Core Viewpoint - The implementation of the personal pension system has significantly expanded, with the average return of personal pension fund Y shares exceeding 17% in the first three quarters of 2025, highlighting its importance in national retirement savings [1][2]. Group 1: Market Expansion and Performance - The personal pension fund catalog has expanded to 302 funds, a 51.76% increase year-on-year, including 211 target date funds and 91 index funds, indicating a diversification of investment options [2]. - The total scale of personal pension fund Y shares reached 15.111 billion yuan by the end of Q3 2025, a growth of over 65% from the end of 2024, with index fund Y shares increasing more than sixfold [3]. - 99.7% of the 300 Y share funds reported positive returns in 2025, with all pension FOF Y shares achieving positive returns, showcasing strong market performance [3]. Group 2: Company Performance and Strategy - ICBC Credit Suisse Fund has seen its Y share scale rise to 1.457 billion yuan, accounting for 9.64% of the total market share, with a growth rate of 94.27% compared to the end of 2024, positioning it as a preferred choice for investors [3][4]. - The company has developed a diversified Y share matrix consisting of 13 products, including 9 pension FOFs and 4 index funds, catering to various retirement planning needs [4][5]. - The performance of ICBC Credit Suisse's pension FOF Y shares has been strong, with 8 funds exceeding the performance benchmark over the past year, and several funds achieving returns over 20% [5]. Group 3: Investment Approach and Research Capabilities - The company emphasizes a long-term investment strategy, supported by a robust research and investment system that covers various asset classes, ensuring deep insights into market dynamics [8]. - The investment management capabilities are enhanced by a platform that integrates risk control and real-time market tracking, allowing for efficient responses to market changes [8]. - The company aims to educate investors on long-term investment principles through initiatives like the "Investment for the People" program, promoting rational investment behavior [8][10].

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 ...

中证报中证网讯（记者 张舒琳）随着个人养老金制度全面落地生根、个人养老金产品体系持续扩容， 养老投资的选择愈发丰富多样。国家社会保险公共服务平台显示，截至2025年12月5日，产品池规模进 一步扩容至1255只。 指数的优质属性，需要专业管理人通过精细化运作转化为实际收益。基金2025年三季报显示，工银中证 A50ETF联接Y自2024年12月13日设立至2025年9月30日，短短9个多月时间内实现净值增长率17.76%， 超过15.62%的业绩比较基准收益率，展现出较强的收益获取能力。 个人养老金的长期属性，与指数化投资的核心逻辑高度契合。本质上，指数基金Y份额的价值，最终取 决于其所跟踪指数的质量。宽基指数，尤其是那些覆盖各行业龙头的核心指数，因其广泛的市场代表 性，能够分散风险，长期表现较为稳健，与养老投资堪称"最优拍档"。作为国内养老金融领域的重要参 与者，工银瑞信基金于去年个人养老金制度全面推向全国时，增设了4只指数基金Y份额，包含工银沪 深300指数Y、工银中证A500ETF联接Y、工银中证A50ETF联接Y、工银科创ETF联接Y，覆盖多个宽基 指数，满足不同风险偏好的养老金投资需求。 以工银中证 ...