记者丨 易妍君 编辑丨姜诗蔷 个人养老金制度落地三周年之际，个人养老金Y份额基金（专为个人养老金账户投资而单独设 立的基金份额）交出了怎样的成绩单？ 国家社会保险公共服务平台显示，截至目前，在个人养老金产品目录中，共有305只公募基金 产品。相较2024年底， 2025年以来，市场上新增了24只可供个人养老金账户选购的Y份额基 金。 若对比首批40只个人养老金基金（即Y份额基金）成立之时，近3年间，公募基金陆续推出了 265只Y份额基金。基金类型也由最初的FOF，逐步拓展至被动指数和指数增强型产品。 业绩表现方面， 在首批40只Y份额基金中，多只产品自成立以来的回报率达到20%以上。 在此背景下，个人养老金基金市场的体量得以突破150亿元大关。据Wind统计， 截至今年三季 度末，存续个人养老金基金的总规模超过151亿元 ，较2024年底的91.41亿元增长了约65%。 从管理人层面看，目前，华夏基金、易方达基金、兴证全球基金、工银瑞信基金、中欧基金旗 下Y份额基金的规模位居行业前列。 Y份额"成绩单"出炉 2022年11月25日，个人养老金制度在北京、上海、广州、成都等36个城市和地区先行实施。 自2024 ...

践行人民性，坚持"金融为民"初心使命。金融工作必须坚持以人民为中心的价值取向。兴业证券牢 记嘱托，坚持以实干实绩守为民之责、谋富民之策、办利民之事。践行"知己理财"财富管理品牌理念， 深化客户服务转型，结合线下多元渠道和优理宝移动金融终端等线上平台，多维度高效触达中小投资 者；着力提升服务效率和体验，不断加强大类资产配置体系建设，持续提升低风险理财产品服务覆盖 率、可得性和满意度，切实做好投资者教育保护工作。同时，举集团之力推动将投资者教育纳入国民教 育体系。坚持做好养老金融大文章，加大符合养老资金安全稳健投资需求的金融产品供给，做好养老基 金投资管理和产品推广，养老金融产品代销和保有保持同业领先，兴证全球基金养老FOF基金Y份额保 有规模超15亿元，居行业前三位。 发挥引领性，书写绿色金融兴证注脚。兴业证券坚持深耕绿色金融领域，持续打造并完善绿色研 究、绿色融资、绿色投资和环境权益交易"四位一体"的绿色证券金融服务体系，已累计实现绿色金融投 融资服务项目规模超5000亿元，深入推进绿色金融创新与高端合作，在积极服务经济发展绿色转型方面 卓有成效。 金融是现代经济的核心、国民经济的血脉。兴业证券坚持以习近平同 ...

Market Overview - The FOF market shows growth in both product quantity and scale, with a total of 512 public FOF funds and a total scale of 1510.79 billion yuan as of the end of Q1 2025, marking a significant increase from 1331.5 billion yuan in the previous quarter [6][8][11] - The issuance market for FOF has also seen a rebound, with 16 new FOFs established in Q1, raising a total of 141.47 billion shares, averaging 8.84 billion shares per fund, which is a substantial increase from 1.63 billion shares in the previous quarter [11][12][17] Performance Analysis - All types of FOF recorded positive returns in Q1, with equity-heavy FOFs performing particularly well, such as the equity-mixed FOF and the retirement target date 2060, both exceeding an average return of 2.5% [3][33] - The bond FOFs lagged behind, with an average return of only 0.1%, impacted by rising bond yields [33] Asset Allocation - There was a noticeable increase in the allocation to bond and money market funds, with the proportion of stock funds decreasing from 14.9% to 14.3% and QDII funds from 6.14% to 5.59%. Conversely, the allocation to bond funds rose from 53.49% to 55.54% [4][43] - The equity allocation of various FOF types showed a slight increase for bond-mixed FOFs, bond FOFs, and actively managed retirement target risk FOFs, while stock FOFs saw a significant reduction in equity allocation from 91.43% to 83.57% [4][45] Fund Management - The top 10 fund management companies control 65.67% of the total FOF market, with a combined management scale of 992 billion yuan. Notable growth was observed in companies like Huaxia Fund and Fuguo Fund, with Fuguo Fund achieving a remarkable increase due to the successful launch of a new product [24][23] Individual Pension Y Shares - The Y shares of retirement FOFs have shown a positive trend since their launch at the end of 2022, with the total scale surpassing 10.2 billion yuan as of Q1 2025, reflecting a growth of 1.377 billion yuan from the previous quarter [2][26] Subscription and Redemption Trends - The overall FOF market has experienced a significant inflow of funds, with the net subscription of FOF shares turning positive for the first time, indicating strong market appeal [29][27]