养老金产品规模突破2.4万亿元，个人养老金基金名录扩容至297只，养老REITs等创新工具蓄势待 发……随着《关于资本市场做好金融"五篇大文章"的实施意见》(以下简称《意见》)落地已满半年，资 本市场服务养老金融已取得阶段性成效，养老金融产品供给不断丰富、中长期资金入市的堵点和痛点也 被陆续打通。 养老金融作为金融"五篇大文章"之一，涵盖养老金资产管理、养老产业投融资、养老服务金融三大领 域。加强养老资金投资管理，推动实现养老金稳健增值，是健全养老金融体系的关键一环。 多元化养老金融产品扩容 中长期资金入市堵点打通 近年来，人口老龄化加剧使得养老金支付压力增大。通过金融创新，如发展商业养老保险、养老理财产 品等，拓展养老资金筹集渠道的需求日益迫切。 人社部发布的《2025年一季度养老金产品业务数据摘要》显示，截至今年一季度末，养老金产品已备案 649只，实际运行573只，规模约为2.42万亿元，成立以来累计收益率约33.46%。 《意见》明确，要"推动资本市场更好满足多元化养老金融需求"，并推动将符合条件的权益类公募基金 纳入个人养老金投资范围。 今年以来，个人养老金公募基金产品数量实现稳步增长，为投资者提供 ...

Core Viewpoint - The article emphasizes the need to accelerate the development of the third pillar of pension insurance and implement a personal pension system in China, addressing structural challenges in pension finance and advocating for an increased allocation of equity assets in pension investments while utilizing derivatives for risk management [2][4]. Group 1: Structural Challenges in Pension Finance - China's aging population poses significant structural challenges to pension finance, with over 310 million people aged 60 and above by the end of 2024, accounting for 22% of the total population [5]. - The reliance on government funding is substantial, with over two-thirds of pension funds coming from government-led basic pensions and social security funds, while enterprise annuities and personal commercial insurance account for only 32.7% [6]. - The investment structure is heavily concentrated in fixed-income assets, with over 85% of pension products invested in such assets from 2021 to 2024 [6]. Group 2: Need for Increased Equity Investment - The current pension finance system is characterized by low marketization and a predominance of fixed-income assets, leading to low returns. As of June 2024, the actual contribution rate for personal pensions was only 22%, with only 25% of contributions being invested [8]. - The potential for the silver economy is significant, with projections indicating that its contribution to GDP will rise from 6% to 9% by 2035, necessitating an increase in equity asset investment to enhance overall pension returns and alleviate government financial pressure [9]. Group 3: Risk Management through Derivatives - Equity investments exhibit greater short-term volatility compared to fixed-income investments, which has contributed to the current focus on fixed-income assets in pension products [13]. - To mitigate risks associated with increased equity investments, it is essential to enhance the performance evaluation period for pension products and utilize financial derivatives for risk management, thereby improving the stability and growth of investment portfolios [12][13].

Core Insights - The national enterprise annuity fund's net investment assets exceeded 3.7 trillion yuan as of Q1 2025, with a cumulative return of 7.46% over the past three years [1][2]. Group 1: Enterprise Annuity Fund Data - As of the end of Q1 2025, the net investment assets of the national enterprise annuity fund surpassed 3.7 trillion yuan, with a cumulative return of 7.46% over the last three years [2]. - The investment returns for the enterprise annuity fund in 2023 and 2024 were 1.21% and 4.77%, respectively [3]. - In single plans, there were 1,422 fixed income portfolios with an asset amount of 331.24 billion yuan and a cumulative return of 10.8% over three years; 4,113 equity-inclusive portfolios had an asset amount of approximately 2.99 trillion yuan with a cumulative return of 7.13% [3]. Group 2: Fund Management Scale - Fund companies E Fund and ICBC Credit Suisse both surpassed 310 billion yuan in management scale, reaching 311.8 billion yuan and 315.1 billion yuan, respectively, showing significant growth from the end of 2024 [3]. - Only Southern Fund had a management scale between 200 billion yuan and 300 billion yuan, increasing from approximately 246 billion yuan at the end of 2024 [3]. - Fund companies with management scales between 100 billion yuan and 200 billion yuan include Huaxia Fund and Fortune Fund, with minor increases in their management scales [4]. Group 3: Pension Products Data - As of Q1 2025, there were 573 pension products with a net asset value of approximately 2.4 trillion yuan, and the quarterly investment return was 0.58% [5]. - The investment return for ordinary stock-type pension products was 1.68%, while the return for Hong Kong stock-type products reached 7.48% in Q1 2025, despite a cumulative return of -28.05% since inception [5]. - Fixed income assets showed a mixed performance, with mixed-type products having a net asset value of 493.05 billion yuan and a return of 0.51%, while ordinary-type products had a net asset value of approximately 1.26 trillion yuan and a return of 0.38% [5].

