2025年5月，《江苏省养老金融高质量发展行动方案》出台，多部门联手完善养老金融政策体系，明确 鼓励金融机构创新多元化养老金融产品，根据自身定位提供差异化金融服务，拓展银发经济多元化融资 渠道，提升金融服务适老化水平，加强养老金融宣传教育。 养老是家事，更是国事。中央金融工作会议将养老金融作为"五篇大文章"之一，为金融服务社会民生、 实现高质量发展指明了方向。一段时间以来，江苏金融业从打造适老化服务品牌、创新养老金融产品、 加大养老产业信贷支持、丰富个人养老产品等方面着手，进一步提升养老金融服务质效，做深做实养老 金融大文章。 深化制度体系建设，江苏出台一揽子政策，为养老金融发展固根筑基。2024年5月，国家金融监督管理 总局江苏监管局印发《关于开展银行业保险业服务经济社会高质量发展"五促进五优化"行动的意见》。 其中围绕"促进养老金融加快发展"，明确要求银行保险机构支持健全"苏适养老"服务体系，优化养老金 融产品供给，持续深化适老化金融服务。 在健全"苏适养老"服务体系方面，省银行业协会自2021年起就通过调研培训、宣传引导、经验交流等多 项举措加强银行网点适老金融服务，持续推动加快网点适老化改造，强化网点 ...

新华财经北京12月9日电（记者吴丛司）养老金融作为金融"五篇大文章"之一，正迎来前所未有的发展机遇。面对2035年我国60岁以上人口将突破4亿、银 发经济规模有望达30万亿元的未来，银行业如何把握个人养老金全面实施、养老理财试点扩容等政策红利，在养老金金融、养老服务金融、养老产业金融 三大领域精准布局，成为行业关注焦点。 近日，光大银行副行长齐晔接受记者专访时指出，养老金融不仅关乎银行业务增长，更承载着实现老有所养的社会期望。随着老龄化进程持续加速，银发 经济需求将变得更加迫切和刚性，打通养老资金长期保值增值与养老金融产品服务有效供给的闭环，已成为行业发展的关键课题。 三大领域重构养老金融蓝图 今年以来，养老金融政策密集落地，为行业发展注入新动能。国家金融监督管理总局10月30日发布《关于促进养老理财业务持续健康发展的通知》，不仅 打破养老理财产品试点地域限制，更在机构准入、规模上限、产品设计等方面升级；国家金融监督管理总局3月发布《银行业保险业养老金融高质量发展 实施方案》，对银行保险机构参与养老体系建设提出明确要求。 国家金融监管总局局长李云泽在2025陆家嘴论坛上曾表示，银发经济方兴未艾，养老金融大有可 ...

Core Insights - The 2025 Retirement Preparedness Index (RRI) for Chinese residents is reported at 5.49, a slight increase from 5.34 in 2024, indicating insufficient retirement preparation [1] - The index has been published for 13 consecutive years, measuring attitudes and actual preparations across six dimensions: retirement responsibility awareness, financial planning recognition, understanding of financial issues, completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income [1] - There is a notable improvement in retirement responsibility awareness and financial planning recognition, while completeness of retirement plans, adequacy of retirement savings, and confidence in achieving expected income have declined, reflecting a trend of "increased awareness, lagging behavior, and pressured confidence" [1] Income and Retirement Preparedness - The analysis shows that the RRI generally increases with income, but some low-income individuals have better preparedness than certain high-income individuals, indicating that income is not the sole determinant of retirement readiness; factors like financial literacy and risk awareness also play significant roles [1] Trends in Retirement Investment - The report highlights a trend where, despite a preference for home-based elderly care, there is a significant rise in the choice of high-quality commercial elderly care institutions or high-end elderly communities among those with an RRI above 8, reaching 27.2% [2] - The average risk preference for retirement investments among respondents is −0.15, indicating a generally conservative approach to retirement investment [2] - In terms of personal pension product preferences, respondents favor retirement savings, retirement insurance, retirement financial products, and retirement funds in that order [2] - The report suggests that higher-risk retirement funds need refined risk grading and holding incentives to attract more retirement investments [2] Financial Product Preferences and Risks - Higher preparedness respondents tend to have lower risk preferences for retirement financial products, while those with insufficient preparation often prefer higher-risk products as they approach retirement age, which may expose them to potential fraud if their financial literacy is lacking [2]

