32.43万亿元，再创新高！
Shang Hai Zheng Quan Bao·2025-10-22 11:16

Core Insights - The trust industry in China is experiencing rapid expansion, with the total asset management scale reaching a historical high of 32.43 trillion yuan as of June 2023, marking a year-on-year growth of over 20% [1][2] Industry Growth - The trust industry's asset management scale increased by 2.87 trillion yuan from the end of last year, representing a growth rate of 9.7% [2] - The scale of trust assets has shown accelerated growth over the past two years, with significant increases noted in 2022 and 2023 [2] - The trust asset scale was only 3.04 trillion yuan in 2010, but surged to 26.25 trillion yuan by 2017, driven by the booming real estate sector [2] - Following regulatory changes, the industry faced a contraction from 2018 to 2020, dropping to 20.49 trillion yuan, but has since rebounded [2] Institutional Expansion - The number of trillion-yuan trust institutions has increased, with seven institutions now managing over 1 trillion yuan in assets [5] - China Ping An Trust reported a management scale of 1,052.416 billion yuan as of June 2025 [5] Market Trends - By the end of 2024, the scale of funds directed towards the securities market reached 10.27 trillion yuan, a significant increase of 55.61% from the previous year [7] - Trust companies are shifting their focus from traditional non-standard financing to more diversified and professional asset services, indicating a positive trend in scale recovery and structural optimization [7] Profitability Challenges - Despite the rapid growth in scale, the profitability of the trust industry remains under pressure, with a reported decline in revenue and net profit for many companies [9] - The total operating income for 53 reporting trust companies was 31.591 billion yuan in the first half of the year, down 1.98% year-on-year, while net profit fell by 2.83% [9] - The industry faces challenges due to late transformation for some companies, leading to a decline in traditional business income and difficulties in generating profits from innovative business models [9][10]