Core Insights - The regulatory body has officially included index funds in the personal pension investment scope by the end of 2024, enriching the third pillar of pension investment alongside government bonds. This policy adjustment broadens the asset allocation boundaries for personal pensions and allows low-cost, high-transparency index funds to enter the pension planning of millions of investors [1] Group 1: Product Ecosystem and Market Diversification - The index fund Y shares have seen a continuous increase in product supply, forming a diverse ecosystem that meets various risk preferences for pension allocation. As of September 30, 2025, there are 302 personal pension fund products, with 91 index fund Y shares, accounting for over 30% [2] - The rapid development of index fund Y shares is supported by active participation from both leading and smaller fund companies, creating a market landscape characterized by leadership and diverse participation. As of September 30, 2025, E Fund leads with 11 index fund Y shares, followed by Huaxia Fund with 10 and Tianhong Fund with 9 [2] Group 2: Growth in Scale and Performance - The index fund Y shares have experienced explosive growth, becoming a significant growth engine in the personal pension market. By the end of September 2025, the total scale of pension fund Y shares exceeded 15 billion yuan, growing over 65% since the beginning of the year, with index fund Y shares increasing from 316 million yuan to 2.294 billion yuan, a growth of over 6 times [3] - Benefiting from the structural market trends in A-shares, index fund Y shares have shown impressive performance, with several products achieving annual returns exceeding 40%, showcasing their ability to capture gains in a bull market [3][4] Group 3: Investment Opportunities for Ordinary Investors - Ordinary investors should not simply follow trends when selecting Y shares for personal pension accounts but should align their choices with their own needs. It is essential to prioritize fund companies with comprehensive offerings to ensure steady progress in long-term pension investments [7][9] - Selecting a fund company with a comprehensive layout is crucial for the long-term stability of pension investments, as these institutions typically have a more complete product matrix and mature research systems [9][12]

如今，指数基金Y份额入市近一年，从最初的市场试探到当前规模业绩双爆发，其在个人养老金市场中 的角色愈发重要，成为投资者分享经济增长红利、布局长期养老的核心工具。 产品生态日益完善，市场格局多元化 指数基金Y份额入市一年来，产品供给持续丰富，形成了覆盖全面、类型多元的产品生态，满足不同风 险偏好投资者的养老配置需求。证监会网站信息显示，截至2025年9月30日，共有302只个人养老金基金 产品，其中指数基金Y份额达91只，占比超三成。 这些产品在指数跟踪与产品类型上呈现出显著的多元化特征。跟踪的指数覆盖中证A500、中证500、沪 深300、红利低波、科创50、科创创业50、中证A50等，以及部分指增产品。 指数基金Y份额的快速发展，离不开公募基金公司的积极布局。一年来，无论是头部机构还是中小基金 公司，都纷纷加大对养老Y份额的投入，形成了头部引领、多元参与的市场格局。Wind显示，截至2025 年9月30日，易方达基金以11只指数基金Y份额位居数量榜首位，华夏基金10只、天弘基金9只，富国基 金5只，工银瑞信、广发、华泰柏瑞、嘉实、南方基金各有4只产品，形成了"规模与数量双领先"的竞争 优势。 | 基金管理人 ...

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 performance of personal pension funds has significantly improved, with an average return rate exceeding 15% year-to-date as of October 22, compared to just 3.08% at the end of the first half of the year [1][2] - The number of personal pension fund products has increased to 302, with 8 new products added in the third quarter [1][4] Performance Analysis - As of October 22, 299 out of 302 personal pension fund products reported positive returns, with four specific products achieving over 50% cumulative returns [1] - The average return for personal pension funds reached 15.14% by the end of the third quarter, marking a substantial recovery from earlier in the year [1] Market Dynamics - The recovery in personal pension fund performance is attributed to a significant valuation recovery in the A-share market, with improved market sentiment and rising major indices [2] - The ongoing improvement of personal pension system policies and macroeconomic measures aimed at stabilizing growth and promoting reforms have bolstered long-term market confidence [2] Product Development - The recent expansion of personal pension funds includes 5 index-enhanced funds, 2 fund-of-funds (FOFs), and 1 ETF linked fund, focusing on low volatility and high stability indices [4] - The newly added products primarily target the CSI 500 and CSI 300 indices, which are seen as suitable for long-term, stable growth in pension investments [4][5] Strategic Recommendations - To address challenges related to product homogeneity and investor behavior, fund companies are advised to optimize product design, enhance long-term performance transparency, and create a differentiated product matrix [3] - Emphasizing investor education on long-term holding and regular investment strategies is crucial for sustainable product development [3]

