晨星投资说 . 全球知名投资研究机构晨星Morningstar，与您一同探索投资星球。我们的使命是"赋能投资者成功"！ 以下文章来源于晨星投资说 ，作者陪你聊投资的 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 晨星Morningstar 来源：雪球 网上有段子说，中国投资者是世界上最博学和勤奋的人，上知天文下知地理，无所不精。 A股一波未平一波又起的行情，确实也给了大家勤奋的理由——这边还没把AI、算力、有色研究明白，航空、卫星就带着涨停潮横空出世。这么看 来，想要捕捉到赚钱的热点，确实需要勤奋。 但可惜的是，从晨星近期统计的数据来看，勤奋未必能换来对等的收益。 过去五年，对于大多数基金类别而言，因为不当的交易和择时，投资者实际拿到手的整体收益还不如长期持有能获得的回报水平。 我个人更倾向于使用"行为经济学"这个说法，因为"行为"二字对应心理学维度，"经济学"对应经济学维度，这个术语恰好体现了两个学科的交叉融 合。不过我也经常开玩笑说，我是一个"行为经济学家"，但其实我并没有经济学家的资质——我的专业背景是心理学，这一点总 ...

Core Viewpoint - The article discusses the paradox of increased effort in investing leading to lower returns, emphasizing the concept of "inertia" in behavioral finance and the importance of default investment options to improve investor outcomes [1][3][4]. Group 1: Investment Behavior - Many investors believe they are actively managing their portfolios, but in reality, a significant amount of funds remain idle in cash, particularly in individual retirement accounts (IRAs) [5][6]. - Research indicates that younger investors often leave their funds in cash for extended periods, sometimes over seven years, which is detrimental to their long-term retirement savings [5][6]. - The lack of awareness about their investment allocations contributes to this issue, as many investors mistakenly think their funds are invested in the market [6][7]. Group 2: The Role of Inertia - Inertia, or the tendency to do nothing, is identified as a powerful force in behavioral finance, influencing investment decisions significantly [7][8]. - Default options in investment plans, such as target-date funds, can lead to better long-term outcomes for investors by automatically directing funds away from cash [8][10]. - The article highlights that the design of investment plans can either exacerbate or mitigate the negative effects of inertia, depending on whether they include beneficial default options [10][11]. Group 3: Market Predictions and Adjustments - Investors often base their market predictions on recent performance, which can lead to incorrect expectations about future market movements [11][12]. - The article suggests that investors should focus on long-term strategies and be prepared for market corrections, as overexposure to equities can occur during prolonged market uptrends [11][12]. - Rebalancing portfolios to maintain desired asset allocations is recommended as a proactive measure to manage risk [12]. Group 4: Financial Education and Personalization - The future of behavioral finance is expected to focus on individual well-being and personalized financial advice, taking into account unique investor goals and preferences [13][14]. - Early financial education for children is emphasized as crucial for developing healthy financial habits and decision-making skills [18][19]. - The article advocates for simplifying financial concepts and making learning enjoyable to foster positive attitudes towards money management among young individuals [18].

以下文章来源于晨星投资说 ，作者陪你聊投资的 晨星投资说 . 全球知名投资研究机构晨星Morningstar，与您一同探索投资星球。我们的使命是"赋能投资者成功"！ ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 但可惜的是， 从晨星近期统计的数据来看，勤奋未必能换来对等的收益。 过去五年，对于大多数基金类别而言，因为不当的交易和择时，投资者实际拿到手的整体收益还不如长期持有能获得的回报水平。 为什么越勤奋，反而离赚钱越远？这个问题的答案，就在于投资中的"惰性"。 近日，晨星对话了美国资管公司先锋领航（Vanguard）行为研究团队的主管Andy Reed，和他一同聊聊投资里"懒"的学问，以及如何规避自我认 知偏差、摆脱"越忙越亏"的怪圈。 晨星： 我其实有一个术语上的困惑，行为金融学还有很多名字，比如行为经济学、行为研究，它们研究的是同样的东西吗？ Reed： 说实话，我自己也一直在思考这个问题。现在市面上有很多相关术语，比如行为经济学、行为金融学、行为科学、行为研究等等。颇具讽 刺意味的是，这个领域似乎有一个不成文的规矩：无论研究 ...

Group 1 - The ideal retirement age for Generation Z is 59 years, but they expect to actually retire at 67 years, highlighting a common gap between ideal and expected retirement ages across generations [2][4][15] - Compared to the Baby Boomer generation at the same age, more members of Generation Z are able to participate in 401(k) fixed contribution pension plans [2][19] - The introduction of new product terms in 401(k) plans, along with earlier initiation of retirement savings, suggests that the younger generation may accumulate more substantial retirement funds than their predecessors [2][20] Group 2 - All generations desire to retire earlier but anticipate a delayed retirement, with Generation Z experiencing the largest gap between ideal and expected retirement ages [6][17] - Despite a pessimistic outlook on retirement prospects, Generation Z and Millennials may actually have more adequate retirement savings than they realize [7][18] - An analysis by Vanguard indicates that Generation Z and Millennials have the highest percentage of individuals meeting retirement savings benchmarks among all generations [8][19] Group 3 - The ability to participate in workplace retirement plans encourages younger individuals to save for retirement [9][20] - Since 2000, the design of 401(k) retirement plans has improved, making it easier for younger generations to save [9][20] - A 2006 law allows 401(k) account funds to be automatically directed to qualified default investment alternatives (QDIA), simplifying investment decisions for employees [10][21] - Early initiation of retirement savings can lead to significantly better outcomes due to the longer investment period and the benefits of compound interest [10][21]

