投资者"双节"把钱放在哪儿？ 老中青理财偏好大画像 本报记者 田 鹏 "假期前赎回了部分股票基金，打算节后看看市场再决定是否加仓""刚把攒的实习工资买了短债基金， 先试试水""给孙子配置了教育金保险，自己的养老金账户也加了点'固收+'"……在这个超长假期中，不 同年龄段的投资者在休闲之余，也在积极规划资产配置。 值得一提的是，Z世代对投资领域的新鲜事物展现出极强的敏感度与接受度，从创新型理财产品到尚在 成长的新兴投资赛道，他们总能第一时间关注并积极尝试，让严肃的投资过程多了几分"探索乐趣"。 例如，北方大数据交易中心上线积分数据交易板块后，不少对数字经济感兴趣的Z世代迅速"入局"。刚 接触该板块的互联网行业从业者小任就直言："之前从没接触过数据类投资，这个板块不仅门槛不高， 还能顺便了解数字资产的价值逻辑，比单纯买基金多了点'新鲜感'。"这种将投资行为与新鲜知识探索 结合的选择，正是Z世代投资偏好的典型体现。 中年人：兼顾"收益+抗风险" 步入30岁后，投资者逐渐进入"上有老、下有小"的人生阶段，投资偏好从"试错"转向"务实"——既要追 求一定收益以应对家庭开支，又要通过分散配置降低风险，核心需求是资产稳健增 ...

Core Viewpoint - The publication of "China's Pension Finance" addresses the urgent need for financial solutions to meet the growing pension demands in China due to an aging population, projected to reach 310 million people aged 60 and above by the end of 2024 [1][2]. Group 1: Importance of Pension Finance - Pension finance is significant for expanding long-term capital supply, acting as a source of "patient capital" [2] - It alleviates fiscal pressure politically and enhances the status of laborers [2] - Culturally, it promotes long-termism, aligning with the prudent financial culture of China [2] - Socially, it fosters equity and intergenerational balance [2] - It contributes to ecological civilization by promoting green investment and sustainable development [2] Group 2: Structure and Content of the Book - The book is structured into two main parts based on the life cycle: one focusing on pre-retirement financial systems to enhance pension capabilities, and the other on supporting pension services and products during retirement [1] - It employs a writing style that combines theory, data, charts, case studies, and recommendations, making it accessible for both academic and public audiences [2] - The book has received support from national research projects, indicating its academic and practical relevance [2] Group 3: Broader Implications - "China's Pension Finance" serves as a systematic academic support and practical pathway for building a pension finance system in China, highlighting the role of finance in enhancing public welfare and supporting development [2]

Core Viewpoint - The recent adjustments in the pension insurance industry reflect a shift towards focusing on long-term pension protection, with several companies reducing their short-term health insurance business to enhance their core offerings [1][7][9]. Group 1: Industry Performance - In the first half of 2025, total premium income from seven pension insurance companies decreased by 14% year-on-year, amounting to 28.7 billion yuan [2][4]. - The main insurance products for these companies remain concentrated in group health insurance and group accident insurance [5][6]. Group 2: Company Adjustments - Several pension insurance companies are actively transitioning their business structures, moving away from short-term health insurance and focusing on developing annuity insurance and personal pension products [7][8]. - Companies like Ping An Pension and Taiping Pension have reported significant declines in premium income, with Ping An Pension's income dropping by 22% and Taiping Pension's by 26% in the first half of 2025 [4][5]. Group 3: Regulatory Environment - The regulatory framework has mandated that pension insurance companies primarily engage in pension-related businesses, with a deadline for compliance set for December 2026 [4][6]. - The push for commercial pension business trials is seen as a potential avenue for new growth, with pilot programs already initiated in several provinces [9][10]. Group 4: Future Outlook - Experts suggest that accelerating the pilot programs for commercial pensions could help stabilize the industry during its transition and unlock new growth potential [9][10]. - The commercial pension business is expected to gain traction, with a notable increase in the number of accounts opened, reflecting a growing market acceptance [10].

