回望2025年 市场在期待与震荡中前行 我们见证了结构性行情的深化 也亲历了投资理念的悄然革新 你的投资画卷由哪些色彩勾勒？ 基金君提炼了 2025年度投资关键词 AI理财搭子 养老主理人 本金基础，波动不基础 重返 4000点 A股慢牛 新消费热 科技狂飙 黄金牛 ETF 崛起 "登"股投资 它们既是市场的注脚 也是我们每个人理财行为的缩影 行为篇 ·我们的理财新姿态 AI理财搭子 稳健投资者达成"保本为核心、接受合理波 动换收益"的共识，带动"固收+"、中短债 基金走俏，追求确定性与弹性的平衡。 市场篇·我们身处的浪潮 重返4000点 多重利好推动上证指数站上 4000 点，这不 仅是整数关口，更是市场信心的象征，标志 A 股进入新的震荡平衡区间。 上证指数 A 股慢牛 AI 深度嵌入投资流程,凭借大模型做市场 分析、基金诊断，还能自动提醒定投止盈, 助力理性决策，让投资省心又有数。 乔老主理人 年轻人主动规划个人养老金，借助养老目标 基金（FOF）、商业养老保险等工具构建长 期资产组合,自主为30年后的生活负责。 新消费热 消费投资转向"情绪价值"与"质价比"，聚 焦国产科技潮玩、黄金珠宝、本土新品牌, ...

年底两件事：缴养老金、选Y份额 核心提示：2025年度的个人养老金缴存即将在12月31日截止。这不仅意味着每年最高12000元的"节税红 包"领取进入倒计时，也意味着一次为自己未来养老储备增值的宝贵机会窗口正在关闭。而要想让存入 账户的钱真正高效增值，理解并善用个人养老金 "Y份额" 这一专属工具，是关键一步。 时钟嘀嗒，2025年即将翻篇。对于关注个人养老规划的投资者来说，日历上有一个格外重要的截止日 ——12月31日。 这是你为个人养老金账户完成2025年度资金缴存的最后期限。 根据政策规定，存入这笔钱后，即可享受本年度的综合所得税收抵扣额度。而每年12000元的缴存额 度，是个人养老金制度给予每位参与者的年度"红包"。 对适用税率10%以上的纳税人来说，这意味着每年可节省1200元至数千元的税款。但需注意的是，这一 优惠具有严格的时间界限，必须在每年12月31日前完成缴存才能享受。而一旦错过，今年的税收优惠额 度也将"清零"，无法补缴。 当然，税收优惠和费率优惠是Y份额投资的前两重福利。对于投资者而言，年底前完成缴存不仅是为了 节税，更是为了尽早启动养老资金的长期增值进程。 缴存只是第一步，如何配置账户 ...

Core Viewpoint - The article highlights the current state of personal pension accounts in China, emphasizing the high account opening rate but low investment activity, indicating a gap between awareness and action among investors [3][4][5]. Account Opening Status - 81.1% of surveyed investors have opened personal pension accounts, reflecting a strong awareness of the importance of retirement savings [4]. - However, 73.78% of these investors remain in a "just opened but not invested" state, indicating a significant barrier in transitioning from willingness to invest [5][6]. Investment Barriers - The primary barrier to investment is a lack of understanding of products and policies, which hinders decision-making [8]. - 33.54% of investors lack confidence or knowledge about the products, while 30.49% do not understand policy details [9]. Participation Motivation - Tax incentives are the main driving force for participation in personal pensions, with 34.15% of investors citing it as the key motivator [10][11]. - There is a notable lack of awareness regarding the value of professional management in long-term asset growth [10]. Investment Preferences - FOF (Fund of Funds) and index funds are the most favored investment options, reflecting a desire for stable growth and transparency [12]. Overall Evaluation - Nearly half of the users hold a neutral or positive view of the personal pension system, recognizing its long-term value for retirement savings [14]. - However, over 20% of users report dissatisfaction, primarily due to liquidity issues, indicating a mismatch between product design and user needs [14]. Core Demands - Investors' needs have shifted from "should I invest in personal pensions" to "how to invest more effectively," with a strong demand for product evaluations and investment strategy guidance [16][17]. - There is a pressing need for professional, easy-to-understand content to help investors overcome cognitive barriers and transition from account opening to informed investing [19].

你的计划进行到LA 个人养老金制度落地三年,你的养老储备 计划推进到哪一步了? 是早已开通账户，却在琳琅满目的产品前犹 豫徘徊?还是纠结于收益与流动性的平衡, 迟迟未迈出投资第一步?为真实呈现个人养 老金三年实施成效,倾听千万投资者的真实 心声与核心诉求,中国基金报《投资者情绪 简报》在100+社群发起调研，累计回收有 效问卷超2万份。 "只开户不投资"现象。从"认知"到"行 动"的转化，主要卡在对产品与政策了解不 足。目前，"税收优惠"是吸引开户的核心 动力，而"专业管理"的长期价值尚未被充 分认知。在投资偏好上，FOF与指数基金备 受青睐，反映了对稳健与透明度的双重追 求。为破解当前困局，投资者迫切需要产品 深度评测与投资策略指导,专业陪伴服务至 关重要。 开户现状:意愿已启,投资待破局 数据显示,81.1%参与本次调研的投资者, 已开通个人养老金账户，这一亮眼数据背 后,是公众对养老储备的重视,以及对制度 价值的基本认可。但与之形成鲜明对比的 — T / WORNIA / TATIL / THE / PERSON HE 是，73.78%的投资者仍处于"只开户不投 资" 状态。 高开户率证明养老规划意识已 ...

