Measures for the Administration of Enterprise Annuity Funds

Article 48 The enterprise annuity fund property of each investment portfolio shall be managed by an investment manager, and the enterprise annuity fund property shall be calculated according to the fair value of the investment portfolio, which shall meet the following requirements:

(1) The proportion of investment bank demand deposits, central bank bills, bond repurchase and other liquid products and money market funds shall not be less than 5% of the net asset value of the investment portfolio enterprise annuity fund; Liquidation reserves, securities clearing funds and securities subscription funds in the primary market are regarded as liquid assets; The proportion of investment bonds being repurchased shall not be higher than 4% of the net asset value of the portfolio enterprise annuity fund.

(2) The proportion of fixed-income products such as investment bank time deposits, agreement deposits, treasury bonds, financial bonds, enterprise (company) bonds, short-term financing bonds, medium-term notes, universal insurance products, convertible bonds (including convertible bonds with separate transactions), bond funds and investment-linked insurance products (the proportion of stock investment is not higher than 3%) shall not be higher than 95% of the net asset value of portfolio enterprise annuity funds.

(3) The proportion of investment in equity products such as stocks, stock funds, hybrid funds and investment-linked insurance products (the proportion of stock investment is higher than or equal to 3%) shall not be higher than 3% of the net asset value of the enterprise annuity fund of the portfolio. Among them, the enterprise annuity fund may not directly invest in warrants, but warrants derived from investment in stocks, convertible bonds and other investment products shall be sold within 1 trading days from the date of listing and trading of warrants.