Core Insights - The insurance industry has significantly enhanced its social security role during the "14th Five-Year Plan" period, with total claims reaching 9 trillion yuan, a 61.7% increase compared to the "13th Five-Year Plan" period [1] - The insurance sector has focused on increasing supply, optimizing structure, and addressing shortcomings, summarized as "one increase, one optimization, one supplementation" [2][3] Group 1: Performance and Growth - The insurance industry has provided risk coverage for 800 million agricultural households through agricultural insurance [1] - Commercial pension and health insurance have accumulated reserves of 11 trillion yuan, with financial services continuously expanding [1] - Motor vehicle insurance has covered over 1.6 billion vehicles, a 40% increase from the previous five-year period [2] - Export credit insurance has provided risk coverage of 4.4 trillion USD, a 52% increase compared to the "13th Five-Year Plan" [2] Group 2: Structural Optimization - Insurance funds have invested over 5.4 trillion yuan in stocks and equity funds, an 85% increase from the end of the "13th Five-Year Plan" [2] - The insurance sector has provided over 10 trillion yuan in risk coverage for technology insurance, supporting 3,600 innovative projects [3] - The average insurance amount for major grain crops has increased by 72% during the "14th Five-Year Plan" [3] Group 3: Financial Support and Reforms - The insurance industry has actively participated in financial reforms, including long-term investment initiatives and support for technology enterprises [3][5] - By the second quarter of 2025, the balance of insurance company funds reached 36.23 trillion yuan, a year-on-year increase of 17.39% [5] - The insurance sector has implemented cost optimization measures, resulting in a reduction of 350 billion yuan in costs for life insurance companies since 2024 [6]

Core Viewpoint - Jiangsu Financial Regulatory Bureau is implementing a comprehensive set of measures to enhance financial services, focusing on consumer protection and financial support for businesses and individuals [1][2][3][4][5][6][7] Group 1: Financial Support Initiatives - The bureau is promoting personal consumption loans and service industry loans with interest subsidy policies, effectively lowering financing costs and stimulating consumer potential [2] - By mid-2025, the health insurance premium income in Jiangsu reached 32.659 billion yuan, with claims amounting to 8.724 billion yuan, indicating a growing insurance market [2] - Various local initiatives, such as "Su Xin Action" in Suqian and "Red Salt Loan" in Yancheng, have successfully provided significant credit support to businesses and individual entrepreneurs [2] Group 2: Consumer Protection Measures - A coordinated mechanism for financial consumer rights protection has been established, focusing on combating illegal intermediaries and enhancing information sharing among departments [3] - The bureau has initiated collective actions against illegal activities, leading to numerous cases being filed by law enforcement [3] - The establishment of a city-level mechanism in Xuzhou for illegal intermediary governance demonstrates a collaborative approach to maintaining financial order [3] Group 3: Enhanced Financial Services - Jiangsu is improving accessibility in pension finance by promoting barrier-free facilities and developing personal and commercial pension products [4] - By mid-2025, personal pension insurance premium income reached 1.366 billion yuan, covering 110,100 individuals, while commercial pension accounts totaled 580 million yuan [4] - Financial services for foreign nationals are being optimized, including the integration of foreign banks into domestic payment systems and the provision of multilingual support [4] Group 4: Financial Education and Awareness - A multi-channel financial education network has been established, focusing on community engagement and innovative outreach methods [5] - Initiatives like the "Financial Protection in 100 Communities" campaign and the creation of financial safety maps aim to enhance public financial literacy [5] - Localized financial education efforts, such as the use of regional dialects and creative materials, are being employed to make financial knowledge more accessible [5] Group 5: Dispute Resolution and Accessibility - The bureau is expanding financial dispute mediation services, with plans to add 100 new mediation points across the province by 2025 [6] - Innovative solutions for financing challenges, such as a quick loan application process and targeted agricultural loans, are being implemented to improve access to finance for small businesses [6] - The rapid response to insurance needs for new energy vehicles in Nanjing highlights the bureau's commitment to addressing consumer concerns promptly [6] Group 6: Overall Impact - Jiangsu Financial Regulatory Bureau aims to create a reliable financial environment that supports both businesses and consumers, acting as a "safety shield" and "warm bridge" for the community [7]

