12月15日，个人养老金制度在全国范围内推广迎来"一周岁"，自试点推出以来也已满三周年。这一年来，个人养 老金基金类产品在资本市场结构性行情带动下表现亮眼。 据wind数据，个人养老金基金数量已达307只，截至12月10日，超97%的产品年内取得正收益；截至2025年9月 末，个人养老金基金总规模达151.1亿元，较年初增长65.3%。 拉长至三年维度看，个人养老金基金业绩分化剧烈。作为个人养老金基金最先推出的产品类型，Wind数据显示， 截至12月10日，已有128只FOF产品成立满3年，超96%的产品自成立以来取得正收益，最高收益达33.54%，但仅 41只跑赢同期业绩基准，占比约32%；有16只产品自成立以来跑输业绩基准超10个百分点，华夏基金旗下部分产 品甚至跑输基准超20个百分点，且收益依旧为负。 个人养老金指数基金"开门红"，首批全部正收益 作为个人养老金投资对象中的标准化工具，个人养老金指数基金（指数基金Y份额）凭借清晰透明的规则和较低 费率，成为不少养老金投资者的配置基础。 2024年12月，首批85只指数基金纳入个人养老金基金名录，至今将全部满一周年。随着产品扩容，目前个人养老 金指数基金共 ...

Core Insights - The personal pension fund market in China has seen significant growth, with 293 funds collectively exceeding 400 billion yuan in size by the end of Q2 2025 [1][2] - The average return for these funds in 2025 has been reported at 16.61%, with a majority of funds showing positive performance [3][6] Fund Performance - As of Q2 2025, the total size of personal pension funds reached 401.37 billion yuan, with five funds exceeding 10 billion yuan each, including products from E Fund and Huaxia Fund [2] - The top-performing funds are primarily index funds, with notable returns from Tianhong Fund and E Fund, tracking various indices such as the CSI Science and Technology Innovation 50 [3] - The Tianhong CSI Science and Technology Innovation 50 ETF has achieved a return of 61.27% year-to-date, outperforming its benchmark by over 1 percentage point [3] - Non-index funds like ICBC Pension 2050Y have also performed well, with a return of 37.28%, significantly exceeding its benchmark [3] Fund Management - E Fund leads the market with 25 personal pension fund products and a total management scale of 88.78 billion yuan, followed by Huaxia Fund with 21 products and 47.08 billion yuan [2] - A total of 62 fund management institutions are involved in managing the 293 personal pension funds [2] Underperforming Funds - Over thirty funds have underperformed against their benchmarks, with the Xingquan CSI 300 Index Enhanced Y yielding only 9.47%, falling short by over 7 percentage points [6]