20230804_平安证券_前瞻性产业行业全球公共养老金研究系列报告：加拿大CPP追寻财务可持续的终极答案_37页.pdf

CPP 2023 8 4 GPFG 2023.5.14 S1060516070001 S1060521110001 S1060122070019 shiy CPP ESG CPP CPP CPP 1997 2015 CPP CPP CPPI 2023 CPP 5700 CPP CPP CPP CPPI CPP CPP CPP CPPI CPP CPP 7.95%2/37 ESG CPP ESG ESG CPP 35GW CPP 2022 1 CPP CPP CPPI 75 2 CPP+3 CPP 4 CPP ESG ESG 1 CPP 2 CPP 3 CPP 1 CPPI CPPI 2023 1ZCXxOtOmPpOpRoNrMtMnMbRcM9PpNnNpNmPlOpPuMkPnNtM9PnMmRNZtRoQuOnNqR 3/37 CPP“”.6 1.1 CPP.6 1.2 CPP.7.9 2.1.10 2.2.12 2.1.1.12 2.2.2.13 2.2.3 CPP.17 2.3.18.22 3.1.22 3.1.1.23 3.1.2.24 3.2.25 3.2.1.25 3.2.2.27 3.2.3.28 3.3 2023 CPP.29 ESG.30 4.1 ESG.30 4.2 ESG.33 CPP.34.36 4/37 1 CPPI.2 2%.6 3%.6 4“”.7 5 CPP%.8 6 2021 2022.9 7 2016-2021.9 8 CPPI.10 9 CPP.11 10 CPP.11 11 CPP+.11 12 CPPI.12 13 CPP.13 14 CPP.13 15 CPP CPP.14 16 CPP Preference Portfolio.14 17 CPPI 2023.16 18 CPP 2016-2023.16 19 CPP 2016-2023.17 20 CPPI.18 21 CPP.19 22 CPP.19 23 CPP.20 24 CPP 2023.21 25 CPP.21 26 CPP.22 27 CPP 1999-2023.23 28 CPP.23 29 CPP 1999-2023.23 30 CPP 2007-2023.24 31 CPP%.24 32 CPP%.24 33 CPP 2010-2023.25 5/37 34 CPP.26 35 CPP.26 36 CPP 2008-2023.26 37 CPP 2007-2023.27 38 CPP%.28 39 CPP%.28 40 CPP%.28 41 CPP%.28 42 CPP.29 43 CPP CPP.29 44 CPP 2023.3.31.29 45 2023 CPP.30 46 2023 CPP%.30 47 GSR 10.31 48 CPPI ESG.32 49 CPPI ESG.32 50 CPP ESG.32 51 CPP.33 52 CPP.33 53 CPP.34 6/37 Canada Pension Plan 1960 2.3%2021 0.55%1.2 1960 2021 0-14 33.89%15.73%65 7.68%18.52%1 CPP CPP CPP 2%3%CPP CPP CPP 1997 2015 CPP CPP CPPI 2 2023 3 31 CPP 5700 1.1 CPP OAS GIS 65 CPP QPP QPP CPP PRPP DPSP RPP 1 60 10%65 7%65 14%65 20%2 CPP Investment Board CPPIB 2020 CPP Investments CPPI 0.00.51.01.52.02.53.01960196419681972197619801984198819921996200020042008201220162020加拿大人口增长率（%）警戒线（%）0%10%20%30%40%19601965197019751980198519901995200020052010201520200-14岁 65 岁及以上 7/37 RRSP TFSA CPP QPP CPP CPP CPP 2/3 CPP 65 0.6%60 36%0.7%70 13000/CPP CPPI 4 1.2 CPP CPP 1966 CPP QPP QPP CPP 1993 17%CPP 31%CPP CPP 2015 CPP 1997 3 CPPIB CPP 1997 Canada Pension Plan Investment Board Act CPP 1997 3.6%2003 9.9%2030 CPPIB CPP Base CPP CPP 3 2012 2017 8/37 CPPIB CPPI CPP 1999 CPPIB CPP 2 016 2012 24%40%2016 