11月21日，财政部、中国人民银行联合发布《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》）明确提出，为支持多层次多支柱养老保险体系发展，自2026年6 月起，符合金融监管部门规定开办个人养老金业务的储蓄国债承销团成员，将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。 这也意味着，储蓄国债（电子式）将被纳入个人养老金产品范围。在业内专家看来，此举丰富了个 人养老金账户的产品供给，对投资者而言是一大利好，让投资者在保障资金安全的同时实现"养老钱"的 稳健增值，也将有助于提升个人养老金制度的覆盖面与吸引力。 个人养老金产品再迎扩容 带来多重积极影响 自个人养老金制度2022年在36个城市试点启动以来，产品池一直在迭代升级。尤其是2024年12月正 式在全国范围内全面实施后，产品范围也同步扩容，在原有的储蓄存款、理财产品、商业养老保险、公 募基金四类基础上又纳入国债、特定养老储蓄、指数基金三大品类。 此次储蓄国债（电子式）被纳入被视为是个人养老金产品的一次关键"上新"。 "将储蓄国债纳入个人养老金产品范围对投资者而言是一大利好，它填补了超低风 ...

Core Insights - The personal pension system in China is entering its third year since the pilot launch on November 25, 2022, with banks and financial institutions actively promoting pension contributions and related services [1][4][5] Group 1: Marketing Strategies - Banks have shifted their marketing focus from account opening to encouraging contributions, with various rewards for depositors [4] - For instance, China Construction Bank offers up to 656 yuan in benefits for contributions, while Industrial Bank provides chances to win up to 609.68 yuan [4] - Many banks have implemented tiered reward systems for contributions, incentivizing higher deposits with increased rewards [4] Group 2: Product Performance - Personal pension financial products have shown an average return of over 3%, with pension funds averaging a return of 13.54% since inception [1][11] - As of November 26, 2023, the average annualized return for personal pension financial products is 3.47%, with fixed-income products averaging 3.55% [9] - The performance of pension funds has been notably strong, with 305 funds achieving an average return of 13.54% since inception, and some index funds yielding returns as high as 22.21% this year [11][12] Group 3: Product Offerings - The range of personal pension products is expanding, with 37 financial products, 305 funds, 466 savings products, and 437 insurance products available as of November 26 [7] - Starting June 2026, savings bonds will be included in the personal pension product catalog, enhancing investment options for consumers [7] Group 4: Risk Profile - Approximately 67.57% of personal pension financial products are classified as low to medium risk, primarily consisting of fixed-income products [9] - The overall risk profile aligns with the conservative nature of pension investments, catering to investors' lower risk tolerance [9]

21世纪经济报道 唐曜华 年底又到了本年度个人养老金缴存的最后窗口期，争夺客户留存的营销大战已经打响，近期多家银行在 APP或微信公众号推广个人养老金缴存有礼活动。部分基金公司开始推广自家的个人养老金基金，还有部分金融机构则打"服务 牌"，推出个人养老金资产配置方案。 自2022年11月25日试点启动以来，个人养老金制度迎来三周年。个人养老金产品给投资者带来的收益情况如何呢？据21世纪资 管研究院统计，个人养老金理财产品收益率超过3%，个人养老金基金成立以来平均收益率13.54%。 机构营销重点从开户转向缴存 在避税以及规划养老的需求下，近年来开通个人养老金账户的投资者数量快速攀升，人力资源和社会保障部数据显示，自2022 年11月个人养老金制度试点以来，截至2024年11月末，全国个人养老金账户开户人数已达7279万人。 上个月国家金融监督管理总局发布《关于促进养老理财业务持续健康发展的通知》，鼓励试点机构为投资者提供养老理财顾问 咨询服务。支持试点理财公司按照法律法规和合同约定为投资者提供养老理财顾问咨询服务。 储蓄国债将纳入个人养老金产品目录 不少投资者在社交媒体晒出个人养老金账户收益，受益于股市上涨， ...

