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一 |     个人养老金基金名录在三季度再度扩容。    

RALEIGH, N.C. – The 2024 election promises to feature several major battlegrounds, but for sheer breadth of competitive contests, North Carolina next year will be hard to beat.
It starts with the presidential race. Recent presidential contests in North Carolina have been close: In 2020, Donald Trump won North Carolina by about 74,000 votes out of more than 5.5 million cast. Experts expect a competitive race again in 2024.
In addition, a newly empowered GOP majority on the North Carolina Supreme Court is poised to redraw the congressional map to benefit Republicans, producing the possibility of competitive races.
Meanwhile, the parties will fiercely contest both chambers of the legislature, which the GOP currently controls by narrow supermajorities, thanks to a Democrat-to-Republican party-switcher in the state House earlier this year. That party switch, by state Rep. Tricia Cotham, now enables Republicans to enact a strongly conservative agenda over the vetoes of Democratic Gov. Roy Cooper if they wish.
Cooper, for his part, is term-limited, teeing up a knock-down, drag-out contest to succeed him, likely between Democratic Attorney General Josh Stein and Republican Lt. Gov. Mark Robinson.
And that isn’t it for falling dominoes: The decisions by Stein and Robinson to seek the governorship leave their old offices of attorney general and lieutenant governor up for grabs in 2024, joining the GOP-held offices of state treasurer and labor commissioner as open-seat contests. The Democratic-held offices of secretary of state and auditor and the Republican-held offices of schools superintendent, insurance commissioner and agriculture commissioner will also be contested in 2024, with varying degrees of competitiveness.
In other words, in 2024, North Carolina will be one of the centers of the political universe – important in part because it’s a uniquely competitive state.
“There’s no telling who will win in 2024, but I’d bet half-court tickets to the UNC-Duke game that it will be close and North Carolina will retain its title as the definition of ‘purple,’” says Chris Cooper, a Western Carolina University political scientist (and no relation to the governor).
In recent years, North Carolina has mostly hosted close statewide races. During the 2020 and 2022 elections, North Carolina held 16 federal and state races for statewide office – and no candidate in any of them won more than 54% of the vote.
In addition, unlike most states in this highly polarized age, North Carolina has elected a thorough mix of Democrats and Republicans to statewide executive offices, which suggests that voters in the state – or at least a crucial subset of them – are willing to split their tickets.
The Republicans have done best in Senate and presidential contests. In those races, the GOP has kept a consistent – if modest – edge. It’s been a decade and a half since a Democrat has won one of those races. The last to win were Kay Hagan for Senate and Barack Obama for president, both of them way back in 2008.
“North Carolina has proved to be a purple state, but not necessarily a swing state,” says Cooper, the political scientist. “The statewide outcomes have been among the closest in the country, but Republicans have found themselves just on the winning side of the razor’s edge for presidential and Senate elections.”
The most intriguing contrast one can draw for North Carolina is with one of its neighbors to the south. Could North Carolina follow Georgia’s path in voting blue for Senate and presidential elections?
For the better part of two decades, Georgia, like North Carolina, had voted consistently Republican in key federal races – until 2020. That year, Democrats Jon Ossoff and Raphael Warnock won uphill, and narrow, victories for Senate seats, while Biden was winning the state in the presidential race. In 2022, Warnock won another close election to a full six-year term.
In an era when urban areas have grown bluer by the year, Georgia has seen its major metro area – Atlanta – steadily move toward the Democrats. In 2000, metro Atlanta backed Republican George W. Bush by 4 points. By 2020, the Atlanta metro area backed Biden by 28 points, a whopping 32-point shift.
North Carolina’s biggest metro areas saw a similar pattern.
North Carolina’s Raleigh-Durham metro area backed Gore in 2000 by less than a point. Two decades later, Biden won it by 26 points. The state’s most populous county, Wake County (which includes Raleigh and Cary), favored Bush in 2000 by about a point, but backed Biden by 27.
Similar patterns held in the North Carolina portion of the Charlotte metro area. In 2000, Bush won the Charlotte metro area by 18 points. But by 2020, Biden won the region by 4 points – a 22-point shift. The state’s second largest county, Mecklenburg County (which includes Charlotte), voted for Bush by almost 3 points in 2000 but Biden by a massive 36 points.
Such shifts helped the Democrats narrow the statewide gap substantially in North Carolina. In 2000, Bush defeated Gore statewide by 13 points, whereas Trump defeated Biden by about 1 point.
But these shifts weren’t enough to tip the state to the Democrats in the presidential race. A big reason why: Raleigh-Durham and Charlotte don’t have as large a footprint in North Carolina as metro Atlanta does in Georgia.
In 2020, Atlanta’s metro counties accounted for just shy of a majority of votes cast in Georgia – 49%, up from 46% in 2000. So even as outlying Georgia was growing redder – backing Bush by 19 and Trump by 26 – Democrats were able to turn a 12-point statewide loss by Al Gore in 2000 into a narrow victory for Biden in 2020.
By contrast, the Raleigh-Durham and Charlotte metro areas account for a minority of the state’s voters, growing from 36% of the votes cast in 2000 to 42% in 2020.
In other words, in North Carolina, the Democratic gains in the two big metro areas were nearly canceled out by the large and growing GOP margins elsewhere.
“North Carolina has the second most rural voters in the country after Texas, so running up the score in Raleigh-Durham and Charlotte won't get you victory the way Atlanta does in Georgia,” says Cooper, the political scientist. “There’s been a massive Republican gain in rural areas”