CPP Enhancement 2019 CPP 25%33.3%2019-2023 4.95%5.95%2024 CPP Additional CPP CPP CPP CPPI CPP CPP 2006 10.91%2023 5700 CPPI 1999 1200 CPPI 2003 CPPI CPPI CPP 2006 CPP 10.91%55 2023 3 31 5700 2028 5000 CPPI CPP 31 CPPI 2050 3.5 5 CPP%CPPI CPP Pension&Investments 2022 3 31 CPP CPP 4270 2021 2016-2021 5700356206%-20%-15%-10%-5%0%5%10%15%20%25%30%050001000015000200002500030000350004000019992001200320052007200920112013201520172019202120232025202720292031203320352037203920412043204520472049实际资产（亿加元）计划资产（亿加元）增长率（%，右轴）9/37 CPP CAGR 9.4%6 2021 2022 2021 2022 1 1720 1 1731 2 1306 2 1437 3 765 3 798 4 651 4 774 5 607 5 630 6 448 6 497 7 426 7 427 8 391 8 407 9 350 9 375 10 307 10 315 Pension&Investments 7 2016-2021 Thinking Ahead Institute CPP CPP CPP CPPI CPP CPP-5%0%5%10%15%20%25%0500100015002000日本挪威韩国荷兰加拿大中国新加坡法国芬兰马来西亚俄罗斯台湾科威特丹麦澳大利亚印度南非德国越南墨西哥瑞士智利巴西哥伦比亚新西兰泰国菲律宾意大利卢森堡葡萄牙资产规模（十亿美元）资产规模年均复合增长率（2016-2021，%）10/37 CPP 2.1 CPP CPPI Canada Pension Plan Investments CPP CPP CPPI CPPI CPPI T otal Fund Management Capital Markets and Factor Investing 2019 CPPI Active Equities Private Equity Credit Investments Real Assets 8 CPPI CPPI+CPP 2016 CPP CPP CPPI 2018 CPP 11/37 2021 CPP 2021 CPP 2060 CPP CPP CPP CPP 9 CPP 10 CPP CPP 2023 CPP 2023 CPPI 2019 CPP CPP CPPI CPP CPP CPPI Two-pool investment structure CPP 2019 CPP CPP CPP CPP CPP CPP CPP CPPI CPP CPP CPP CPPI CPP 11 CPP+CPPI 2023-600-400-20002004002015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070收入 支出 净现金流-150-100-500501002019 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070收入 支出 净现金流 12/37 2.2 CPPI 1999 CPPI CPPI CPPI 2023 12 CPPI 时间 主要投资策略变化 1999 第一次通过股票市场指数投资于公开交易的加拿大和外国 股票。（被动股权投资）2001 启动 私募股权 和实体资产 投资计划，最初通过外部资金，后来越来越多地通过直接投资。2003 启动了股票投资组合的基准指数的内部管理。2004 启动了一定程度的 积极股权管理，并收购了我们的首批 基础设施资产，包括收费高速公路、供水设施以及发电输电系统。2005 取消对 非加拿大资产投资 的所有法定限制，扩大了在全球发达经济体和新兴经济体的投资。这逐渐减少了基金对于狭隘的加拿大经济和资本市场的依赖。2006 作出战略性决定，逐步从主要以指数为基础的投资 转向更积极的投资选择，以充分利用我们的比较优势。为了问责，设立了低成本、易于投资的参考投资组合，作为基金回报的被动投资基准。2007 开始主要持有加拿大和七国集团（G7）工业化 国家政府债券（除了 1999 年继承的传统 CPP 债券）。这有助于我们在整个投资组合中保持股权、实体资产和债务投资的理想平衡，而不会过度依赖或被加拿大市场影响。2009-2014 将投资扩展到私人债务和商业财产抵押（2009 年）、知识产权收入例如药品专利使用费（2010 年）、农业土地和其他自然资源持有量（2013 年）和主题投资（2014 年）。