中国路径:推动企业年金、职业年金从"自愿"向"准强制"转型，探讨对未建立年金的企业征收额外税费。简化管理流程，降低中小企业参与门槛。结合产 业政策，对高新技术、绿色产业企业给予年金补贴。 国际经验:美国IRA账户允许个人自主投资，税收递延政策吸引中高收入群体;新加坡中央公积金(CPF)提供多元化投资选项，满足个性化需求。 国际经验:美国OASDI计划通过指数化月平均工资计发养老金，缩小收入差距;德国法定养老保险采用"现收现付"与"个人账户"结合模式，增强抗风险能 力。 中国实践:推进基本养老金全国统筹，以"一个蓄水池"提升资金的互济共济功能，解决区域间基金不平衡问题。探索"基础养老金+个人账户"双轨制，提高 低收入群体补贴比例。试点长期护理保险(长护险)，覆盖4500万失能老人，2024年累计支出超850亿元。 国际经验:澳大利亚超级年金计划通过立法强制雇主缴费，覆盖率超90%;加拿大注册养老金计划(RPP)提供税收优惠，激励企业参与。 中国创新:扩大个人养老金试点范围，提高年度缴费上限至3万元，增加税收优惠力度。2025年起，个人养老金制度在全国推开，EET (缴费投资免税、领 取征税)模式激励下，首月开户 ...

养老钱如何规划，才能换来晚年"稳稳的幸福"？金融机构又该如何发力，让养老金融真正走进千家万 户？广东养老金融规划来了！ 在产品供给方面，《实施方案》提出，大力发展养老保险一、二、三支柱。积极参与国家基本养老保险 基金投资，不断增加广东优质投资项目储备，适时合理提高广东基本养老保险基金委托投资规模。推动 企业年金提质扩面，鼓励全省范围有条件、有意愿的企业建立企业年金。丰富第三支柱养老金融产品供 给，鼓励金融机构立足广东省情，因地制宜开发符合居民需求的养老金融产品。 光有产品还不够，关键要让服务贴心又省心。《实施方案》提出，提高养老金融产品服务质效。鼓励在 粤银行机构建立养老金融事业部、特色分（支）行。加快商业保险年金产品创新，探索提供"医、护、 康、养、居"一体化的养老金融综合解决方案。积极发展商业健康保险，支持开发符合老年人健康风险 保障需求的保险产品。 对于建立养老金融特色分（支）行，南都湾财社记者了解到，已有部分银行落地实践。比如，2024年12 月，一国有行广州分行首批养老金融旗舰网点揭牌。据介绍，这些网点内部专门设立老年客群服务区， 布放存折取款机，推出大字版智能终端和振动叫号器，更换大字体公示信息牌 ...

2025年的养老险市场，像一场正在进行的"战略大考"。《养老保险公司监督管理暂行办法》（以下简称 《暂行办法》）设置的三年过渡期马上进入倒计时，养老险公司短期健康险业务调整接近尾声，第二、 第三支柱的主赛道愈发清晰。可以说，专业养老险公司的转型不再是选择题，而是回归养老主业的必答 题。 目前，多家养老险公司已披露2025年三季度业绩报告，正逐步回归主业的养老险公司，探索出了怎样的 转型之路；哪些机构率先完成了转身？ 回归主业进行时 养老险公司管理的是亿万老百姓的养老钱，背后的经营表现自然备受关注，当前，2025年三季度养老险 公司成绩单陆续揭晓，不同公司表现如何？ 根据各家公司发布的偿付能力报告摘要，2025年前三季度，平安养老险、国民养老保险、泰康养老、太 平养老、新华养老、大家养老、恒安标准养老7家养老险公司实现保险业务收入合计407.33亿元。净利 润合计近50亿元。 作为衡量保险公司偿还债务能力的标尺，偿付能力充足率水平高低能看出保险公司财务稳健程度。截至 三季度末，恒安标准养老、泰康养老、国民养老保险、大家养老等综合偿付能力充足率均高于200%的 高位区间，显示出较强的资本充足度。 保费和利润，是检 ...

