10月份标品信托成立规模环比增长12.86%

Core Viewpoint - The trust industry is experiencing a significant shift towards standardized trust products as non-standard products face a downturn due to regulatory changes and market conditions [1][4]. Group 1: Market Performance - In October, the issuance of asset management trusts saw a decline in both quantity and scale compared to the previous month, with 2,208 products issued, a decrease of 9.39% month-on-month, but an increase of 19.87% year-on-year [2]. - The disclosed issuance scale was 110.732 billion yuan, down 12.99% month-on-month, but up 25.52% year-on-year [2]. - Non-standard products experienced a significant drop, with issuance quantity down 18.72% and scale down 19.81% month-on-month [2]. - Standardized trust products saw a slight decrease in issuance quantity by 1.23%, but their disclosed issuance scale increased by 1.00% [2]. Group 2: Market Dynamics - The establishment of asset management trusts also declined, with 1,651 products established in October, a decrease of 27.71% month-on-month, but a slight increase of 0.61% year-on-year [2]. - The disclosed establishment scale was 60.516 billion yuan, down 14.62% month-on-month, but up 28.95% year-on-year [2]. - Non-standard products showed a weak performance, with establishment quantity down 37.12% and scale down 22.78% month-on-month [2]. - In contrast, standardized trust products, while also seeing a decrease in establishment quantity, had their disclosed establishment scale increase by 12.86% month-on-month [2]. Group 3: Regulatory Impact - The decline in non-standard products is attributed to the implementation of new pre-registration regulations and the impact of the holiday season, which disrupted market dynamics and extended fundraising cycles [3]. - The trust industry is undergoing a transformation due to a series of new regulations aimed at clarifying the boundaries of trust business categories and enhancing regulatory oversight [4]. - The recent regulatory framework emphasizes a shift from traditional non-standard business models to a focus on asset management trusts, which are defined as private asset management products based on trust law [4]. - The new regulations prohibit channel and fund pool businesses, limit non-standard debt investment ranges, and establish clear business scopes and regulatory requirements for asset management trusts [4]. Group 4: Future Outlook - The trust industry is expected to transition from a scale-oriented approach to a quality and efficiency-first model, enhancing competitive differentiation in the broader asset management market [5].