2014-2017 扩大了与外部合作伙伴共同管理的公开市场战略的范围和规模。还对拥有经验丰富的管理团队的运营公司进行了大量 直接投资，作为在特定行业或地区建立规模的有效方式。2017-2018 在 C-26 法案通过后，开始计划进行必要的结构性修改，以适应与额外 CPP 相关的资产的公平和有效的未来投资。2018 年发行了第一支绿色债券，这是全球市场上第一支养老基金发行的绿色债券。2019 开始管理附加 CPP 账户，设计“双资金池”的投资结构。CPPI 2.1.1 CPPI CPPI 4 CPP 75 CPP CPPI CPPI CPP CPP 4 Minimum level of market risk CPPI 2022 13/37 13 CPP CPPI 2023 2.2.2 CPPI CPP 75 CPP CPPI CPPI 14 CPP CPPI 2023 14/37 1.CPP CPP CPP CPP CPP CPP CPPI2023 CPP/50%/50%/85%/15%CPP/40%/60%/55%/45%CPP CPP 15 CPP CPP 基础 CPP 附加 CPP 最低市场风险水平 目标市场风险水平 最低市场风险水平 目标市场风险水平 全球公开市场股票（Global Public Equities）50%85%40%55%加拿大政府债券（Canadian Governments Bonds）50%15%60%45%CPPI 2023 CPPI 2007-2015 CPP 2016 CPP CPP+2007-2015 CPP 65%25%10%40%55%2016 65%2019 85%CPP CPP CPP 2007-2015 CPP 35%2010-2015 5%2016 35%2019 15%CPP CPP 2023 CPP 85%15%CPP 55%45%16 CPP Preference Portfolio 基础 CPP 账户 加拿大股票 海外股票 加拿大名义回报债券 加拿大实际回报债券 海外债券 发达经济体股票 新兴经济体股票 2007 25%40%25%10%-2008 25%40%25%10%-2009 25%40%25%10%-2010 15%45%5%25%5%5%2011 15%45%5%25%5%5%15/37 2012 10%55%-30%-5%2013 10%55%-30%-5%2014 10%55%-30%-5%2015 10%55%-30%-5%基础 CPP 账户 全球股票（包括加拿大）加拿大政府债 2016 72.0%28.0%2017 78.0%22.0%2018 82.5%17.5%2019 85.0%15.0%2020 85.0%15.0%2021 85.0%15.0%2022 85.0%15.0%2023 85.0%15.0%附加 CPP 账户 全球股票（包括加拿大）加拿大政府债 2019 50.0%50.0%2020 50.0%50.0%2021 50.0%50.0%2022 45.0%55.0%2023 45.0%55.0%CPPI 2007-2023 2.CPPI Strategic Portfolio 3 CPP 16+CPP CPPI2023 2021 2022-2024 CPP 46%49%31%27%CPP 85%/15%CPP 28%70%19%16%CPP 45%/55%CPPI Factor investing CPPI CPPI CPPI-return-risk factors Factor set 16/37 17 CPPI 2023 CPPI 的战略投资组合类别 基础 CPP（占比）附加 CPP（占比）按资产类别 公开市场股票 23%14%私募股权 23%14%政府债 32%39%其他固收资产 17%31%实体资产 31%19%现金和绝对收益-27%-16%合计 100%100%按地域 加拿大市场 8%44%加拿大之外的发达市场 59%37%新兴市场 33%19%合计 100%100%CPPI 2023 CPPI 2015 2016 2016 CPP 2018 CPP/2018 CPP 2018-2023 CPP 18 CPP 2016-2023 CPPI 2016-2023 23%23%32%17%31%-27%-20%0%20%40%60%80%100%2016 2017 2018 2019 2020 2021 2022 2023公开市场股票 私募股权 政府债 其他固收资产 实体资产 现金和绝对收益 17/37 19 CPP 2016-2023 CPPI 2016-2023 3.CPP 6 5 Active Portfolio CPPI Balancing Portfolio CPPI 2.2.3 CPP CPP CPP 18/37 20 CPPI CPPI 2023 2.3 CPPI CPPI Absolute Risk