监管新规叫停单一融资，信托行业全面迈入“组合化”时代

Core Viewpoint - The Chinese trust industry is undergoing a significant structural transformation, with new pre-registration standards set to take effect on September 1, 2025, prohibiting non-standard trusts that provide financing to a single borrower, marking the end of the "credit-like" trust model and ushering in a period of "composite" investment [1][2]. Group 1: Regulatory Changes - The new guidelines from China Trust Registration Co., Ltd. (中信登) mandate that asset management trusts must implement composite investments and explicitly prohibit trusts that essentially provide financing to a single borrower [2]. - This regulatory shift is seen as a continuation of previous guidance, formalizing the requirement for composite investments and establishing clear boundaries for the industry’s transformation [2]. Group 2: Industry Transformation - The new regulations are expected to compel trust companies to accelerate their transition from a simplistic channel model to a wealth and asset management model centered on investor needs [3]. - Trust companies will need to evolve from being mere "lenders" to becoming "investment managers" with capabilities in asset allocation, risk diversification, and proactive management [3]. Group 3: Impact on Non-Standard Assets - The introduction of these regulations is anticipated to cause short-term challenges for the trust industry and the wealth management sector reliant on non-standard assets, as the attractiveness of such investments is expected to decline [5]. - In the long term, the regulations are viewed as a significant benefit for the healthy development of the industry, as they will lead to better risk dispersion and improved investor protection [5]. - The shift towards composite investment models will help mitigate the impact of risks from individual underlying assets on the overall product value, thus controlling potential investor losses [5]. Group 4: Market Adaptation - The industry is expected to reduce its reliance on non-standard assets, with a notable shift towards standardized and more transparent assets, optimizing the overall asset structure of wealth management products [5]. - Institutions like Ping An Wealth Management are planning to enhance their capabilities in diversified asset allocation, including bonds, ABS, REITs, and equities, to adapt to the new competitive environment [6].