公开数据显示，截至2025年11月25日，个人养老金产品总数超过1200只，包括储蓄国债、理财、保险、基金等类别，其中基金类产品达311 只。 Choice统计数据显示，截至2025年11月25日，上述129只个人养老金基金设立以来有120只实现正收益，比例高达93%，平均回报为9.14%，国 泰民安养老2040三年持有混合(FOF)Y和鹏华养老2045混合发起式(FOF)Y更以32.39%和25.6%的表现排名居前，还有12只产品期间回报率超过 15%，易方达和兴证全球旗下分别有5只和3只产品位列其中。 | 证券名称 | 累计单位 净值增长率% | 基金成立日 | | --- | --- | --- | | 国泰民安养老2040三年持有混合(FOF)Y | 32.39 | 2022/11/16 | | 鹏华养老2045混合发起式(FOF)Y | 25.6 | 2022/11/16 | | 易方达汇康稳健养老一年持有混合(FOF)Y | 17.93 | 2022/11/17 | | 兴全安泰积极养老五年持有混合发起式FOFY | 17.71 | 2022/11/17 | | 景顺长城稳健养老目标三年持有期混合 ...

金融是国民经济的血脉，是国家核心竞争力的重要组成部分，要为经济社会发展提供高质量服务。《中 共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）系统阐述了"十 五五"时期经济社会发展的总体要求、指导方针和主要目标，并对加快建设金融强国作出一系列重要部 署。这是"金融强国"首次写入五年规划建议。 作为我国金融体系的主力军，银行业始终坚持服务实体经济的根本宗旨，深刻践行金融工作的政治性、 人民性，以金融"五篇大文章"为核心抓手，统筹推进金融与产业、消费等融合发展，积极构建"金融支 持产业升级—优化产品供给—稳定劳动就业—增加居民收入—激发消费潜能—消费促进产业"的良性循 环，为基本实现社会主义现代化提供坚实有力的金融支撑。 展望"十五五"时期，结合《建议》要求，银行业应积极通过信贷结构优化、产品服务创新、体制机制完 善等方式，精准对接产业升级、科技创新、绿色低碳、乡村振兴、扩大内需等重点领域需求。 更加精准地对接重点领域信贷需求，需要银行业构建全链条产业金融服务体系，精准支持产业升级。 《建议》将"建设现代化产业体系，巩固壮大实体经济根基"置于战略任务首位，提出"坚持智能化、绿 色化、融合 ...

作为我国金融体系的主力军，银行业始终坚持服务实体经济的根本宗旨，深刻践行金融工作的政治 性、人民性，以金融"五篇大文章"为核心抓手，统筹推进金融与产业、消费等融合发展，积极构建"金 融支持产业升级—优化产品供给—稳定劳动就业—增加居民收入—激发消费潜能—消费促进产业"的良 性循环，为基本实现社会主义现代化提供坚实有力的金融支撑。 金融是国民经济的血脉，是国家核心竞争力的重要组成部分，要为经济社会发展提供高质量服务。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）系统阐述 了"十五五"时期经济社会发展的总体要求、指导方针和主要目标，并对加快建设金融强国作出一系列重 要部署。这是"金融强国"首次写入五年规划建议。 展望"十五五"时期，结合《建议》要求，银行业应积极通过信贷结构优化、产品服务创新、体制机 制完善等方式，精准对接产业升级、科技创新、绿色低碳、乡村振兴、扩大内需等重点领域需求。 更加精准地对接重点领域信贷需求，需要银行业构建全链条产业金融服务体系，精准支持产业升 级。 《建议》将"建设现代化产业体系，巩固壮大实体经济根基"置于战略任务首位，提出"坚持智能 化、绿色化、融 ...