Operating Range,AROR CFRO CPPI CPPI Integrated Risk Policy CPPI Risk Limits Risk Statements Risk T arget CPPI 19/37 21 CPP CPPI 2023 22 CPP CPP MCRs CPP CPPI 2023 20/37 CPP CPPI 75 CPP MCRs 5 CPPI CPP CPP 75 MCR CPP CPP Office of the Chief Actuary MRCs CPP CPP CPPI CPPI 500 1%/CPPI 2023 2023 3 31 500 1%1248 2022 3 31 CPPI 1%/2023 3 31 1bp 2022 3 31 CPPI 2023 3 31 1%2022 CPPI CPPI/1%/2023 3 31/10%/448.14 2022 3 31 452.18 23 CPP 5 MCRs 75 CPP CPP 1,248 1,218 1 1 AAA-2.9-2-30-19 AA-10-8.2-29-22 A-15.6-18.4-80-64 BBB-9-19.3BB-2.3 0.9B-6.5-7.5-4.3-3.6 1,248 1,218-138-104-50.6-58.1 S&P500 1bp 21/37 CPPI 2023 24 CPP 2023 CPPI 2023 CPP CPPI CPPI 2023 AAA AA A 79%CPPI Monte Carlo simulation CPP CPP Credit Value-at-risk 95%25 CPP CPPI 2023 CPPI CPPI CPP CPP Recourse leverage 276,146 48%296,341 55%45,124 8%39,127 7%20,384 4%25,953 5%17,324 3%16,828 3%89,164 16%73,927 14%448,142 79%452,176 84%122,154 21%87,190 16%570,296 100%539,366 100%AAA 29,773-5,752 35,525 17%AA 46,242 5,967 1,915 3,163 970 1,803 60,060 33%A 36,319 32,47 666 16,399 1,678 715 59,024 29%BBB 9,667 2,837 192 2,731 15,427 8%BB 4,081 2,848 6,929 3%B 2,663 16,938 19,601 10%CCC/CC/D 487 5,095 5,582 3%129,232 9,214 2,581 22,399 2,840 35,882 202,148 100%2.30%3.40%3.40%2.30%22/37 CPPI CPPI CPPI 2022 4 1 CPP CPP 45%30%26 CPP CPPI 2023 CPPI CPPI CPPI CPPI CPPI CPPI CPPI CPPI CPPI CPPI CPP 7.95%3.1 CPP 1999 CPP 1999 2 2023 5700 2006 10.91%1.0 x 3.5x 2.9x-1,500 1,500 45%28.10%22.80%30%16.80%14.70%23/37 CPP 2023 CPP 5700 67.7%27 CPP 1999-2023 28 CPP CPPI CPPI 3.1.1 CPPI 2007 1999-2006 CPPI CPP 2007 CPP CPP CPPI 1999 2003 30%69%1%2003-2007 CPP 65%28%10%2008-2014 CPP 50%33%18%2015 60%25%18%29 CPP 1999-2023 9%4%27%15%21%19%5%-14%21%16%9%13%20%21%5%14%12%10%5%21%8%6%-20%-15%-10%-5%0%5%10%15%20%25%30%01000200030004000500060001999200120032005200720092011201320152017201920212023实际资产（亿加元）增长率（%，右）184138590100020003000400050006000200620072008200920102011201220132014201520162017201820192020202120222023CPP 收支净差额（亿加 元）CPP 投资收益（亿加元）0%28%43%56%59%58%52%44%43%38%34%32%30%32%33%37%39%33%27%29%27%24%0%3%3%4%5%7%11%13%13%15%16%18%19%19%20%21%23%27%29%31%32%33%0%10%20%30%40%50%60%70%80%90%100%1999 