11 月 21 日，由中信银行主办、新华网承办的第三届"信·新"品牌高质量发展论坛于北京 举行。论坛上，中信银行重磅发布《中国居民养老财富管理发展报告（ 2025 ）》（以下 简称《报告》）。 据悉，这是中信银行连续第四年发布该系列《报告》，通过深入调研分析居民养老 财富管 理行为和非金融服务需求 ， 深入探讨金融产品创新与养老服务融合模式，同时吸收国际经 验，力求为我国养老金融发展提供观察视角和实践经验。 中国老龄科学研究中心党委书 记、主任高成运表示，《报告》提出的"中信方案"为行业提供了宝贵实践经验， 期待我国 养老金融理论研究与实践创新的同频共振，为探索中国特色积极应对人口老龄化道路、更好 满足老年人多层次高品质养老生活需求贡献更大力量。 长寿时代，需求觉醒， 从"被动思考"走向"主动规划" 此次《报告》由中信金控、中国老龄科学研究中心指导，中信银行携手集团子公司共同参与 调研、分析，通过线上平台和线下面访的方式，共获得 10137 个 有效样本， 涵盖全国 31 个省、自治区、直辖市 18 岁及以上人口。 幸福养老，供给破局， 从"产品扩容"迈向"融合发展" 近年来，低利率环境下金融资产增值放缓，叠 ...

与此同时，养老规划的重点正从"是否需要做"转向"如何去做"。《报告》指出，受访者不仅养 老规划意识总体较强，而且行动意愿普遍积极。 50岁以下的受访者中，85%每月均有养老规 划。 调研发现，受访者对养老金融的核心诉求，正在从"资金保值增值"延伸至"金融+健康、照护、 文化休闲"的全方位服务。调查数据显示，七成受访者希望金融机构不仅能管好钱，更能链接 优质的健康管理与医疗服务；近六成期待金融产品附加养老机构服务；还有近五成希望享受旅 居养老相关服务。 为响应市场需求，我国养老金融产品供给正在持续扩容升级。个人养老金账户已新增纳入国 债、特定养老储蓄、指数基金三类产品，进一步丰富了账户投资选择；商业养老金产品不断创 新，为临退休人群提供了更具针对性的配置品类。信托直付养老社区新模式也在积极探索，为 居民养老规划提供更丰富产品选择。 记者丨郭聪聪 编辑丨杨希 随着低利率环境下金融资产增值放缓，叠加人口长寿化带来的养老资金需求持续扩大，我国居 民养老投资正从传统单一储蓄模式向多元资产配置转型。 中信银行近日发布的《中国居民养老财富管理发展报告（2025）》（下称《报告》）显示，近 年来居民养老规划意识总体增强，而且 ...

21世纪经济报道 记者郭聪聪 随着低利率环境下金融资产增值放缓，叠加人口长寿化带来的养老资金需求持续扩大，我国居民养老投 资正从传统单一储蓄模式向多元资产配置转型。中信银行近日发布的《中国居民养老财富管理发展报告 （2025）》（下称《报告》）显示，近年来居民养老规划意识总体增强，而且行动意愿更为积极，受访 者普遍认为37岁左右是启动养老规划的较好时点。 本次《报告》共获得10137个有效样本，涵盖全国31个省、自治区、直辖市18岁及以上人口。数据显 示，37岁左右启动养老规划的认知，已连续三年保持稳定，显示出我国居民启动养老规划的平均年龄趋 于年轻化且达成共识。 其中年轻群体观念转变最为突出，2023年18-34岁群体中78%认为"还年轻，不着急"，而2025年这一比 例已降至 47%，年轻一代正主动打破"临近退休才规划养老"的传统思维。 与此同时，养老规划的重点正从"是否需要做"转向"如何去做"。《报告》指出，受访者不仅养老规划意 识总体较强，而且行动意愿普遍积极。50岁以下的受访者中，85%每月均有养老规划。 调研发现，受访者对养老金融的核心诉求，正在从"资金保值增值"延伸至"金融+健康、照护、文化休 ...

日前，国家金融监督管理总局发布通知，正式将养老理财产品试点范围扩大至全国，试点期限3 年，并提高符合条件的理财公司募集资金规模上限。这一系列举措既是完善多层次养老保险体系、积极 应对人口老龄化的战略部署，更是畅通居民储蓄向长期养老投资转化的关键抓手，从政策层面为养老理 财市场"松绑赋能"，也为构筑稳健可持续的养老保障体系注入了强劲动力。 我国养老理财的发展脉络，始终遵循"试点先行、稳步推进、创新驱动"的路径，在政策引导下逐步 形成规模效应与市场活力，而此次全国扩容正是这一进程的关键跨越。自2021年首批试点启动以来，目 前全国存续养老理财产品达51只，规模约1065亿元，个人养老金理财产品37只，印证了市场认可度与居 民养老投资意识的提升。尤为关键的是，通知明确新发行的产品可自动纳入个人养老金理财产品名单， 破解了此前流程长、操作繁琐的衔接堵点，既提升了效率，也为市场规模进一步扩张奠定了基础。 在市场规模稳步增长的基础上，养老理财产品的形态创新与服务升级成为我国养老金融行业深化发 展的核心方向，其中，"长期化"导向与"普惠性"特征尤其突出。产品创新始终与资金投向协同，养老理 财资金通过股权投资、债权投资等形式 ...

