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符合投资条件的养老目标基金规模约892亿元
符合投资条件的养老目标基金规模约892亿元
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所属报告:
个人养老金:海外经验与中国发展-220907(24页).pdf
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我国养老目标基金多采取主动管理方式,配置以债券型基金为主。与美、日等海外市场青睐被动投资策略不同,我国养老目标基金多采用主动管理方式,原因在于我国权益市场波动较大,且指数类投资产品尚不丰富,难以满足养老金风险对冲的需求。未来随着我国 ETF 产品的发展和完善,具备“低费率”优势的被动管理占比预计会逐步提升。从前十大重仓基金来看,我国养老目标基金配置以债券型为主,2022Q2 占比超 80%,其次是混合型基金,占比约 11%,对于股票型基金的配置比例较少,仅为6%。参考海外先进市场经验,未来养老金增配权益资产将是确定性的趋势。短期来看我国个人养老金规模较小,资金流入预计难以对市场造成明显影响,但中长期持续稳定的长期资金入市有望降低市场波动,推动整体市场夏普比率的系统性抬升。
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当前图表所属:
个人养老金:海外经验与中国发展-220907(24页).pdf
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