Group 1 - The core concept of the article is the importance of personal pensions as a proactive savings tool for retirement, emphasizing its benefits and how to maximize its use [7][9]. - Personal pensions were introduced in China in 2022 and are a crucial asset class that individuals should pay attention to [8]. - The article outlines three direct benefits of personal pensions: tax advantages, enforced savings, and long-term investment opportunities [15][26][31]. Group 2 - The first benefit is tax savings, where contributions of up to 12,000 yuan per year are exempt from taxes at the time of deposit, leading to significant savings over time [15][21]. - The second benefit is that personal pensions act as a forced savings mechanism, helping individuals resist the temptation to spend and ensuring consistent contributions [26][27]. - The third benefit is the ability to invest in various financial products, allowing for potential growth that can outpace inflation, with a focus on stable investment options [31][35]. Group 3 - The article discusses three types of pension funds available for investment: target date funds, target risk funds, and index funds, each catering to different investor needs and risk tolerances [37][39][45]. - Target date funds automatically adjust their asset allocation based on the investor's retirement date, making them suitable for those who prefer a hands-off approach [39][42]. - Index funds are highlighted as a new category that offers low fees and simplicity, making them ideal for novice investors looking to benefit from market growth without extensive research [48][50]. Group 4 - The article recommends a systematic investment approach, suggesting that individuals should not invest the entire 12,000 yuan at once but rather set up regular contributions to average out costs [54][56]. - It emphasizes the urgency of acting before the end of the year to secure the maximum contribution for personal pensions, encouraging readers to take immediate action [58].

Group 1 - The Trump administration and SEC are pushing for market openness, allowing U.S. investors to access more investment products related to private credit and cryptocurrencies [1][3] - SEC Chairman Paul Atkins emphasizes the need for investor protection while providing more choices for high-return asset classes [1][2] - Investment advisors express concerns that individual investors may not fully understand the risks associated with new products, particularly those typically investing in stocks and bonds [1][3] Group 2 - The SEC is focused on ensuring investors receive robust information to make informed decisions about new products, while also establishing necessary safeguards for private asset access [2][3] - The introduction of general listing standards and accelerated launch of new ETFs aims to increase investor access to cryptocurrency investments [3][5] - The number of new cryptocurrency ETFs has increased since the introduction of general listing standards, with predictions of 100 additional products by 2026 [5][7] Group 3 - While ETFs and interval funds themselves may not represent high risk, the risk depends on the nature of the underlying assets [7] - Market participants suggest that opening up choices could benefit investors, with cryptocurrency potentially playing an important role in investment portfolios [7]

Core Insights - The article discusses the differences in retirement savings outcomes between two individuals, Nick and Judy, due to changes in the 401(k) retirement plan structure over time [8][20]. - It emphasizes the importance of proactive retirement planning and the impact of investment choices on long-term savings [49][51]. Group 1: Historical Context of Retirement Plans - After World War II, the U.S. saw a rise in corporate pension plans as companies sought to attract talent [8]. - The traditional pension model placed the burden of retirement funding entirely on employers, which became unsustainable during economic downturns in the late 1970s and early 1980s [12][15]. - The introduction of the 401(k) plan in 1981 shifted the responsibility of retirement savings from employers to employees, allowing for more personal control over investments [14][19]. Group 2: Key Changes in 401(k) Plans - A significant legislative change in 2006 allowed companies to automatically enroll employees in 401(k) plans, contrasting with the previous model where participation was voluntary [20][24]. - The default investment options also changed from low-yield money market funds to more diversified target-date funds, which have the potential for higher returns [30][33]. Group 3: Behavioral Insights - Nick's delayed enrollment and conservative investment choices led to lower retirement savings compared to Judy, who benefited from automatic enrollment and a more aggressive investment strategy [22][44]. - The article highlights the common human tendency to procrastinate on financial planning and the importance of making informed investment decisions [46][49]. Group 4: Investment Strategies - The article advocates for a diversified investment approach, such as target-date funds, which balance risk and return over time [36][52]. - It suggests that individuals should focus on long-term investment strategies rather than reacting to short-term market fluctuations [50][51].

