12月15日，个人养老金制度在全国范围内推广迎来"一周岁"，自试点推出以来也已满三周年。这一年来，个人养 老金基金类产品在资本市场结构性行情带动下表现亮眼。 据wind数据，个人养老金基金数量已达307只，截至12月10日，超97%的产品年内取得正收益；截至2025年9月 末，个人养老金基金总规模达151.1亿元，较年初增长65.3%。 拉长至三年维度看，个人养老金基金业绩分化剧烈。作为个人养老金基金最先推出的产品类型，Wind数据显示， 截至12月10日，已有128只FOF产品成立满3年，超96%的产品自成立以来取得正收益，最高收益达33.54%，但仅 41只跑赢同期业绩基准，占比约32%；有16只产品自成立以来跑输业绩基准超10个百分点，华夏基金旗下部分产 品甚至跑输基准超20个百分点，且收益依旧为负。 个人养老金指数基金"开门红"，首批全部正收益 作为个人养老金投资对象中的标准化工具，个人养老金指数基金（指数基金Y份额）凭借清晰透明的规则和较低 费率，成为不少养老金投资者的配置基础。 2024年12月，首批85只指数基金纳入个人养老金基金名录，至今将全部满一周年。随着产品扩容，目前个人养老 金指数基金共 ...

以下文章来源于资事堂 ，作者资事堂 资事堂 . 华尔街见闻出品 作 者佳尔 编辑袁畅 在 2025 年，表现最好的 Y 份额，就集中在一部分指数基金上。 在所有个人养老金能投资的基金范围内，即 Y 份额基金中， 2025 年以来表现最好的基金，主要为中证科创创业 50 、创业板 50 、创业板、上证科创板 50 等指数 基金。 截至 11 月最后一个交易日（ 11 月 28 日）， 天弘中证科创创业 50ETF 联接 Y 、易方达中证科创创业 50ETF 联接 Y 、鹏扬中证科创创业 50ETF 联接 Y 、华夏 中证科创创业 50ETF 联接 Y 年内涨幅超过 50% 。 此外， 华安创业板 50Y 、交银创业板 50Y 、南方创业板 50ETF 联接 Y 、广发创业板 ETF 联接 Y 、富国创业板联接 Y 、博时创业板联接 Y 等的收益率在 40%~49% 之间，收益情况也相当好。 还剩一个月， 2025 年个人养老金税收优惠的投资时限就要过去 ，这个时候盘点下各家养老基金（ Y 份额）的收益率就很有现实意义了。 一方面，伴随着 2024 年指数基金的纳入，投资者第一次有了足够的配置空间和一年的时间来安 ...

Core Insights - The Y-share pension funds have seen significant growth in both product numbers and management scale since their launch in November 2022, with over 300 products and a total scale exceeding 15 billion yuan as of Q3 this year [1] - The recovery of the equity market in the second half of the year has led to substantial performance increases for several Y-share pension funds, particularly FOF products, which have adjusted their asset allocations effectively [1][2] Fund Performance and Management - As of Q3, the total scale of Y-share pension funds surpassed 15 billion yuan, marking a growth of over 65% since the beginning of the year, with FOF and index funds accounting for 13 billion yuan and over 2 billion yuan respectively [1] - Notably, seven public fund institutions have pension funds with management scales exceeding 1 billion yuan, with Huaxia Fund leading at over 2 billion yuan [1] - The "Double Innovation" theme index ETFs have shown impressive returns between 30% to 65%, while broader indices like CSI 500 have also exceeded 20% returns [2] Asset Allocation Strategies - FOF fund managers have adjusted their equity holdings based on cost-effectiveness, increasing allocations to U.S. Treasury and money market funds [3] - The Guotai Min'an Pension 2040 fund achieved over 28% returns in the second half of the year, primarily through heavy investments in precious metals and battery sectors [2] - The E Fund Huaiyu Active Pension fund has also reported returns exceeding 25%, focusing on popular index products and actively managed funds [3] Market Outlook - The current market is characterized by a large-cap value style, with sectors such as finance, non-ferrous metals, chemicals, innovative pharmaceuticals, and consumer goods being favored [4] - The technology sector is expected to face short-term adjustments due to profit-taking by institutional investors and a lack of incremental capital, although it remains a long-term investment focus [4][5]

Core Insights - The average return of pension fund Y shares has reached 15.46% year-to-date, with 96% of the 132 products established at the end of 2022 showing positive cumulative returns [1][3] - Despite the positive performance, over half of the products have a scale of less than 10 million yuan, and several have been forced to liquidate due to not meeting scale requirements [1][7] Performance Overview - As of October 17, nearly all existing pension fund Y share products have increased in value, with only one product showing a slight decline of 0.77% [2] - Eight products have achieved returns exceeding 40%, with the top performer being Tianhong Zhongzheng Kechuang Chuangye 50 ETF, which has risen by 46.37% [2] - The number of products with positive returns since inception has increased significantly, from 70 to 127, with an average return rising from -0.48% to 11.58% [3] Market Dynamics - The total scale of pension fund Y shares reached 12.405 billion yuan by the end of the second quarter, marking a 35.65% increase from the end of the previous year [5] - The market has seen a diversification of products, with over 300 pension fund products now available, including various types such as index-enhanced funds and ETFs [6] Challenges and Opportunities - Despite the positive performance, the challenge of low participation remains, with many investors still hesitant due to past losses and a lack of understanding of the long-term value of pension investments [9][10] - There is a need for improved marketing strategies and educational initiatives to enhance investor confidence and participation in pension funds [10][11]

