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].