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According to official data, as of December 12th, the number of products that can be invested by individual pension in Public Offering of Fund has increased to 284, all of which have announced the establishment of Y share. This expansion is expected to have the following impact on the market:To sum up, the inclusion of the first batch of 85 index funds in the personal pension investment catalogue not only responded to the guidance of national policies, but also brought more incremental funds and investment options to the market, which is expected to have a positive impact on the expansion and stability of the market.Improvement of market stability: the entry of long-term funds into the market will help reduce short-term fluctuations in the market and improve market stability, which is of positive significance to the healthy development of the capital market.

According to official data, as of December 12th, the number of products that can be invested by individual pension in Public Offering of Fund has increased to 284, all of which have announced the establishment of Y share. This expansion is expected to have the following impact on the market:Underdevelopment of the third pillar: Compared with developed countries, the scale of the second and third pillar pensions in China is relatively low, which needs to be promoted through policy guidance.1.2 Impact of market expansion

Improve market efficiency: the transparency and low rate of index funds help to improve market efficiency, reduce transaction costs and increase investor participation.2.5 Investor Education and Financial Literacy ImprovementThe expansion of individual pension system is an important step in the development of multi-level pension insurance system in China, aiming at meeting the challenges brought by the aging population. According to the latest policy, the personal pension system will be extended to the whole country on December 15th, 2024, and the first batch of 85 equity index funds will be included in the catalogue of personal pension investment products. The implementation background of this policy is mainly based on the following points: