1月5日，易方达基金发布高级管理人员变更公告，副总经理、首席养老金业务官高松凡退休卸任，离任 日期 2026年1月3日。公告指出，高松凡是公司养老金市场业务的主要推动者，公司对其任职期间的重 要贡献表示衷心感谢。 在他的推动下，易方达基金的养老金业务实现了系统性发展。公司自2004年开展养老金投资管理业务以 来，已成为业内少数拥有养老金业务投资管理全资格的机构之一。截至2025年上半年末，易方达基金企 业年金管理规模达3187.83亿元，管理组合427个；在职业年金领域，公司中标了全部33个地区的投管人 评选项目；同时，公司运作的养老金产品达31只，规模合计2557.28亿元。 图：高松凡 来源：网络 高松凡对中国养老金管理体系有着深刻理解。在2025年11月的一次行业会议上，他将将养老基金投资比 喻为"在高速公路上行车"，强调长期性、约束性、收益与风险控制的平衡。他指出，美国养老金体系的 第二、三支柱以个人账户为主导，投资决策主体是个人；而中国的基本养老保险和企业年金则主要采用 专业机构管理的专户模式，实行"专家理财、企业决策、有限选择"。 他分析中美养老金体系差异时指出，美国第二、三支柱以个人账户为主，投 ...

养老金融是中央金融工作会议提出的金融"五篇大文章"之一。券商在为养老事业注入金融活水的同时， 正构筑自身发展的第二曲线。 打开投融资空间 近年来，政策持续精准发力，为养老金融发展筑牢制度根基。2023年，中央金融工作会议首次提出做好 养老金融大文章。去年年底印发的《关于金融支持中国式养老事业 服务银发经济高质量发展的指导意 见》明确提出，到2028年，养老金融体系基本建立；到2035年，基本实现中国特色金融和养老事业高质 量发展的良性循环。 当前，我国养老金融正在逐步发展，但也面临挑战。一方面，在养老金管理领域，市场化、专业化的投 资运营能力建设任重道远。另一方面，养老健康、照护服务、适老产品等产业仍处于起步发展阶段，具 有轻资产、回报周期长等特征，传统信贷支持有限，亟需多元融资工具予以支持。 券商正在通过产品创新、服务升级、跨界协作等方式，在养老金管理赛道中寻求差异化定位。 "养老金管理有'长期+刚性'的需求。"王涵表示，我国"三支柱"养老体系的发展要点在于搭建分层产品 体系，形成以长期考核、稳健增值为核心的投资与激励机制；难点主要在于如何在安全性与收益率之间 取得平衡，以及在跨部门政策协同不完全、居民金融 ...

Core Insights - The central financial work conference has identified pension finance as one of the key areas for development, aiming to establish a robust pension finance system by 2028 and achieve a high-quality development cycle by 2035 [1][2] Investment Opportunities - The aging population opens up investment opportunities for brokerages across the entire industry chain, including healthcare, pension services, long-term care, and elder-friendly technology [2][6] - Brokerages can leverage various financial products to effectively integrate long-term sectors into residents' asset allocation [2][5] Challenges in Pension Finance - The pension finance sector faces challenges such as the need for market-oriented and professional investment management capabilities, as well as the nascent development of elder care services and products [1][3] - There is a pressing need for diverse financing tools to support the light-asset and long-return-cycle characteristics of the elder care industry [1][6] Differentiation Strategies - Brokerages are seeking differentiation in pension management through product innovation, service upgrades, and cross-industry collaboration [3][4] - A multi-strategy research and investment system is essential for brokerages to achieve long-term stable returns while managing inflation and volatility [3][4] Asset Management Services - Brokerages are providing comprehensive asset management services for various pension funds, including social security and enterprise annuities, to promote stable development [4][5] - The implementation of personal pension systems has significantly increased demand for wealth planning among individual clients, creating opportunities for brokerages in account management and product distribution [4][5] Financial Innovation - Brokerages are expanding their service boundaries through financial innovation, utilizing tools like private placement notes (PPN) and asset-backed securities (ABS) to meet diverse financing needs [6][7] - The successful issuance of the first "support for the pension industry" bond demonstrates the potential for low-cost financing channels in the elder care sector [6][7] Future Directions - Brokerages are encouraged to focus on high-growth segments of the elder economy, innovate pension financial tools, and explore collaborative ecosystems with various partners [7]