Core Viewpoint - The establishment of Xiong'an New Area is a significant decision by the central government to promote coordinated development in the Beijing-Tianjin-Hebei region, with China Life actively contributing to its financial service system and economic development [1] Group 1: Institutional Layout and Financial Services - China Life has integrated the service of Xiong'an New Area into its strategic deployment, establishing various subsidiaries and institutions to support the area's development [2] - The company has set up a comprehensive financial service network in Xiong'an, including the Xiong'an Financial Development Center and various insurance and banking branches [3] Group 2: Long-term Financial Support - China Life plays a crucial role as an institutional investor, providing long-term funding for infrastructure, housing, and ecological protection in Xiong'an, including a significant investment in local government bonds [4] - The company has invested nearly 400 billion yuan through various financial plans to support transportation infrastructure in the Beijing-Tianjin-Hebei region [4] Group 3: Housing and Environmental Initiatives - China Life plans to establish a rental housing Pre-reits fund in collaboration with Xiong'an to innovate the housing supply system [5] - The company has also initiated an ecological protection fund, contributing 2 billion yuan to support environmental projects in Xiong'an [5] Group 4: Social Welfare and Insurance - China Life has provided extensive insurance coverage for residents in Xiong'an, including health and student insurance, amounting to nearly 9 billion yuan in risk protection [7] - The company has also supported the construction of a pension system in Xiong'an, managing nearly 290 million yuan in corporate pension funds [8]

Core Viewpoint - The establishment of Xiong'an New Area is a significant decision by the central government to promote coordinated development in the Beijing-Tianjin-Hebei region, with China Life actively contributing to its financial service system and economic development [1] Group 1: Institutional Layout and Financial Services - China Life has integrated the service of Xiong'an New Area construction into its strategic deployment, establishing various subsidiaries in the area to support its development [2] - The company has set up a comprehensive financial service network in Xiong'an, including the Xiong'an Financial Development Center and various insurance and banking entities, to provide coordinated financial services [3] Group 2: Financial Support and Investment - As a key institutional investor, China Life has leveraged its long-term capital to support infrastructure, housing, and ecological protection projects in Xiong'an, including a significant role in the issuance of local government bonds [4] - The company has invested nearly 400 billion yuan through various financial plans to support transportation infrastructure in the Beijing-Tianjin-Hebei region, including a loan project for the Beijing-Xiong'an Expressway [4] Group 3: Housing and Environmental Initiatives - China Life has signed a memorandum to establish a rental housing Pre-REITs fund to support the innovative housing system in Xiong'an, focusing on sustainable and market-compatible solutions [5] - The company has also initiated an ecological protection fund with a contribution of 2 billion yuan to invest in environmental and green infrastructure projects in Xiong'an [5] Group 4: Social Welfare and Insurance Services - China Life has provided various insurance products to meet the needs of residents in Xiong'an, covering over 90 billion yuan in risk protection for health, education, and elderly care [7] - The company has also supported the construction of a pension system in Xiong'an, managing nearly 290 million yuan in corporate pension funds and facilitating the establishment of an automatic enrollment mechanism for enterprise annuities [8] Group 5: Commitment to Development - China Life is committed to supporting the high-quality development of Xiong'an New Area, aligning its financial services with government needs and social values to enhance the living standards of residents [6][8]

在金融知识宣教方面，光大银行北京分行以"阳光消保"为品牌，构建覆盖"新市民、青少年、老年人、 乡村居民"四大重点群体的"新小老乡"金融教育体系。通过定制化宣传内容，普及金融知识、提示金融 风险。每年3月15日，分行党委班子成员走进网点，开展"3·15行长当大堂经理"活动，用通俗语言帮助 老年客户理解理财产品，提醒防范金融风险。 2025年1月，光大银行北京分行辖内首家"养老金融服务中心"在阜成路支行正式授牌，标志着分行养老 金融服务进入"专业化、精细化"新阶段。阜成路支行、新源支行及花园路支行凭借卓越的综合服务能力 成功入选首批64家"养老金融服务中心"网点，成为分行养老金融服务的"示范窗口"。 为进一步提升老年客户服务体验，光大银行北京分行在全辖网点推行老年客户"7项专属服务"，包括专 属窗口、专属服务人员、专属座椅等，并在夯实"7项专属服务"的基础上，打造"N项特色服务"，如增 设"敬老驿站"、组建敬老服务团队、开展"老年课堂"普及活动等，致力于打造养老金融服务样板间。 针对老年客户使用智能设备的困难，光大银行北京分行优化线下服务的同时，着力打造线上适老服务渠 道。手机银行"简爱版"功能字体放大、去除冗余 ...

