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2022年GPFG养老金70%投资于权益资产
2022年GPFG养老金70%投资于权益资产
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非银金融行业深度报告:促进投融资动态平衡养老金入市空间广阔-240308(37页).pdf
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图2.5:.低迷的就业可能开始影响国家养老金的可持续性
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2026-07-21
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图13、养老金权益和共同基金规模占比显著提升
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2026-06-25
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图14、美国三支柱养老金体系发展历程
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产业概述
2026-06-25
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图15、养老金制度改革推动其资产规模稳步扩张
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2026-06-25
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图9:最近测量年度中报告的总养老金负债变化(十亿美元)
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2026-04-20
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图12:报告的总养老金责任(十亿美元)
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2026-04-20
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截止25年11月25日,全球私募信贷资金供给中养老金规模
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2026-03-16
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表5、1998年至2025年GPFG前十大重仓股情况
| 排序 | 1998A               | 1999A         | 2000A                     | 2001A       | 2002A       | 2003A       | 2004A       |
| ---- | ------------------- | ------------- | ------------------------- | ----------- | ----------- | ----------- | ----------- |
| 1    | 诺华                | 诺基亚        | 沃达丰                    | 英国石油    | 英国石油    | 英国石油    | 道达尔      |
| 2    | 葛兰素威康          | 英油阿莫科    | 诺基亚                    | 沃达丰      | 沃达丰      | 沃达丰      | 沃达丰      |
| 3    | 微软                | 微软          | 英油阿莫科                | 葛兰素史克  | 壳牌        | 汇丰        | 英国石油    |
| 4    | 通用电气            | 通用电气      | 葛兰素史克                | 诺基亚      | 葛兰素史克  | 葛兰素史克  | 花旗        |
| 5    | 英国石油            | 曼内斯曼      | 通用电气                  | 通用电气    | 道达尔      | 花旗        | 汇丰        |
| 6    | 罗氏                | 英国电信      | 诺华                      | 微软        | 微软        | 通用电气    | 通用电气    |
| 7    | 英国电信            | 沃达丰        | 汇丰                      | 道达尔      | 汇丰        | 壳牌        | 诺华        |
| 8    | 荷兰皇家石油（现属壳牌） | NTT 移动      | 荷兰皇家石油（现属壳牌）  | 汇丰        | 诺华        | 微软        | 葛兰素史克  |
| 9    | 诺基亚              | 爱立信        | 阿斯利康                  | 壳牌        | 诺基亚      | 诺华        | 瑞银        |
| 10   | 丰田                | 思科          | 道达尔                    | 诺华        | 花旗        | 道达尔      | 埃克森美孚  |
| 排序 | 2005A               | 2006A         | 2007A                     | 2008A       | 2009A       | 2010A       | 2011A       |
| 1    | 壳牌                | 英国石油      | 壳牌                      | 壳牌        | 汇丰        | 壳牌        | 壳牌        |
| 2    | 英国石油            | 壳牌          | 英国石油                  | 雀巢        | 壳牌        | 雀巢        | 雀巢        |
| 3    | 埃克森美孚          | 法国巴黎银行  | 道达尔                    | 英国石油    | 英国石油    | 汇丰        | 汇丰        |
| 4    | 诺华                | 道达尔        | 汇丰                      | 埃克森美孚  | 雀巢        | 英国石油    | 诺华        |
| 5    | 雪佛龙              | 汇丰          | 雀巢                      | 道达尔      | 道达尔      | 沃达丰      | 沃达丰      |
| 6    | 通用电气            | 诺华          | 埃克森美孚                | 汇丰        | 沃达丰      | 诺华        | 英国石油    |
| 7    | 葛兰素史克          | 瑞银          | 沃达丰                    | 沃达丰      | 桑坦德银行  | 苹果        | 埃克森美孚  |
| 8    | 苏格兰皇家银行      | 通用电气      | 通用电气                  | 诺华        | 罗氏        | 埃克森美孚  | 罗氏        |
| 9    | 沃达丰              | 雀巢          | 西班牙电信                | 罗氏        | 西班牙电信  | 西门子      | 苹果        |
| 10   | 罗氏                | 罗氏          | 微软                      | 意昂        | 诺华        | 道达尔      | 葛兰素史克  |
| 排序 | 2012A               | 2013A         | 2014A                     | 2015A       | 2016A       | 2017A       | 2018A       |
