1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The enterprise annuity market has witnessed continuous scale expansion but suffers from insufficient coverage and prominent structural contradictions. Future policy may lower the participation threshold for small and medium - sized enterprises through automatic enrollment mechanisms and simplified collective plans [3]. - The institutional landscape is becoming more concentrated, and different capabilities may be the key to competition. The focus of future competition may shift to differentiated services [3]. - The investment performance of enterprise annuities is stable but shows differentiation. The long - cycle assessment mechanism may drive the optimization of asset allocation and increase the proportion of equity investment [3]. - In the future, with the expansion of coverage, optimization of equity allocation, and integration of the three - pillar pension system, enterprise annuities are expected to improve the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of an aging population [2]. 3. Summary by Directory 3.1 Historical Evolution: Coexistence of Systemic Dividend Release and Deep - seated Contradictions 3.1.1 From Non - marketization to Marketization - Non - market operation stage (1991 - 2004): It was a crucial foundation - laying period for China's supplementary pension system, featuring administrative leadership and decentralized management. The key contradiction was the lack of unified national regulations and the risk of fund safety. This ultimately led to the introduction of policies in 2004 to start the market - oriented transfer [14][15]. - Market operation stage (since 2004): Marked by the promulgation of relevant regulations, it established the trust - based management model. The market has experienced a rapid development period (2007 - 2016) and a mature and in - depth development period (since 2017), with continuous improvement in the system and investment quality [16]. 3.1.2 What are the Enterprise Annuity Management Institutions? - The enterprise annuity management institutions are characterized by a highly concentrated market and specialized division of labor. There are four types of management institutions, with different distributions of qualifications. Some large institutions can provide integrated services, while the custody function is independently undertaken by commercial banks [27]. - In the trustee market, insurance institutions dominate, and bank - affiliated institutions are rising rapidly. The market shows a significant head - concentration effect. In the investment management market, public funds and insurance institutions play important roles [30][54]. 3.1.3 Enterprise Annuity Plans and Annuity Pension Products - Enterprise annuity plans mainly include single plans and collective plans. Single plans are suitable for large enterprises, while collective plans have advantages such as high efficiency, low cost, and scale benefits [60][63]. - Annuity pension products are standard investment portfolios issued by enterprise annuity fund investment managers and sold to specific pension funds. After more than a decade of development, their investment scope has gradually expanded [66]. 3.2 Current Situation Analysis of Enterprise Annuities 3.2.1 Coverage and Regional Characteristics of Enterprise Annuities - The number of employees participating in enterprise annuities has been increasing, but the coverage rate has not improved significantly. The participation rate in China is far lower than that of OECD countries [67]. - The asset amount of enterprise annuities in the central government - owned enterprises and economically developed regions dominates, and the overall pattern has remained stable in recent years [73]. 3.2.2 How is the Performance of Enterprise Annuities? - The overall performance of enterprise annuities has been growing steadily in the long term. In the past three years (2022Q1 - 2025Q1), the cumulative return reached 7.46%. Asset allocation shows differentiation, with fixed - income portfolios performing better than equity - containing portfolios in the past three years. The policy orientation is shifting towards long - cycle assessment [78][91]. 3.2.3 What are the Scale and Performance of Different Investment Managers? - As of 2025Q1, the enterprise annuity investment management institution market shows two core trends: the strengthening of the head - effect and the shift of the assessment mechanism towards long - term orientation. Public fund companies have strong equity investment capabilities, while insurance - based institutions are stronger in fixed - income investment [94][95]. 3.2.4 Annuity Pension Products - As of 2025Q1, there are 649 registered pension products and 573 actually operating products. The top three types in terms of the number of actually operating products are ordinary stock - type, hybrid - type, and ordinary fixed - income - type [100]. - The number of registered pension products has remained stable since 2021, while the number of actually operating products has decreased year by year. The scale has shown a slight upward trend [102]. 3.3 How might Enterprise Annuities Develop in the Future? - The coverage may expand. The automatic enrollment mechanism may solve the problem of low participation of small and medium - sized enterprises [105]. - The trustee and investment management institutions may continue to be concentrated. The "Matthew effect" in the trustee market may intensify, and the head - effect in the investment management market may continue [105]. - The investment management of single plans and collective plans may undergo structural adjustments. The long - cycle assessment mechanism may be implemented soon, and the proportion of equity investment may increase [106]. - In the next decade, enterprise annuities are expected to improve the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of an aging population [109].

