养老，是每个人终将面对的明天。未雨绸缪，方能在时代浪潮中安享岁月。 从"养儿防老"的传统依赖，到"三支柱"体系的现代构建，我国养老保障的发展始终与人口结构、经济转型同频共振。随着人口年龄结构的重大变迁，我国养老保障 已逐步向"三支柱协同"转型，形成多层次养老体系。 这一转型中，公募基金凭借专业资产管理能力，成为连接养老体系与民众需求的关键力量。其中，工银瑞信基金作为业内少数拥有养老金业务全牌照的资产管理机 构，经过十余年深耕，已形成覆盖三大支柱的完善养老投资体系，成为这一领域的重要实践者。 在第二支柱企业年金投资方面，工银瑞信展现出均衡且持续的投资能力。据人社部数据，该公司在2022年、2023年、2024年全国企业年金单一含权组合业绩中，表 现优异。具体来看，截至二季度末，在含权类组合方面，该公司管理的单一计划近三年累计收益率为10.67%，集合计划为8.89%，均在业内居前。在固定收益类组 合方面，工银瑞信单一计划固定收益类组合、集合计划固定收益类组合区间收益分别为10.89%、9.98%，同样超越同类平均收益，体现出其在资产配置与风险控制 方面的综合实力。 在个人养老金产品方面，根据Wind数据，全市场 ...

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].