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023股票 私募股权 政府债 其他债券 房地产 基础设施建设实体资产18%固收资产25%权益资产57%24/37 CPPI CPPI CPPI 1999 100%CPPI 2007 CPP 2023 14%36%1 8%18%6%CPPI 30 CPP 2007-2023 CPPI 3.1.2 CPP 8%1999 CPP 10%2003 2008 2009 3 2003 CPP 2008-2009 CPP CPP CPP 2010 2017 2021 2001-2023 CPP 7.95%31 CPP%32 CPP%0%10%20%30%40%50%60%70%80%90%100%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023美国 加拿大 欧洲 亚太 拉丁美洲36%14%18%18%6%美国 22%加拿大 55%欧洲 13%亚太 10%-30%-20%-10%0%10%20%30%40%2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023基础CPP:超额收益率 基础CPP:实际收益率基础CPP:基准收益率-10%-5%0%5%10%15%20%2019 2020 2021 2022 2023附加CPP:超额收益率 附加CPP:实际收益率附加CPP:基准收益率 25/37 CPPI 2001-2023 CPPI 2001-2023 CPP 2010-2023 CPP 33 CPP 2010-2023 CPPI 2010-2023 3.2 CPP 3.2.1.CPP CPP CPP 2000 CPP 20 2007 30 10 CPP 2000 83.3%2023 2%C PP CPP 2000 4 2021 200 2008 7 2021 69.1 CPP 96.1%2010 33.0%-7.8%6.1%63.0%-10.1%-6.5%14.9%2011 13.2%19.1%6.6%16.3%13.9%13.3%11.9%2012-1.5%11.5%14.6%8.5%13.0%12.8%6.6%2013 9.3%15.4%8.2%15.1%9.2%8.8%10.1%2014 20.7%34.9%-0.1%20.0%18.0%16.6%16.5%2015 20.4%30.5%6.6%18.7%14.1%16.5%18.2%2016-4.1%8.7%3.4%7.9%12.3%9.3%3.4%2017 18.9%15.6%0.9%13.9%8.3%7.4%11.8%2018 11.9%16.3%2.4%6.9%9.4%15.2%11.5%2019 4.7%17.1%4.9%8.7%16.4%14.0%8.9%2020-2.6%-6.2%13.5%-0.5%5.1%-1.0%3.1%2021 31.7%34.4%-8.3%2.4%-4.1%12.9%20.5%2022 1.3%18.6%-3.8%0.7%10.2%10.8%6.9%2023 0.3%6.8%-0.8%6.0%-1.2%5.6%1.3%26/37 34 CPP 35 CPP CPPI CPPI CPP CPP 2008-2023 CPP 1%CPP 50-70%40%10%20%75%-90%CPP CPP CPP 2019 CPP 2018 2%2019 14.6%2023 17.0%36 CPP 2008-2023 CPPI CPP IT CPP IT+IT CPP 2016-18 IT 29%20%15%12%9%0500100015002000250030002000200120022003200420052006200720082009201020112012201320142015201620172018201920202021加拿大市场 海外发达市场 新兴市场83.3%16.7%71.3%24.9%0%20%40%60%80%100%2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021加拿大市场 海外发达市场 新兴市场4.0%4.5%4.6%12.8%12.5%12.9%11.5%10.7%11.5%9.5%8.8%1.6%1.7%1.3%1.0%50.4%53.3%51.6%41.9%44.3%45.0%44.9%50.7%51.5%75.3%76.0%63.8%64.2%59.3%57.0%18.9%17.8%16.7%17.6%17.7%16.0%14.7%13.7%9.4%10.3%9.2%14.9%12.5%15.0%24.0%23.9%17.3%16.7%15.6%14.7%13.2%13.6%9.1%13.6%2.0%1.7%3.3%4.9%6.9%0%10%20%30%40%50%60%70%80%90%100%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023加拿大 