Group 1 - Jiangsu Financial Regulatory Bureau focuses on "finance for the people" through institutional innovation, technological empowerment, and service enhancement, showcasing a comprehensive approach to improve financial services [1] - By mid-2025, Jiangsu's personal insurance companies are expected to have health insurance payouts of 8.724 billion yuan, with "惠民保" covering over 10 million people and elderly care community beds exceeding 4,000 [1][2] - The implementation of personal consumption loan interest subsidy policies aims to stimulate consumption and reduce financing costs, with health insurance premium income reaching 32.659 billion yuan and payouts of 8.724 billion yuan by mid-2025 [2] Group 2 - Jiangsu Financial Regulatory Bureau enhances consumer protection by establishing a coordination mechanism for financial consumer rights protection and cracking down on illegal financial activities [3] - Collaborative efforts with law enforcement have led to the identification of hundreds of leads and dozens of criminal cases related to illegal loan intermediaries and other financial crimes [3] - The insurance industry is actively involved in combating illegal "agent refund" practices, promoting industry cooperation to maintain financial order [3] Group 3 - The bureau promotes the development of pension financial services, with personal pension insurance premium income reaching 1.366 billion yuan and commercial pension accounts totaling 80,700 by mid-2025 [4] - Efforts to improve services for foreign nationals include facilitating access to digital RMB wallets and enhancing banking services with multilingual support [4] - The establishment of seven elderly care communities with 4,090 operational beds reflects the ongoing commitment to enhancing financial services for the elderly [4] Group 4 - Financial education initiatives are being expanded through a multi-channel approach, including community outreach and integration with local events to raise awareness [5] - The bureau has launched various risk awareness campaigns, utilizing digital media and community engagement to disseminate financial knowledge [5] - Innovative financial education tools, such as local language materials and online programs, are being developed to enhance understanding of financial concepts [5] Group 5 - The bureau is advancing financial dispute resolution by adding over 100 new mediation service points by 2025, aiming to improve access to conflict resolution [7] - Quick responses to specific issues, such as insurance for new energy vehicles, demonstrate the bureau's proactive approach to resolving industry challenges [7] - Innovative solutions, like mobile loan applications and new financing models, are being implemented to address the financing difficulties faced by small and micro enterprises [7]

此次推出商业养老金代销业务，有望进一步提升养老金融服务的覆盖面，丰富养老金融供给，支持备老 群体做好养老资金储备和财富规划。 助力养老财富积累，满足养老投资多元需求 商业养老金属于国家重点推动的养老第三支柱中的创新型商业养老保险产品，将养老规划、资金管理与 保险产品相结合，以投资积累养老金为主要功能，为客户提供全生命周期的养老资金稳健管理服务。 其采用"锁定账户+持续账户"的双账户管理模式，锁定养老子账户管理长期养老储备，加速养老金积 累，持续养老子账户可在养老储备的同时满足客户资金支出需求，很好地平衡客户养老保障和支出需 要。在领取方式上，客户年满60周岁后可对锁定账户内资金设定定额分期、定期分期等养老金领取方 式，充分满足不同群体的养老资金领取需求。 自2023年1月商业养老金试点启动以来，历经两年多的发展，商业养老金试点成绩斐然，其快速增长的 背后，得益于国家政策的大力支持和商业养老金产品的自身优势，也反映出我国老龄化进程加快的背景 下，人民群众对养老金储备的迫切需求。 西安银行此次与国寿养老和太平养老开展合作，代理销售其发行的期限保本型商业养老金产品。该类产 品兼具稳健性和收益性，客户每笔交费资金持有 ...

Core Insights - The "14th Five-Year Plan" has led to significant achievements in China's financial sector, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1][3] - The People's Bank of China emphasizes that financial risks are generally controllable, supporting high-quality economic development [1][3] Financial System Stability - The dual-pillar framework of monetary and macro-prudential policies has been established, promoting stable currency value and financial stability [3] - The current monetary policy stance is supportive and moderately accommodative, creating a favorable environment for economic recovery and financial market stability [3][4] - Financial regulatory bodies have effectively prevented systemic risks, with a significant reduction in the number of high-risk institutions and assets [3][5] Financial Services Quality Improvement - The banking and insurance sectors have total assets exceeding 500 trillion yuan, with an average annual growth rate of 9% over the past five years [5][6] - New funding provided to the real economy reached 170 trillion yuan, with significant growth in loans to technology SMEs, inclusive small businesses, and green loans [5][6] - Insurance payouts have increased by 61.7% compared to the previous five-year period, enhancing social security and risk protection for farmers and urban residents [6] Financial Market Stability - The financial market has shown resilience, with key regulatory indicators such as non-performing loans and capital adequacy remaining in a healthy range [7] - The China Securities Regulatory Commission has worked to maintain market stability amid complex external challenges, improving investor confidence [7][8] - The foreign exchange market has remained stable, with ongoing improvements in the market-oriented exchange rate mechanism and effective macro-prudential management [8]