Group 1: National Enterprise Annuity Fund Data - As of the end of Q1 2025, the net asset value of the national enterprise annuity fund exceeded 3.7 trillion yuan, reaching 37,004.62 million yuan [2][3] - The cumulative return over the past three years for the national enterprise annuity fund is 7.46% [2][3] - The investment returns for the national enterprise annuity fund in 2023 and 2024 were 1.21% and 4.77%, respectively [3] Group 2: Investment Management Breakdown - In single plans, there are 1,422 fixed income combinations with a total asset amount of 331.24 billion yuan and a cumulative return of 10.8% over three years [3][4] - In collective plans, there are 116 fixed income combinations with a total asset amount of 197.29 billion yuan and a cumulative return of 10.11% over three years [3][4] - The total number of combinations in single plans is 5,535, with a cumulative return of 7.42% [4] Group 3: Fund Management Scale - Two fund companies, E Fund and ICBC Credit Suisse, have management scales exceeding 310 billion yuan, reaching 311.8 billion yuan and 315.1 billion yuan, respectively [5] - The only fund company with a management scale between 200 billion and 300 billion yuan is Southern Fund, which has increased from approximately 246 billion yuan at the end of last year [6] Group 4: Pension Product Performance - The investment return for pension products in Q1 was 0.58%, with a total net asset value of approximately 2.4 trillion yuan [8] - The investment return for ordinary stock-type pension products was 1.68%, while the return for Hong Kong stock-type products reached 7.48% in Q1 [8][9] - The cumulative return since inception for pension products is 33.46% [8]

Core Insights - The Allianz Group's report emphasizes the urgent need for reform in global pension systems to balance sustainability and adequacy [2] Group 1: Current Challenges in Pension Systems - The current pay-as-you-go pension systems face significant challenges due to a declining workforce and an increasing number of retirees, leading to financial imbalances [2] - Countries like Japan, Greece, and Italy are under heavy fiscal pressure due to high public pension expenditures relative to GDP [2] - The average score of the Allianz Pension Index (API) for 71 countries/regions in 2024 is 3.7, indicating a need for further reforms [2] Group 2: Ideal Pension System Characteristics - An ideal pension system combines pay-as-you-go and strong capital financing pillars, which prepares countries to better handle demographic changes [3] - A well-functioning labor market is essential for successful pension reforms, necessitating an increase in the share of formal labor in emerging markets [3] Group 3: Improving Long-term Sustainability and Adequacy - To enhance the long-term sustainability of pension systems, several measures can be considered, such as increasing contribution rates and adjusting retirement ages [4] - The average pension contribution rate across analyzed countries is 18%, with 28 countries exceeding 20%, indicating limited room for further increases [4] Group 4: Adequacy of Pension Systems - The primary goal of pension systems is to prevent longevity and elderly poverty while ensuring a decent living standard for seniors [5] - Adequacy can be assessed by comparing the coverage and benefit levels of public pension pillars and the availability of supplementary capital financing options [5] Group 5: Coverage Disparities - Coverage is a critical factor for pension adequacy, with significant differences between industrialized and emerging markets [6] - In most industrialized markets, 100% of the retirement-age population is covered, while in many emerging markets, this figure is below 50% [6] Group 6: Pension Savings Gap - The report introduces the concept of the Pension Savings Gap (PSG), estimating a global gap of approximately $51 trillion, requiring an annual increase of $1 trillion in retirement savings over the next 40 years [7] - The solution lies not in increasing savings but in redeploying existing savings [7]