsibility to a tripartite responsibility shared among the state, enterprises, and individuals [1][11] - The recent implementation of personal pension systems and supporting policies has created a favorable environment for the expansion of the second pillar [1][11] Group 1: Market Dynamics - The enterprise and occupational annuity market is entering a phase of steady expansion, with occupational annuities achieving full coverage due to reforms in public sector pensions [2][3] - The investment management model for occupational annuities is centralized, ensuring safety and regulatory compliance, while enterprise annuities follow a decentralized decision-making approach [3][4] - The scale of occupational annuities has grown from 1.29 trillion yuan in 2020 to 3.11 trillion yuan in 2024, with a stable year-on-year growth rate of around 20% since 2022 [3][4] Group 2: Investment Strategies - Pension funds are increasingly entering the market, adopting a "barbell" investment strategy that balances stable cash flow assets with high-growth sectors like technology and manufacturing [4][5] - The proportion of equity investments in enterprise annuities is expected to rise from 10%-15% to 20%-25%, potentially adding around 500 billion yuan in equity investments [4][5] Group 3: Structural Challenges - The pension system faces imbalances, with the first pillar being dominant while the second pillar, particularly enterprise annuities, has low coverage rates [8][11] - As of the end of 2024, the total scale of enterprise annuities reached 3.64 trillion yuan, with a year-on-year growth of 14.11%, while occupational annuities reached 3.11 trillion yuan, growing at 21.48% [8][11] - The participation rate in enterprise annuities remains low, with only 3.24 million participants, representing less than 10% of the basic pension insurance participants [8][11] Group 4: Future Outlook - The expansion of enterprise annuities is expected to continue, particularly among small and medium-sized enterprises, supported by policies aimed at reducing participation barriers [27][28] - By the end of 2028, the scale of enterprise annuities is projected to reach 6.4 trillion yuan, with average annual growth rates of 15.1% for accumulated funds and 6.5% for participant numbers [27][28]