Core Viewpoint - The central financial work meeting emphasizes the importance of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to guide high-quality financial development in China [1] Group 1: Pension Finance Development - Pension finance is crucial for addressing aging populations, linking pension management with the development of the elderly care industry, and ensuring quality of life for the elderly [1] - The personal pension market is experiencing unprecedented opportunities in 2025, but it also faces multiple challenges [3] - To enhance pension participation rates, tax incentives and product optimization are essential [4][5] Group 2: Tax Incentives and Product Optimization - Tax incentives provide strong economic motivation for participants, while product optimization meets diverse needs [2][5] - Current tax policies primarily benefit high-income groups, suggesting a need for more inclusive tax strategies to encourage participation from lower-income individuals [4] - A diverse range of pension products and effective investment strategies are necessary to cater to varying participant needs [4][5] Group 3: Challenges in the Pension Market - There is a significant gap in public awareness regarding pension products, with traditional views on savings and housing still prevalent [3] - The market suffers from product homogeneity, lacking differentiated competition and comprehensive services to meet growing demands [3] Group 4: Community and Family Roles in Elderly Care - The community-based elderly care model integrates government guidance with market and social resources to provide comprehensive services [6][10] - Families are increasingly prioritizing pension savings, with diverse service needs extending beyond basic care to include health and long-term care [11] Group 5: Financial Product Awareness and Misconceptions - Many families mistakenly believe that basic pension insurance suffices for their needs, overlooking the limited coverage it provides [12] - There is a need for better education on pension products to dispel misconceptions and improve participation rates [14] Group 6: Investment Strategies for Different Demographics - For near-retirement individuals, the focus should be on safety and stability, favoring low-risk products [15] - Younger individuals should prioritize growth potential, balancing higher-risk investments with insurance products to mitigate risks [15]

Core Viewpoint - The recent upgrade of Ping An Bank's ESG rating to AA by MSCI reflects the bank's significant improvements in areas such as consumer protection, green finance, and data security, highlighting its commitment to sustainable development and enhancing investor confidence [1][11]. Group 1: ESG Rating and Recognition - Ping An Bank achieved a three-level upgrade in its ESG rating from BB to AA within five years, as recognized by MSCI, a leading global financial index and ESG rating agency [1]. - The upgrade signifies international acknowledgment of Ping An Bank's ESG management and overall performance, reinforcing its sustainable development value in the capital market [1][11]. Group 2: Sustainable Development Strategy - The bank emphasizes sustainable development as a long-term strategy, ensuring the maximization of long-term value while addressing economic, social, and environmental sustainability [3]. - Ping An Bank is actively implementing the national "dual carbon" goals by developing a diversified green finance product system, including green loans and bonds, to support various sectors such as energy transition and ecological protection [4]. Group 3: Financial Inclusion and Support for SMEs - As of June 2025, the bank's inclusive finance initiatives resulted in a balance of loans for small and micro enterprises reaching 499.52 billion, with over 970,000 clients served [5]. - The bank has also invested 31.26 billion in rural revitalization efforts, demonstrating its commitment to supporting the agricultural sector and rural communities [5]. Group 4: Technology and Data Security - Under its technology finance strategy, Ping An Bank has developed a comprehensive operating system for technology finance, offering specialized products for tech enterprises, with a loan balance of 193.44 billion as of June 2025 [7]. - The bank prioritizes data security by enhancing its data management systems and ensuring 100% employee training coverage on information security [7]. Group 5: Pension Finance and Customer Experience - Ping An Bank has expanded its pension finance product offerings to 239 types, enhancing its service solutions for retirement planning [8]. - The bank's app has been upgraded to provide a one-stop service for personal pension management, integrating various services from the broader Ping An Group ecosystem [8]. Group 6: Corporate Governance and Transparency - The bank is committed to improving corporate governance and compliance, implementing measures such as anti-corruption and anti-money laundering policies [9]. - It adheres to high international standards for ESG information disclosure, enhancing transparency and investor confidence [9].

