单一融资模式告终！非标信托迎战组合投资，有难点有期待

Core Viewpoint - The new trust registration guidelines issued by China Trust Registration Center will require trust companies to adopt a diversified investment approach for asset management trusts, effectively ending the single financing model for non-standard trusts starting from September 1, 2025 [2][5][4]. Group 1: New Guidelines and Requirements - The updated trust registration guidelines (V3.0) will implement new pre-registration review standards, emphasizing the need for diversified investment in asset management trusts [4][3]. - Trust companies are required to ensure that asset management trusts do not primarily provide financing to a single borrower, promoting a diversified investment strategy across various assets and financing parties [5][6]. Group 2: Implications for the Industry - The shift towards diversified investment is expected to mitigate risks, enhance the core asset management capabilities of trust companies, and improve the quality of services provided to the real economy [7][9]. - The regulatory changes align with previous directives from the China Banking and Insurance Regulatory Commission, which emphasized the need for trust companies to conduct asset management trusts through collective funding plans [8][9]. Group 3: Current Trends and Challenges - Some trust companies have begun exploring diversified investment models for non-standard trusts, with a notable rise in the "non-standard + standard" investment approach observed in the market [10]. - Despite the growing interest, the overall proportion of diversified investment in non-standard trusts remains relatively low, and challenges such as synchronizing project timelines may affect investor experience [10].