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 ...