Core Insights - Financial institutions are increasing investments in the elderly finance sector, focusing on the integration of pension finance, elderly service finance, and elderly industry finance [1] - The People's Bank of China and nine other departments issued guidelines to support high-quality development of elderly services and the silver economy, proposing 16 key measures [1] Group 1: Product Development and Demand - Commercial banks are developing pension wealth management and savings products while managing corporate annuities and occupational annuities [2] - Agricultural Bank reported a significant increase in elderly clients, with 3 billion clients aged 55 and above, and over 1,100 pension financial products offered [2] - Insurance companies are focusing on developing various insurance products to meet the diverse needs of the elderly population [3][4] Group 2: Health Insurance and Elderly Care - Health insurance is becoming increasingly important in addressing the aging population and enhancing the multi-tiered medical security system [4] - The demand for long-term care insurance is expected to grow rapidly due to the aging population, with new products being developed to meet these needs [4] Group 3: Ecosystem Development - Financial institutions are building comprehensive health and elderly service ecosystems, with banks utilizing physical branches and mobile banking to serve the elderly [5] - Agricultural Bank reported a 94.6% increase in elderly industry loans, with a focus on creating a diverse and open elderly financial ecosystem [5][6] Group 4: Strategic Initiatives and Future Outlook - The banking and insurance sectors are expected to establish a distinctive elderly finance system in the next five years, focusing on quality improvement [8] - Companies are enhancing their services for elderly clients, with initiatives to improve service efficiency and accessibility [8][9] - The integration of financial services with healthcare and elderly care is seen as a significant growth area, with companies like Ping An leading in this space [10]

Group 1 - The core viewpoint emphasizes that the banking sector plays a crucial role in supporting the real economy through targeted credit allocation in areas such as technology innovation, green development, and inclusive finance [1][2]. - Listed banks have focused on supporting technology-driven enterprises by establishing dedicated approval channels and innovative financing models, addressing the financing challenges faced by these companies [1]. - Green finance has become a significant focus for banks, aligning with the "dual carbon" goals, thereby facilitating the green transformation of traditional industries and the growth of emerging green sectors [1]. Group 2 - Banks are actively supporting small and micro enterprises by reducing fees and leveraging technologies like big data and artificial intelligence to enhance product offerings and shorten loan approval times [2]. - The aging population in China has led banks to develop diverse pension financial products, contributing to a richer pension security system and stimulating the silver economy as a new growth driver [2]. - Digital transformation is a key strategy for banks, enhancing service efficiency and ensuring a balance between growth and risk prevention [2][3]. Group 3 - Risk management remains a priority for banks, with major listed banks showing a stable decline in non-performing loan ratios and maintaining high capital adequacy ratios [3]. - The ongoing financial reforms and innovations are expected to enable banks to play a more significant role in supporting national strategies and improving public welfare [3].