Core Insights - The personal pension fund market has shown significant recovery in 2023, with an average return of 15.46% for existing funds, a notable increase from 3.12% at the end of Q2 [3][5] - A majority of funds established in late 2022 have turned positive, with 96% of the 132 products showing positive cumulative returns [4][5] - Despite the positive performance, many funds still struggle with low asset sizes, with over half having less than 10 million yuan, leading to several funds being forced to liquidate [6][7] Performance Recovery - The personal pension fund market has transitioned from a phase of losses to one of gains, with nearly all existing funds showing positive returns as of mid-October 2023 [3][4] - The best-performing fund, Tianhong Zhongzheng Kechuang Chuangye 50 ETF, has seen a return of 46.37% year-to-date [3] - Long-term performance has improved significantly, with the average return of funds established in late 2022 rising from -0.48% to 11.58% [4] Market Dynamics - The total scale of personal pension funds reached 12.405 billion yuan by the end of Q2 2023, reflecting a 35.65% increase from the previous year [5] - The number of personal pension funds has expanded to over 300, with a diverse range of products now available to investors [6][9] - Major fund management companies like E Fund and Huaxia Fund dominate the market, with significant inflows contributing to their growth [7] Challenges Ahead - Despite the positive trends, the issue of low fund sizes persists, with many funds at risk of liquidation due to not meeting the minimum asset requirements [7][8] - Investor awareness and understanding of personal pension products remain low, impacting participation rates [9][10] - The industry faces challenges in marketing and promoting these products effectively, as many investors are still hesitant due to past performance volatility [9][11] Recommendations for Improvement - Industry experts suggest enhancing investor education and simplifying the onboarding process to increase participation in personal pension funds [10][11] - There is a call for fund companies to focus on long-term investment strategies and to engage directly with potential investors to build trust [10][11] - Developing targeted products that cater to different professions and risk appetites could help in attracting a broader investor base [11]

Core Viewpoint - The personal pension fund market is experiencing a significant turnaround in performance, with many funds showing positive returns and a growing number of products, although challenges remain in terms of scale and investor engagement [4][5][6]. Performance and Growth - As of October 17, 2023, the average return of personal pension funds (Y shares) for the year reached 15.46%, a substantial increase from 3.12% at the end of the second quarter [4][5]. - Among the existing funds, 96% of the 132 products established by the end of 2022 have positive cumulative returns, indicating a recovery from previous losses [5]. - Notable performers include the Tianhong CSI Innovation and Entrepreneurship 50 ETF, which has risen by 46.37% year-to-date, and the Guotai Min'an Pension 2040 Fund, which has achieved a return of 43.1% [4][5]. Market Dynamics - The total scale of personal pension funds reached 12.405 billion yuan by the end of the second quarter, marking a 35.65% increase from the previous year [6]. - Despite the positive performance, over half of the funds still have scales below 10 million yuan, with some facing automatic liquidation due to insufficient assets [9][10]. Challenges in Investor Engagement - The personal pension fund market still faces the "good performance but low participation" dilemma, with many investors lacking understanding and experience with these products [8][12]. - There is a need for improved marketing and education to enhance investor confidence and participation, as many view these products as complex and are influenced by short-term market fluctuations [12][14]. Recommendations for Improvement - Industry experts suggest enhancing the marketing of personal pension funds, simplifying the account opening process, and integrating pension investment into life planning scenarios to increase engagement [14]. - There is also a call for fund companies to focus on long-term investment strategies and to better communicate the benefits of these funds to potential investors [13][14].

Core Viewpoint - The personal pension fund market in China has shown significant growth in both performance and scale this year, with a positive outlook for future expansion driven by policy optimization and product diversification [1][3]. Group 1: Fund Performance - Personal pension funds have achieved an average net value increase of 6.56% year-to-date, with some funds like ICBC Pension 2050 Y achieving over 20% [3]. - Over 90% of personal pension funds have positive returns since inception, with nearly 20% of products seeing net value growth exceeding 10% [3]. - The best-performing fund, GF Pension Target 2060, has achieved over 30% returns since its establishment [3]. Group 2: Fund Scale Growth - The total scale of 296 personal pension funds Y shares reached 12.41 billion yuan, marking a 35.7% increase from the end of last year [3][4]. - The Huatai-PB Dividend Low Volatility ETF Link Y saw the largest scale increase in Q2, growing by over 311.85% to 187 million yuan [4]. Group 3: Market Expansion and Product Diversification - As of June 30, 2025, the number of personal pension funds is expected to reach 297, with 9 new products launched in Q2 from 8 different institutions [6]. - Several fund companies are introducing new Y share offerings for index-enhanced funds, indicating ongoing product expansion [7]. - The personal pension system is seen as a market-driven engine to address aging population challenges, supported by tax incentives, reduced fees, and long-term capital lock-in mechanisms [1][7]. Group 4: Future Development Strategies - To strengthen the personal pension fund sector, continuous scale growth and investor education are essential [8]. - Innovation in product offerings is encouraged to enhance the attractiveness of pension target funds, including establishing long-term payment mechanisms for investors [8]. - A tailored approach to meet diverse investor needs is necessary, moving away from one-size-fits-all solutions in pension services [8].