11月25日，个人养老金制度正式实施迎来三周年，从36个先行城市（地区）启动试点，到账户开户数突破7200万，制度框架逐步完善、产品体系 不断扩容，我国个人养老金市场已完成从"破冰"到"成长"的关键跨越。随着年底节点临近，银行机构的抢客逻辑正发生转变，从初期"跑马圈 地"式的开户拉新，全面转向"精耕细作"的留客促活。业内人士直言，短期现金补贴、礼品激励只能撬动用户短期开户行为，难以形成长期黏性， 银行亟须跳出"补贴大战"的同质化竞争，在个性化产品组合、智能化服务体验、跨场景生态整合上寻找破局之道。竞争下半场，考验的不再是开 户数量的比拼，而是谁能真正成为用户长期养老规划的信赖伙伴。 "开户大战"变身"缴存大战" 随着2025年步入尾声，银行机构围绕个人养老金账户的营销竞争再度进入"白热化"阶段。11月25日，北京商报记者梳理发现，近期包括国有大 行、股份制银行在内的多家金融机构分支机构，纷纷加大了对个人养老金业务的推广力度，各类营销活动密集上线，一场新的"抢人大战"已然拉 开帷幕。 与个人养老金业务推广初期各银行普遍聚焦于账户开立数量的"拉新"策略不同，在经历了初期的市场教育和用户积累后，多家银行开始将业务重 ...

Core Viewpoint - The implementation of the personal pension system has reached its third anniversary, and the product pool is expanding with the inclusion of electronic savings bonds, which is expected to enhance the attractiveness of personal pension investments [3][4]. Group 1: Expansion of Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, electronic savings bonds will be included in the personal pension product range, creating a diversified product structure that combines insurance, wealth management, funds, savings, and bonds [3][4]. - The personal pension system has evolved from pilot programs in 36 cities to a nationwide rollout, with a well-established framework and an increasingly rich product system [3][4]. Group 2: Characteristics and Appeal of Savings Bonds - Electronic savings bonds are characterized by their ultra-low risk and high safety, backed by national credit, with interest rates higher than those of regular deposits, making them attractive to conservative investors [4][5]. - The current interest rates for 3-year and 5-year savings bonds are stable at 1.63% and 1.7%, respectively, with certain issues being quickly sold out due to high demand [4]. Group 3: Impact on Personal Pension Contributions - The introduction of savings bonds is expected to encourage higher contribution levels in personal pension accounts, particularly among conservative investors who may be hesitant to invest in riskier products [5]. - The effectiveness of this initiative will depend on various factors, including investor risk preferences, the diversity of market products, and the level of investor education [5]. Group 4: Issuance and Allocation of Savings Bonds - The issuance of electronic savings bonds will have a dedicated quota for pension investors, with the allocation adjusted quarterly based on the proportion of uninvested amounts in pension accounts [6][7]. - This mechanism is anticipated to intensify competition among institutions, as they will need to optimize product offerings and enhance customer experiences to secure a larger share of the pension market [7].

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。 个人养老金制度实施满三年之际，产品池迎来进一步扩容。 日前，财政部、中国人民银行联合发布《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》（下称《通知》），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，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。这意味着，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。 2022年11月25日，个人养老金制度正式启动实施。三年来，从36个城市先行试点，到推广至全国，制度 框架基本完善，产品体系也在不断丰富。但"开户热、缴费冷、投资少"的现实瓶颈依然待解。储蓄国债 作为开卖即"秒光"的超低风险产品，能否在利率下行通道背景下为个人养老金市场注入新活力？ 专属额度按季调整 对于储蓄国债（电子式）发行额度问题，《通知》提及，财政部会同中国人民银行在各期储蓄国债（电 子式）发行通知中，将基本代销额度分配至各储蓄国债承销团成员（含开办机构），并将部 ...