| 1    | 雀巢                | 雀巢          | 雀巢                      | 雀巢        | 雀巢        | 苹果        | 微软        |
| 2    | 壳牌                | 壳牌          | 诺华                      | 苹果        | 壳牌        | 雀巢        | 苹果        |
| 3    | 汇丰                | 诺华          | 苹果                      | 罗氏        | 苹果        | 壳牌        | 字母表      |
| 4    | 诺华                | 汇丰          | 壳牌                      | 诺华        | 字母表      | 字母表      | 亚马逊      |
| 5    | 苹果                | 沃达丰        | 贝莱德                    | 字母表      | 微软        | 微软        | 雀巢        |
| 6    | 罗氏                | 罗氏          | 罗氏                      | 微软        | 罗氏        | 诺华        | 壳牌        |
| 7    | 贝莱德              | 贝莱德        | 汇丰                      | 贝莱德      | 诺华        | 亚马逊      | 罗氏        |
| 8    | 英国石油            | BG 集团       | 梅赛德斯·奔驰             | 汇丰        | 贝莱德      | 罗氏        | 诺华        |
| 9    | 赛诺菲              | 苹果          | 微软                      | 壳牌        | 埃克森美孚  | 腾讯        | 伯克希尔·哈撒韦 |
| 10   | 埃克森美孚          | 英国石油      | 埃克森美孚                | 保诚        | 强生        | 汇丰        | 强生        |
| 排序 | 2019A               | 2020A         | 2021A                     | 2022A       | 2023A       | 2024A       | 2025A       |
| 1    | 苹果                | 苹果          | 苹果                      | 苹果        | 微软        | 苹果        | 英伟达      |
| 2    | 微软                | 微软          | 微软                      | 微软        | 苹果        | 微软        | 苹果        |
| 3    | 字母表              | 亚马逊        | 字母表                    | 字母表      | 字母表      | 英伟达      | 微软        |
| 4    | 雀巢                | 字母表        | 雀巢                      | 雀巢        | 亚马逊      | 字母表      | 字母表      |
| 5    | 亚马逊              | 雀巢          | 亚马逊                    | 亚马逊      | 英伟达      | 亚马逊      | 亚马逊      |
| 6    | 罗氏                | 脸书          | Meta                      | 罗氏        | Meta        | Meta        | 台积电      |
| 7    | 壳牌                | 台积电        | 台积电                    | 壳牌        | 雀巢        | 博通        | 博通        |
| 8    | 阿里巴巴            | 罗氏          | 特斯拉                    | 台积电      | 台积电      | 台积电      | Meta        |
| 9    | 脸书                | 三星电子      | 罗氏                      | 诺和诺德    | 诺和诺德    | 特斯拉      | 特斯拉      |
| 10   | 诺华                | 阿里巴巴      | 阿斯麦                    | 阿斯麦      | 阿斯麦      | 伯克希尔·哈撒韦 | 礼来        |

数据来源：NBIM 官网，兴业证券经济与金融研究院整理
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行业数据
2026-03-09
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表1、2024年全球公共养老金基金排名
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2026-03-09
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图8、美国三支柱养老金体系发展历程
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图49、GPFG自2012年以来撤资项目累计数量
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2026-03-09
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图9、挪威政府全球养老基金(GPFG)发展历程
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2026-03-09
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全球主要国家公共养老金支出占GDP比重预测(2000-
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2026-02-24
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图3-15日本养老金三大支柱参与人数趋势(千人,2002-2022年)
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2013-2024年月人均养老金情况
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机构定位:GPFG 是全球最大主权财富基金之一。挪威养老金三支柱体系分别为国家养老金、职业养老金和个人养老金,其中政府养老金是基础性社会保障制度的重要组成部分,分为政府养老金全球基金(GPFG)和政府养老金挪威基金(GPFN)两部分,前者为全球最大的主权财富基金,不直接运用于社会养老支出,而是养老储备金。(1)管理模式:挪威财政部指定管理条例,NBIM 负责运用和投资执行。挪威财政部对 GPFG 的运营管理完全负责,制定并委托管理的指导条例,挪威财政部将基金委托给挪威中央银行进行日常管理,由挪威中央银行下设的投资管理公司NBIM(Norges Bank Investment Management)负责具体运营和投资执行。(2)投资策略:大类资产配置、投资标的优选、动态调整。其中投资标的优选任务一部分交由委托管理人执行,主要投资于新兴市场等 NBIM不熟悉的领域。
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非银金融行业深度报告:促进投融资动态平衡养老金入市空间广阔-240308(37页).pdf
2006-2009年GPIF第一期中期目标资产配置结构权益占比约20%
银行理财、保险和基金产品纳入个人养老金体系下,合计规模约万亿元
我们测算2023Q3末企业年金中的养老金产品权益类资产规模占比6.3%
企业年金可投资于银行存款、股票、基金等产品,权益资产比例上限为40%
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