Core Insights - The aging population in China has made pension security a critical issue for families, leading to the accelerated development of a multi-tiered pension system, with pension FOFs showing strong growth momentum [1][4] - As one of the first fund managers to obtain the qualification for issuing pension target date funds, Penghua Fund has actively participated in the construction of the pension FOF product system since 2019, launching multiple target date funds to meet varying retirement needs [1][2] Group 1: Market Development - By the end of March 2025, the total number of pension FOF products in the market is expected to reach 204, with a total scale exceeding 10 billion yuan, and the average scale continuing to grow [1] - The development of pension FOFs in China requires localized innovation rather than simple replication of overseas experiences, taking into account residents' savings habits, risk preferences, and demographic trends [2] Group 2: Product Strategy - Penghua Fund employs a "downward curve" mechanism in its pension FOF products, gradually reducing the proportion of high-risk assets like stocks while increasing low-volatility assets like bonds, aligning with the needs of ordinary investors for a "one-stop" pension solution [2][3] - The core of pension FOFs lies in asset allocation capabilities and risk management, with Penghua Fund establishing a professional FOF management system that includes a "selection—allocation—monitoring—optimization" process [3] Group 3: Investor Education and Services - Penghua Fund enhances investor education through a combination of online and offline initiatives, including expert lectures and research projects that present real stories and attitudes towards pension planning [3] - The company is committed to providing customized and sustainable pension investment solutions, enhancing investor trust and experience through refined management and comprehensive customer service [4]