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Report's Core View - In October, broad funds significantly increased their holdings of negotiable certificates of deposit (NCDs). The total bond custody scale increased by 1.31 trillion yuan month-on-month to 176.8 trillion yuan, with NCD custody scale up 7214 billion yuan year-on-year, mainly driven by broad funds. [2][10][77] - There is uncertainty about the Fed's rate cut in December. The US added 119,000 non-farm jobs in September, higher than market expectations. The 9 - month non - farm data may be more accurate, and the unemployment rate was 4.4%. As of November 23 noon Beijing time, the probability of a 25 - basis - point rate cut in December is 71%. [2][23][77] - The current bond market has prominent allocation value, with bond yields likely to decline in a volatile manner. The report is bullish on the bond market, predicting that the 10Y Treasury yield will return to around 1.65% this year. [4][78] Summary by Relevant Catalogs 1. Macro News - In October, the total bond custody scale increased by 1.31 trillion yuan month - on - month to 176.8 trillion yuan, with the increase mainly from Shanghai Clearing House. NCDs were the main driver of the increase, with broad funds as the major buyers. [10] - On November 21, the Ministry of Finance and the People's Bank of China announced that savings bonds (electronic) will be included in the scope of personal pension products starting from June 2026. [23] 2. Medium - term High - frequency Data 2.1 Consumption - As of November 16, the daily average retail volume of passenger car manufacturers decreased by 9.2% year - on - year, and the daily average wholesale volume decreased by 5.4% year - on - year. As of November 21, the 7 - day national movie box office revenue increased by 74.8% year - on - year. As of November 7, the total retail volume of three major household appliances decreased by 21.8% year - on - year, and the total retail sales decreased by 34.6% year - on - year. [25][30] 2.2 Transportation - Affected by Double 11, freight activity remained high. As of November 16, the weekly port container throughput increased by 3.1% year - on - year. As of November 21, the 7 - day average subway passenger volume in first - tier cities increased by 5.4% year - on - year. The weekly postal express pick - up volume increased by 8.9% year - on - year, and the delivery volume increased by 5.8% year - on - year. The weekly railway freight volume and highway truck traffic volume increased by 5.3% year - on - year. [32][36] 2.3 Industrial Operating Rates - As of November 19, the blast furnace operating rate of major steel enterprises increased by 0.5 percentage points year - on - year. As of November 20, the average asphalt operating rate decreased by 5.0 percentage points year - on - year. The soda ash operating rate decreased by 0.3 percentage points year - on - year, and the PVC operating rate increased by 1.4 percentage points year - on - year. [38][43] 2.4 Real Estate - As of November 21, the 7 - day total commercial housing transaction area in 30 large - and medium - sized cities decreased by 16.2% year - on - year. As of November 16, the number of land transactions in 100 large - and medium - sized cities decreased by 41.3% year - on - year. [46][49] 2.5 Prices - As of November 21, most prices recovered month - on - month. The average pork wholesale price decreased by 24.4% year - on - year but increased by 1.3% compared to 4 weeks ago. The average price of northern port thermal coal decreased by 0.7% year - on - year but increased by 11.9% compared to 4 weeks ago. [50] 3. Bond and Foreign Exchange Markets - On November 21, short - term rates mostly declined. Treasury yields mostly increased, with the 1 - year/5 - year/10 - year/30 - year Treasury yields at 1.40%/1.59%/1.82%/2.16% respectively, up 0.9BP/0.2BP/1.0BP compared to November 14 (except for the 1 - year, which decreased by 0.5BP). The US, Japanese, British, and German 10 - year Treasury yields were 4.06%, 1.78%, 4.55%, and 2.76% respectively, down 8BP/up 8BP/down 2BP/down 3BP compared to November 14. The US dollar - RMB central parity rate and spot exchange rate increased by 50/96 pips compared to November 14. [58][60][69] 4. Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for interest - rate bonds has shown a trend of first declining, then rising, and then declining. As of November 21, the estimated average duration was about 4.9 years, and the median was about 4.4 years, down 0.02/up 0.18 years compared to November 14. The duration of medium - and long - term pure bond funds for credit bonds has shown a volatile trend, and has declined this week. The estimated average duration was about 2.1 years, and the median was about 2.0 years, down 0.07 years compared to November 14. [73][74] 5. Investment Suggestions - The report is bullish on the bond market. Due to domestic economic pressure, falling housing prices, and high short - term interest rates, there is a significant need to cut policy rates. With the Fed's rate - cut cycle, policy rates may be cut by 20BP in the next six months. The report predicts that the 10Y Treasury yield will return to around 1.65% this year, the 30Y Treasury yield to 1.9%, and the 5Y secondary capital bonds of large banks to 1.9%. [4][78]

【导读】储蓄国债（电子式）纳入个人养老金产品，专家解读释放积极信号 为支持多层次多支柱养老保险体系发展，日前，财政部、中国人民银行发布通知，明确储蓄国债（电子 式）纳入个人养老金产品。 业内人士认为，随着个人养老金市场迎来"国家队"产品，投资者的投资积极性将进一步提高，个人养老 金体系也将更高质量发展。 增强个人养老金产品吸引力 11月21日，财政部、中国人民银行联合发布《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》，明确自2026年6月起，符合个人养老金业务开办条件的储蓄国债承销团成员，需为在本机 构开立个人养老金资金账户的投资者，提供购买储蓄国债（电子式）的相关服务。这标志着储蓄国债 （电子式）正式纳入个人养老金产品池。 在南开大学金融学教授田利辉看来，储蓄国债（电子式）纳入个人养老金产品，释放"安全"与"投资"两 大信号：一是以国家信用夯实养老资金"安全底座"，填补低风险产品空白；二是强化政策引导，推动长 期资金入市。其利好在于"零风险+稳定收益"，即锁定保值需求，税收递延降低负担，账户直投简化操 作，可帮助引导居民将短期储蓄转化为养老储备，为养老金体系注入稳定性。 拉长时间来看，个人 ...

