近年来，我国人口老龄化加剧，养老保障需求迅速增长，只有政府、单位和 个人三方责任共担，才能形成强有力的三支柱养老保障体系，助力养老金 可持续 发展，应该充分利用个人这一富有效率的部分，发挥第三支柱作用，增强养老金 制度灵活性、壮大养老金规模。 2018年2月11日，《养老目标证券投资基金指引(试行)》 正式发布，这是 中国证监会为基金行业以基金中基金（FOF）为主要形式开展养老目标证券投资基 金业务做好了制度准备。随着养老目标基金的陆续发行，会有更多人将公募养老 基金纳入投资选择，它丰富了现有的储蓄、商业保险等补充社会养老保险产品。 作为新兴产品，鲜有对其投资策略进行的研究，本文将以此为切入点展开论述。 本文在对行业现 有理论研究成果进行梳理的基础上，以市场在售的养老目标 基金（FOF）的两种投略为研究对象，从多个角度进行比较，首先以基金的费用结 构为基础，对采用不同投资策略的费 用进行对比分析；其次利用康波周期、朱格 拉周期和基钦周期的嵌套，对收益进行对比分析；然后结合现实的市场波动情况、 探讨具体运作方式；最终在研究二者相似及差异的 基础上，配合相关政策落地后， 为不同人群基金投资选择提供借鉴。 关键词：养老基金，FOF，投资策略 II Abstract In recent years, as the aging of the population keeps aggravating in China, the demand of pension security is growing rapidly. Pension Security System based on the government, institutions, personal responsibility are the key to the sustainability of pension. The personal responsibility is the most efficient component in this system. It is the most important component to enhance the agility of pension system and to expand the scale of pension funds. On February 11, 2018, China Securities Regulatory Commission (CSRC) announced , which prepared the system to use Fund of Funds (FOF) as the major form of the Pension Target Securities Investment Funds business. As the pension target funds being issued successively, public pension funds are gradually coming into the select pool of more and more people. It enriches the current social pension insurance products like saving, business insurance et al. , but so far there is not much research about it. This thesis organized the previous research results, used the current Pension Target Securities Investment Funds investment strategies as research targets. First of all, using the structure of funding cost as the basis, running comparison analysis of the cost of different investment strategies. Second, using Compo cycle, Jugra cycle, Kitchin cycle to run comparison analysis of the income of different investment strategies. Then this thesis combined the real market volatility, discussed the details of the operation mode. At last, based on comparison of the similarities and differences, after the related policies are settled, the thesis provided investment options for different population.。。。。。。以下内容略