Core Viewpoint - The development of a multi-tiered pension security system has become a national strategic priority in response to the accelerating aging population in China, with public fund companies actively participating in this initiative [1][3]. Industry Overview - The public fund industry is positioning itself as a core provider of pension products, focusing on personal pension business and developing a product system primarily based on pension target funds (FOF) [3][4]. - As of June 2025, the number of funds included in the personal pension product directory is expected to reach 297, with pension target funds dominating the market, accounting for over 70% of the total [3]. Company Initiatives - Dongfang Fund is actively enhancing its pension financial services by integrating product layout, service upgrades, and investor education to provide professional and diversified pension investment solutions [1][4]. - The company has reported a significant growth in personal pension fund scale, surpassing 12.4 billion yuan, a nearly 36% increase since the establishment of the first batch of personal pension Y shares in November 2022 [4]. Strategic Actions - Dongfang Fund is committed to optimizing its pension financial service capabilities through a multi-dimensional approach, including media collaboration, institutional partnerships, and in-depth content development [7][8]. - The company is also focused on investor education, addressing common investment pitfalls and promoting long-term investment strategies to foster a healthy pension financial ecosystem [8]. Future Outlook - Dongfang Fund plans to continue expanding its product matrix in the pension target fund sector and is actively applying for new index funds to be included in personal pension accounts [5][9].

Core Insights - The acceleration of population aging in China has made the construction of a multi-tiered pension security system a national strategic priority [1] - Public fund companies have increasingly focused on pension system development, particularly after the launch of the personal pension system in November 2022, viewing it as a key strategic direction [1] - Dongfang Fund is actively engaged in the pension finance sector, enhancing product offerings, service upgrades, and investor education to provide diverse and convenient pension investment solutions [1] Strategic Layout - The establishment of a clear institutional framework for personal pensions has allowed public funds to actively participate in the development of the third pillar of pension systems [2] - The public fund industry is building a product system centered on pension target funds (FOF), with over 297 products included in the personal pension product catalog by June 2025, where pension target funds dominate with over 70% share [2] Growth Metrics - As of the second quarter of this year, the total scale of personal pension funds has exceeded 12.4 billion yuan, marking a nearly 36% increase since the first batch of personal pension Y shares was established on November 11, 2022 [3] - The development of personal pension funds has progressed from the approval of the first pension target funds in September 2018 to the formal launch of personal pension business in November 2022 [3] Product Development - Dongfang Fund is actively applying for new index funds to be included in personal pension accounts, aiming to provide diversified, transparent, and user-friendly investment tools [4] Service Enhancement - Dongfang Fund has elevated pension finance to a strategic priority, viewing it as a core area for social responsibility and business innovation [5] - The company integrates internal and external resources to enhance the effectiveness of pension financial services through media collaboration, institutional partnerships, and content development [6] Investor Education - Investor education is a cornerstone of Dongfang Fund's pension strategy, focusing on addressing actual investor pain points and promoting a clear understanding of pension gaps and tax-advantaged policies [7] - The company aims to cultivate a rational and resilient pension financial ecosystem by providing comprehensive educational content through various channels [7]

Core Viewpoint - The article emphasizes the importance of building a multi-tiered and multi-pillar pension security system in response to the accelerating aging population in China, highlighting the strategic role of public fund companies in this initiative [2][4]. Strategic Layout - The public fund industry is actively engaging in the personal pension business, establishing a product system primarily based on pension target funds (FOF) and collaborating with various types of products [4]. - As of June 2025, the number of funds included in the personal pension product directory has increased to 297, with pension target funds dominating, accounting for over 70% of the total [4]. Growth of Personal Pension Funds - In the first half of the year, the total scale of personal pension funds exceeded 12.4 billion, marking a nearly 36% increase compared to the end of the previous year [5]. - The development of the personal pension fund market has progressed from the approval of the first pension target funds in September 2018 to the official launch of personal pension business in November 2022 [5]. Enhancements in Pension Financial Services - The company has elevated pension finance to a strategic priority, focusing on optimizing service capabilities through internal and external resource integration and cross-sector collaboration [8]. - The company is actively involved in investor education, leveraging authoritative financial media to conduct extensive outreach and educational activities on pension policies and planning [8][9]. Investor Education Initiatives - The company aims to address actual investor pain points by providing systematic content design and diverse communication channels to enhance public understanding of pension issues and tax-advantaged policies [10]. - Emphasis is placed on guiding investors in scientific pension planning, including goal setting, gap assessment, and investment planning, while warning against common investment pitfalls [10].