【大资管洞察】信托公司推进组合投资模式

Group 1: Trust Industry Trends - The current trust market is characterized by a simultaneous increase in establishment and a decrease in issuance, with a significant rebound in asset management trusts, rising over 50% during the period from September 13 to September 21, driven primarily by the explosive growth of non-standard trusts [1] - The dual policy effects of new regulations on non-standard combination investments and the revision of the "Trust Company Management Measures" are pushing the trust industry away from traditional scale expansion towards a new phase focused on quality improvement [2] - Leading companies in the trust sector are proactively establishing "non-standard + standard" investment systems, enhancing their active stock selection capabilities while expanding their short-duration bond allocations [2] Group 2: Real Estate Financing Developments - The real estate sector has seen encouraging financing news since September, with companies like New City Development issuing $160 million in secured notes and Poly Developments planning to issue up to 15 billion yuan in corporate bonds, contributing to a total bond financing of 380.89 billion yuan for real estate firms in the first eight months of 2025, a slight year-on-year increase of 0.8% [3][4] - The successful market-based financing attempts by several real estate companies during the industry's deep adjustment period are not only enhancing cash flow but also aiding in the recovery of operations and restoring overall market confidence [4] - A diversified financing system is emerging, moving away from traditional reliance on development loans and credit bonds, with the introduction of innovative tools and a "white list" mechanism to support project financing [4] Group 3: Automotive Industry Restructuring - The global automotive industry is undergoing a restructuring phase, with China expected to complete its export expansion by 2025 and accelerate its overseas market penetration [5] - As consumer awareness of electric and intelligent technologies grows, non-Chinese markets are anticipated to see a rapid increase in new energy vehicle penetration rates, benefiting China's global electric intelligent supply chain [6] Group 4: Gaming Industry Insights - In September 2025, the National Press and Publication Administration issued 145 domestic game licenses and 11 import licenses, maintaining a high level of domestic license issuance and a regular monthly schedule for imports, which is expected to enhance the short-term prosperity of the gaming industry [7] Group 5: Energy Sector Investment Opportunities - The "14th Five-Year Plan" capacity pricing and peak-valley price differences are expected to create investment opportunities, with projections indicating that by 2027-2030, peak-valley price differences will reach around 0.4 yuan per kilowatt-hour in most regions [8]