Core Viewpoint - The article discusses the increasing allocation of insurance funds into equity assets driven by "asset scarcity" and policy relaxation, highlighting a significant trend in the investment landscape [4][5]. Group 1: Insurance Fund Activities - Since August, insurance companies have intensified their stake acquisitions, with notable instances including China Ping An purchasing approximately 1.74 million shares of China Pacific Insurance, and Minsheng Life increasing its stake in Zheshang Bank [6]. - The number of stake acquisitions by insurance funds has approached 30 this year, with banks being the most favored sector, including multiple acquisitions in Postal Savings Bank and Agricultural Bank by Ping An Life [7]. - Public utility sectors are also attracting insurance funds, with companies like Great Wall Life and China Life making significant investments in water utility firms [8]. Group 2: Insurance Fund Growth and Challenges - The insurance sector is experiencing robust growth in premium income due to increased awareness among residents regarding insurance, leading to a rise in the balance of insurance fund investments [11]. - By mid-2025, the balance of insurance fund investments is projected to exceed 36 trillion, with a year-on-year growth of 17.39% [12]. - However, the investment structure is facing challenges, particularly with declining net investment yields, as major insurers have seen their yields drop below 4% [15]. Group 3: Dividend Low-Volatility Strategy - The article emphasizes the appeal of dividend low-volatility assets, which provide stable cash flows and long-term returns, making them attractive in both bear and bull markets [19]. - The dividend low-volatility index has outperformed the CSI 300 index, with an annualized return of 13.74% since inception, showcasing its defensive characteristics during market downturns [19]. - The current environment, with a 10-year government bond yield around 1.8%, makes the 4% dividend yield of the low-volatility index particularly appealing compared to other asset classes [22]. Group 4: Pension Investment Trends - Pension investments align closely with the characteristics of insurance funds, focusing on long-term stability and security rather than short-term high returns, which complements the dividend low-volatility strategy [23]. - The growth of pension index products indicates a significant shift towards dividend low-volatility strategies, with the Hua Tai Bai Rui Dividend Low-Volatility ETF seeing a substantial increase in scale [24]. - The Y-share of the Hua Tai Bai Rui Dividend Low-Volatility ETF offers tax benefits for individual pension contributions, enhancing its attractiveness as a long-term investment option [26].

Core Views - The article discusses recent regulatory and institutional initiatives in the pension finance sector, highlighting two main directions: enhancing long-term assessment mechanisms for pension fund management and exploring a "default investment" mechanism for personal pensions [1][2]. Group 1: Regulatory Initiatives - The China Securities Investment Fund Association (CSIA) held a meeting to discuss the future of pension finance, with participation from various regulatory bodies [1]. - The Ministry of Human Resources and Social Security (MoHRSS) is leading efforts to establish a long-term assessment mechanism for pension fund management [2]. - The MoHRSS is also working with relevant departments to develop a "default investment" mechanism to improve the attractiveness of personal pension products [2]. Group 2: Product Development - Several asset management companies, including Guotai Junan and Boda Fund, have added Y shares to their products, indicating a growing interest in personal pension investment [1][4]. - The personal pension system is set to be promoted nationwide by the end of 2024, with the first batch of 85 index Y share funds included [1]. - The regularization of the personal pension product fund catalog allows public fund managers to apply for inclusion of eligible index products quarterly [1][4]. Group 3: Investment Strategies - The article emphasizes the importance of long-term investment and value investment principles in pension fund management, with a focus on enhancing core research and investment capabilities [3]. - Public funds are encouraged to develop a diverse range of low-volatility pension products to improve competitiveness and adaptability [3]. - There is a call for deeper investor education and collaboration with banks and insurance institutions to build a comprehensive pension finance ecosystem [3]. Group 4: Index Fund Inclusion Criteria - The article outlines the criteria for index funds to be included in the personal pension product catalog, focusing on core broad-based indices and low-volatility dividend indices [6]. - Specific requirements include fund size, tracking error limits, and performance metrics over a defined period [6][7]. - The trend shows a significant inflow of personal pension funds into dividend low-volatility strategies and index products, indicating a shift in investment preferences [8][9].

Group 1 - In the second quarter, 12 pension target funds experienced a growth in shares exceeding 100% [2][6] - Some of the funds with significant growth had initially small sizes, resulting in substantial percentage increases even with modest absolute growth [5] - Notably, several funds saw increases of over 50 million shares, including Zhongou Pension 2025 and Invesco Great Wall Conservative Pension [6] Group 2 - Nine pension target funds experienced a notable decrease in shares, with reductions exceeding 30% [6] - The fund "Caitong Asset Management Kangze Stable Pension Target One-Year Holding Mixed (FOF) A" saw over 300 million shares redeemed in a single quarter [6] Group 3 - As of the end of the second quarter, 85 index funds had a cumulative share of approximately 1.366 billion shares, with a total scale of about 1.576 billion yuan, showing significant growth compared to the previous quarter [13] - The share count for index funds increased from 1.049 billion shares and a scale of 1.186 billion yuan in the first quarter [13] - Eight products exceeded 50 million yuan in scale, with two products surpassing 100 million yuan, namely Huatai-PB Dividend Low Volatility ETF and E Fund Sci-Tech 50 ETF [13]

一季度，红利策略正在养老基金Y份额中全面崛起。 券商中国记者注意到，截至今年一季度末，首批纳入个人养老金投资目录的权益类指数基金中，多只红利 类产品管理规模跻身前列，展现出显著的资金吸引力。 随着市场风格转向，红利资产凭借稳定分红与抗波动优势，正在逐渐获得养老金资金青睐，从主题配置演 变为长期配置的关键一环。 红利类产品"霸榜" ，养老Y份额迎新局 2024年12月12日，多部门联合印发《关于全面实施个人养老金制度的通知》，并于12月15日起推广个人 养老金制度至全国。与此同时，首批85只权益类指数基金被纳入个人养老金投资产品目录。 在相关产品运行数月后，截至今年一季度末的数据显示，首批纳入个人养老金投资目录的权益类指数基金 中，当前管理规模排名靠前的多为红利类产品，红利资产已经成为养老市场的关注焦点。 具体来看，华泰柏瑞红利低波ETF联接Y以超过1.2亿元的资产净值高居同批产品规模榜首，充分展现了红 利策略在养老金长期配置中的吸引力。同时，该产品在一季度实现了7691万元的资产增量，位列同期产 品增量排名第一，在同类型个人养老金产品中稳坐领军位置。 资料显示，华泰柏瑞红利低波ETF联接Y成立于2024年12 ...