9月信托资管市场分化明显

Core Insights - The trust asset management market in September showed a clear divergence, with non-standard products experiencing growth while standard products faced a downturn due to market volatility and pressure on bond yields [1][2]. Non-Standard Trust Products - In September, the establishment of non-standard trust products significantly rebounded, with 1,138 new products launched, a month-on-month increase of 7.64%, and a total disclosed establishment scale of 54.6 billion yuan, up 22.65% month-on-month [1]. - The main investment areas for non-standard products were basic industries and non-standard financial sectors, which together accounted for over 90% of the total [1]. - Non-standard financial products saw a remarkable month-on-month growth rate of 48.95%, largely driven by the transfer of credit asset benefits, as banks increased the transfer of credit asset benefits through trust channels to adjust credit scales and activate existing assets [1][2]. Basic Industry Trust Products - The establishment scale of basic industry trust products increased by 18.55% month-on-month, adding 4.698 billion yuan [2]. - Notable growth was observed in Jiangsu and Zhejiang provinces, with Jiangsu's disclosed establishment scale reaching 5.686 billion yuan (up 24.97%) and Zhejiang's at 2.106 billion yuan (up 44.58%) [2]. - The increase in non-standard trust products was attributed to three main factors: performance pressure at the end of the quarter leading to accelerated project launches, improved risk expectations in government financing, and the relative stability of returns from infrastructure projects amid declining market interest rates [2]. Standard Trust Products - In contrast, standard trust products faced a decline, with 1,299 products issued in September, a decrease of 207 products or 13.75% month-on-month, and a total disclosed issuance scale down by 26.52% [2]. - The slowdown in standard trust product issuance was primarily influenced by heightened market risk aversion, prompting trust companies to slow down the issuance pace [3]. - Despite the short-term contraction in standard trust product scale, the long-term trend of increasing investment in the securities market remains unchanged, as equity assets have become a necessary option for investors' asset allocation [3].