Group 1 - The event titled "New Era, New Fund, New Value" aims to promote high-quality development of public funds and enhance financial literacy among students at Central University of Finance and Economics [1][2] - The initiative is part of a broader effort to implement the "Action Plan for Promoting High-Quality Development of Public Funds" and involves collaboration among multiple fund companies [1][3] - The event focuses on bridging the gap between theoretical knowledge and practical application in the finance industry, utilizing case studies and industry insights to engage students [1][2] Group 2 - Lecturers provided an overview of the public fund industry's history and significant measures, particularly the impact of the recent "Action Plan" on the industry and investors [2] - Common behavioral biases in investment decisions, such as "herding behavior" and "loss aversion," were discussed, along with methods to correct these biases through rational review and investment discipline [2][3] - The importance of early retirement planning was emphasized, with a focus on the domestic three-pillar pension system and comparisons to international retirement savings models [2][3] Group 3 - The advantages of target-date and target-risk funds were highlighted, guiding students on how to select appropriate retirement investment products based on their career plans and risk tolerance [3] - The event exemplifies a collaborative approach involving regulatory guidance, association hosting, institutional participation, media support, and public benefit [3] - Future initiatives will continue to promote financial education in more universities, aiming to instill rational thinking and professional perspectives in the next generation of finance professionals [3]

Group 1 - The event aims to promote high-quality development of public funds and enhance financial literacy among students at Central University of Finance and Economics [1][12] - The initiative involves collaboration among seven institutions, including Yin Hua Fund and Dongfang Fund, to bridge the gap between industry practice and academic knowledge [1][12] - The focus is on addressing the professional characteristics and cognitive challenges faced by finance students through practical case studies and industry insights [4][12] Group 2 - The lecture on "Cognitive Biases in Investment Behavior" discusses the history and key measures of the public fund industry, particularly the impact of the "Action Plan for Promoting High-Quality Development of Public Funds" [5][6] - Common investment biases such as "herding behavior" and "loss aversion" are explained through relatable examples, highlighting their effects on investment decisions [5][6] - The importance of rational review and setting investment discipline is emphasized as a method to correct cognitive biases [6] Group 3 - The "Happy Retirement Starts Now" lecture aims to reshape the misconception that retirement planning is distant for young people, introducing the three-pillar system of domestic pension security [9] - International comparisons, such as the U.S. IRA and Japan's pension systems, are used to illustrate the benefits of early retirement planning [9] - The advantages of target date funds and target risk funds are discussed, guiding students on how to choose suitable retirement investment products based on their career plans and risk tolerance [10] Group 4 - The event reflects a collaborative approach among regulatory bodies, associations, institutions, media, and the public to foster high-quality development in the public fund sector [12] - Future initiatives will continue to promote financial education in more finance and comprehensive universities, aiming to cultivate a new generation of professionals with rational thinking and professional vision [14] - The goal is to integrate investor education into the national education system, supporting the public fund industry in contributing to the real economy and wealth growth [14]

Core Viewpoint - The article discusses the importance of multi-asset products in the context of China's regulatory push for high-quality development of public funds, emphasizing the need for long-term absolute return capabilities in fund products [2][9]. Group 1: Overview of Multi-Asset Products - The U.S. multi-asset index market has evolved significantly since the Pension Protection Act of 2006, which established target date funds as default investment options for retirement plans [4][12]. - Various types of multi-asset indices have emerged, including constant proportion, risk parity, target risk, target date, and macro rotation indices, each with distinct methodologies and asset allocation strategies [14][18][20]. Group 2: Current State of Multi-Asset Products in China - Domestic actively managed multi-asset products are characterized by an increase in quantity but lack significant scale, indicating a disconnect between fund managers' intentions and investors' acceptance [5][6]. - Performance issues have contributed to low investor acceptance, with many active multi-asset products underperforming their benchmarks over the past two and a half years [5][6]. Group 3: Future Development Paths - The article suggests that "indexation" could be a viable strategy for the development of multi-asset products in China, which could reduce the complexity of benchmark selection and management pressure [5][6]. - Future development may involve enhancing the diversity of underlying indices and promoting the adoption of multi-asset index products, primarily focusing on constant proportion and target risk index products [6][20]. Group 4: Performance Analysis of U.S. Multi-Asset Indices - The article highlights that the best-performing U.S. multi-asset indices in terms of risk-adjusted returns include the S&P MARC 5% Index, S&P MAESTRO 5 Index, and S&P PRISM ETF Tracker, with the latter achieving an annualized return of 9.7% since 2010 [20][22]. - The performance of these indices varies significantly based on market conditions, with risk parity indices often outperforming in volatile years and macro rotation indices excelling during periods of high inflation [20][21].