日前，国家金融监督管理总局发布通知，正式将养老理财产品试点范围扩大至全国，试点期限3年，并 提高符合条件的理财公司募集资金规模上限。这一系列举措既是完善多层次养老保险体系、积极应对人 口老龄化的战略部署，更是畅通居民储蓄向长期养老投资转化的关键抓手，从政策层面为养老理财市 场"松绑赋能"，也为构筑稳健可持续的养老保障体系注入了强劲动力。 产品创新层面，理财公司需进一步加大研发力度。创新适配养老需求的新产品，丰富产品期限和风险谱 系，例如发行10年期以上、最短持有期5年的专属产品，并推动其自动纳入个人养老金产品池，开发更 多与健康管理、长期照护等养老场景深度融合的综合解决方案型产品等。 政策激励层面，需进一步完善配套机制，以降低居民参与门槛。强化费率优惠和长效激励机制，对养老 理财产品实施管理费、托管费阶段性减免或差异化定价，并探索建立基于持有期限的梯度化费率优惠机 制或税收递延奖励政策，降低居民养老理财成本，引导长期投资。 投资者理念培育层面，需从"知识普及"向"习惯养成"深化。通过多种渠道普及养老理财知识，帮助公众 树立科学的养老规划意识和长期投资理念，提升对产品风险收益特征的认知水平，避免盲目追求短期收 ...

近日，广东省地方金融管理局印发《广东省推动养老金融高质量发展的实施方案》。 该方案提出了广东省养老金融工作目标——到2028年，广东特色养老金融体系基本建立；到"十五五"规 划末，基本实现养老金融和养老事业、银发经济高质量发展的良性循环。 近期，各地陆续出台一系列新政，部署养老金融在"十五五"规划中的重点任务。记者调研发现，各地均 强调银行业在做好养老金融大文章中的重要作用，而银行业在养老金融市场中也存在诸多潜在机遇。 各地实施方案指引方向 此前，国家金融监督管理总局办公厅印发了《银行业保险业养老金融高质量发展实施方案》。各地积极 响应，纷纷结合当地实际出台具体实施方案。中国证券报记者梳理后发现，北京、重庆、广东等多地行 动方案均强调了银行业在做好养老金融大文章中的重要作用。 北京市支持银行机构为养老机构、区域养老服务中心和社区养老服务驿站建设，开发符合其经营特点的 中长期信贷创新产品，支持银行机构积极用好各类政策，为银发经济市场主体创新创业提供低成本、低 门槛、更友好的金融产品和服务。 重庆市鼓励银行信贷支持纳入"城市更新"的社区适老改造、智慧养老设备研发制造，以及利用存量场所 改建养老服务设施等领域发展。 ...

近日，广东省地方金融管理局印发《广东省推动养老金融高质量发展的实施方案》。 该方案提出了广东省养老金融工作目标——到2028年，广东特色养老金融体系基本建立；到"十五五"规 划末，基本实现养老金融和养老事业、银发经济高质量发展的良性循环。 近期，各地陆续出台一系列新政，部署养老金融在"十五五"规划中的重点任务。记者调研发现，各地均 强调银行业在做好养老金融大文章中的重要作用，而银行业在养老金融市场中也存在诸多潜在机遇。 北京市出台的指导意见提出，稳步推进银行保险机构丰富具有国家税收优惠政策支持的个人养老金产 品、专属商业养老保险、养老理财产品、养老保险公司商业养老金等第三支柱金融产品供给。 重庆市鼓励金融机构为老年群众开通金融服务"绿色通道"，支持银行机构创新覆盖主要养老消费场景 的"老年特色银行卡服务"应用模式。 此外，银行业对于养老体系建设、银发经济的赋能作用不可或缺。 北京市支持银行机构为养老机构、区域养老服务中心和社区养老服务驿站建设，开发符合其经营特点的 中长期信贷创新产品，支持银行机构积极用好各类政策，为银发经济市场主体创新创业提供低成本、低 门槛、更友好的金融产品和服务。 重庆市鼓励银行信贷支持 ...

