用“已知价”申赎？定制信托产品背后藏“猫腻”

Core Viewpoint - The collaboration between wealth management subsidiaries and trust companies has formed a trillion-yuan market, with customized trust products gaining popularity among wealth management firms as they seek to optimize returns and mitigate risks during market fluctuations [1][2][4]. Group 1: Market Dynamics - As of the end of Q3 2025, the scale of trust products held by wealth management products reached 1.31 trillion yuan, showing an increase compared to the end of Q2 [2]. - The trust industry has seen the expansion of the "trillion club," with several trust companies managing assets exceeding one trillion yuan, such as Jianxin Trust at 1.69 trillion yuan and Ping An Trust at 1.05 trillion yuan [2]. - Customized trust products are favored by wealth management subsidiaries, which specify valuation methods and investment targets, indicating a shift towards tailored financial solutions [2][3]. Group 2: Regulatory Environment - The recently released draft of the "Asset Management Trust Management Measures" has sparked discussions regarding the concentration of investors, particularly the stipulation that a single institutional investor and its affiliates cannot invest more than 80% of the total trust product's actual trust scale [5][6]. - The definition of "affiliated parties" is crucial, as it may restrict a wealth management subsidiary from fully utilizing a trust plan if different products under the same subsidiary are considered affiliates [6]. - The regulatory changes aim to address systemic risks associated with the heavy reliance of trust companies on wealth management subsidiaries as major clients [5][6]. Group 3: Operational Insights - Wealth management subsidiaries face restrictions in accessing the interbank market, necessitating collaboration with trust companies for bond purchases [4]. - Trust companies have developed operational advantages, such as bankruptcy isolation and mature risk control mechanisms, making them attractive partners for wealth management firms [5]. - The industry is expected to undergo significant transformation, with a focus on enhancing research and investment capabilities within trust companies to adapt to evolving market conditions [6].