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 Insights - The personal pension fund industry has experienced significant growth in both performance and scale this year, with an average net value increase of over 15% and the highest exceeding 46% [1][2][3] - The total scale of personal pension funds reached 12.405 billion yuan, marking a 35.7% increase compared to the end of last year [3] - The number of personal pension funds has expanded, with 8 new products launched in the third quarter of this year [3] Performance Summary - As of October 17, only one product reported negative returns this year, while the average net value increase was 15.13% [2] - The Tianhong CSI Kechuang Chuangye 50 ETF Link Y recorded a net value increase of 46.37%, leading the performance rankings [2] - Over 98% of personal pension funds have achieved positive returns since their inception, with nearly 20% of products seeing net value increases exceeding 20% [2] Scale Summary - By the end of Q2, the total scale of 290 personal pension funds reached 12.405 billion yuan, with a product count increase of 10.27% from the previous year [3] - The first batch of personal pension index funds surpassed 1.5 billion yuan in scale within just over six months, growing nearly fourfold since last year [3] - As of September 30, the number of personal pension funds reached 302, with 8 new products added in Q3 [3] Market Dynamics - There is a growing disparity in scale among personal pension Y shares, with only one product exceeding 1 billion yuan in scale, while most remain below 200 million yuan [4] - The development of pension target funds is still in its early stages in China, with investor awareness and acceptance needing improvement [4] - The market is currently experiencing a shift towards low-risk products, reflecting investor preferences for shorter holding periods [4] Investment Focus - Analysts suggest focusing on three key areas for asset allocation: technological innovation, consumption upgrades, and high-end manufacturing, which align with long-term economic trends [5] - Opportunities are seen in commodities, overseas markets, A-shares, and bonds, with a preference for sectors showing potential for recovery and long-term growth [5] - The investment strategies for public funds in the pension sector are evolving, with a multi-layered approach to asset allocation being emphasized [5]

Core Insights - The personal pension system in China is entering a phase of "quantity and quality improvement," with a significant increase in the number of personal pension fund products and overall positive performance [1][2] - As of October 16, there are 301 personal pension fund products in the market, with 98.67% of them achieving net value growth since inception [2][3] Product Expansion - The personal pension fund product range has been continuously expanding since the pilot implementation in November 2022, with 20 new products added by the end of 2024, resulting in a total scale of 12.405 billion yuan [2] - 63 public fund institutions currently manage personal pension fund products, with 10 institutions having more than 10 products each [2] Performance Overview - Among the 301 personal pension fund products, 297 have achieved net value growth since inception, representing a 98.67% success rate [2] - 83 products have a net value growth rate exceeding 20%, with 12 products surpassing 40%, including top performers like E Fund's CSI Star Market 50 ETF [3] Future Development Prospects - Industry experts agree on the broad development prospects for personal pension business, driven by increasing resident account openings and diverse investment needs [4] - Public fund institutions are committed to expanding personal pension fund products to meet the diverse wealth management needs of the public [4] Strategic Plans - Future plans include launching more target date products and high-risk pension products to create a comprehensive product line for investors [5] - Institutions will focus on enhancing research capabilities, conducting educational outreach on pension investments, and ensuring compliance with regulatory requirements to provide a wider range of pension investment options [5]

Core Insights - The personal pension fund market in China has seen significant growth, with 293 funds collectively exceeding 400 billion yuan in size by the end of Q2 2025 [1][2] - The average return for these funds in 2025 has been reported at 16.61%, with a majority of funds showing positive performance [3][6] Fund Performance - As of Q2 2025, the total size of personal pension funds reached 401.37 billion yuan, with five funds exceeding 10 billion yuan each, including products from E Fund and Huaxia Fund [2] - The top-performing funds are primarily index funds, with notable returns from Tianhong Fund and E Fund, tracking various indices such as the CSI Science and Technology Innovation 50 [3] - The Tianhong CSI Science and Technology Innovation 50 ETF has achieved a return of 61.27% year-to-date, outperforming its benchmark by over 1 percentage point [3] - Non-index funds like ICBC Pension 2050Y have also performed well, with a return of 37.28%, significantly exceeding its benchmark [3] Fund Management - E Fund leads the market with 25 personal pension fund products and a total management scale of 88.78 billion yuan, followed by Huaxia Fund with 21 products and 47.08 billion yuan [2] - A total of 62 fund management institutions are involved in managing the 293 personal pension funds [2] Underperforming Funds - Over thirty funds have underperformed against their benchmarks, with the Xingquan CSI 300 Index Enhanced Y yielding only 9.47%, falling short by over 7 percentage points [6]