Core Viewpoint - The bond market has shown signs of recovery, with various fixed-income products experiencing an increase in net value, particularly those with embedded options, indicating a favorable investment environment for fixed-income strategies [2][3][11]. Summary by Sections Fixed Income Product Performance Review - Over the past month, the bond market has further recovered, with net values of fixed-income products rising. The performance ranking of products is as follows: - Option-embedded bond funds: 0.83% (previously 0.21%) - Medium to long-term bond funds: 0.35% (previously 0.12%) - Short-term bond funds: 0.22% (previously 0.12%) - High-grade interbank certificate index: 0.15% (unchanged) - Cash management products: 0.10% (unchanged) [3][9][10]. Bond Market Review - The bond market sentiment has improved, with mid to long-term bonds outperforming short-term bonds. The yield curve has slightly flattened, influenced by two main factors: 1. Economic headwinds have increased, with consumption and investment slowing down, which is favorable for the bond market. 2. The central bank has resumed bond purchases, signaling a more accommodative monetary policy, leading to a decline in bond market interest rates [11][12][18]. Market Outlook - **Short-term (1 month)**: - Interbank certificate rates are expected to stabilize and decline slightly. The 10-year government bond yield is projected to fluctuate between 1.7% and 1.9%, with a focus on trading opportunities [11][31]. - **Medium-term (3-6 months)**: - Economic recovery expectations are likely to continue, with funds remaining relatively abundant, leading to a potential range-bound market for bonds. The 10-year government bond yield may face upward pressure but within a limited range [11][31]. Investment Strategy Recommendations - For investors needing liquidity management, it is advisable to maintain cash-like products and consider increasing allocations to stable low-volatility wealth management and short-term bond funds [41][42]. - For conservative investors, it is recommended to continue holding pure bond products, with the possibility of profit-taking if economic pressures increase and monetary easing expectations rise [43]. - For more aggressive investors, it is suggested to consider allocating to fixed-income plus products that include convertible bonds and equity assets, as liquidity is expected to remain relatively ample [45]. Regulatory Developments - Recent regulatory changes include the introduction of guidelines to promote the healthy development of pension wealth management and the asset management trust management measures, which aim to enhance the investment capabilities of institutions and improve the overall market structure [38][39].

Core Viewpoint - BlackRock Jianxin Wealth Management, led by General Manager Zhang Pengjun, emphasizes a long-term investment approach in retirement financial management, achieving significant growth in assets under management, surpassing 50 billion yuan this year [3][4]. Group 1: Company Growth and Strategy - The company has successfully navigated a redemption wave, with its asset management scale increasing significantly to over 50 billion yuan [3]. - BlackRock Jianxin Wealth Management focuses on a "small but beautiful" long-term strategy rather than blind scale growth, leveraging its strengths in multi-asset investment and retirement financial management [3][4]. - The firm aims to balance scale growth with investment management capabilities, intentionally slowing down growth to ensure alignment with product performance [7][8]. Group 2: Market Trends and Challenges - The bank wealth management market reached a record high of 32 trillion yuan by the end of Q3 this year, driven by customer trust and stable returns [4]. - Despite the growth of joint venture wealth management companies, challenges persist in a low-interest-rate environment, necessitating enhanced multi-asset management capabilities [5][6]. - The demand for wealth management products is shifting towards "deposit substitutes," reflecting a more conservative risk appetite among clients [5]. Group 3: Investment Management and Innovation - BlackRock Jianxin Wealth Management is enhancing its investment management capabilities, focusing on fixed income and multi-asset strategies, while also improving system support through advanced technology platforms [8]. - The company is committed to integrating diverse cultural backgrounds to leverage resources from its shareholders, enhancing product and service capabilities [8]. Group 4: Retirement Financial Management - The company sees significant potential in retirement financial management, with its products performing well amid increasing awareness of retirement planning among residents [9]. - The total scale of China's pension system is projected to reach 15.66 trillion yuan by the end of 2024, indicating vast development opportunities in the pension finance market [9]. - The recent expansion of retirement financial management pilot programs nationwide presents opportunities for product innovation and diversified investment strategies [10].

Core Insights - The banking wealth management sector in China has reached a record scale of 32.13 trillion yuan by the end of Q3 2025, indicating a positive trend in the industry as it undergoes regulatory transformation [1] - The low interest rate environment presents both opportunities and challenges for wealth management products, particularly for individual investors who traditionally rely on savings [2][3] - The expansion of pension wealth management products nationwide offers a significant opportunity for joint venture wealth management companies to leverage their unique advantages [5][6] Group 1: Opportunities in Wealth Management - The decline in bond market yields since 2025 is prompting individual investors to seek higher returns through asset management products, positioning bank wealth management as a preferred choice for conservative investors [2] - Wealth management companies can utilize various stable investment tools and product structures to enhance returns, potentially leading to rapid growth in industry scale [1][2] Group 2: Challenges in Wealth Management - Clients' expectations for stable returns may be disrupted by fluctuations in net value and actual returns, necessitating a focus on finding new stable asset bases to meet these demands [2] - The low interest rate environment increases investment pressure on wealth management companies, requiring them to adjust their investment strategies while educating clients about product performance [2] Group 3: Investment Strategies and Product Development - Wealth management companies should leverage their broad investment scope and flexible strategies to identify innovative low-volatility assets, while also enhancing research on traditional fixed-income assets [4] - The positioning of wealth management products as alternatives to deposits, with a focus on maintaining competitive yields, is essential for solidifying market presence [4] Group 4: Pension Wealth Management - Joint venture wealth management companies can capitalize on their overseas resources and experience in pension investment to offer differentiated products tailored to local market needs [5][6] - The integration of overseas investment strategies with local insights can create unique pension investment experiences for clients, addressing their primary concerns of low risk and stable returns [5][6]