9月起执行！单一非标信托产品不予预登记，组合投资分散风险

Core Viewpoint - The new trust registration regulations in China will impose stricter requirements on single non-standard trust businesses, compelling trust companies to adjust their business structures and move towards a model of diversified investment [2][6]. Group 1: New Regulations Overview - The China Trust Registration Company has issued a new version of the trust registration business guidelines, which will take effect on September 1, 2025 [2]. - Trust companies are now required to implement portfolio investment requirements for asset management trusts, prohibiting the provision of financing to a single borrower [3][4]. - The updated pre-registration review standards include detailed reporting requirements on product information, transaction structure, underlying assets, and risk control measures [3][4]. Group 2: Impact on Trust Companies - Trust companies have historically relied on single financing parties, which poses inherent risks in diversification [3]. - The new regulations will challenge trust companies to enhance their research and risk control capabilities as they transition to a portfolio investment model [4][8]. - The requirement for portfolio investment aims to reduce reliance on traditional non-standard financing and guide trust companies towards becoming professional investment trustees [4][6]. Group 3: Industry Response and Future Outlook - The push for portfolio investment is seen as an opportunity for trust companies to upgrade their business models and improve core competitiveness [9]. - The industry is expected to optimize its structure and enhance overall professional standards and risk resilience, promoting a more regulated and sustainable development of the trust sector [9]. - Investors will need to reassess the risk and return characteristics of trust products and adjust their asset allocations accordingly [9].