Over the next quarter-century, Wake and Mecklenburg counties are projected to grow dramatically faster in population than most other North Carolina counties, according to calculations by the state’s Board of Science, Technology & Innovation. Over the long term, this could make the state bluer.
But for now, North Carolina’s political balance of power belongs in the hands of “countrypolitan" counties, a term coined by Mac McCorkle, a longtime North Carolina consultant who now teaches at Duke University's Sanford School of Public Policy, and Rachel Salzberg.
These 28 counties sit within the economic and commuting orbit of North Carolina’s metro areas, but they’re located on the outlying edge, and they lack the racial diversity, college attainment levels and higher incomes that increasingly align with voting Democratic.
By McCorkle’s and Salzberg’s calculations, “countrypolitan” counties backed Trump in 2020 by a gaping 63%-36% margin, and collectively they provided Trump with about 50% more raw votes than North Carolina’s 50 most rural counties did.
That’s a major reason why Republicans have remained modestly ahead in North Carolina, at least in high-profile federal races, experts say.
To do well in North Carolina, says Western Carolina’s Cooper, “Democrats don’t have to win the rural vote, but they have to avoid getting pummeled.”
This is the goal of Anderson Clayton, the newly installed head of the state Democratic Party. At 25, Clayton, an Appalachian State University graduate, is the youngest state Democratic chairman in the nation.
“One of the things that I think that I learned from being on national campaigns is that a lot of times the national party is not looking at rural places like they should be,” Anderson told an audience in Union County, according to The Washington Post. “They’re looking at it as a place of a problem. And for me, I got really frustrated with that. It was part of the thing that called me home.”
This advice doesn’t just hold for presidential and Senate races, political observers say. It will also help determine whether Democrats can stay competitive in North Carolina’s state-level offices or whether Republicans start running away with them.
Since the dawn of the 20th century, North Carolina has elected only three Republican governors – one for a term in the 1970s, one for two terms in the 1980s and 1990s, and one for a term in the 2010s.
Historically, the successful Democratic model for winning North Carolina gubernatorial races has been to nominate a candidate who can win in metro areas but who hails from less populated regions of the state and connects with voters there. A good example is the current governor, who helped his family farm tobacco while growing up.
But the pool of potential Democratic candidates from more rural areas “has dried up,” says Rob Schofield, the editor of the online publication NC Newsline. Lining up Democratic candidates to run everywhere, as Clayton seeks to do, will be challenging.
“That counts on people running even if they know they will lose and be sacrificed, which is a hard sell,” says Ferrel Guillory, an emeritus professor of political science at the University of North Carolina.
In any case, the likely 2024 Democratic gubernatorial nominee, Stein, is set to break his party’s historic mold. Stein, a former legislator who has won two terms as attorney general, grew up in Chapel Hill, home of the University of North Carolina, and earned his undergraduate degree from Dartmouth and a law degree and a master’s of public affairs from Harvard.
Meanwhile, Stein’s potential Republican opponent also represents departure from past Republican gubernatorial candidates, who have tended to be economic conservatives from metro areas: Robinson is an outspoken social conservative who has flirted with conspiracy theories, ranging from the moon landing to crisis actors in school shootings.
Robinson doesn’t have a clear path to the nomination. In the primary, he faces state Treasurer Dale Folwell, former Congressman Mark Walker, former legislator Andy Wells and retired health executive Jesse Thomas. But he’s considered the front-runner, due to a strong core of support in a state where, by law, 30% plus one is enough to win a primary.
If the race comes down to Stein and Robinson, as conventional wisdom suggests, “it will be an epic and titanic battle that will be bitterly divided and deeply polarizing,” says Michael Bitzer, a professor of politics and history at Catawba College. “Probably the most expensive gubernatorial race in the nation for next year, and it may break state records.”
One unknown for now is how the Republican supermajority flexes its expanded policy muscle.
After years of opposition, the GOP legislature in March passed legislation to expand Medicaid under the Affordable Care Act, and Cooper quickly signed it. But after Cotham’s party switch produced a supermajority, Republicans sidestepped Cooper’s veto and passed a 12-week abortion ban, which is being challenged in court.
Passage of the abortion ban could energize Democrats, as it has in other purple and even red states. This could be exacerbated if the GOP passes other laws popular with the party’s socially conservative base but unpopular among moderates. Robinson’s candidacy, too, risks scaring off Republican moderates.
“When the Republicans moved to find some way to accept Medicaid expansion, to me that reflected that, wow, these guys may be understanding their rough edges,” McCorkle says in an interview. “Then the abortion law happens and then Robinson happens. That could explode things.”
John Hood, president of the John William Pope Foundation, a grant-making foundation, says he believes Republicans in the legislature are “realistic.”
“They recognize that either Stein will be governor or Robinson will be governor, and they don’t trust either,” Hood says.
Ultimately, the noise from the presidential race, especially if Trump is the GOP nominee, could drown out everything else down-ballot.
“The national networks and media may be so consumed by the presidential election that state issues may not affect the public’s mind,” Guillory says.
。                   10月20日,经济观察报记者从证监会发布的《个人养老金基金名录》获悉,截至9月末,个人养老金基金产品总数已达到302只,较二季度末新增8只。                   今年,在权益市场回暖的推动下,个人养老金基金这类主打长期稳健的养老投资工具,交出了平均净值增长超15%、最高收益达46%的“成绩单”。