Core Viewpoint - The article argues that retirement investment should not solely focus on low-risk assets like bank deposits, as this can lead to a gradual erosion of purchasing power due to inflation. Instead, it advocates for including volatile equity assets in the investment portfolio to achieve better long-term returns [1][3][12]. Group 1: Inflation and Purchasing Power - The "real inflation rate" indicator, derived from the difference between the growth rate of broad money supply (M2) and GDP growth, reveals the reality of monetary overexpansion [2]. - Data from the National Bureau of Statistics shows that from 2014 to 2025, China's real inflation rate fluctuates between 0.4% and 8.7%, with median and average values at 4.3% and 4.0% respectively. At a moderate inflation rate of 4%, 1 million yuan will lose purchasing power to approximately 330,000 yuan in 30 years [3][5]. - Relying solely on low-risk savings products makes it difficult for retirement funds to withstand this gradual erosion of purchasing power, which is a significant threat to retirement investments [3][12]. Group 2: Equity Assets and Long-term Growth - Equity assets, such as stock funds, while exhibiting high short-term volatility, possess two irreplaceable characteristics for long-term investment: they are deeply tied to corporate profit growth and can achieve long-term appreciation through compounding effects [5][12]. - Historical data supports this notion, with Jeremy Siegel's research indicating that from 1802 to 2012, the inflation-adjusted annualized return of the U.S. stock market was 6.9%, significantly outperforming long-term government bonds at 3.6% [6][8]. - Siegel's further analysis from 1802 to 2021 shows that the longer the holding period, the narrower the range of returns for equity assets, ultimately converging towards expected returns [9][11]. Group 3: Investment Strategies - For investors who are unable to tolerate short-term volatility, two "gentler" equity participation strategies are suggested: 1. Dividend strategy, which involves investing in high-dividend index funds to obtain relatively predictable cash flow while retaining the potential for capital appreciation [14]. 2. Target risk funds, allowing investors to choose their desired level of volatility, such as a conservative allocation of 10-25% in equities for a balanced approach [14]. - The essence of retirement investment lies in cross-cycle asset allocation, where equity assets may lag in the short term but offer superior return elasticity in the long run compared to low-risk assets [11][12].

Group 1 - The personal pension system, as the third pillar of China's pension security system, has been officially launched nationwide after two years of pilot programs in 36 cities [2] - Financial institutions are encouraged to develop a diverse range of pension products that cater to different risk preferences and manage the entire lifecycle of individuals [2][5] - There is a need for financial institutions to align their product offerings with the needs of low- and middle-income groups to enhance participation in the personal pension system [3][5] Group 2 - The current personal pension products are facing issues of homogeneity, with a predominance of short-term products and a lack of long-term options [2][5] - To improve participation rates, it is suggested that tax incentives be strengthened and diversified incentive mechanisms be explored, such as government matching and subsidies [3][5] - Financial institutions should actively engage with regulatory requirements to ensure the safety and long-term responsibility of pension products [3][6] Group 3 - There is a call for the development of investment products that are suitable for pension funds, emphasizing the importance of long-term, value-based, and responsible investment strategies [6][7] - The industry is encouraged to invest in national infrastructure projects and innovative sectors, such as renewable energy and technology, to align with national strategic goals [7] - The issuance of long-term pension-specific bonds is recommended to meet the needs of the insurance sector and enhance the stability of pension fund investments [6][7]