中国信托业资产规模突破29.56万亿元创历史新高 证券市场成最大投向

Core Insights - The Chinese trust industry is experiencing a new phase of rapid development, with total trust assets reaching 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% from the end of 2023, marking a historical high [1] Historical Development - The trust industry has gone through multiple stages, with assets growing from 3.04 trillion yuan in 2010 to 26.25 trillion yuan in 2017, driven by the real estate sector. However, the rapid expansion led to issues such as insufficient active management capabilities. Following regulatory guidance, assets decreased to 20.49 trillion yuan between 2018 and 2020, but have since shown recovery, reaching 21.14 trillion yuan at the end of 2022 and 23.92 trillion yuan at the end of 2023 [3] Structural Changes in Fund Allocation - The allocation of funds in trusts has shifted significantly, with the securities market becoming the largest investment area. By the end of 2024, the scale of fund trusts reached 22.25 trillion yuan, up 28.02% from 2023, with 10.27 trillion yuan directed towards the securities market, a 55.61% increase from 6.60 trillion yuan in 2023. This represents 46.17% of total fund trusts, aligning with policies aimed at invigorating the capital market [4] Industry Transformation and Business Model Upgrade - The year 2024 marks the first complete year of implementing the new classification regulations for trust companies. The industry has undergone profound changes, with 28.81% of the 22.25 trillion yuan in fund trusts directly supporting the real economy, and 46.17% indirectly through the securities market. The industry is transitioning from traditional non-standard financing to a more diversified and professional asset service model, with significant growth in wealth management trusts, which exceed 1 trillion yuan [5] Trust Property Registration Trials - Ongoing trials for trust property registration are creating new opportunities for industry development. In December 2024 and March 2025, Beijing initiated trials for real estate and equity trust property registration, respectively. By now, trust registration companies have issued several registration certificates for real estate and equity trusts [6]