二 |                    在业绩与规模齐飞之际,个人养老金基金产品间的分化也在加剧。面对临近年末的投资窗口,投资者该如何抉择?                    指数增强基金成扩容主力                    此次个人养老金基金扩容,呈现出鲜明的“精准匹配”特征。

三 |                    在三季度新入围的8只产品中,指数增强型基金占据五席,成为绝对主力,它们主要跟踪中证500指数和沪深300指数;此外还包括两只养老目标基金中基金(FOF)以及一只ETF联接基金。

四 |                    具体来看,入围的8只产品分别为国泰海通中证500指数增强型证券投资基金、天弘中证500指数增强型证券投资基金、招商沪深300指数增强型证券投资基金、博道中证500指数增强型证券投资基金、华夏创业板交易型开放式指数证券投资基金发起式联接基金、宏利沪深300指数增强型证券投资基金、安信平衡养老目标三年持有期混合型发起式基金中基金(FOF)、南方康乐养老目标日期2045三年持有期混合型发起式基金中基金(FOF)。                   一名市场分析人士指出,监管与机构此番共同发力中大盘指数增强产品,意在呼应养老资金的核心诉求。

五 |                    “养老投资追求的是长期稳健增值,需要与未来的支出相匹配。”上海一名专注养老产品的公募基金经理分析道:“中证500和沪深300这类宽基指数,波动性相对可控,长期收益稳定性经过市场检验,其成分股多为各行业龙头企业,兼具成长性与一定的估值防御性,尤其适合作为养老资产配置的‘基石’。”                    此次扩容进一步丰富了个人投资者的选择。目前,个人养老金基金销售渠道保持稳定,共有52家机构入围销售机构名录,包括25家券商、19家商业银行和8家独立基金销售机构。                   权益资产为收益引擎                    今年以来,个人养老金基金的业绩表现较为亮眼。                   根据Wind数据统计,截至10月17日,全市场302只个人养老金基金中,仅有1只产品年内收益为负,其余301只均实现正收益,整体平均单位净值涨幅达到15.13%。                   高收益产品阵营表现尤为突出。

