Several wealth management companies not yet on the pilot list for pension wealth management products have submitted applications for relevant qualifications to the National Financial Regulatory Administration. The new batch of institutional qualifications is currently under review, with no clear approval news yet. If a new round of institutional listings materializes, it would mark the first substantial expansion of pension wealth management product supply since 2023. As of September 11, the average annualized return of pension wealth management products in China this year was approximately 1.64%, lower than the average of about 2.09% for all market wealth management products.