Core Viewpoint - The establishment of enterprise annuity systems is seen as a reflection of high-quality enterprises, providing additional retirement income for employees, but the coverage remains low due to high costs and lack of immediate benefits [1][5][6]. Group 1: Importance of Enterprise Annuities - Enterprise annuities serve as a crucial supplement to the basic pension system, enhancing the income and quality of life for retirees [1][5]. - The current pension system in China consists of three pillars: basic pension insurance, supplementary pension insurance (enterprise annuities and occupational annuities), and individual pension systems [1]. Group 2: Current Status and Challenges - As of the first quarter of 2025, 168,200 enterprises have established enterprise annuity systems, covering 32.9 million employees, with accumulated funds reaching 3.73 trillion yuan, a year-on-year increase of 13.48% [5]. - Despite the growth, the coverage rate of enterprise annuities remains low compared to the first pillar of the pension system [5][6]. Group 3: Barriers to Adoption - High costs, unfamiliar processes, and lack of immediate benefits deter many enterprises from establishing annuity systems [6]. - The need for dedicated teams to manage annuity systems adds to the operational costs, making it less appealing for some companies [6]. Group 4: Recommendations for Expansion - Experts suggest focusing on expanding enterprise annuities in private enterprises, particularly small and medium-sized enterprises, by integrating them into compensation strategies [8]. - Recommendations include increasing the flexibility of contribution rates and allowing gradual implementation of annuity systems [8]. Group 5: Regulatory and Management Aspects - There are calls for improved transparency and management capabilities among financial institutions handling enterprise annuities [9].

Group 1: Tax Policies for Foreign Investment - The article discusses tax incentives for foreign investment, specifically the exemption of value-added tax (VAT) for income generated from Sino-foreign cooperative education programs since July 25, 2018 [1][2][3] - The applicable entities include foreign educational institutions collaborating with domestic schools to provide degree education services primarily targeting Chinese citizens [2][3] Group 2: Conditions and Regulations - Sino-foreign cooperative education must comply with the regulations outlined in the "Regulations on Sino-Foreign Cooperative Education" [2] - The scope of "degree education" and related terms is defined according to the transitional policies for VAT reform [2][3] Group 3: Implementation and Future Regulations - The announcement regarding the promotion of digital electronic invoices will take effect on December 1, 2024, requiring recipients to confirm the purpose of the invoices through their tax accounts [8][9]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on non - public fund - type convertible bond investment institutions, aiming to analyze their convertible bond investment strategies and preferences to understand the pricing mechanism and investment strategies of the convertible bond market [10]. 3. Summary by Directory 3.1 Annuity - type Products 3.1.1 Annuity and Pension Product Investment Mechanisms - "Enterprise annuity" is a supplementary endowment insurance system established by enterprises and their employees on the basis of participating in the basic endowment insurance. It involves multiple institutions such as trustees, account managers, and investment managers [11]. - The investment scope of enterprise annuity funds includes various financial products, and pension products are standard investment portfolios for enterprise annuity funds. Small - scale investment portfolios should prioritize investing in pension products [16]. - By the end of 2024, the total number of enterprises with enterprise annuity reached 159,300, with 32.42 million insured employees and a cumulative fund of 3.6422 trillion yuan. The total convertible bond - holding scale of enterprise annuity was about 130 billion yuan, accounting for less than 5% of the direct investment scale [19][21]. - By the end of 2024, there were 649 registered pension products, with 578 in actual operation and a total net asset value of 2.434307 trillion yuan, accounting for about 70% of the enterprise annuity plan's end - of - period asset amount [25]. 