澳大利亚 美国 欧洲（英国以外）英国 亚洲 拉美 其他 27/37 37 CPP 2007-2023 CPPI 3.2.2 CPP CPP CPP CPP 1996 CPP 1999 CPP 2016 43.1%2022 17.2%2023 CPP 12.9%10.2%9.8%8.5%6.4%7.2%6.3%6.5%6.0%11.9%22.6%36.5%39.0%16.1%16.5%14.6%15.0%26.2%27.7%20.6%14.4%14.6%15.5%15.9%17.1%16.4%11.9%15.1%8.9%24.7%23.9%23.7%20.0%20.1%15.6%18.7%16.7%26.0%23.9%26.9%17.4%20.8%28.3%12.1%10.9%8.9%8.3%7.6%9.0%9.2%10.2%12.4%12.1%9.8%11.6%10.6%11.4%11.6%7.8%11.5%8.2%8.9%8.9%8.8%12.0%12.9%11.9%9.5%7.8%5.8%6.7%6.4%7.2%8.6%4.2%7.7%13.3%23.4%26.0%31.6%29.0%3.6%3.0%2.7%10.6%10.1%8.3%6.7%0.7%4.1%5.0%7.6%8.0%7.3%7.0%0%10%20%30%40%50%60%70%80%90%100%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023金融 非必需品 必需品 工业 医疗 IT 能源 通讯服务 基建 其他0%20%40%60%金融15.0%0%10%20%30%非必需品20.0%1.8%0%5%10%必需品9.0%0%10%20%30%工业0%5%10%15%20072009201120132015201720192021医疗12.0%0%10%20%30%40%20072009201120132015201720192021IT29.0%1.8%0%5%10%15%20%20072009201120132015201720192021能源7.0%0%5%10%15%20072009201120132015201720192021通讯服务 28/37 38 CPP%39 CPP%CPPI CPPI CPP 2019 CPP CPP 2023 CPP 2%IT IT CPP 40 CPP%41 CPP%CPPI CPPI 3.2.3 CPP CPP 2003 2006 2016 2023 CPP CPP 2003 0.6%2016 13.1%2023 9%2006 0.4%2023 9.0%18%CPP CPP 75%80%85%90%95%100%2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023政府债 其他债券43.1%32.9%30.6%25.9%21.8%21.6%17.2%12.9%56.9%67.1%69.4%74.1%78.2%78.4%82.8%87.1%0%20%40%60%80%100%2016 2017 2018 2019 2020 2021 2022 2023不可流通 可流通债券66.0%67.7%68.6%71.0%12.9%9.9%11.5%13.0%4.4%5.2%3.8%7.0%4.2%4.5%4.3%7.0%0%20%40%60%80%100%2019 2020 2021 2023美国 欧洲 亚洲 拉美 加拿大 澳大利亚 英国 其他41.5%39.0%38.2%38.0%18.4%16.7%16.0%14.0%7.7%9.8%8.9%12.0%6.5%5.8%7.1%8.0%6.9%10.2%9.5%7.0%0%20%40%60%80%100%2019 2020 2021 2023金融 房地产 工业 IT 医疗 非必需品 能源 其他 29/37 42 CPP 43 CPP CPP CPPI CPPI 3.3 2023 CPP 2023 CPP 2023 CPP 5700.42 CPP 5461.98 95.82%CPP 238.44 4.18%CPP 78.31 1.3%5 7.9%10 10.0%CPP 75.0 1.4%5 8.0%10 10.0%CPP6 3.31 0.3%5 5.6%CPP CPP CPP 2023 CPP 2008 CPP 2023 CPP CPP CPP 44 CPP 2023.3.31 CPPI 2023 6 2019 CPPI CPP 9.0%9.0%2.5%2.3%0%5%10%15%20%25%30%20032004200520062007200820092010201120122013201420152016201720182019202020212023房地产 