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - China's pension system is undergoing profound changes due to the acceleration of population aging. The enterprise annuity, as an important part of the second - pillar pension, has significant development potential. In the future, through measures such as expanding coverage, optimizing equity allocation, and integrating the three - pillar pension system, it is expected to enhance the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of aging [1]. - The enterprise annuity is transitioning from "short - term investment of long - term funds" to "long - term investment of long - term funds". With the implementation of the "automatic enrollment + voluntary withdrawal" mechanism, the establishment of a long - term assessment mechanism, and the integration of the three - pillar pension system, the enterprise annuity's role in the pension system will be further strengthened [1]. 3. Summary by Relevant Catalogs 3.1 Historical Evolution - **Non - marketization to Marketization**: From 1991 - 2004, it was the non - marketization operation stage, including the exploration period (1991 - 2000) and the pilot transformation period (2000 - 2004). After 2004, it entered the market operation stage, with the rapid development period from 2007 - 2016 and the mature deepening period from 2017 to the present. During this process, policy dividends continuously promoted scale expansion, but there were also deep - seated contradictions such as system design and investment performance fluctuations [8][9][10]. - **Enterprise Annuity Management Institutions**: The market shows characteristics of high concentration and professional division of labor. There are four types of management institutions, with different numbers and types of institutions in each category. The insurance - based institutions dominate the trustee market, and the public - offering fund companies play an important role in the investment management field [16]. - **Enterprise Annuity Plans and Pension Products**: There are single plans and collective plans. Single plans are suitable for large enterprises, while collective plans have advantages such as high efficiency and low cost. Pension products have gradually expanded their investment scope over the years [39][41][44]. 3.2 Current Situation of Enterprise Annuity - **Coverage and Regional Characteristics**: The number of participating employees in enterprise annuities is increasing, but the coverage rate has not improved significantly. The participation rate is far lower than that of OECD countries. In terms of regional distribution, central enterprises and economically developed regions dominate [45][50]. - **Investment Performance**: The overall performance of enterprise annuities has been growing steadily in the long - term. In the past three years (2022Q1 - 2025Q1), the cumulative return reached 7.46%. Asset allocation is significantly differentiated, with fixed - income products performing better in the past three years. The performance also varies between different plans and investment managers [55][65][71]. - **Different Investment Managers**: The market shows a trend of strengthening the leading position of top - tier institutions. The assessment mechanism is shifting towards long - term orientation. Different types of institutions have different investment capabilities in equity and fixed - income products [71][72]. - **Annuity Pension Products**: As of 2025Q1, there are 649 registered pension products and 573 actually operating products. The top three in terms of the number of actually operating products are common stock - type, hybrid, and common fixed - income products [75]. 3.3 Future Development of Enterprise Annuity - **Coverage Expansion**: The "automatic enrollment + voluntary withdrawal" mechanism may be promoted to reduce the participation threshold for small and medium - sized enterprises and expand the coverage [1][82]. - **Head - Concentration of Institutions**: The "Matthew effect" in the trustee and investment management markets may intensify, with insurance - based institutions continuing to dominate, and the proportion of large state - owned banks may increase [82]. - **Structural Adjustment of Investment Management**: There may be a two - way evolution in the investment management of single and collective plans. The long - term assessment mechanism may be implemented soon, and the equity allocation ratio may increase [83].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report China's personal pension system has been fully implemented for half a year, and pension wealth - management products are rising rapidly in the multi - level pension system with low - risk and stable returns as core advantages, showing investment potential of "seeking progress while maintaining stability and promising future" [1]. 