Personal pension recent development nodes are sorted out. On November 18, 2022, the China Securities Regulatory Commission confirmed that it had released the first batch of personal pension fund products and sales institutions, with a total of 40 fund managers and 37 fund sales institutions shortlisted, and a total of 129 pension target fund products were selected. Among the first 129 products selected, 50 target date FOFs and 79 target risk FOFs, with a total scale of 89.059 billion yuan. After the personal pension system was officially launched on November 25, 36 cities and regions including Beijing, Shanghai, Guangzhou, Xi'an, Chengdu became "pioneers", and banks in various places were the first to start the opening of personal pension business. Starting from November 28, the Y-share subscription business of the pension target fund has also been officially launched.
From a general perspective, the development of personal pensions in my country is still in the early stages. The promotion of financial institutions and the development of investment advisory business will improve the development space and quality of personal pensions. From the perspective of the functions of financial institutions, Chinese residents have already possessed a good sense of pension wealth reserve. According to the survey, in addition to participating in the basic pension insurance system led by the state, more than 90% of the surveyed subjects also participated in the diversified pension financial market. However, in terms of the amount of pension wealth reserves, the average pension wealth reserves of the surveyed subjects are not large, making it difficult to provide sufficient pension income guarantee. On the one hand, this reflects that the actual pension wealth reserves of Chinese residents are still insufficient, and on the other hand, it also shows that my country's pension financial market still has a lot of room for development. The majority of financial institutions should track and understand residents' pension investment preferences at any time through different channels, and on this basis, innovate pension financial products, so as to stimulate them to make effective pension financial investment and meet the diversified and diverse needs of different groups.
From the perspective that fund companies can make efforts, at this stage, residents' awareness of personal pensions remains in the fixed income + stage, and on a stable basis, they still need to gain certain excess returns. The investment goals of pension finance are shifting to preserving and increasing value. Surveys show that more people will catch up with or exceed inflation as pension finance investment goals. Residents' long-term investment philosophy and risk tolerance for individuals are still relatively conservative, reflecting the essence of fixed income products. On the other hand, since both the target risk and the target date products contain the equity part, residents understand more about pension products as fixed income+. Therefore, fund companies can take advantage of their comparative advantages in equity research to increase the yield rate of on the basis of risk control, which will widen the gap with general financial products.
From the perspective of investment advisory development space, the basic financial knowledge of different groups is quite different. Overall, there is a positive correlation between the level of basic financial knowledge and education level, and a negative correlation with age. Therefore, it is recommended that young people can further improve their awareness of financial knowledge and slowly cultivate the market's awareness of personal pensions . On the other hand, because pension financial investment has long-term and professional characteristics, it is difficult for ordinary people to make ideal pension wealth reserve plans for themselves through scientific and reasonable arrangements. With the rise of professional investment consulting consulting business in the pension finance industry, more and more publics have begun to agree to leave professional things to professionals. The survey results show that although the fees accepted are different, more than 80% of the respondents expressed their willingness to pay corresponding consulting fees for their pension financial investments. shows that there is still a lot of room for investment advisory development in the future .
CCSC Fund was selected at this stage. There are two funds in Y share:
One is CCSC Youxiang Steady One-year Holding Fund (target risk, scale 1.471 billion yuan); the other is CCSC Puze pension target date 2040 three-year Holding Fund (target date, scale 219 million yuan). In the short term, target risk-stable funds are the focus of development.Scale is the only requirement of the new regulations of the CSRC: pension target funds with a scale of no less than 50 million yuan at the end of the last four quarters or a scale of no less than 200 million yuan at the end of the previous quarter can be included in the qualified list.
At this stage, the market prefers low-risk products. Judging from the products on the qualified list, the scale of target risk funds accounts for a high proportion, and the scale of stable pension funds has exceeded 68 billion yuan, accounting for more than 70% of the total scale; the scale of balanced and balanced pension funds exceeds 7 billion yuan; the scale of active pension funds is relatively small, exceeding 1 billion yuan. In comparison, the product scale of target date pension funds is only 18 billion yuan, accounting for 20%.
In order to quickly meet the scale requirements, target risk-stable funds are always easier to be included in the qualified list from the perspective of asset fundraising. From a medium- and long-term perspective, companies need to pay close attention to cooperation with banks, especially head offices, and grasp the traffic entrance. In addition, fund companies should give full play to their advantages in equity research. As residents' awareness of personal pensions further improves, the scale of equity will account for a greater proportion in the future. Only products that can achieve excellent performance will eventually stand out.
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