基建 能源和资源 电力和可再生资源-40%-20%0%20%40%2005200620072008200920102011201220132014201520162017201820192020202120222023差额（实体-基础CPP）实体投资收益率（%）基础CPP 收益率（%）4.60%7.90%2.50%2.20%0.10%0.30%0.10%0.30%1.90%0.30%0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%最低市场风险水平目标市场风险水平多元化和杠杆策略总投资管理 资本市场因素投资公开市场股权投资固收投资 私募股权投资实体资产投资5 年总体投资收益率CPP 五 年 复 合 年 化 投 资 净 回 报 来 源（截 止2023.3.31）投资选择策略提供总计3%的 净 价 值 回 报 增 量 30/37 2023 CPP 24%,0.3%33%6.8%12%0.8%13%6.0%9%1.2%9%5.6%CPP CPP CPP CPP CPP CPP CPP CPP CPP 2023 36%3.6%14%0.3%18%1.5%26%1.3%6%8.4%CPP 2022 CPP CPP 45 2023 CPP 46 2023 CPP%CPPI 2023 CPPI 2023 ESG ESG CPP ESG ESG CPP 35GW CPP 2022 4.1 ESG 0.3%6.8%-0.8%6.0%-1.2%5.6%1.3%-5.0%0.0%5.0%10.0%公开市场股票私募股权政府债其他债券房地产基础设施建设基金整体收益率投资收益率0.3%1.3%1.5%3.6%8.4%0.0%5.0%10.0%加拿大亚太欧洲美国拉丁美洲投资收益率 31/37 ESG 2020 GSWF GSR 10 ESG ESG 10 5 GSR GSWF 70 30 GSR TOP100 GSR 49%TOP100 GSR 69%47 GSR 10 Global SWF 2022 Scoreboard CPPI ESG ESG CPPI ESG CPPI ESG CPP ESG GHG CPPI CPP ESG CPPI CPPI CPP ESG 2023 2030 1300 1.9 4.3 6.2 4.9 2.7 6.2 8.4 6.9 0.02.04.06.08.010.0治理得分 可持续性得分 恢复力得分 总分主权基金 养老金 32/37 48 CPPI ESG 49 CPPI ESG CPPI 2023 CPPI 2023 CPPI CPPI ESG ESG CPPI ESG ESG CPPI ESG ESG CPPI CPPI ESG CPPI ESG CPPI CPPI ESG CPPI ESG ESG 50 CPP ESG ESG CPPI CPPI CPP ESG CPP CPP 33/37 CPPI 2023 4.2 ESG CPP 35GW 2017 CPP ESG CPPI 2017 0.3 2022 103 2021 2022 16.7%33.8%16.9GW CPP 20GW 35GW 1500 51 CPP CPPI 2023 52 CPP CPP GW CPP GW 2017.12 32%0.57 0.18 2018.4 51%0.40 0.20 2018.5/44%1.89 0.83 2018.5 25%0.61 0.15 2020.3 PatternEnergy/69%3.80 2.63 2021.3 49%CPPI 2022 2022 3 CPP 2018 6 CPP 15 2019 CPP 10 5 CPP 2022 3 31 61.5 CPP 929 0.35.62966771030204060801001202017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31CPP 可再生能源 投资规 模（亿 加元）34/37 200 1 1404 MWh 150 1 CPPI 2022 6 CPPI 2022 CPP CPP LEED DGNB Platinum BREEAM Outstanding/CPPI 2022 CPP 95%CPP 24 CPPI 2022 3 CPP 53 CPP 2018.7-2019.6 15.0 15.0 2018.7-2019.6 10.0 14.9 2019.7-2020.6 5.0 6.8 2019.7-2020.6 10.0 15.3 2020.7-2021.6 1.5 1.4 2020.7-2021.6 1.2 1.1 2020.7-2021.6 7.5 7.0 61.5 CPPI 2022 2022 3 CPP 8%CPP 1.CPP CPP CPPI CPP 2015(2019-2050)2035 35/37 CPPI 75 2.CPP 8%CPPI CPP+CPP CPP C