8月份资产管理信托发行数量与规模同比双增

Core Insights - The asset management trust market showed strong performance in August, with significant year-on-year growth in both issuance and establishment [1] - The issuance of asset management trust products reached 2,654, marking a 4.12% increase month-on-month and a 25.79% increase year-on-year, with a disclosed issuance scale of 132.76 billion, reflecting a 1.87% month-on-month and a 37.67% year-on-year growth [1] - The establishment of asset management trusts also saw a year-on-year increase of over 10%, with 2,265 products established, although this represented a slight month-on-month decline of 1.31% [1] Issuance Market - The issuance of standard products (标品信托) was a key driver for the stable growth of the asset management trust issuance market, with 1,506 products issued in August, a month-on-month increase of 1.01% [1] - The internal structure of standard products showed mixed results, with fixed-income product issuance declining by 9.11%, while mixed products and equity products saw increases of 89.29% and 75.51% respectively [1] Establishment Market - In August, the disclosed establishment scale for asset management trusts was 71.67 billion, reflecting a month-on-month decline of 7.74% but a year-on-year increase of 14.92% [1] - Non-standard products saw a significant month-on-month decline in establishment scale by 20.11%, particularly in financial and infrastructure sectors, with financial products decreasing by 5.16 billion and infrastructure products by 8.48 billion [2] Market Dynamics - The decline in non-standard financial products was attributed to a significant drop in credit asset rights transfer business, with banks shifting towards standardized asset transfer methods like ABS, which can lower financing costs to below 2% [2] - The establishment of standard products saw a month-on-month decrease of 4.75%, but the disclosed establishment scale increased by 23.71%, indicating a shift in investor preferences towards equity markets [3] Strategic Insights - The development of standard trust products is seen as a necessary transition for trust companies under new asset management regulations, facilitating direct financing support for enterprises and enhancing the proportion of direct financing in the economy [3] - Standard trust products are expected to accelerate the industry's transition to net value management, aligning with investors' diverse financial needs and helping trust companies leverage their institutional advantages for competitive differentiation [3]