Core Viewpoint - The financial regulatory authority emphasizes the implementation of the new development concept, focusing on optimizing financial resource allocation and enhancing service quality in key areas and weak links, summarized as "one increase, one optimization, and one supplementation" [1] Group 1: Increase Supply - The focus is on increasing supply to support economic and social development goals, with significant financing for major projects such as the Yangtze River High-Speed Railway and the South-to-North Water Diversion Project, providing ample funding for 102 major projects during the 14th Five-Year Plan [2] - Infrastructure loan balance reached 54.5 trillion yuan, a 62% increase compared to the end of the 13th Five-Year Plan [2] - The use of over 700 billion yuan in policy-based development financial tools has leveraged over 9 trillion yuan in investments [2] - Loans to the wholesale, retail, accommodation, and catering sectors increased by 80% [2] - Export credit insurance has provided risk coverage of 4.4 trillion USD, a 52% increase from the 13th Five-Year Plan period [2] Group 2: Optimize Structure - The focus is on optimizing the structure by directing resources towards new productive forces, with loans to high-tech enterprises reaching nearly 19 trillion yuan, growing at an annual rate of over 20% [3] - Insurance funds invested in stocks and equity funds exceeded 5.4 trillion yuan, an 85% increase from the end of the 13th Five-Year Plan [3] - Cumulative risk coverage for technology insurance surpassed 10 trillion yuan, supporting 3,600 innovative application projects [3] - Financial regulatory authority has initiated four pilot projects in the technology sector, resulting in over 1 trillion yuan in new investments [3] Group 3: Supplement Weak Links - The authority aims to strengthen financial support for weak links, enhancing financing accessibility for small and micro enterprises, with 17 trillion yuan in loans deferred during the pandemic, benefiting over 10 million businesses [4] - A total of 22 trillion yuan in loans has been issued to support small and micro enterprises since last year [4] - Loans to poverty-stricken areas reached 31.5 trillion yuan, with nearly 400 billion yuan in small loans for impoverished populations [4] - The average annual growth rate of inclusive agricultural loans is 14.6% [4] - Insurance coverage for major grain costs and planting income has increased by 72% during the 14th Five-Year Plan [4] - Health insurance services have provided economic compensation of 1.8 trillion yuan for patients over the past five years [4]

Core Viewpoint - The newly revised "Consumer Rights Protection Regulatory Evaluation Measures" by the National Financial Supervision Administration includes pension insurance companies as core evaluation subjects, aiming to enhance consumer rights protection in the financial industry and address issues like sales misguidance and claims difficulties [2][3]. Group 1: Evaluation Framework - The evaluation framework consists of seven key elements: "system mechanism," "suitability management," "marketing behavior management," "dispute resolution," "financial education," "consumer service," and "personal information protection" [3]. - The weight distribution indicates that "marketing behavior management" and "dispute resolution" together account for 50% of the evaluation, directly targeting long-standing issues in the insurance industry [3]. - Institutions will be evaluated on the entire process from product design to complaint handling, with core indicators including truthful disclosure, risk warnings, and the timeliness and transparency of claims services [3]. Group 2: Regulatory Incentives and Responsibilities - The evaluation results will be scored out of 100 and categorized into five levels, with institutions receiving higher scores benefiting from reduced inspection frequency and support for innovative business trials [4]. - Institutions rated 3 or below will face increased inspection frequency and may need to enhance the weight of consumer protection in their overall performance evaluations [4]. - Institutions rated 5 may be ordered to suspend related business and hold executives accountable, emphasizing the importance of consumer protection at the board and management levels [5]. Group 3: Industry Competition Dynamics - The implementation of the new evaluation measures is expected to reshape competition in the pension insurance sector, linking consumer protection performance directly to institutional development [6][8]. - Some companies have shown high growth in insurance revenue alongside high complaint volumes, while others with fewer complaints have experienced significant declines in revenue [6]. - The shift towards professional development in pension insurance, as mandated by recent regulations, may lead to a decrease in complaints but could also pressure some companies' premium income [7]. Group 4: Consumer Impact - As institutions integrate consumer protection requirements into their performance assessments and business processes, expectations for reduced sales misguidance and improved claims efficiency are becoming more realistic [8]. - The regulatory changes are anticipated to drive the pension insurance industry towards a more standardized and sustainable development path [8].