固收点评报告 证券研究报告 hyzqdatemark 2025 年 12 月 10 日 ——25Q3 企业年金基金及养老金产品业务数据点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 请务必仔细阅读正文之后的评级说明和重要声明 联系人 mahe@huayuanstock.com 权益类收益跳涨带动业绩走强 核心观点：25Q3 企业年金呈现"规模扩容、投资收益高增、市场格局分化"的特征。 覆盖面与基金规模持续扩张的同时，权益类投资收益的跳涨带动整体业绩大幅改善。 受托市场上，险资仍主导，银行系发力，且机构竞争策略分化（部分机构发力中小 微企业）。投资端头部效应强化，权益类产品成为业绩核心驱动力，市场行情与产 品结构调整共同驱动了本季度亮眼表现。 企业年金覆盖面持续扩大，收益率明显增长。从环比变动数据看，25Q3 呈现"规模 扩张、投资走强、领取微降"的特征。总体上，建立企业数增加 2770 个至 17.5 万 个、参加职工数增 27.52 万人至 3332 万人、积累基金增 0.24 万亿元至 4.09 万亿元， 规模类指 ...

回看今年二季度末，全国企业年金基金投资资产净值约为3.8万亿元。 近日，社会保险基金监管局披露了2025年三季度全国企业年金基金业务数据。数据显示，截至三季度末，企业年金投资资产净值突破4万亿元，近三年累计 收益率为12.08%。 同时披露的还有养老金产品的相关数据，养老金产品在三季度实现了3.11%的收益，今年以来的投资收益为4.66%。 企业年金突破4万亿元 社会保险基金监管局披露的2025年三季度全国企业年金基金业务数据显示，截至今年三季度末，全国企业年金基金投资资产净值突破了4万亿元，约为4.06 万亿元。 其中，南方基金从二季度末的2613亿元增至三季度末的2740亿元；富国基金从二季度末的1144亿元增至三季度末的1220亿元；国泰基金从二季度末的1104亿 元增至三季度末的1292亿元；华夏基金从二季度末的1162亿元增至三季度末的1180亿元。 | 3. 投资管理情况 | | | --- | --- | | 投资资产净值(亿元) | 40,629.99 | | 建立组合数(个) | 6.057 | | 近三年累计收益率(%) | 12.08 | 投资收益方面，企业年金基金近三年的累计收益率为1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on non - public fund - type convertible bond investment institutions, aiming to analyze their convertible bond investment strategies and preferences to understand the pricing mechanism and investment strategies of the convertible bond market [10]. 3. Summary by Directory 3.1 Annuity - type Products 3.1.1 Annuity and Pension Product Investment Mechanisms - "Enterprise annuity" is a supplementary endowment insurance system established by enterprises and their employees on the basis of participating in the basic endowment insurance. It involves multiple institutions such as trustees, account managers, and investment managers [11]. - The investment scope of enterprise annuity funds includes various financial products, and pension products are standard investment portfolios for enterprise annuity funds. Small - scale investment portfolios should prioritize investing in pension products [16]. - By the end of 2024, the total number of enterprises with enterprise annuity reached 159,300, with 32.42 million insured employees and a cumulative fund of 3.6422 trillion yuan. The total convertible bond - holding scale of enterprise annuity was about 130 billion yuan, accounting for less than 5% of the direct investment scale [19][21]. - By the end of 2024, there were 649 registered pension products, with 578 in actual operation and a total net asset value of 2.434307 trillion yuan, accounting for about 70% of the enterprise annuity plan's end - of - period asset amount [25]. 3.1.2 Pension Product Convertible Bond Investment Analysis - Pension products are the second most frequently disclosed "top ten holders" of convertible bonds, but the average holding scale is not high. The holding scale reached a peak of 22.657 billion yuan at the end of 2023 and then declined [30]. - In terms of industry distribution, pension products mainly hold convertible bonds in industries such as power equipment, chemicals, medicine, and banks. Since 2022, they have stably over - allocated convertible bonds in industries such as coal, public utilities, transportation, and commercial retail [31]. - In terms of rating distribution, pension products under - allocated AAA convertible bonds from 2017 to 2022, over - allocated them from mid - 2023 to mid - 2024, and then under - allocated them again at the end of 2024. They have stably over - allocated AA convertible bonds and under - allocated A+ and below convertible bonds [33]. - In terms of price distribution, pension product holdings are mainly concentrated in the 100 - 120 yuan range, with a stable under - allocation of high - price convertible bonds above 130 yuan and a cautious attitude towards those in the 120 - 130 yuan range. Since mid - 2024, they have significantly under - allocated convertible bonds below 100 yuan [34]. 3.1.3 Differences among Different Pension Managers - Among fund companies, the convertible bond - holding scale of pension products managed by E Fund exceeded that of ICBC Credit Suisse Fund again in mid - 2023, reaching about 5.849 billion yuan at the end of 2024. The convertible bond - holding scale of pension products managed by ICBC Credit Suisse Fund has been stable above 4 billion yuan since the end of 2023 [37]. - Among insurance companies, the convertible bond - holding scale of pension products managed by Huatai Asset nearly doubled to 1.065 billion yuan at the end of 2024, while that of People's Pension Insurance decreased significantly from 1.51 billion yuan in mid - 2024 to 178 million yuan at the end of 2024. The convertible bond - holding scales of China Life Pension and Ping An Pension also increased significantly at the end of 2024 [37]. - Taking E Fund as an example, its pension products prefer convertible bonds in the power equipment industry. Since the end of 2020, they have continuously over - allocated convertible bonds in upstream resources, cyclical industries, and some consumer and financial industries, and under - allocated convertible bonds in machinery, TMT, and other industries. In terms of rating, they have continuously over - allocated AA convertible bonds, over - allocated AA - convertible bonds since mid - 2023, and under - allocated AAA convertible bonds since mid - 2024 [39]. 