六 | 据统计,年内回报率超过30%的产品有19只,其中多只为跟踪科创板、创业板指数的基金。例如,天弘、易方达、鹏扬、华夏等基金公司旗下的中证科创创业50ETF联接基金的Y份额(为个人养老金账户设置的单独份额类别),年内涨幅均超过44%,天弘旗下产品更是以46.37%的涨幅暂居榜首。                   业绩的强势反弹得益于多重因素。北京某大型公募的养老业务部负责人表示:“一方面,今年权益市场出现了明显的结构性行情,科技、医药等板块表现活跃,带动了相关指数基金和部分主动管理型产品净值回升;另一方面,个人养老金账户资金封闭运行的特点,有效避免了投资者因市场短期波动而频繁交易,使得长期投资策略能够更好地发挥作用。

七 | ”                    南方基金FOF投资部总经理李文良也指出,个人养老金基金的Y份额通常权益资产配置比例较高,在股市上行周期中更能捕捉上涨机会,中长期来看,也更能分享上市公司盈利增长带来的成果。

八 |                    规模与分化并存                    优异的业绩成为吸引资金流入的“磁石”。Wind数据显示,截至今年二季度末,市场上已有的290只个人养老金基金Y份额总规模合计达到124.05亿元。与去年末相比,产品数量增长10.27%,规模增幅达到35.7%。                   值得注意的是,去年末才被纳入个人养老金投资范围的首批指数基金,在短短半年多时间里展现出惊人的增长势头。该批产品总规模已突破15亿元大关,较去年末激增近4倍。

九 | 例如,华泰柏瑞基金旗下的一只红利低波ETF联接Y份额,规模已达1.87亿元,较2024年底增长超过三倍。                   在整体规模增长的同时,产品间的分化现象也日益凸显。

十 | 数据显示,截至二季度末,全市场仅有一只个人养老金Y份额规模超过10亿元,而绝大部分产品规模仍不足2亿元。                   晨星(中国)基金研究中心高级分析师吴粤宁对此解读道:“国内养老目标基金发展历史尚短,投资者对这类产品的认知和理解仍在深化过程中。目前呈现出两个特点:一是头部基金公司凭借品牌和渠道优势,更容易获得投资者青睐;二是部分资金倾向于流向风险等级较低、最短持有期较短的产品,这反映出部分投资者仍偏好较为灵活或保守的配置。

十一 | ”                    布局正当时?                    随着四季度来临,通常被视为个人养老金账户资金注入和产品配置的关键时期。业内人士普遍认为,当前是审视和调整个人养老金投资组合的较好时点,投资者再选择产品时                    应兼顾“长期趋势”与“风险分散”。                   招商基金资深策略分析师田悦提出,投资者可以股债均衡配置为基础,重点关注符合国家长期发展战略的三大领域:科技创新(如硬科技、人工智能)、消费升级(如品质消费、银发经济)、高端制造(如新能源、高端装备)。这些赛道有望在未来持续受益于经济结构转型,与养老资金长期增值的需求相契合。                   国泰基金则从大类资产配置角度分析认为,当前商品、海外资产、A股均存在明显机会,债券资产则需通过择时操作来获取基础收益。在具体A股投资上,他们更倾向于关注那些经历超跌、具备中长期增长潜力的行业,例如新材料、新能源产业链以及金属产业链等。                   在受访的多位机构人士看来,个人养老金市场的发展潜力依然巨大。去年底,个人养老金制度已在全国范围内实施,产品范围也扩展至国债、特定养老储蓄和更广泛的指数基金。                   建信基金FOF投资及投资顾问团队主管孙悦萌透露,公募基金在养老投资策略上正不断迭代,未来养老目标基金还可能纳入公募REITs等更多元化的资产类别,以丰富收益来源。                   个人养老金基金市场正步入“量质齐升”的新阶段。

十二 | 产品名录的持续扩容,特别是更具策略性的指数增强基金的加入,为投资者提供了更精细化的工具。

十三 | 年内显著的业绩回报,无疑增强了这类产品的吸引力,也为制度的长期推广注入了强心剂。                   然而,繁荣背后,产品规模的分化警示着行业仍需在投资者教育、产品创新和精准营销上深耕。

十四 | 而对投资者而言,年末是规划养老的重要窗口,但更重要的是,抛开对短期高收益的追逐,真正基于自身生命周期、风险承受能力和长期养老目标,构建并坚守一个科学、分散的投资组合。毕竟,养老投资,是一场贯穿数十年的马拉松,而非短跑冲刺。

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