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

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 the question of "whether the securities firms involved in the submission plan as one of the first batch of pilot institutions", the relevant securities firms replied that "there is no clear statement at this stage." A brokerage company, who has not received the relevant "task", told the Securities Daily reporter to keep paying attention to this, but it should be arranged according to the regulatory authorities.

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 fund industry.

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 pension investment service chains. Important positioning of institutional investors.

It is necessary to enter the bureau

The policy surface has steadily promoted 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 said that from the above policy requirements and the practice of other countries, public funds are one of the important forces. The reason behind is that the pension investment naturally has long -term attributes, while public funds are the best investors for long -term investment. One of the professional tools.

Recently, the five departments such as the CSRC issued the "Opinions on Promoting the Development of Personal Pensions" and the publicity outline stated that personal pensions implemented a market -oriented operation, established the personal pension system model and formulated the "Opinions" process to fully respect the market rules. Fund account opening channels, determining participating in financial institutions and financial products, and sales channels for financial products shall be responsible for the financial regulatory authorities 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, the development of personal pension financial products can be promoted through the sales of securities firms.

"The entry of securities firms is necessary." Chen Li, chief economist of Chuancai Securities and director of the Institute, said in an interview with the Securities Daily that the investment allocation of personal pensions can also be regarded as the wealth management business For a new capacity, securities firms have a relatively sustainable and systematic service coverage of individual investors, and have certain advantages in business connection.

"For the securities firms itself, the personal pension financial product is the development of new businesses, increasing the channel for new profits. Existing customers often have the need to buy personal pension financial products, which can enhance customer stickiness, enhance customer loyalty . "Tian Lihui believes that with profitability and stable customer base is the basis for the growth of brokers, 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.

In Chen Li's opinion, realizing the value preservation and appreciation of assets and medium and long -term investment are one of the important directions, especially personal pensions, and they need to pay more attention to security. Brokers can provide corresponding professional investment research consulting services. This is also the future of securities firms. The key direction.

Fund product design needs specialization

In the future, securities firms sell personal pension financial products in the future, and will provide long -term stable funds for the public fund industry and even the entire capital market.

Xie Zhiyu said that for personal pension business, fund managers face three challenges: First, compared with mature markets, the proportion of A -share institutions is relatively small, and fund managers have room for relatively excess returns. Second, the public offerings 'investment and research capabilities must be transformed into customers' actual income, and they must continue to explore in the product to introduce and innovate pension fund products suitable for investors. Third, from investment research capabilities to products to customer income, "last mile" is still the investor.

As for how fund companies should design related products, Tian Lihui believes that, given the nature of personal pensions, it can become a relatively stable share holder of the fund, which is conducive to the steady growth and cyclical development of the fund. Fund companies should actively develop specific fund products suitable for personal pension investment, attract the integration of personal pension financial products, and optimize the micro -structure of the market holder market.

Chen Li said that because pensions attach great importance to the value preservation and value, they need to make differentiated characteristics in product design, such as increasing 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 is committed to controlling the fluctuations of the entire combination without reducing the expected return; it helps to reduce liquidity risks and credit risks. It is also more diversified. "Looking forward to the future, Yao Zeyu, chief analyst and executive general manager of the non -bank finance industry and fintech industry of CICC, said in an interview with the Securities Daily that it is expected to be personal pension by 2030 may be or will be will be will may be will may be will pension or will be about Welcome to 10 trillion yuan to 3 trillion yuan incremental funds. 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.

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