Core Viewpoint - The article emphasizes the importance of a disciplined, long-term investment approach, suggesting that a degree of "laziness" can lead to better investment outcomes compared to being overly active and reactive to market fluctuations [1][2]. Group 1: U.S. Pension System - The U.S. pension system consists of three pillars: public pensions, employer-sponsored pension plans, and personal savings and investments [3][4][5]. - The second pillar, employer-sponsored pension plans, has the highest coverage, exceeding 50%, and dates back to post-World War II [6][7]. - The introduction of the 401(k) plan in 1981 shifted the responsibility of retirement savings from employers to employees, requiring individuals to make investment decisions [11][13]. Group 2: Lessons from Human Laziness - Many employees did not actively participate in the new 401(k) plan due to a lack of understanding and the inherent laziness of human nature, leading to inadequate retirement savings [14]. - In 2006, legislation was passed to encourage passive long-term investment through automatic enrollment in 401(k) plans, automatic contributions, and default investment options [15][16][29]. Group 3: Features of the 401(k) Plan - Automatic enrollment allows employees to be enrolled in the 401(k) plan without needing to take action, addressing the issue of inaction due to laziness [16]. - Automatic contributions and gradual increases in contribution rates help employees build their retirement savings without requiring constant decision-making [17][18]. - Default investment options, such as target-date funds, simplify the investment process for employees who may lack investment knowledge, leading to better long-term outcomes [20][21][22]. Group 4: Implications for Investment Discipline - The article suggests that adopting a disciplined investment strategy, similar to the principles of the 401(k) plan, can yield positive results over time [29][32]. - The introduction of personal pension policies in China mirrors some aspects of the U.S. system, highlighting the universal nature of human behavior in investment [30][31].

Core Insights - The personal pension system in China has evolved significantly over the past three years, expanding from 36 pilot cities to nationwide implementation, with the number of fund products increasing from 129 to over 300, providing greater flexibility for investors [1][7] - The market for personal pensions has seen a notable recovery, with most products achieving positive returns since inception, and the total scale of pension funds reaching 15.11 billion [1][7] Group 1: Product Development - 华夏基金 has developed a diverse product line to meet various retirement investment needs, currently offering 22 pension funds, including 10 index funds, 8 target date funds, and 4 target risk funds [2][8] - The index funds track major indices such as the Sci-Tech Innovation Board and the ChiNext, benefiting from the recent market rebound [2][8] Group 2: Investor Education - The company emphasizes investor education through a comprehensive approach, combining online and offline initiatives, including forums, educational books, and dedicated online platforms for personalized investment guidance [3][9] - The "养老Y星球" platform provides tools for users to calculate retirement gaps and create personalized investment plans, enhancing the overall investment experience [3][9] Group 3: Institutional Collaboration - 华夏基金 has established deep collaborations with government entities and large enterprises to promote pension services, including customized financial services for state-owned enterprises [4][10] - The company actively participates in local initiatives to enhance public awareness of personal pensions, contributing to the expansion of the pension system [4][10] Group 4: Future Development Strategies - To enhance the attractiveness of personal pensions, the company suggests targeted strategies for different income groups, focusing on education for middle-income earners and incentives for low-income individuals [5][11] - The company aims to improve the integration of pension systems and enhance the portability of accounts, addressing the needs of a mobile workforce [5][11] - Continuous innovation in product offerings is emphasized to cater to diverse retirement planning needs, ensuring a wide range of investment options for participants [5][11] Group 5: Commitment to Quality Development - As a leader in the pension finance sector, 华夏基金 is committed to safeguarding public retirement wealth and driving high-quality development in pension services [6][12] - The company plans to leverage its expertise and collaborate with industry partners to build a more comprehensive and user-friendly pension financial service system [6][12]

Core Insights - The personal pension system in China officially launched in November 2022, marking the substantial operation of the third pillar of the pension security system [1] - Y-share funds have emerged as a key investment tool for personal pension accounts, with total market size reaching approximately 15.11 billion yuan by the end of Q3 2025, a growth of over 7 times from 2 billion yuan at the end of 2022 [1] - As of November 23, 2025, there are 305 fund products included in the personal pension product directory [1] Y-Share Fund Overview - Y-share funds are specifically established under the "Personal Pension Investment Fund Business Regulations" and can only be purchased through personal pension accounts [2] - The main products are divided into two categories: target risk funds and target date funds, catering to different investor risk profiles and retirement timelines [2] - Y-share funds generally have lower management and custody fees compared to A and C share classes, with some products seeing fee reductions of over 50% [2] Performance and Comparison - Y-share funds outperform traditional bank pension products and insurance in terms of risk coverage, asset allocation flexibility, and potential returns [3] - As of November 23, 2025, over 97% of personal pension fund products have achieved positive returns since inception, with nearly 70% showing cumulative returns exceeding 10% [3] - Certain products, such as ETF-linked and target date FOF funds, have demonstrated returns over 50% since inception, showcasing the expertise of public funds in equity investment and multi-asset strategies [3] Company Spotlight: Wanji Fund - Wanji Fund is one of the early managers of personal pension fund products, emphasizing a long-term investment philosophy [4] - The fund has developed a range of products covering both target risk and target date strategies, with notable performance in recent years [4] - Wanji Fund aims to enhance return elasticity while controlling volatility through diversified asset allocation and thorough research on industry fundamentals and fund managers [4] New Product Inclusion - In December 2024, index funds were first included in the personal pension fund directory, expanding investment options for personal pension products [5]