Heavy!A number of head securities firms are expected to sell personal pension financial products for personal pension financial products.

Wen | Chang School Yu Wang Ning

On June 21, a reporter from the Securities Daily was exclusively informed that the securities firms were expected to sell personal pension financial products in the future. At present, no more than 10 head securities firms have preliminarily communicated with regulatory authorities, and submitted related plans, system testing, etc. In the future, personal pensions may buy and sell related financial products through the brokerage system. Regarding whether the above -mentioned participation in the submission of the plan to the first batch of pilot agencies, the relevant brokerage firms replied, "there is no clear statement at this stage." The securities firms who have not received the relevant "task" said to the reporter of the Securities Daily, " Maintain attention to this, but specifically according to regulatory arrangements. For the capital market, if the securities firm sells personal pension financial products in the future, it is expected to further transport long -term stable funds for the development of public funds. The need for securities firms to enter the bureau is necessary to steadily promote the steadily implementation of the personal pension system. The "Opinions of the General Office of the State Council on Promoting the Development of Personal Pensions" (hereinafter referred to as "Opinions"), released on April 21, stated that personal pension funds account funds were used to purchase bank wealth management, savings deposits, commercial pension insurance, Public funds such as public funds are safe, mature and stable, standardized, and focus on financial products with long -term value preservation to meet different investors' preferences. Participants can choose independently. Xie Zhiyu, deputy general manager of the global fund and investment director of the Fund Management Department, told reporters from the Securities Daily that from the perspective of continuously providing high -quality investment capabilities to the capital market, public funds are different from other institutional investment in the pension investment service chain. The important positioning of the person. From the perspective of the above -mentioned policy requirements and the practice of other countries, public funds are one of the important forces and even play the role of the main force. One of the best professional tools. On June 10, the Five departments and other departments of the CSRC issued the "Opinions on Promoting the Development of Personal Pensions" to the publicity outline stating that personal pensions implemented a market -oriented operation, established the personal pension system model and formulated the "Opinions", and fully respect the market. The rules are responsible for the financial regulatory authorities in terms of fund account opening channels and determining financial institutions and financial products, financial products, and sales channels for financial products, and do not have adverse effects on the financial market. For personal pensions or to purchase financial products through securities firms, Tian Lihui, Dean of the Institute of Financial Development, Nankai University, told the Securities Daily that personal pensions can invest in four types of different risks financial products, which can meet different investors' different investment Preferences. For the asset allocation of individual investors, securities firms have richer experience, and have a relatively integrated business relationship with banks, insurance and public funds. In fact, many securities firms hold or hold public funds. Therefore, securities firm sales can significantly promote the development of personal pension financial products. "The entry of securities firms is very necessary." Chen Li, chief economist of Chuancai Securities and director of the Institute, analyzed in an interview with the Securities Daily reporter that the realization of asset preservation and appreciation and medium- and long -term investment are one of the important directions. In particular, personal pensions need to pay more attention to security. Brokers can provide corresponding professional investment research consulting services, which is also the key direction for future brokers. "For the securities firm itself, the personal pension financial product is the development of new businesses and can form a new source of profit. Existing customers often have the needs of personal pension financial products, so they can enhance customer stickiness and enhance customer loyalty Degree. "Tian Lihui believes that with profitability and stable customer base is the basis for the growth of securities firms, and the healthy growth of the securities firm's market entity is the basic requirements and important starting points for the high -quality development of the capital market. Fund product design needs to be characterized by Xie Zhiyu. For personal pension business, fund managers are facing three challenges: First, compared with mature markets, because A -share institutions account for relatively small proportion, fund managers are striving for relatively excess returns space. Second, the public offerings' investment and research capabilities must be transformed into the actual income of customers. "Products" are very important. It is necessary to continue to explore in the product and introduce and innovate pension fund products suitable for investors. It is a continuous homework. The third is from investment research capabilities to products to customer income, "last mile" is still the investor. As for how the fund company designs related products, Tian Lihui believes that, given the nature of personal pensions, personal pension financial products are medium- and long -term funds, and can become a relatively stable share holder of the fund, which is conducive to the steady growth and cycle development of the fund. Essence Major fund companies should actively develop specific fund products suitable for personal pension investment, thereby attracting the integration of personal pension financial products, and optimizing the micro -structure of the market holder market. Chen Li suggested that the securities firm sells personal pension financial products on behalf of the personal pension, which is convenient for individual investors to serve more services. For the trustee fund, because the pension attaches great importance to the particularity of the value preservation and value, it needs to be made from product design. Increase the configuration ratio of fixed -income bond products, more valuation and profit analysis on equity products. Lin Guohuai, director of the FOF Investment and Financial Engineering Department of the Global Fund, suggested that the use of FOF for personal pension services will be more conducive to the role of asset allocation.

"FOF can help investors to choose fund selection, and can strive to control the fluctuations of the entire combination without reducing the expected rate of return; There are many categories, and the source of income is more diverse. "Looking forward to the future, Yao Zuyu, chief analyst and executive general manager of the non -bank finance industry and fintech industry of CICC Company, predicts that in an interview with the Securities Daily reporter, it is expected that by 2030 Personal pensions may usher in incremental funds of 10,000 to 3 trillion yuan. The neutral assumes that the market space is 2.3 trillion yuan, accounting for about 0.4%of Chinese residents' financial assets in 2030. Although from the perspective of potential income contributions, the incremental increase in the industrial chain institutions of personal pensions is relatively limited, but by meeting the rigid demand of customers' pension, it will help the expansion of the wealth management customer base, the enhancement of user stickiness, and the improvement of brand effects in financial institutions. Bring additional funds and service needs. Recommended reading

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