3.1.2 Pension Product Convertible Bond Investment Analysis - Pension products are the second most frequently disclosed "top ten holders" of convertible bonds, but the average holding scale is not high. The holding scale reached a peak of 22.657 billion yuan at the end of 2023 and then declined [30]. - In terms of industry distribution, pension products mainly hold convertible bonds in industries such as power equipment, chemicals, medicine, and banks. Since 2022, they have stably over - allocated convertible bonds in industries such as coal, public utilities, transportation, and commercial retail [31]. - In terms of rating distribution, pension products under - allocated AAA convertible bonds from 2017 to 2022, over - allocated them from mid - 2023 to mid - 2024, and then under - allocated them again at the end of 2024. They have stably over - allocated AA convertible bonds and under - allocated A+ and below convertible bonds [33]. - In terms of price distribution, pension product holdings are mainly concentrated in the 100 - 120 yuan range, with a stable under - allocation of high - price convertible bonds above 130 yuan and a cautious attitude towards those in the 120 - 130 yuan range. Since mid - 2024, they have significantly under - allocated convertible bonds below 100 yuan [34]. 3.1.3 Differences among Different Pension Managers - Among fund companies, the convertible bond - holding scale of pension products managed by E Fund exceeded that of ICBC Credit Suisse Fund again in mid - 2023, reaching about 5.849 billion yuan at the end of 2024. The convertible bond - holding scale of pension products managed by ICBC Credit Suisse Fund has been stable above 4 billion yuan since the end of 2023 [37]. - Among insurance companies, the convertible bond - holding scale of pension products managed by Huatai Asset nearly doubled to 1.065 billion yuan at the end of 2024, while that of People's Pension Insurance decreased significantly from 1.51 billion yuan in mid - 2024 to 178 million yuan at the end of 2024. The convertible bond - holding scales of China Life Pension and Ping An Pension also increased significantly at the end of 2024 [37]. - Taking E Fund as an example, its pension products prefer convertible bonds in the power equipment industry. Since the end of 2020, they have continuously over - allocated convertible bonds in upstream resources, cyclical industries, and some consumer and financial industries, and under - allocated convertible bonds in machinery, TMT, and other industries. In terms of rating, they have continuously over - allocated AA convertible bonds, over - allocated AA - convertible bonds since mid - 2023, and under - allocated AAA convertible bonds since mid - 2024 [39]. 3.2 Social Security Fund (Council) - As of the end of 2024, the total assets under the trusteeship of the Social Security Fund Council were 2.84 trillion yuan for pension funds and 3.32 trillion yuan for social security funds, with a total direct investment scale of about 1.53 trillion yuan and a entrusted investment scale of about 4.12 trillion yuan. The total convertible bond - holding scale of the social security fund was about 1.6 billion yuan, accounting for about 1% of the direct investment scale [2]. - The social security fund significantly over - allocated bank convertible bonds at the end of 2023 and mid - 2024 (about 5pct) and stably under - allocated them at other times. It also significantly and stably over - allocated AA+ and AA convertible bonds [2]. 3.3 Insurance Companies and Insurance Asset Management 3.3.1 Investment Mechanisms of Insurance Companies and Insurance Asset Management - Insurance companies have both self - investment and entrusted investment by investment managers such as insurance asset management companies. Self - managed funds account for about 30% of the insurance company's fund utilization balance. Insurance asset management companies also accept entrusted investment funds from third - party customers such as enterprise annuities, social security funds, and bank wealth management, accounting for about 20% of their management scale [3]. - In 2023, the total investment asset scale of insurance asset management companies was 26.16 trillion yuan, mainly in bonds, insurance asset management products, and bank deposits. At the end of 2023, insurance - type institutions directly held convertible bonds worth about 5.5 billion yuan, accounting for less than 0.2% of the insurance company's fund utilization balance of 28 trillion yuan [3]. 