坚持长期主义穿越周期 实现信托业高质量发展

Core Viewpoint - The trust industry has experienced significant fluctuations over the past 23 years, characterized by three distinct development phases: exploration, rapid growth, and adjustment [1][2]. Summary by Sections Development Phases - The trust industry can be divided into three phases based on asset scale: exploration period (2002-2006), rapid growth period (2007-2017), and adjustment period (2018-present) [2][3]. - During the exploration period, the industry laid the groundwork for future growth, despite slow growth and small scale [2]. - The rapid growth period saw trust assets increase from 4.8 trillion yuan to 26.25 trillion yuan, with annual growth rates exceeding 50% [2][3]. - The adjustment period began in 2018, with a decline in asset scale due to regulatory pressures, reaching a low of 20.49 trillion yuan in 2020, but has since started to recover [3][4]. Key Metrics - Trust assets peaked at 26.25 trillion yuan in 2017, representing a significant portion of the financial sector [3]. - The industry’s profit reached a peak of 82.4 billion yuan in 2017, followed by a decline as the industry adjusted [4]. Regulatory Environment - The introduction of the Trust Law in 2001 marked the beginning of a more regulated environment for the trust industry [2]. - Regulatory measures have been implemented to address risks associated with real estate trust businesses, including financial support policies for real estate projects [7]. Industry Risks and Misconceptions - The trust industry does not face systemic risks, as most companies have addressed issues related to non-standard funding pools and shareholder self-financing [6]. - The misconception of trust companies as "shadow banks" is addressed, emphasizing that they operate under strict regulatory oversight [7]. Future Outlook - The future of the trust industry is expected to focus on restructuring business models according to the three categories of trust services: asset service trusts, asset management trusts, and charitable trusts [8]. - The industry is anticipated to experience a second growth curve, particularly in asset service trusts, driven by regulatory encouragement and market demand [8][9]. - Long-term growth will depend on the industry's ability to manage risks, cultivate trust, and create value through services [10].