Core Viewpoint - The expansion of personal pension index fund Y shares marks a significant development in the investment landscape, with an increase in the number of available funds and a growing interest in index-enhanced products as a key component of pension asset allocation [1][2][5]. Group 1: Fund Expansion and Market Dynamics - On July 28, Huaxia Fund announced the addition of Y shares for its Huaxia ChiNext ETF linked fund to meet the investment needs of personal pension investors, effective from July 31 [1]. - Following this, four index-enhanced funds also announced the establishment of their Y shares, bringing the total number of index funds available for personal pensions to 90, with the overall number of personal pension Y share funds exceeding 300 for the first time [2]. - The approval of new Y shares for index-enhanced funds indicates a growing trend in the market, with more products expected to be submitted for inclusion in the personal pension product directory [3]. Group 2: Fund Management and Performance - Both Guotai Haitong Asset Management and Bodao Fund have introduced their first index-enhanced personal pension funds, showcasing their unique strategies in the competitive landscape [3][4]. - As of July 29, the total number of index-enhanced funds in the market reached 760, with a combined scale of 222.16 billion yuan, highlighting the increasing popularity of these products [4]. - The average annual return for 20 index-enhanced Y shares in the first half of 2025 was 10%, outperforming their performance benchmark by 3.2% [8]. Group 3: Investment Strategy and Market Outlook - Index-enhanced products are becoming a favored choice for pension allocation, as they provide a means to combat inflation and capitalize on economic growth [5]. - The core logic of index-enhanced products is to optimize stock structure to achieve excess returns while adhering to index styles, which is particularly relevant in the current market environment characterized by liquidity-driven growth and structural rotation [6][7]. - The average return of personal pension funds established before 2025 was 6.98%, with Y share index funds achieving an average return of 8.32%, indicating strong performance in the pension fund sector [6].