Core Viewpoint - The recent half-year reports from A-share listed banks indicate a rebound in deposit growth, with total deposits reaching 213.17 trillion yuan, an increase of 16.40 trillion yuan year-on-year, representing an 8.33% growth. However, some small and medium-sized banks are experiencing a slowdown in deposit growth, with over one-third of these banks reporting a quarter-on-quarter decline in deposits [1] Group 1: Deposit Growth Trends - A-share listed banks have seen a total deposit balance of 213.17 trillion yuan, up by 16.40 trillion yuan year-on-year, marking an 8.33% increase [1] - 16 out of 42 A-share listed banks reported a quarter-on-quarter decline in deposit scale, indicating challenges faced by smaller banks [1] Group 2: Economic and Competitive Factors - The decline in deposits for small and medium-sized banks is attributed to changes in the economic and financial environment, including multiple rounds of interest rate cuts leading to a low-interest-rate era for bank deposits [1] - As of September, most banks offer three-year fixed deposit rates between 1.25% and 1.50%, and five-year rates between 1.30% and 1.55%, reducing the attractiveness of bank deposits for residents [1] - The recovery of the stock market has led residents to withdraw deposits from banks to invest in higher-yield financial products, including wealth management, stocks, and bonds [1] Group 3: Strategies for Small and Medium-sized Banks - Small and medium-sized banks need to balance deposit stability and cost control by optimizing their liability structure and reducing funding costs to enhance profitability [2] - Strategies include implementing differentiated interest rates for long-term fixed deposits and adjusting the ratio of fixed to current deposits to manage liquidity effectively [2] - Developing structured deposit products can help retain funds while offering higher returns, minimizing the outflow of deposits to other investment avenues [2] Group 4: Enhancing Service and Customer Retention - Improving service capabilities is essential for small and medium-sized banks to curb deposit outflows, which includes expanding customer outreach and enhancing service quality [3] - Banks should focus on digital financial services and wealth management to attract and retain deposits, reducing reliance on traditional lending [3] - Tailored services for different customer segments, such as corporate and individual clients, can enhance deposit stability and attract long-term funds [3] Group 5: Cost Control and Market Environment Optimization - Strengthening cost control and optimizing the deposit market environment are crucial for small and medium-sized banks [4] - Banks should manage liability quality, avoid over-reliance on high-cost funding, and reduce interest expenses through various measures [4] - Enhancing operational efficiency through digitalization and optimizing branch layouts can lower costs and improve fund utilization [4]

Group 1: Business Strategy and Focus Areas - The bank positions its pension finance business as a core growth driver, aiming to develop it alongside wealth management over the next 2-3 years [2][3] - The bank identifies a multi-trillion market opportunity driven by the shift in pension needs from simple savings to comprehensive life-cycle planning [3] - Key strategies include forming specialized teams, leveraging technology for personalized services, and creating a financial product-service ecosystem [3] Group 2: Financial Performance and Growth Metrics - As of June, the bank's technology finance loan balance reached CNY 15.9 billion, while green finance loans totaled CNY 4.459 billion, reflecting a 30.57% increase since the beginning of the year [4] - The bank's total loans grew by 5.87% year-to-date, with deposits increasing by 6.35% [8] - The bank plans to maintain moderate asset growth and align credit issuance with regional industrial transformation needs in 2025 [8] Group 3: Market Positioning and Competitive Strategy - The bank emphasizes a "steady progress" approach in market value management, focusing on enhancing profitability and market influence [5][6] - It aims to innovate in the technology finance sector by establishing a dedicated financial center and specialized teams to support startups and early-stage companies [6][7] - The bank's product development strategy includes a comprehensive service matrix for different stages of technology enterprises [7] Group 4: Compliance and Governance - The independent board members monitor compliance with laws and regulations, focusing on key risk areas such as related party transactions and anti-money laundering [8] - The bank ensures that management provides detailed compliance reports for critical areas to maintain regulatory adherence [8] - The board exercises veto power on any proposals with compliance concerns to protect shareholder interests [8]

Core Viewpoint - The establishment of a vocational skills assessment system for elderly care service personnel is crucial for addressing the talent shortage and improving service quality in the aging service industry [1][4]. Group 1: Talent Shortage and Service Quality - The elderly care industry faces a severe talent shortage, with a lack of professional caregivers leading to inconsistent service quality and low social recognition for workers [1]. - The new policy aims to create a clear and authoritative skills evaluation standard, providing a growth pathway for caregivers from junior to senior technician levels [1][2]. Group 2: Impact on the Silver Economy - Establishing talent standards will enhance the dignity and attractiveness of elderly care as a professional field, linking skill levels to compensation and social status [2]. - A well-structured and skilled workforce will support the application of intelligent elderly care products and the integration of medical and elderly care services [2]. Group 3: Financial Services and Trust - The improvement of the talent system will inject confidence into elderly financial products, as high-quality service delivery is essential for the effectiveness of these financial tools [3]. - The skills assessment system will help financial institutions accurately evaluate service providers and enhance consumer trust in services and products [3]. Group 4: Long-term Vision and Implementation - The establishment of the skills assessment system is a key step in addressing the core shortcoming of insufficient high-quality elderly care talent supply [4]. - By clearly defining the value of talent, the quality of services can be reliably guaranteed, fostering a standardized and trustworthy ecosystem for the silver economy [4].