Core Insights - The integration of banking and social platforms is deepening, with Xiaohongshu becoming a significant battleground for banks [1][2] - Over 65 official accounts from various banks have been established on Xiaohongshu, indicating a growing trend in the banking sector [1] - The focus has shifted from traditional financial product promotion to a "scenario-based" approach, emphasizing financial literacy and market analysis [1][3] Group 1: Bank Engagement on Xiaohongshu - Several banks, including Zhejiang Bank and DBS Bank, have recently joined Xiaohongshu, offering content such as happiness guides and wealth management tips [2] - China Merchants Bank has adopted a lifestyle-oriented approach, focusing on practical financial knowledge and market insights to meet the needs of younger users [2] - Jiangsu Bank has creatively engaged users through interactive activities linked to popular events, enhancing emotional connections with the brand [2] Group 2: Digital Transformation and Marketing Innovation - The trend of banks entering Xiaohongshu reflects a deeper transformation in the banking industry towards digitalization and marketing innovation [3][4] - Banks are moving from traditional competition based on interest rates and branch networks to content-driven marketing and scenario-based engagement [3] - The entry of banks into Xiaohongshu allows for systematic dissemination of financial information, addressing the previously fragmented discussions among users [4] Group 3: Strategic Considerations for Future Engagement - Banks are advised to shift from homogeneous content to IP-based operations, balancing entertainment and professionalism to create a distinct brand image [5] - There is a need for seamless integration of financial services into daily life, with tailored solutions for trending topics [5] - Establishing a robust customer service system on social platforms is crucial for enhancing user experience and brand perception [5]

11月17日，广东省人民政府办公厅印发的《广东省推动养老金融高质量发展的实施方案》提出，引导保 险资金通过股权、债券、基金、资产支持计划、保险资产管理产品等多种形式，为养老服务运营主体、 老年助餐服务机构提供资金支持。 金融工具凭借长期属性、多元形态与风险分散等优势，成为破解养老产业"投资规模大、回收周期长、 收益回报稳"特性与金融资源配置适配难题的关键抓手。为此，今年以来，多地出台专项政策，明确金 融工具在养老金融领域的赋能作用，以打通社会资本与养老产业的对接通道，推动养老金融加速向市场 驱动转型。 例如，6月份，深圳发布的《关于统筹做好养老金融大文章服务深圳银发经济高质量发展的实施意见》 明确，支持金融机构进一步丰富个人养老金产品差异化供给，推出更多兼具稳健性、普适性的储蓄、理 财、基金、信托、保险等多元化金融产品；8月份，重庆发布的《关于促进重庆市养老金融高质量发展 的实施意见》提出，支持养老理财等养老金融产品，投资与养老特征相匹配的长期优质资产等。 得益于政策的大力护航，各地加速推进金融工具在养老金融领域的实践探索，一系列创新模式接连落 地，不仅让养老金融的"工具箱"持续扩容，更加速形成了"政策引导— ...

Core Viewpoint - The People's Bank of China emphasizes the importance of maintaining reasonable interest rate relationships to enhance the effectiveness of monetary policy and reduce capital arbitrage [1][3]. Group 1: Interest Rate Relationships - The relationship between central bank policy rates and market rates is crucial, as short-term market rates should align closely with policy rates to ensure effective transmission of monetary policy [1]. - The relationship between commercial banks' asset and liability rates indicates that while loan and deposit rates generally move in the same direction, discrepancies can compress banks' net interest margins, affecting their ability to support the real economy [1][2]. - Different types of asset yields, such as loans and bonds, should not diverge excessively for the same entity, and the diversification of financial products necessitates better coordination of interest rates across financial markets [2][3]. Group 2: Term and Risk Premiums - The difference between short-term and long-term interest rates reflects the term premium, and banks should maintain reasonable term spreads in their deposit rates [2][3]. - The relationship between different risk premiums indicates that higher credit ratings should correspond to lower financing costs, and deviations from this principle, such as corporate financing rates being lower than government bond yields, are unsustainable [2]. Group 3: Policy Coordination and Implementation - The central bank has implemented measures to maintain reasonable interest rate relationships, including regulating interest rate pricing and enhancing the linkage between banks' asset and liability rates [3]. - Strengthening policy coordination and ensuring effective execution of interest rate policies are essential for the central bank to facilitate smooth monetary policy transmission [3].