3. Summary According to Related Catalogs 3.1 China's Personal Pension System's Full - scale Implementation and Global Insights 3.1.1 China's Pension System: From "Multi - level" to "Multi - pillar" China's pension system is structured around the internationally - recognized "three - pillar" framework. By the end of 2024, the total scale of China's multi - level pension security system was about 18.8 trillion yuan, a 12.77% increase from the previous year. The first pillar (social security fund + basic pension) accounted for about 63.9% (about 12 trillion yuan), the second pillar 35.8%, and the third pillar about 0.3%, showing the characteristics of "dominated by basic security and the supplementary level awaiting breakthrough" [2][11]. 3.1.2 Full - scale Implementation of Personal Pension The personal pension system was fully implemented in December 2024, with core breakthroughs in national coverage, diversified product systems, and flexible services and withdrawals. By the end of May 2025, the number of account - opening exceeded 72 million, and the number of products increased to 1,031, but the phenomenon of "hot account - opening and cold deposit" was prominent [15][16]. 3.1.3 International Comparison of Personal Pension Systems The core of the US personal pension system is the Individual Retirement Account (IRAs), with an asset scale of about 17 trillion US dollars by the end of 2024. The UK's personal pension started in 1986, and by the end of 2021, its scale was about 470 billion pounds. Japan's personal pension system consists of iDeCo and NISA. Different countries have different tax mechanisms, access conditions, annual payment limits, investment ranges, and withdrawal conditions [17][21][22]. 3.2 Domestic Personal Pension Product Hierarchical Competition and Global Experience 3.2.1 Formation of the Domestic Personal Pension Product Hierarchical Competition Pattern As of the end of May 2025, savings, insurance, wealth - management, and fund products accounted for 45%, 23%, 3%, and 29% respectively in terms of product quantity. The market is dominated by leading institutions, and small and medium - sized institutions seek breakthroughs through characteristic products [33]. 3.2.1.1 Savings Products with Stable Returns As of June 4, 2025, joint - stock banks were the main issuers of savings products, accounting for 58% of the total product quantity. The interest rate of long - term savings products was generally about 0.6 percentage points higher than that of short - term products [40]. 3.2.1.2 Insurance Products: Coexistence of Guaranteed Stability and Return Elasticity As of the end of May 2025, there were 233 insurance products. The market was dominated by leading institutions, and professional pension insurance companies performed prominently. Some products of National Pension Insurance had a settlement interest rate of over 4% in 2024 [45]. 3.2.1.3 Steady Development of Wealth - management Products As of the end of May 2025, there were 35 wealth - management products, mainly from large bank - affiliated wealth - management subsidiaries. The average one - year return rate as of June 6, 2025, was 2.7%, and the average annualized return rate since establishment was 3.1% [54][58]. 3.2.1.4 New Index Products in the Fund Category, with Leading Funds Dominating the Market Pattern As of the end of May 2025, there were 297 fund products. R3 (medium - risk) products dominated, and pension target FOF accounted for the main proportion. Index funds were included in the product catalog in December 2024, and leading institutions dominated the market [61]. 3.2.2 Higher Allocation Ratio of Equity Assets in Developed Countries' Personal Pensions The US IRA's asset allocation has shifted from deposits to equity assets. The UK's Vanguard target funds had an average annualized return rate of about 7.3% (target risk funds) and 7.8% (target date funds) from 2012 - 2024. Japan's iDeco has increased foreign stock allocation, and NISA has a higher risk preference. Compared with developed countries, domestic personal pension products have a lower allocation ratio of equity assets and relatively lower returns [73][79][81]. 3.3 Pension Wealth - management Products Promising in the Future 3.3.1 Overview of Pension Wealth - management Products As of the end of May 2025, 10 out of 11 approved wealth - management companies had issued 51 pension wealth - management products. The market was dominated by state - owned large banks and leading wealth - management companies. There were 271 pension target funds with a management scale of about 60 billion yuan at the end of 2024, and 1,018 annuity pension products with a management scale of about 2.3 trillion yuan at the end of 2024 [87][91][93]. 3.3.2 Structure of Pension Wealth - management Products As of the end of May 2025, pension wealth - management products were mainly fixed - income, with R2 - level (low - medium risk) products accounting for 96.1%. They had lower management and custody fees compared to pension target funds [98][100]. 3.3.3 Bond - based Asset Allocation in Pension Wealth - management As of Q1 2025, pension wealth - management products mainly allocated fixed - income assets (75.3%), with bonds and non - standard debt assets as the main components. Pension target funds highly relied on public funds, and annuity pension products were mainly allocated to fixed - income assets [101].