3.2 Social Security Fund (Council) - As of the end of 2024, the total assets under the trusteeship of the Social Security Fund Council were 2.84 trillion yuan for pension funds and 3.32 trillion yuan for social security funds, with a total direct investment scale of about 1.53 trillion yuan and a entrusted investment scale of about 4.12 trillion yuan. The total convertible bond - holding scale of the social security fund was about 1.6 billion yuan, accounting for about 1% of the direct investment scale [2]. - The social security fund significantly over - allocated bank convertible bonds at the end of 2023 and mid - 2024 (about 5pct) and stably under - allocated them at other times. It also significantly and stably over - allocated AA+ and AA convertible bonds [2]. 3.3 Insurance Companies and Insurance Asset Management 3.3.1 Investment Mechanisms of Insurance Companies and Insurance Asset Management - Insurance companies have both self - investment and entrusted investment by investment managers such as insurance asset management companies. Self - managed funds account for about 30% of the insurance company's fund utilization balance. Insurance asset management companies also accept entrusted investment funds from third - party customers such as enterprise annuities, social security funds, and bank wealth management, accounting for about 20% of their management scale [3]. - In 2023, the total investment asset scale of insurance asset management companies was 26.16 trillion yuan, mainly in bonds, insurance asset management products, and bank deposits. At the end of 2023, insurance - type institutions directly held convertible bonds worth about 5.5 billion yuan, accounting for less than 0.2% of the insurance company's fund utilization balance of 28 trillion yuan [3]. 3.3.2 Insurance Self - investment Convertible Bond Investment Analysis - Insurance companies continuously and stably under - allocate convertible bonds in the agriculture, forestry, animal husbandry, and fishery industries (under - allocation of about 5pct), overall stably over - allocate bank convertible bonds, with an over - allocation ratio of about 20pct at the end of 2023, and significantly over - allocate AAA convertible bonds at the same time. They also significantly under - allocate convertible bonds above 120 yuan [3]. 3.3.3 Insurance Asset Management Convertible Bond Investment Analysis - Since June 2022, insurance asset management products have stably over - allocated petrochemical convertible bonds. In mid - 2024 and at the end of 2024, they significantly over - allocated power equipment convertible bonds, stably over - allocated AA+ convertible bonds (with an over - allocation ratio of up to 50pct since the end of June 2024), stably under - allocated AA - and below convertible bonds, and stably under - allocated AAA convertible bonds since the end of 2021 [3]. 3.4 Securities Self - investment - Since the end of 2021, securities self - investment has stably over - allocated bank convertible bonds. Since June 2022 (except mid - 2024), it has overall stably and significantly over - allocated AAA convertible bonds and clearly prefers convertible bonds in the 100 - 110 yuan range [4]. 3.5 Private Asset Management 3.5.1 Asset Management Plan Convertible Bond Investment Analysis - Since the end of 2022, asset management plans have stably over - allocated power equipment convertible bonds and under - allocated AA - and below convertible bonds [4]. 3.5.2 Private Fund Convertible Bond Investment Analysis - Since the end of 2022, private funds have significantly over - allocated electronic convertible bonds, with higher investment scales from institutions such as Ruijun Asset [4]. 3.6 QFII - Many institutions have obtained QFII qualifications, but their investment scale in the convertible bond market is not high. Institutions such as Northwest Asset Management and UBS AG often appear on the "top ten holders" list, and the convertible bond investment of Northwest Asset Management is highly analyzable [4].

