Seoul Economic Daily EnglishDoubao · 实盘不做把握 8/10不做原因:风险收益比不佳
北京时间·🕒 发布 15:56:15(首尔 16:56)·⟳ 抓取 16:11:01 +14m46s·⚡ 决策 10-26 16:12:47 +1m46s·1.3 天前
韩亚证券退休养老金长期收益率在韩国券商中排名第一，但属周期性荣誉披露、交易增量有限
这是基于监管门户数据的历史投资业绩排名和公司品牌宣传，没有订单、盈利指引、资本回报或重大业务变化；直接主体未独立上市，母公司韩亚金融集团的受益链条间接且增量无法量化，短线风险收益比不足。
📄 原文Seoul Economic Daily English↗ 原文
Hana Securities Tops Brokerages in Long-Term Pension Returns
Hana Securities said it ranked first among South Korean brokerages in five-year, seven-year and 10-year returns on non-…
不做 Hana Financial Group（086790.KS）
收益率夺冠仅具品牌和募资宣传意义，未量化管理费与利润增量；韩亚证券本身未独立上市，韩亚金融集团作为多元化金控的间接敞口太小，短线风险收益比不足。
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研究档案
结论摘要
韩亚证券退休养老金长期收益率夺冠具有正面品牌意义，但数据为截至三季度的历史表现且未给出新增利润量级；直接主体不可交易，母公司敞口过于间接，因此不做。
🔎 新鲜度:最早出现 2026-10-26 · 扩散 low · price-in 风险 low ↗
关键理由
- DC和IRP资产年内分别增长36.5%和38.8%，说明退休金业务规模扩张较快，可能强化长期募资能力。
- 但收益率排名本身不是新增收入或利润公告，且未披露该业务对韩亚金融集团盈利的贡献比例。
主要风险
- 历史收益率受市场波动影响，未来不能持续，排名的营销意义大于短期财务意义。
- 若韩国市场将金融股退休金竞争力作为主题交易，韩亚金融集团可能出现情绪性反弹，但缺乏足够证据支持可交易幅度。
先例如何影响了这次决策
方向:未采用历史先例定价；韩国券商退休养老金收益率排名属于品牌/相对业绩披露，并非明确的盈利超预期或重大订单事件。
涨幅量级:缺少可直接交易的韩亚证券独立上市股票，且母公司财务弹性不明，未用先例校准止盈止损。
形态:未发现足以支持入场的事件结构；此类定期排名通常更偏公关传播，不能据此推断短线正收益。
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原文全文
展开原文 · 1,626 字
Hana Securities said it ranked first among South Korean brokerages in five-year, seven-year and 10-year returns on non-principal-guaranteed defined contribution (DC) retirement pension products.
According to disclosures on the Financial Supervisory Service's integrated pension portal on the 26th, Hana Securities posted average annual returns of 8.03% over five years, 8.88% over seven years and 7.21% over 10 years on its non-principal-guaranteed DC products as of the end of the third quarter. Hana Securities said those were the highest figures among all domestic brokerages.
Shorter-term returns on DC plans came to 18.72% over one year and 16.32% over three years. The one-year return on non-principal-guaranteed individual retirement pension (IRP) products was 18.50%, ranking first among the top 10 firms in the brokerage industry.
Retirement pension assets also grew. So far this year, Hana Securities' DC assets rose 36.5% and its IRP assets climbed 38.8%. In the annual assessment of retirement pension providers conducted by the Ministry of Employment and Labor, the firm has been named a top 10% provider in non-principal-guaranteed returns for four consecutive years.
"As the share of investment products centered on ETFs rises in DC and IRP plans and stock market volatility widens, the asset management capability of a retirement pension provider becomes even more important," said Kim Seung-kyun, head of Hana Securities' pension business division. "We will diversify across a range of quality assets and strengthen customized consulting that matches client needs, contributing to improved long-term returns."
According to disclosures on the Financial Supervisory Service's integrated pension portal on the 26th, Hana Securities posted average annual returns of 8.03% over five years, 8.88% over seven years and 7.21% over 10 years on its non-principal-guaranteed DC products as of the end of the third quarter. Hana Securities said those were the highest figures among all domestic brokerages.
Shorter-term returns on DC plans came to 18.72% over one year and 16.32% over three years. The one-year return on non-principal-guaranteed individual retirement pension (IRP) products was 18.50%, ranking first among the top 10 firms in the brokerage industry.
Retirement pension assets also grew. So far this year, Hana Securities' DC assets rose 36.5% and its IRP assets climbed 38.8%. In the annual assessment of retirement pension providers conducted by the Ministry of Employment and Labor, the firm has been named a top 10% provider in non-principal-guaranteed returns for four consecutive years.
"As the share of investment products centered on ETFs rises in DC and IRP plans and stock market volatility widens, the asset management capability of a retirement pension provider becomes even more important," said Kim Seung-kyun, head of Hana Securities' pension business division. "We will diversify across a range of quality assets and strengthen customized consulting that matches client needs, contributing to improved long-term returns."
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