3.3.2 Insurance Self - investment Convertible Bond Investment Analysis - Insurance companies continuously and stably under - allocate convertible bonds in the agriculture, forestry, animal husbandry, and fishery industries (under - allocation of about 5pct), overall stably over - allocate bank convertible bonds, with an over - allocation ratio of about 20pct at the end of 2023, and significantly over - allocate AAA convertible bonds at the same time. They also significantly under - allocate convertible bonds above 120 yuan [3]. 3.3.3 Insurance Asset Management Convertible Bond Investment Analysis - Since June 2022, insurance asset management products have stably over - allocated petrochemical convertible bonds. In mid - 2024 and at the end of 2024, they significantly over - allocated power equipment convertible bonds, stably over - allocated AA+ convertible bonds (with an over - allocation ratio of up to 50pct since the end of June 2024), stably under - allocated AA - and below convertible bonds, and stably under - allocated AAA convertible bonds since the end of 2021 [3]. 3.4 Securities Self - investment - Since the end of 2021, securities self - investment has stably over - allocated bank convertible bonds. Since June 2022 (except mid - 2024), it has overall stably and significantly over - allocated AAA convertible bonds and clearly prefers convertible bonds in the 100 - 110 yuan range [4]. 3.5 Private Asset Management 3.5.1 Asset Management Plan Convertible Bond Investment Analysis - Since the end of 2022, asset management plans have stably over - allocated power equipment convertible bonds and under - allocated AA - and below convertible bonds [4]. 3.5.2 Private Fund Convertible Bond Investment Analysis - Since the end of 2022, private funds have significantly over - allocated electronic convertible bonds, with higher investment scales from institutions such as Ruijun Asset [4]. 3.6 QFII - Many institutions have obtained QFII qualifications, but their investment scale in the convertible bond market is not high. Institutions such as Northwest Asset Management and UBS AG often appear on the "top ten holders" list, and the convertible bond investment of Northwest Asset Management is highly analyzable [4].

Core Viewpoint - The implementation of policies to promote long-term capital investment in the Beijing region has led to a significant increase in the proportion of equity investments managed by fund companies, with a notable rise in both the number and scale of equity funds [1][2][3] Group 1: Policy Implementation and Progress - The Beijing Securities Regulatory Bureau, in collaboration with various financial and regulatory bodies, has introduced the "Implementation Opinions" to encourage long-term capital market participation [1] - Key measures include optimizing the market ecosystem, developing public equity funds, enhancing the investment environment for commercial insurance and pension funds, and encouraging bank wealth management and trust funds to engage in capital markets [2][3] Group 2: Fund Performance and Growth - As of September 2025, Beijing fund companies manage 1,090 equity funds with a total scale of 1.94 trillion yuan, reflecting a 19.0% increase in the number of products and a 25.56% increase in scale year-on-year [1][2] - Public funds in Beijing have implemented a plan to increase the market value of A-shares held by at least 10% annually over the next three years [3] - The management of various pension funds has also seen substantial growth, with social security funds increasing by 13.41%, enterprise annuities by 14.99%, and basic pensions by 34.31% year-on-year [3] Group 3: Long-term Investment Strategies - The establishment of a long-term assessment mechanism for public funds aims to enhance the stability of long-term investments, with a focus on three-year evaluation periods [3] - Companies are encouraged to buy back their equity funds and incentivize employees to invest in their own funds, promoting a culture of long-term investment [3]