Core Insights - The article emphasizes that true wealth management is not just about making money quickly, but about understanding how to spend and allocate wealth effectively [1][3] Group 1: Wealth Management Strategies - The first step after acquiring wealth is to ensure its safety by diversifying investments and avoiding impulsive decisions [5][6] - Prioritize purchasing insurance and planning for retirement over luxury items to protect against unforeseen circumstances [8][9][10] - Invest in personal development and skills enhancement to ensure the ability to manage and grow wealth effectively [14][15][16] Group 2: Investment Approaches - Allocate funds into stable investment vehicles such as fixed-income securities and real estate to combat inflation [18][19] - Consider long-term investments that benefit from compound interest, such as index funds and blue-chip stocks [21][22] - Avoid ostentatious spending and maintain a low profile to prevent financial pitfalls associated with high visibility [24][25][26] Group 3: Family and Future Planning - Plan for the future of children and family to ensure wealth is preserved across generations, including education funds and estate planning [28][29][30] - Allocate a portion of wealth for personal enjoyment to enhance overall happiness and quality of life [32][36] Group 4: Summary of Principles - The key principles include ensuring safety first, investing in oneself, maintaining a low profile, and planning for the long term to effectively manage and grow wealth [37]

Core Insights - The national enterprise annuity investment assets reached approximately 3.8 trillion yuan by the end of Q2, with a cumulative return rate of 6.27% over the past three years [1][2][3] - Pension products totaled around 2.45 trillion yuan by the end of Q2, with a Q2 investment return rate of 1.09% [1][9] Enterprise Annuity Overview - As of the end of Q2, the net value of national enterprise annuity investment assets is approximately 38,142.88 billion yuan, with a total of 5,987 established portfolios [2][3] - The cumulative return rates for the past three years are 10.49% for fixed-income portfolios and 5.84% for equity-inclusive portfolios [3][4] Fund Management Scale - Two fund companies, ICBC Credit Suisse Asset Management and E Fund Management, have management scales exceeding 300 billion yuan as of the end of Q2 [6] - ICBC Credit Suisse Asset Management saw a significant increase in management scale from approximately 315.1 billion yuan at the end of Q1 to 332.5 billion yuan at the end of Q2 [7] Pension Product Performance - Pension products achieved a Q2 investment return rate of 1.09%, with a year-to-date return of 1.67% and a cumulative return of 35.11% since inception [9][10] - In equity assets, ordinary stock-type products had a Q2 return of 1.72%, while Hong Kong stock-type products performed best with a Q2 return of 6.85% [9][10]

Core Viewpoint - The company has achieved significant growth in its operating performance in the first half of 2025, with a consolidated revenue of 11.695 billion and a net profit of 4.284 billion, reflecting a year-on-year increase of 44.44% and 101.32% respectively [2] Group 1: Capital Market Development - The company remains optimistic about the development prospects of the Chinese capital market and actively supports its stability and expectations [4] - As one of the first financial institutions to participate in the central bank's swap facility, the company has been instrumental in maintaining market stability and providing liquidity support to various market segments [4][5] - The company is focused on internationalization and high-quality financial services to support the Belt and Road Initiative, assisting four companies in going public in Hong Kong and completing 114 overseas bond projects [4][5] Group 2: Investment Banking Performance - The company has successfully advanced quality investment banking projects, achieving a net income of 627 million from investment banking fees, a year-on-year increase of 49.12% [7] - The company ranks 7th in the industry for equity underwriting and 6th for bond underwriting, with historical highs in both categories [7][8] Group 3: Wealth Management Transformation - The company’s wealth management transformation is driven by customer needs, resulting in a 44.32% increase in net income from agency trading to 2.011 billion [10] - The number of retail clients has increased significantly, with over 10 million clients and a total of 4.77 trillion in client assets under custody [10] Group 4: Research and Innovation - The company has developed a comprehensive research system integrating investment, industry, and policy research, enhancing its professional and customized services [13] - The company has also seen growth in its FICC sales and trading business, maintaining a competitive edge and expanding its product offerings [14]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 11.695 billion yuan, a year-on-year growth of 44.44%, and net profit attributable to shareholders at 4.284 billion yuan, up 101.32% [1] Investment Banking Business - The investment banking segment achieved a net income of 627 million yuan from fees, reflecting a year-on-year increase of 49.12% - The company ranked 7th in the number of equity underwriting cases, with 5 IPOs, ranking 3rd in the industry - The bond underwriting scale reached 169 billion yuan, ranking 6th, with 441 main underwriting cases, also ranking 7th, both achieving historical highs [1] Wealth Management Business - The wealth management transformation is driven by customer needs, focusing on product and service innovation - Retail customer numbers increased, with high-net-worth clients ranking among the industry leaders, achieving net income of 2.011 billion yuan from agency trading, a growth of 44.32% - The total number of clients exceeded 10 million, with securities client assets reaching 4.77 trillion yuan, further solidifying the client and asset base [2] Research Business - The company developed a comprehensive research system integrating investment, industry, and policy research to enhance depth and breadth - A unified portal named "Yi Wan Qi Yuan" was launched to assist institutional clients in navigating market complexities and demands - The company generated 216 million yuan in seat leasing income, with increased trading shares for funds and insurance [3]