Core Viewpoint - The inclusion of electronic savings bonds into personal pension products is expected to enhance investor enthusiasm and contribute to the high-quality development of the personal pension system [2][4]. Group 1: Policy Announcement - On November 21, the Ministry of Finance and the People's Bank of China announced that starting from June 2026, electronic savings bonds will be included in the personal pension product pool, requiring underwriters to provide related services for investors opening personal pension accounts [4]. - This move is seen as a signal of "safety" and "investment," reinforcing the security of pension funds and promoting long-term capital market participation [4][6]. Group 2: Market Impact - The addition of electronic savings bonds is expected to enrich the personal pension product pool, providing investors with safer and more stable investment options, thereby increasing public participation in the personal pension system [5][6]. - The current market offers 926 personal pension products, with 466 being savings products, indicating a diverse range of options available to investors [8]. Group 3: Challenges and Solutions - Despite the growth in account openings, there exists a "hot account, cold deposit" dilemma, reflecting various contradictions such as account liquidity versus closure, product homogeneity, and low perception of tax incentives [9]. - To address these issues, a collaborative effort between policy and market is necessary, including optimizing tax incentives and enhancing product innovation to better meet the needs of different risk profiles [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On November 21, the liquidity situation continued to ease, but market sentiment remained weak, leading to a volatile adjustment in the bond market. The convertible bond market followed the decline of the equity market, with most convertible bond indices and individual bonds falling. Yields of U.S. Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies mostly decreased as well [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - Starting from next June, savings bonds (electronic) will be included in the scope of personal pension products [3]. - From January to October this year, the number of newly - established foreign - invested enterprises in China increased by 14.7% year - on - year, while the actual use of foreign capital decreased by 10.3% year - on - year [3]. - The issuance of government bonds has entered a dense period, which is an important manifestation of the continuous implementation of proactive fiscal policies [3]. - **International News** - On November 21 local time, New York Fed President John Williams said there is room for further interest rate cuts in the near term [4]. - The preliminary value of the U.S. Markit Composite PMI in November reached the fastest growth in four months, with the service industry accelerating and the manufacturing industry slowing down [5]. - **Commodities** - On November 21, international crude oil futures prices continued to fall, while international natural gas prices turned up [6]. 3.2 Liquidity - **Open Market Operations** - On November 21, the central bank conducted 375 billion yuan of 7 - day reverse repurchase operations, with a net injection of 162.2 billion yuan [8]. - **Funding Rates** - Due to the end of the tax period and continuous net injections by the central bank, the liquidity situation continued to ease on November 21. Key funding rates such as DR001 and DR007 declined [9]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Spot Bond Yields** - On November 21, despite the stock market decline, the bond market fluctuated and adjusted due to weak market sentiment. Yields of 10 - year Treasury bonds and 10 - year China Development Bank bonds increased slightly [12]. - **Bond Tendering** - On November 21, the 3 - year "25进出清发007(增发15)" was tendered, with a issuance scale of 2 billion yuan and a winning yield of 1.6542% [13]. - **Credit Bonds** - **Secondary Market Transaction Anomalies** - On November 21, the trading price of one industrial bond, "H0中骏02", deviated by more than 10%, rising by over 71% [13]. - **Credit Bond Events** - Multiple companies announced important events, including debt restructuring, bond exchange offers, regulatory warnings, and cancellations of bond issuances [14][15]. - **Convertible Bonds** - **Equity and Convertible Bond Indices** - On November 21, the three major A - share indices fell, and the convertible bond market also declined. Most convertible bond indices and individual bonds fell, with a decrease in trading volume [16]. - **Convertible Bond Tracking** - On November 24, "卓镁转债" will be listed. Multiple convertible bonds announced price adjustments, potential redemptions, etc. on November 21 [18][19]. - **Overseas Bond Markets** - **U.S. Bond Market** - On November 21, yields of U.S. Treasury bonds across various maturities generally declined, and the yield spreads between different maturities changed [20][21]. - **European Bond Market** - On November 21, except for the 10 - year government bond yield in the UK, which increased, yields of 10 - year government bonds in other major European economies generally declined [23]. - **Chinese - Issued U.S. Dollar Bonds** - As of the close on November 21, prices of some Chinese - issued U.S. dollar bonds changed, with some rising and some falling [25].