Core Viewpoint - The article emphasizes the importance of preparing for retirement through a multi-tiered pension system in China, highlighting the role of public funds, particularly ICBC Credit Suisse Asset Management, in connecting the pension system with public needs [1][2]. Group 1: Strategic Development - ICBC Credit Suisse has been committed to supporting the national pension system since entering the field in 2007, establishing a comprehensive service system covering the three pillars of pensions [2]. - The company achieved a significant milestone in 2010 by obtaining the qualification to manage domestic investments for the National Social Security Fund, marking the beginning of its pension management journey [2]. - In 2016, ICBC Credit Suisse was selected as one of 21 managers for the Basic Pension Insurance Fund's securities investment management, solidifying its foundation in the first pillar of pension management [2]. Group 2: Second Pillar Development - ICBC Credit Suisse was an early explorer in the enterprise annuity and occupational annuity sectors, obtaining the qualification for enterprise annuity investment management in 2007 and launching its first account in 2008 [3]. - The company has developed a unique investment and sales model that integrates investment management and sales, enhancing management efficiency through a "main investment manager responsibility system" [3]. - In 2016, the establishment of the Annuity Investment Committee further strengthened account management consistency and ensured alignment with long-term stable funding attributes [3]. Group 3: Third Pillar Expansion - With the implementation of personal pension policies, ICBC Credit Suisse has fully developed its personal pension product line, creating a comprehensive product system that meets diverse retirement savings needs [3]. - The company currently offers 10 pension target funds, with 9 having established Y-class shares, covering major retirement age ranges and various risk levels [3][4]. Group 4: Investment Performance - ICBC Credit Suisse adopts a distinctive investment style focused on "valuing equity and high credit," aiming for stable returns through high-grade credit asset allocation and equity assets for excess returns [5]. - The company has demonstrated strong investment capabilities in the second pillar, with its single plan's cumulative return rate reaching 10.67% over three years, outperforming industry averages [5]. - In the personal pension sector, ICBC Credit Suisse's Y-class share scale reached 14.55 billion yuan by the end of Q3 2025, reflecting a 93.9% growth compared to the previous year, the highest among peers [5]. Group 5: Investment Management Framework - ICBC Credit Suisse has established a systematic and institutionalized investment research and risk control framework to support its pension management, focusing on platformization, integration, and team collaboration [8][9]. - The company has built a comprehensive research and investment structure covering various asset classes, supported by intelligent investment research systems and risk control platforms [8]. - The Annuity Investment Committee is responsible for formulating unified investment strategies, ensuring alignment with long-term investment goals while allowing for tactical adjustments based on market conditions [9]. Group 6: Future Outlook - The article highlights the importance of personal pensions in addressing income gaps, encouraging investors to adopt a rational, long-term investment approach [10]. - ICBC Credit Suisse aims to provide comprehensive pension solutions that cater to different life stages, ensuring that proactive planning and secure retirement become a reality for more individuals [10].

Core Viewpoint - The article discusses the performance and management of Y-share personal pension funds in China, highlighting the growth and competitive landscape of these funds as well as specific fund managers' strategies and results [3][5][16]. Fund Company Overview - As of March 18, 2025, a total of 56 fund companies have launched Y-share personal pension funds, with a total scale of 9.143 billion yuan. Among these, 14 companies have a management scale exceeding 100 million yuan [3]. - The top five fund companies by management scale for Y-share personal pension funds are: 1. 华夏基金管理有限公司: 1.384 billion yuan 2. 兴证全球基金管理有限公司: 1.162 billion yuan 3. 易方达基金管理有限公司: 1.088 billion yuan 4. 中欧基金管理有限公司: 1.005 billion yuan 5. 工银瑞信基金管理有限公司: 750 million yuan [4]. Fund Performance and Selection Criteria - A total of 9 Y-share funds were selected based on criteria including a scale exceeding 200 million yuan, returns over 15% since the beginning of 2024, and a maximum drawdown not exceeding 15%. Seven of these funds reached new highs within the specified period [6]. - The selected funds include: - 东方红颐和积极养老目标五年持有Y - 广发安诚养老目标2040三年持有Y - 工银养老2055Y - 嘉实养老2040五年Y - 国泰君安善音养老目标2045五年持有Y - 鹏华养老2045一年Y - 中欧预见养老2050五年Y [7]. Fund Manager Strategies - The fund manager of 东方红颐和积极养老目标五年持有Y employs a dual approach focusing on selecting fund managers and identifying investment opportunities [7][12]. - The fund manager of 广发安诚养老目标2040三年持有Y prefers using ETFs and maintains a balanced FOF strategy, holding various ETFs and bond funds to mitigate drawdowns during market declines [9]. - 工银养老2055Y has shown strong performance, with a net value curve surpassing the 万得偏股混合型基金指数, and experienced smaller drawdowns during market downturns [10][16]. Market Outlook and Asset Allocation - The fund manager 徐心远 believes that A-share valuations are currently attractive, with a focus on maintaining a neutral to slightly high equity position. The strategy includes increasing allocations to cyclical sectors and dividend-paying assets [13][15]. - The fund's asset allocation strategy is dynamic, adjusting equity exposure as market conditions change, with a long-term goal of reducing equity exposure to no more than 25% by 2050 [16].