规模温和扩张，息差边际企稳，负债成本改善持续显效 2025Q1-Q3，上市银行利息净收入同比-0.62%，降幅较上半年进一步收窄。具体看，资产规模平稳增 长，其中贷款增速有所放缓，主要受弱需求叠加化债影响，而金融投资力度适度加大。同时，信贷结构 调优，重点领域贷款增长预计保持高景气，对公强、零售弱的格局强化。存款增长继续修复，其中，叫 停手工补息影响消化叠加低基数效应下，国有行、股份行改善幅度较大。 智通财经APP获悉，中国银河证券发布研报称，三季度银行业绩短期受其他非息收入扰动，但规模稳增 仍形成业绩支撑，息差企稳趋势不变，利息净收入进一步改善，中收也呈现持续回暖态势，资产质量平 稳，拨备释放对净利增长贡献提升。政策引导银行信贷结构优化、呵护息差，资本市场回暖打开中收增 长空间，同时，十五五规划出台推动银行业长期转型，关注政策成效释放、行业变革进展及基本面修复 机遇。银行中期分红力度不减，红利价值持续凸显。结合多维增量资金加速银行估值重塑，继续看好银 行板块配置价值。 中国银河证券主要观点如下： 营收增速短期回落，净利改善延续 2025Q1-Q3，上市银行营收同比+0.9%，拨备前利润同比+0.62%，归母 ...

Core Viewpoint - The company is actively implementing a comprehensive strategy to address the financial service needs of the aging population, focusing on the renovation of service points, product adaptation, and service extension to enhance elderly financial services [1] Group 1: Service Point Renovation - The company has completed the renovation of all 135 service points to meet elderly-friendly standards, ensuring that elderly clients can conveniently access financial and governmental services nearby [3] - The renovated service points include features such as barrier-free access, elderly care zones equipped with necessary facilities, and dedicated service windows for elderly clients, enhancing their comfort and ease of use [2][3] Group 2: Resource Allocation for Elderly Financial Services - The company is directing financial resources towards the development of tailored savings, investment, and credit products that align with the consumption habits of elderly clients [4] - A comprehensive assessment of clients' needs based on age, risk preference, and retirement goals is conducted to provide customized financial planning and support for wealth accumulation [4] - As of the end of September, the company has provided wealth management services to over 300,000 clients aged 60 and above, with a significant number of credit clients receiving loans totaling 716 million [4] Group 3: Extension of Elderly Services - The company is enhancing its elderly financial services through professional training for staff, community volunteer services, and various special activities to meet the diverse needs of elderly clients [5][6] - Volunteer teams have been established to provide on-site services such as haircuts, appliance repairs, and health check-ups, with over 1,000 community service events conducted [6] - The company organizes financial education and community safety activities to improve elderly residents' awareness of fraud and scams, alongside cultural events to enrich their lives [6]

《报告》指出，利率及其比价关系对宏观经济均衡和资源配置有重要导向意义。市场化利率体 系有效运行，要求各类利率之间保持合理的比价关系。中国人民银行注重理顺各类利率比价关 系，是完善中国特色现代货币政策框架、畅通市场化利率形成和传导机制的重要举措。 记者丨唐婧 编辑丨肖嘉 11月11日，中国人民银行发布《2025年第三季度中国货币政策执行报告》（下称《报告》）， 并单设专栏4就保持合理利率比价关系的必要性作出深入阐释。 具体而言，中央银行释放政策利率调控信号，引导各类市场利率有序运行，促进市场化的利率 形成和传导机制发挥作用，调节资金供求和资源配置，实现货币政策目标。 理想情况下，在政策利率引导下，各类利率之间保持合理的比价关系和联动性，反映期限、风 险、流动性等变化规律，金融资源配置效率较高。但现实世界中，受激励机制扭曲、经营主体 非理性行为等因素影响，不同利率之间的比价关系有时也可能会出现失衡，导致市场化的利率 形成和传导机制受到阻滞，制约货币政策有效性。 业内专家告诉21世纪经济报道记者，"十五五"规划建议提出，要构建科学稳健的货币政策体系 和覆盖全面的宏观审慎管理体系，畅通货币政策传导机制。保持合理的利率 ...

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