资管信托政策出台，债券产品回暖，中诚信托收大额罚单

Group 1: Trust Product Issuance - In October, the issuance of trust products decreased by 15.87% month-on-month, totaling 1,124 products [1] - Securities investment trusts accounted for 78.02% of the total issuance, with a slight increase of 0.24 percentage points from September [1] - The scale proportion of securities investment trusts rose from 36.43% in September to 42.37% in October [1] Group 2: Performance of Securities Investment Products - The stock market showed mixed results in October, with the STAR 50 Index down by 5.33% while the Shanghai Composite Index rose by 1.85% [2] - Bond-type trusts saw an average return of 1.91% over the first ten months of the year, while stock-type trusts had an average return of 17.71%, down from 18.58% in the previous nine months [3] Group 3: Strategy Performance - Macro strategies continued to perform best with an average return of 25.89% over the first ten months, while stock strategies had an average return of 20.51% [5] - In October, stock strategies had a negative average return of -0.8%, with quantitative long strategies showing the highest average return of 34.67% [5] Group 4: Trust Company Performance - BaiRui Trust's bond-type trusts had the highest average return over the first ten months, while National Trust and Jilin Trust ranked lower [9] - Huaxin Trust's bond-type trusts improved their ranking due to a 1.39% average return in October [9] Group 5: Regulatory Developments - The National Financial Supervision Administration released a draft for the Asset Management Trust Management Measures, emphasizing the positioning of asset management trusts as private asset management products [13] - The draft prohibits channel business, fund pool business, and rigid payment, aiming to enhance the regulatory framework of the trust industry [13] Group 6: Industry Penalties - Zhongcheng Trust was fined 6.6 million yuan for various violations, highlighting ongoing regulatory scrutiny in the trust industry [14] - The penalties reflect a continued high-pressure regulatory environment focusing on business violations and poor management [14] Group 7: Industry Growth - The total asset management scale of the trust industry reached 32.43 trillion yuan as of June, marking a 9.7% increase from the previous year [15] - This milestone positions the trust industry as the third largest in the asset management sector, following insurance and public funds [15]